Mar 31, 2015
1) SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Company have been prepared in
accordance with the generally accepted accounting principles in India
(Indian GAAP). The financial statements have been prepared to comply in
all material respects with the accounting standards notified under
Section 133 of the Companies Act, 2013 read with rule 7 of the
Companies (Accounts) Rules, 2014 issued by the Ministry of Corporate
Affairs. The financial statements have been prepared under the
historical cost convention on a going concern basis. The accounting
policies have been consistently applied by the Company and are
consistent with those used in the previous year.
a) Method of Accounting :
The Company follows the mercantile system of accounting and generally
the accrual concept in preparing the accounts except dividend, Audit
Fee which is recorded on cash basis.
b) Use of Estimates :
The preparation of financial statements requires management to make
certain estimates and assumptions that affect the amount reported in
the financial statements and notes thereto. Differences between actual
results and estimates are recognised in the period in which they
materialise.
c) Revenue/Expenses recognition :
Revenue and Expenses are recognized only when accrued and their
collection and payment is reasonably certain. Software development
income has been accounted for contractually though the payments are
received progressively. Software Development Expenses and/or copyright
fees are accounted for on satisfactory completion.
d) Fixed Assets :
All Fixed Assets are valued at cost inclusive of expenses incurred to
put them in use less accumulated depreciation and impairments if any.
e) Depreciation :
Depreciation is provided for based on the useful lives of assets as
stated in Schedule II of Companies Act 2013. However, assets value upto
Rs 5,000 are fully depreciated in the year of acquisition.
f) Investments:
Non-Current Investments are stated at Cost. However, provision for
diminution, if any, in the value of each Non-Current Investment is made
to recognize a decline other than temporary nature in the value of the
investment.
g) Foreign Currency Transaction :
Transaction in foreign currency are normally recorded at prevailing
exchange rate, at the time of the transaction. The resultant gain or
loss on realization of foreign currency is recognized in Statement of
Profit & Loss as exchange fluctuation.
h) Provisions, Contingent liabilities and Contingent assets:
Provisions are recognized in respect of obligation where, based on the
evidence available, their existence at the Balance Sheet date is
considered probable.
Contingent liabilities are disclosed by way of Notes to Accounts in
respect of obligations where, based on the evidence available, their
existence at the Balance Sheet date is considered not probable.
Contingent assets are neither recognized nor disclosed in the Financial
Statements.
i) Employee Benefit:
Defined Contribution plans :
Company's contributions to Provident Fund and Employee State Insurance
are charged to Statement of Profit & Loss of the year when the
contributions to the respective Funds are due. The Company has no
obligations other than the contributions payable to the respective
Funds.
j) Earnings Per share:
Basic earning per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. For the
purpose of calculating diluted earnings per share, the net profit or
loss for the year attributable to equity shareholders and the weighted
average number of shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.
k) Cash and Cash Equivalents:
Cash and cash equivalents as indicated in the Cash Flow Statement
comprise cash at bank and on hand and short term investments with an
original maturity of less than three months.
Mar 31, 2014
The financial statement has been prepared under historical cost
convention and as going concern concept and in accordance with the
Generally Accepted Accounting Principles in India, the applicable
mandatory accounting standards notified by the Companies(Accounting
Standard) Rules, 2006 and the relevant provisions of the Companies Act,
1956
a) Method of Accounting :
The Company follows the mercantile system of accounting and generally
the accrual concepl in preparing the accounts except dividend, Audit
Fee, Trade Licence which is recorded on cash basis
b) Revenue/Expenses recognition :
Revenue and Expenses are recognized only when accrued and their
collection and payment is reasonably certain Software development
income has been accounted for contractually though the payments are
received progressively. Software Development Expenses and/or copyright
fees are accounted for on satisfactory completion
c) Fixed Assets;
All Fixed Assets are valued at cost inclusive of expenses incurred to
put them in use less accumulated depredation and impairments if any.
dj Inypstmori'E:
Non-Current Investments are stated aLCosl Provision for diminution, if
any, in the value of each Non-Current Investment is made to recognize a
decline olher than that of a temporary nature
e) Depreciation:
Depreciation on all Fixed Assets has been provided on written down
value method at the rates specified in schedule XIV to Ihe Companies
Act, 1956 on prorata basis
f) Valuation of Inventories :
Softwares Packages/p re ducts are valued at cost
g) Foreign Currency Transaction :
Transaction in foreign currency are normally recorded at prevailing
exchange rate, at the time of the transaction The resultant gain or
loss on realization of foreign currency is recognized in Statement of
Profit a Loss as exchange fluctuation
Mar 31, 2012
The financial statement has been prepared under historical cost
convention and as going concern concept and in accordance with the
provisions of the Companies Act, 1956 and as per the accounting
principles as well as guidelines prescribed by the Institute of
Chartered Accountants of India.
a) Method of Accounting :
The Company follows the mercantile system of accounting and generally
the accrual concept in preparing the accounts except dividend, Audit
Fee which is recorded on cash basis.
b) Revenue/Expenses recognition :
Revenue and Expenses are recognized only when accrued and their
collection and payment is reasonably certain. Software development
income has been accounted for contractually though the payments are
received progressively. Software Development Expenses and/or copy right
fees are accounted for on satisfactory completion.
c) Fixed Assets :
All Fixed Assets are valued at cost inclusive of expenses incurred to
put them in use less accumulated depreciation and impairments if any
d) Investments:
Non-Current Investments are stated at Cost. Provision for diminution,
if any, in the value of each Non-Current Investment is made to
recognize a decline other than that of a temporary nature. Current
Investments are carried individually at lower of cost and fair value
and the resultant decline, if any, is charged to revenue.
e) Depreciation :
Depreciation on all Fixed Assets has been provided on written down
value method at the rates specified in schedule XIV to the Companies
Act, 1956 on prorata basis.
f) Valuation of Inventories :
Softwares Packages/products are valued at cost.
g) Foreign Currency Transaction :
Transaction in foreign currency are normally recorded at prevailing
exchange rate, at the time of the transaction. The resultant gain or
loss on realization of foreign currency is recognized in Statement of
Profit & Loss as exchange fluctuation.
ii) Terms / Rights attached to Equity Shares :
a) The Company has only one class of Equity Shares having par value of
Rs 10 each. Each share holder is eligible for one vote per share held.
b) In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
iv) The Company, out of the 55774000 equity shares of Rs 10 each,
during the financial year 1990-91, 800000 equity shares had called up
for Rs. 0.50 paise each aggregating to Rs 400000 only allotted for
consideration other than cash.
Pursuant to order of the Honorable Calcutta High Court, during the
financial year 1999-2000, 5000000 equity shares of Rs. 10 each on
merger of Lensel Finance Ltd.
16704000 equity shares of Rs 10 each fully paid upto three amalgamating
companies during the financial year 2000-01.
29080000 equity shares of Rs 10 each fully paid upto five amalgamating
companies during the financial year 2007-08.
Mar 31, 2011
The financial statement has been prepared under historical cost
convention and as going concern concept and in accordance with the
provisions of the Companies Act, 1956 and as per the accounting
principles as well as guidelines prescribed by the Institute of
Chartered Accountants of India.
a) Method of Accounting : The Company follows the mercantile system of
accounting and generally the accrual concept in preparing the accounts
except dividend, Audit Fee, Minimum Alternate Tax as applicable which
is recorded on cash basis.
b) Revenue/Expenses Recognition : Revenue and Expenses are recognised
only when accrued and their collection and payment is reasonably
certain. Software development income has been accounted for
contractually though the payments are received progressively. Software
Development expenses and/or copy right fees are accounted for on
satisfactory completion.
c) Accounting of Software Package Development : Expenses incurred on
development of software packages are shown under work in progress till
the package/product are fully developed.
d) Fixed Assets : All Fixed Assets are valued at cost inclusive of
expenses incurred to put them in use less accumulated depreciation and
impairments, if any.
e) Investments : Investments are stated at cost. The management
perceives all the investments in securities as long term save and
except mentioned as current investment in the Schedule ÃÃ4''.
f) Depreciation : Depreciation on all Fixed Assets has been provided on
written down value method at the rates specified in schedule XIV to the
Companies Act, 1956 on prorata basis.
g) Valuation of Inventories : Software packages/product and printed
materials are valued at cost. Finished goods excluding developed
software package are valued at lower of cost or if any estimated net
realisable value. Closing stock of shares is valued at cost.
h) Foreign Currency Transaction :
Transaction in Foreign Currency are normally recorded at prevailing
exchange rate, at the time of the transaction. The resultant gain or
loss on realisation of foreign currency is recognised in Profit & Loss
Account as exchange fluctuation.
Mar 31, 2010
The financial statement has been prepared under historical cost
convention and as going concern concept and in accordance with the
provisions of the Companies Act, 1956 and as per the accounting
principles as well as guidelines prescribed by the Institute of
Chartered Accountants of India.
a) Method of Accounting :
The Company follows the mercantile system of accounting and generally
the accrual concept in preparing the accounts except dividend, Audit
Fee which is recorded on cash basis.
b) Revenue/Expenses Recognition :
Revenue and Expenses are recognised only when accrued and their
collection and payment is reasonably certain. Software development
income has been accounted for contractually though the payments are
received progressively. Software Development expenses and/or copy right
fees are accounted for on satisfactory completion.
c) Accounting of Software Package Development :
Expenses incurred on development of software packages are shown under
work in progress till the package/ product are fully developed.
d) Fixed Assets :
All Fixed Assets are valued at cost inclusive of expenses incurred to
put them in use less accumulated depreciation and impairments, if any.
e) Investments :
Investments are stated at cost. The management perceives all the
investments in securities as long term save and except mentioned as
current investment in the Schedule "4".
f) Depreciation :
Depreciation on all Fixed Assets has been provided on written down
value method at the rates specified in schedule XIV to the Companies
Act, 1956 on prorata basis.
g) Valuation of Inventories :
Software packages/product and printed materials are valued at cost.
Finished goods excluding developed software package arevalued at lower
of cost or if any estimated net realisable value. Work-in-progress
including the cost of developed software is taken at estimated cost.
h) Foreign Currency Transaction :
i) Transactions in Foreign Currency are normally recorded at prevailing
exchange rate, at the time of the transaction. The resultant gain or
loss on realisation of foreign currency is recognised in Profit & Loss
Account as exchange fluctuation.
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