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Accounting Policies of Intellivate Capital Ventures Ltd. Company

Mar 31, 2014

1.1 ''Basis of accounting and preparation of financial statements

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 (as amended) issued by the Central Govt. in terms of section 211 (3C) of the Companies Act, 1956 (the Act) (which continue to be applicable in respect of section 133 of the Companies Act, 2013 in terms of General Circullar 15/2013 dated 13 September of the Ministry of Corporate Affairs). The financial statements have been prepared on accrual basis under the historical costconvention.The accounting policies adopted in the preparation of thefinancial statements are consistent with those followed in the previousyearand comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountantsof India (ICAI). Assets and Liabilities are classified as current if it is expected to realise orsettle within 12 months after Balance Sheetdate.

1.2 ''Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principles (Indian GAAP) requires the Management to make judgements, estimates and assumptionsthat affect the application of Accounting Policies and reported amounts of Assets and Liabilities, Income and Expenses and disclosure of Contigent Liabilities at the end of Financial Statements. The Management believes that the estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences between the actual resultsand the estimates are recognised in the periods in which the results are known / materialise.

16.3 Tangiblefixed assets

''Fixed assets, are stated at cost less accumulated depreciation /amortisation and impariment loss if any.

cost comprises the purchase price and any attributable cost of bringing the assets to its working condotions for its intended use.

Intangible assets

Intangible assets are recognised in the year it is put to use at cost. Intangible assets are carried at cost less accumulated amortisation and accumulated impairment loss if any.

16.4 ''Depreciation and amortisation

Depreciation on Fixed Assets has been charged as per revised rates of depreciation prescribed in Schedule XIV to the CompaniesAct, 1956.

Depreciation in respect of Assets acquired / Purchased / sold / dicarded during the year has been provided on pro-rata basis.

Intangible assets are amortised over useful life of the assets.

16.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temporary in nature. Current investments stated at lowerofcostormarketvalue.

16.6 ''Revenue recognition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement.

Income from the Consultany services and commission is recongnised on proportionate completion method based on agreed terms & Contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profiton sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT

Dividendsare recognized when the shareholders'' right to receive payment isestablished by the balance sheetdate.

16.7 Expenses

All materials known expenses and liabilities are provided for according to mercantile system on the basis of available information orestimates.

16.8 ''Foreign currency transaction

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accountsoftheyear.

16.9 ''Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered.

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the statment of Profit and Loss .

16.10 ''Taxes on income

Tax expense comprises both current tax & deferred tax. Current tax isthe amount of tax payable on the assessable income for the year determined in accordance with the provisions of Income Tax Act 1961. Deferred tax is recognised on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assests on unabsorbed tax losses and tax depreciation are recognised only when there is virtual certainty of their realiasation and or other items when there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assests can be realised. The tax effect is calculated and recognised at the rate of Income Tax pervailing at the Balance Sheet date or at the substantively enacted tax rate, subject to the consideration of purdance as per the Accounting Standards - 22 "Accounting for Taxes on Income".

16.11 ''Provisions and contingencies

''A provision is recognised when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. Adisclosure for contingent liability is made when there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. When there is a possible obligation ora present obligaion in respect of which likely hood of outflow of resources is remote, no provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are recorded when it is probablethatthe liability has been incurred and the amount can be resonably estimated.


Mar 31, 2013

1.1 Basis of accounting and preparation of financial statements

The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention.The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year and comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountants of India (ICAI).

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principals requires the Management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and aisclosure of Contigent Liabilities at the end of Financial Statements and the results of operations during the reporting period end. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual ! results could differ from those estimates and the differences between the actual results and the estimates are recognised in the ¦ pehods in which the results are known / materialise.

1.3 Tangible fixed assets

Fixed assets, are stated at cost less accumulated depreciation / amortisation and impariment loss if any. cost comprises the purchase price and any attnbutetable cost of bring the assets to its working condotions for Its intended use.

1.4 Depreciation and amortisation _

Depreciation on Fixed Assets has been charged as per revised rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956.

Depreciation in respect of Assets acquired / Purchased / sold / dicarded during the year has been provided on pro-rata basis.

1.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temporary in nature. "Current investments stated at lower of cost or market value.

1.6 Revenue recounition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement, Income from the Consultany services and commission..is recongnised on proportionate completion method based On agreed terms & Contract Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer''Sales are shown

Net of VAT.

Dividends are recognized when the shareholders'' right to receive payment is established by the balance sheet

1.7 Expenses

Ail materials known expenses and liabilities are provided for according to mercantile system on the basis of available information or estimates.

1.8 Foreign currency transactions and translations ¦

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accounts of the year

1.9 Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the , year in which the employee has rendered services The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in trie statment of Profit and Loss .

1.10 Taxes on income

Tax expense comprises both current tax & deferred tax. Current tax is the amount of tax payable on the assessable income for the year determined in accordance with the provisions of Income Tax Act 1961.

Deferred tax is recognised on timing differences, being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assests on unabsorbed tax losses and tax depreciation are recognised only when there is virtual certainty of their realiasation and or other items when there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assests can be realised The tax effect is calculated and recognised at the rate of Income Tax pervailing at the Balance Sheet date or at the substantively enacted tax rate, subject to the consideration of purdance as per the Accounting Standards - 22" Accounting for

Provisions and contingencies

A provision is recognised when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for contingent liability is made when there is a possible obligation or a present obligation that may, but piobably may not, require an outflow of resources. When there is a possible obligation or a present obligaion in respect of which likely hood of outflow of resources is remote, no; provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are, recorded when it is probable that the liability has been incurred and the amount can be resonably estimated.


Mar 31, 2012

1.1 Basis of accounting and preparation of financial statement* The financial statements are prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year and comply with the mandatory accounting standards and statements issued by Institute of Chartered Accountants of India (ICAI).

1.2 Use of estimates

The preparation of the financial statements in conformity with Indian Generally Accepted Accounting Principals requires the Management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and disclosure of Contigent Liabilities at the end of Financial Statements and the results of operations during the reporting period end. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences between the actual results and the estimates are recognized in the periods in which the results are known / materialize.

1.3 Tangible fixed assets

Fixed assets, are stated at cost less accumulated depreciation / amortization and impariment loss if any.

cost comprises the purchase price and any attribute table cost of bring the assets to its working conditions for its intended use

1.4 Depreciation and amortization

Depreciation on Fixed Assets has been charged as per revised rates of depreciation prescribed in Schedule XIV to the Companies Act, 1956.

Depreciation in respect of Assets acquired / Purchased / sold / dicarded during the year has been provided on pro-rata basis.

1.5 Investments

Long term investments are stated at cost less provision, for diminution which is other than temporary in nature. Current investments stated at lower of cost or market value.

1.6 Revenue recognition

Revenue from services rendered is recognized as and when services are rendered and related costs are incurred in accordance with the terms of the contractual agreement.

Income from the Consultany services and commission is recongnised on proportionate completion method based on agreed terms & Contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT.

Dividends are recognized when the shareholders* right to receive payment is established by the balance sheet date.

1.7 Expenses

All materials known expenses and liabilities are provided for according to mercantile system on the basis of available information or estimates.

1.8 Foretan currency transactions and translations

Transactions denominated in foreign currency are recorded at the exchange rates prevailing on the date of transactions. Exchange difference arising on foreign exchange transactions settled during the year are recognized in the profit and loss accounts of the year.

1.9 Employee benefits

Short term employee benefits are recognized as expenses at the undiscounted amounts in the year in which the related service is rendered.

Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the Profit and Loss Account.

1.10 Taxes on income

Income Tax expense comprises of current tax & deferred tax charges or credit. Deferred tax resulting from timing differences between book & tax profit is accounted at the current rate of tax, to the extent the timing difference are expected to crystallize, ab deferred tax charge / benefit in the Profit & Loss account and as deferred tax assets / liabilities in the balance sheet. Where there is carry forward loss, deferred tax assets are recognized only if there is virtual certainty of realization in future.

1.11 Provisions and contingencies

A provision is recognized when there is present obligation as a result of a past event that probably requires an outflow of re( urces and a reliable estimate can be made of the amount of the obligation. A disclosure for contingent liability is made w: n there is a possible obligation or a present obligation that may, but probably may not, require an outflow of resources. W. on there is a possible obligation or a present obligation in respect of which likely hood of outflow of resources is remote, no provision or disclosure is made. Loss contingencies arising from claims, litigations, assessments, fines, penalties etc. are recorded when it is probable that the liability has been incurred and the amount can be resonably estimated.


Mar 31, 2011

1) Basis of preparation of Financial statements

These financial statements have been prepared under the historical cost convention from the books of account maintained on an accrual basis which is in conformity with accounting principles generally accepted in India, relevant provisions of the Companies Act, 1956 and the mandatory Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government.

2) Use of estimates

The preparation of financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as at the date of financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to accounting estimates is recognized in the current and future periods.

3) Fixed Assets

Fixed assets are stated at historical cost of acquisition or construction less accumulated depreciation.

4) Depreciation

Depreciation is provided on written down value method at the rates and in the manner prescribed under Schedule XIV of the Companies, Act 1956.

5) Investments

Investments are classified as current or long term in accordance with Accounting Standards 13 on "Accounting for Investments" Long term Investments are carried at cost less provision for diminution in value considered to be other than temporary in nature, if any.

Trade investments are valued at lower cost or market value.

6) Revenue Recognition:

In appropriate circumstances, revenue (income) is recognized when it is earned and no significant uncertainty as to determination or realisation exists.

Income from Consultancy services and Commission is recognized on proportionate completion method based on agreed terms and contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions. Profit on sale of investments is recognized on completion of transactions.

Sales are recognized when all significant risks and rewards of ownership have been transferred to the buyer. Sales are shown Net of VAT.

Dividends are recognized when the shareholders' right to receive payment is established by the balance sheet date.

7) Expenses

Material known liabilities are provided for on the basis of available information / estimates.

8) Deferred Revenue Expenditure

Deferred revenue expenditure is written off entirely in the year in which it is incurred as per the provision of AS-26 on "Intangible Assets".

9) Taxes on Income

Income tax is accounted for in accordance with Accounting Standard 22 on Accounting for Taxes on income. Tax comprises current Tax and deferred Tax.

Provision for taxation is made in accordance with the provisions of Income Tax Act, 1961. Deferred tax assets (if any) are recognized only if there is reasonable certainty that they will be realized.

Minimum Alternate Tax (MAT) credit is recognized only when and to the extent there is convincing evidence that company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the Guidance Note issued by the Institute of Chartered Accountants of India, the said assets is created by the way of a credit to the Profit and Loss account.

10) Employee Benefits

a) Short Term Employee Benefits are recognized as an expense at the undiscounted amount in the Profit & Loss Account of the year in which the related service is rendered.

b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial Valuations. Actuarial gains and losses in respect of post employment and long term employee benefits are recognized in the Profit and Loss Account.

11) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.












Mar 31, 2010

1) Basis of preparation of Financial statements

These financial statements have been prepared under the historical cost convention from the books of account maintained on an accrual basis which is in conformity with accounting principles generally accepted in India, relevant provisions of the Companies Act,1956 and the mandatory Accounting Standards as specified in the Companies (Accounting Standard) Rules, 2006, prescribed by the Central Government.

2) Use of estimates

The preparation of financial statements in conformity with GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as at the date of financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Any revision to accounting estimates is recognized in the current and future periods.

3) Fixed Assets

Fixed assets are stated at historical cost of acquisition or construction less accumulated depreciation.

4) Depreciation

Depreciation is provided on written down value method at the rates and in the manner prescribed under Schedule XIV of the Companies, Act 1956.

5) Investments

Investments are classified as current or long term in accordance with Accounting Standards 13 on "Accounting for Investments"

Long term Investments are carried at cost less provision for diminution in value considered to be other than temporary in nature, if any.

Trade investments are valued at lower cost or market value.

6) Revenue Recognition:

In appropriate circumstances, revenue (income) is recognized when it is earned and no significant uncertainty as to determination or realisation exists.

Income from Consultancy services and Commission is recognized on proportionate completion method based on agreed terms and contract.

Interest, as and when applicable, on refunds from statutory authorities is recognized when such interest is determinable, based on completed proceedings. Other interest income is recognized using time proportion method, based on interest rate implicit in the transactions.

Profit on sale of investments is recognized on completion of transactions.

7) Expenses

Material known liabilities are provided for on the basis of available information / estimates.

8) Deferred Revenue Expenditure

Deferred revenue expenditure is written off entirely in the year in which it is incurred as per the provision of AS-26 on "Intangible Assets".

9) Taxes on Income

Income tax is accounted for in accordance with Accounting Standard 22 on Accounting for Taxes on income. Tax comprises current Tax and deferred Tax.

Provision for taxation is made in accordance with the provisions of Income Tax Act, 1961. Deferred tax assets (if any) are recognized only if there is reasonable certainty that they will be realized.

Minimum Alternate Tax (MAT) credit is recognized only when and to the extent there is convincing evidence that company will pay normal income tax during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the Guidance Note issued by the Institute of Chartered Accountants of India, the said assets is created by the way of a credit to the Profit and Loss account.

10) Employee Benefits

a) Short Term Employee Benefits are recognized as an expense at the undiscounted amount in the Profit & Loss Account of the year in which the related service is rendered.

b) Post employment and other long term employee benefits are recognized as an expense in the Profit and Loss Account of the year in which the employee has rendered services. The expense is recognized at the present value of the amount payable, determined as per Actuarial ValuationsAcuarial gains and losses in respect of post employment and long term employee benefits are recognized in the Profit and Loss Account.

11) Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.

Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

 
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