Home  »  Company  »  Netlink Solutions (I  »  Quotes  »  Accounting Policy
Enter the first few characters of Company and click 'Go'

Accounting Policies of Netlink Solutions (India) Ltd. Company

Mar 31, 2014

A) Basis of Preparation of Financial Statements

The financial statements are prepared on the historical cost convention basis in accor- dance with the generally accepted accounting principles and the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

b) Revenue Recognition

Income and Expenditure are recognized and accounted on accrual basis.

c) Use of Estimates

The prepartion of financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Examples of such estimates include estimate of useful life of fixed assets. Actual result could differ from estimates.

d) Investments

Investments are valued at cost

e) Depreciation

Depreciation is provided on Straight Line Method at the rates prescribed in the Companies Act, 1956.

f) Fixed Assets

Fixed assets are stated at cost less depreciation. Cost includes taxes and duties

g) Foreign Currency

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of transaction.Monetary assets and liabilities denominated in foreign currency are trans- lated at the rates of exchange likely to be realised from the resultant gain or loss is recognised in the Profit and Loss account to sales account.

h) Direct Taxes

Provision for Current Tax is made and retained in the accounts on the basis of tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantialy enacted as of the Balance Sheet date.

I) The deferred tax liability has been accounted by using the tax rates announced in the Finance Bill, 2005 in accordance with Accounting Standard 22 issued by The Insti- tute of Chartered accountant of India.


Mar 31, 2013

A) Basis of Preparation of Financial Statements

The financial statements are prepared on the historical cost convention basis in accordance with the generally accepted accounting principles and the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

b) Revenue Recognition

Income and Expenditure are recognized and accounted on accrual basis.

c) Use of Estimates

The prepartion of financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Examples of such estimates include estimate of useful life of fixed assets. Actual result could differ from estimates.

d) Investments

Investments are valued at cost

e) Depreciation

Depreciation is provided on Straight Line Method at the rates prescribed in the Companies Act, 1956.

f) Fixed Assets

Fixed assets are stated at cost less depreciation. Cost includes taxes and duties

g) Foreign Currency

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of transaction.Monetary assets and liabilities denominated in foreign currency are translated at the rates of exchange likely to be realised from the resultant gain or loss is recognised in the Profit and Loss account to sales account.

h) Direct Taxes

Provision for Current Tax is made and retained in the accounts on the basis of tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantialy enacted as of the Balance Sheet date.

I) The deferred tax liability has been accounted by using the tax rates announced in the Finance Bill, 2005 in accordance with Accounting Standard 22 issued by The Institute of Chartered accountant of India.


Mar 31, 2012

A) Basis of Preparation of Financial Statements

The financial statements are prepared on the historical cost convention basis in accordance with the generally accepted accounting principles and the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956.

b) Revenue Recognition

Income and Expenditure are recognized and accounted on accrual basis.

c) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Examples of such estimates include estimate of useful life of fixed assets. Actual result could differ from estimates.

d) Investments

Investments are valued at cost of acquisition which includes brokerage, fees and related costs. Investments are carried at lower of cost and quoted/fair value, computed category wise. There is no diminution in value of investments as the market value of investments is more than the cost price as on balance sheet date. However the investments are valued at cost. Profit on sale of investments are calculated on first in first out basis as per the Income Tax Act.

e) Depreciation

Depreciation is provided on Straight Line Method at the rates prescribed in the Companies Act, 1956.

f) Foreign Currency

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currency are translated at the rates of exchange likely to be realised from the resultant gain or loss is recognised in the Profit and Loss account to sales account.

g) Direct Taxes

Provision for Current Tax is made and retained in the accounts on the basis of tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantially enacted as of the Balance Sheet date.

h) The figures for the previous year have been regrouped, rearranged, wherever necessary, so as to make them comparable with those for the current year.


Mar 31, 2011

A) Basis of Preparation of Financial Statements

The financial statements are prepared on the historical cost convention basis in accordance with the generally accepted accounting principles and the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

b) Revenue Recognition

Income and Expenditure are recognized and accounted on accrual basis.

c) Use of Estimates

The prepartion of financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Examples of such estimates include estimate of useful life of fixed assets. Actual result could differ from estimates.

d) Investments

Investments are valued at cost of acquistion which includes brokerage, fees and related costs.

Investments are carried at lower of cost and quoted / fair value, computed category wise. There is no dimunition in value of investments as the market value of investments is more than the cost price as on balance sheet date. However the investments are valued at cost. Profit on sale of investments are calculated on first in first out basis as per the Income Tax Act.

e) Depreciation

Depreciation is provided on Straight Line Method at the rates prescribed in the Companies Act, 1956.

f) Foreign Currency

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currency are translated at the rates of exchange likely to be realised from the resultant gain or loss is recognised in the Profit and Loss account to sales account.

g) Direct Taxes

Provision for Current Tax is made and retained in the accounts on the basis of tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantialy enacted as of the Balance Sheet date.

h) The figures for the previous year have been regrouped, rearranged, wherever necessary, so as to make them comparable with those for the current year.


Mar 31, 2010

A) Basis of Preparation of Financial Statements

The financial statements are prepared on the historical cost convention basis in accordance with the generally accepted accounting principles and the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956.

b) Revenue Recognition

Income and Expenditure are recognized and accounted on accrual basis.

c) Use of Estimates

The prepartion of financial statements in conformity with generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenue and expenses during the reporting period. Examples of such estimates include estimate of useful life of fixed assets. Actual result could differ from estimates.

d) Investments

Investments are valued at cost of acquistion which includes brokerage, fees and related costs.

Investments are carried at lower of cost and quoted / fair value, computed category wise. There is no dimunition in value of investments as the market value of investments is more than the cost price as on balance sheet date. However the investments are valued at cost. Profit on sale of investments are calculated on first in first out basis as per the Income Tax Act.

e) Depreciation

Depreciation is provided on Straight Line Method at the rates prescribed in the Companies Act, 1956.

f) Foreign Currency

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currency are translated at the rates of exchange likely to be realised from the resultant gain or loss is recognised in the Profit and Loss account to sales account.

g) Direct Taxes

Provision for Current Tax is made and retained in the accounts on the basis of tax liability as per the applicable provisions of the Income Tax Act, 1961. Deferred tax for timing differences between tax profits and book profits is accounted for using the tax rates and laws that have been enacted or substantialy enacted as of the Balance Sheet date.

h) The figures for the previous year have been regrouped, rearranged, wherever necessary, so as to make them comparable with those for the current year.


Mar 31, 2003

A) Basis for Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention to comply in all material aspects with applicable accounting principles in India.

b) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires the man agement to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and ex penses during the reporting period. Examples of such estimates include estimate of useful life of fixed assets. Actual result could differ from estimates.

c) Investments

Current investments are carried at lower of cost and quoted/fair value, computed category wise.

d) Depreciation

Depreciation is provided on Straight Line Method at the rates prescribed in the Companies Act, 1956.

e) Foreign Currency Transaction

Transaction in foreign currency are recorded at the exchange rate prevailing on the date of transaction. Mon etary assets and liabilities denominated in foreign currency are translated at the rates of exchange likely to be realised from and resultant gain or loss is recognised in the Profit and Loss account.

f) Segment Reporting:

The Companys Business is development and sale of single product i.e Software and all its establishments are located in one country i.e India. Therefore, the company operates in a single business /geographical segment, as envisaged in Accounting Standard (AS) 17 issued by the ICAI

Find IFSC