Mar 31, 2015
Overview Company
Nihar Info Global Limited was incorporated on 12th January 1995 as a
Public Limited Company. Company is engaged in the business of Software
and e-Commerce. It is listed on Bombay Stock Exchange. The company
undertakes development and/or trade in sale, import or exports of
computer software and carry out on the business of Research and
development, designing, manufacturing, trading and deal in all type of
computer software and hardware and render consultancy services in the
field of software development and turnkey projects and solutions.
1.1 Basis of accounting and preparation of financial statements
The financial statements have been prepared and presented in accordance
with Indian Generally Accepted Accounting Principles (GAAP) under the
historical cost convention on the accrual basis. GAAP comprises
accounting standards notified by the Central Government of India under
Section 133 of the Companies Act, 2013, other pronouncements of
Institute of Chartered Accountants of India, the provisions of
Companies Act, 2013.The financial statements are presented in Indian
rupees.
1.2 Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires Management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of
contingent liabilities on the date of the financial statements. Actual
results could differ from those estimates. Any revision to accounting
estimates is recognized prospectively in current and future periods.
1.3 Current-non-current classification
All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the
following criteria:
a) It is expected to be realized in, or is intended for sale or
consumption in the Company's normal operating cycle;
b) it is held primarily for the purpose of being traded;
c) it is expected to be realized within 12 months after the reporting
date; or
d) it is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least 12 months after
the reporting date.
Current assets include the current portion of non-current financial
assets. All other assets are classified as non-current.
Liabilities
A liability is classifies as current when it satisfies any of the
following criteria:
a) it is expected to be settled in the Company's normal operating
cycle;
b) it is held primarily for the purpose of being traded;
c) it is due to be settled within 12 months after the reporting date;
or
d) the Company does not have an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date. Terms
of a liability that could, at the option of the counterparty, result in
its settlement by the issue of equity instruments do not affect its
classification.
Current liabilities include current portion of non-current financial
liabilities. All other liabilities are classified as non-current.
Operating Cycle
Operating cycle is the time between the acquisition of assets for
processing and their realization in cash or cash equivalents.
1.4 Fixed Assets and Depreciation
Fixed assets are carried at cost of acquisition less accumulated
depreciation. The cost of fixed assets comprises of the purchase price,
taxes, duties, freight and any other directly attributable costs of
bringing the assets to their working condition for their intended use.
Borrowing costs directly attributable to acquisition or construction of
those fixed assets which necessarily take a substantial period of time
to get ready for their intended use are capitalized. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
Depreciation on fixed assets is provided on straight line method, at
the rates based on the useful life of the fixed assets as estimated by
the Management or at the rates prescribed under Schedule II to the
Companies Act, 2013 whichever is higher.
1.5 Revenue Recognition
i) Income from software related services is accounted for on the basis
of services rendered and billed to the clients on acceptance and/or on
the basis of man days/man hours spent as per the terms of the contract
with the clients. Income from software products is recognized on the
basis of the sale of the clients.
ii) Income from software training is accounted on accrual basis.
iii) Revenue from Annual Maintenance Contracts (AMC) is recognized on a
pro rata basis over the period in which such services are rendered.
iv) Interest income on term deposits is recognized during the time
proportion method, based on interest rates implicit in the transaction.
1.6 Expenditure
Expenses are accounted on accrual basis and the provisions are made for
all expected losses and liabilities.
1.7 Investment
Long term investment is carried at cost, and provision is made to
recognize any decline other than temporary, in the value of such
investment.
1.8 Retirement benefits
Provision for accrued gratuity liability is provided on actual basis
which is not actuarial valuation.
2.0 Income Taxes
Income tax expense comprises current tax and deferred tax charge or
credit. Income tax expense is recognized in the Statement of Profit and
Loss.
Current Tax
The current charge for the income taxes is calculated in accordance
with the relevant tax regulations applicable to the Company.
Deferred Taxes
Deferred tax charge or benefit reflects the tax effects of timing
differences between accounting income and taxable income, which
originate during the year but reverse after the tax holiday period. The
deferred tax charge or benefit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantially enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is reasonable
certainty that the assets can be realized in future; however, where
there is unabsorbed depreciation or carry forward of losses, deferred
tax assets are recognized only if there is a virtual certainty of
realization of such assets. Deferred tax assets are reviewed at each
balance sheet date and written-down or written-up to reflect the amount
that is reasonably / virtually certain to be realized. The break-up of
the major components of the deferred tax assets and liabilities as at
balance sheet date has been arrived at after setting off deferred tax
assets and liabilities where the Company has a legally enforceable
right to set-off assets against liabilities and where such assets and
liabilities relate to taxes on income levied by the same governing
taxation laws.
2.1 Cash Flow Statement
Cash flows are reported using the indirect method, whereby net profit/
(loss) before tax is adjusted for the effects of transactions of a
non-cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from regular revenue generating,
investing and financing activities of the company are segregated.
2.2 Provisions and Contingent Liabilities
Provision:
The Company recognizes a provision when there is a present obligation
as a result of past events that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
obligation. Provisions are reviewed regularly and are adjusted where
necessary to reflect the current best estimate of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. Where there is a possible or a
present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
2.3 As Stipulated in AS-28, the company has assessed potential of
economic benefits of its business limits, and is of the view that the
assets employed in continuing business are capable of generating
adequate returns over their useful life in the usual course of its
business. There is no impairment indication to the company and
accordingly the management is of the view that no impairment provision
is called for in these accounts.
2.7 The company has gone for scheme of arrangement under section 391
and 394 read with sections 100 to 103 and 78 of the Companies
Act,1956.The company has received the order vide MCA no 700 of 2013
dated 13th March, 2014 from the High Court of Andhra Pradesh approving
the scheme of arrangement. The scheme provides for conversion of
unsecured loans of Rs.2,67,52,700/- into Equity and reduction of share
capital. The effect of above order is implemented in the books of
account on 02 May 2014.
2.8 Letters have been issued to parties for confirmation of balances
(including Investments) with the request to confirm or send comment by
the stipulated date failing which balance as indicated in the letter
would be taken as confirmed. Confirmation letters have not been
received. However, no adverse communication received from any party
till date.
2.9 Earnings per share (EPS)
Basic earnings per share ('EPS') is computed by dividing the net
profit/(loss) after tax 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, net
profit/(loss) after tax for the year and the weighted average number of
shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares. Dilutive potential equity shares are
deemed converted as of the beginning of the year, unless they have been
issued at a later date.
2.10 The Company has entered into rent agreement for office premises.
The rentals of Rs. 2,72,283/- of which Rs 1,80,000 were charged in the
statement of Profit and Loss. These agreements are cancellable in
nature.
2.11 Previous year's figures have been regrouped/rearranged to conform
to those of the current year.
(i) The remote e-voting period begins on 26th September, 2015 at 10.00
A.M. and ends on 29th September, 2015 at 5.00 P.M. During this period
shareholders' of the Company, holding shares either in physical form or
in dematerialized form, as on the cut-off date 19th September, 2015,
may cast their vote electronically. The remote e-voting module shall be
disabled by CDSL for voting thereafter.
(ii) The shareholders should log on to the e-voting website
www.evotingindia.com.
(iii) Click on Shareholders.
(iv) Now Enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Members holding shares in Physical Form should enter Folio Number
registered with the Company.
(v) Next enter the Image Verification as displayed and Click on Login.
(vi) If you are holding shares in demat form and had logged on to
www.evotingindia.com and voted on an earlier voting of any company,
then your existing password is to be used.
(viii) After entering these details appropriately, click on "SUBMIT"
tab.
(ix) Members holding shares in physical form will then directly reach
the Company selection screen. However, members holding shares in demat
form will now reach 'Password Creation' menu wherein they are required
to mandatorily enter their login password in the new password field.
Kindly note that this password is to be also used by the demat holders
for voting for resolutions of any other company on which they are
eligible to vote, provided that company opts for remote e-voting
through CDSL platform. It is strongly recommended not to share your
password with any other person and take utmost care to keep your
password confidential.
(x) For Members holding shares in physical form, the details can be
used only for remote e-voting on the resolutions contained in this
Notice.
(xi) Click on the EVSN for the relevant Nihar Info Global Ltd. on which
you choose to vote.
(xii) On the voting page, you will see "RESOLUTION DESCRIPTION" and
against the same the option "YES/NO" for voting. Select the option YES
or NO as desired. The option YES implies that you assent to the
Resolution and option NO implies that you dissent to the Resolution.
(xiii) Click on the "RESOLUTIONS FILE LINK" if you wish to view the
entire Resolution details.
(xiv) After selecting the resolution you have decided to vote on, click
on " SUBMIT". A confirmation box will be displayed. If you wish to
confirm your vote, click on "OK", else to change your vote, click on
"CANCEL" and accordingly modify your vote.
(xv) Once you "CONFIRM" your vote on the resolution, you will not be
allowed to modify your vote.
(xvi) You can also take out print of the voting done by you by clicking
on "Click here to print" option on the Voting page.
(xvii) If Demat account holder has forgotten the same password then
Enter the User ID and the image verification code and click on Forgot
Password & enter the details as prompted by the system.
(xviii)Note for Non  Individual Shareholders and Custodians
- Non-Individual shareholders (i.e. other than Individuals, HUF, NRI
etc.) and Custodian are required to log on to www.evotingindia.com and
register themselves as Corporate.
- A scanned copy of the Registration Form bearing the stamp and sign of
the entity should be emailed to [email protected].
- After receiving the login details a compliance user should be created
using the admin login and password. The Compliance user would be able
to link the account(s) for which they wish to vote on.
- The list of accounts should be mailed to
[email protected] and on approval of the accounts they
would be able to cast their vote.
- A scanned copy of the Board Resolution and Power of Attorney (POA)
which they have issued in favour of the Custodian, if any, should be
uploaded in PDF format in the system for the scrutinizer to verify the
same.
In case you have any queries or issues regarding remote e-voting, you
may refer the Frequently Asked Questions ("FAQs") and e-voting manual
available at www.evotingindia.com, under help section or write an email
to [email protected]
Mar 31, 2014
1.1 Basis of Preparation
These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, and the provisions of the Companies Act, 1956,
to the extent applicable. These financial statements have been prepared
to comply in all aspects with the accounting standards notified under
section 211(3C) (which continues to be applicable in terms of circular
15/2013 dated September 13,2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act,2013) and other relevant
provisions of the Companies Act,1956. These financial statements have
been prepared and presented in Indian rupees.
1.2 Use of Estimates
The preparation of the financial statements in conformity with GAAP
requires the Management to make estimates and assumptions that affect
the reported balances of assets and liabilities and disclosures
relating to contingent liabilities as at the date of the financial
statements and reported amounts of revenues and expenses for the year.
Accounting estimates could change from period to period. Actual results
could differ from these estimates. Appropriate changes in estimates are
made as the Management becomes aware of changes in circumstances
surrounding the estimates. Any revision to accounting estimates is
recognized prospectively in the current and future periods.
1.3 Fixed Assets and Depreciation
Fixed assets are stated at the cost of acquisition or construction less
accumulated depreciation. The cost of fixed assets includes
non-refundable taxes, duties, freight and other incidental expenses
related to the acquisition and installation of the respective assets.
Subsequent expenditure related to an item of tangible assets are added
back to its book value only if they increase the future benefits from
the existing assets beyond its previously assessed standard of
performance.
Depreciation on fixed assets is provided using the straight-line method
at the rates specified in Schedule XIV to the Companies Act, 1956.
Depreciation is calculated on a pro-rata basis from the date of
installation till the date the assets are sold or otherwise disposed
of. Individual assets costing less than Rs.5, 000 are depreciated in
full in the year of acquisition.
1.4 Revenue Recognition
i) Income from software related services is accounted for on the basis
of services rendered and billed to the clients on acceptance and/or on
the basis of man days/ man hours spent as per the terms of the contract
with the clients. Income from software products is recognized on the
basis of the sale of the clients.
ii) Income from software training is accounted on accrual basis.
iii) Revenue from Annual Maintenance Contracts (AMC) is recognized on a
pro rata basis over the period in which such services are rendered.
iv) Interest income on term deposits is recognized during the time
proportion method, based on interest rates implicit in the transaction.
1.5 Expenditure
Expenses are accounted on accrual basis and the provisions are made for
all expected losses and liabilities.
1.6 Investment
Long term investment is carried at cost, and provision is made to
recognize any decline other than temporary, in the value of such
investment.
1.7 Retirement benefits
Provision for accrued gratuity liability is provided on actualbasis.
1.8 Deferred Taxes
Deferred tax charge or benefit reflects the tax effects of timing
differences between accounting income and taxable income, which
originate during the year but reverse after the tax holiday period.The
deferred tax charge or benefit and the corresponding deferred tax
liabilities or assets are recognized using the tax rates that have been
enacted or substantially enacted by the balance sheet date. Deferred
tax assets are recognized only to the extent there is reasonable
certainty that the assets can be realized in future; however, where
there is unabsorbed depreciation or carry forward of losses, deferred
tax assets are recognized only if there is a virtual certainty of
realization of such assets. Deferred tax assets are reviewed at each
balance sheet date and written-down or written-up to reflect the amount
that is reasonably / virtually certain to be realized. The break-up of
the major components of the deferred tax assets and liabilities as at
balance sheet date has been arrived at after setting off deferred tax
assets and liabilities where the Company has a legally enforceable
right to set-off assets against liabilities and where such assets and
liabilities relate to taxes on income levied by the same governing
taxation laws.
1.9 Foreign Exchange Transactions
i) Foreign currency transactions arising during the year are recorded
as per the prescribed foreign exchange rates prevailing on the date of
the transaction.
ii) Monetary assets and liabilities related to foreign currency
transactions remaining unsettled at the end of the year are stated at
the contact rates and / or at the transaction rote.
1.10 Earnings per Share
In determining earning per share, the company considers the net profits
after tax and includes the post -tax effect of any extraordinary items.
The number of shares used in computing the basic earnings per share is
the weighted average number of shares outstanding during the year.
Mar 31, 2012
A. Basis of Preparation
The financial Statements have been prepared under the historical cost
convention on accrual basis to comply in all material respects with the
mandatory Accounting Standards issued by the Institute of Chartered
Accountants of India and the relevant provisions of the Companies Act,
1956.
b. Use of Estimates
The presentation of financial statements in conformity with the
generally accepted accounting policies requires estimates and
assumptions to be made that affect the reported amount of revenues and
expenses during the reporting period. Difference between the actual and
estimates are recognized in the period in which the results are known
/materialized.
2. Fixed Assets and depreciation
i) Fixed assets are stated at cost less accumulated depreciation. Cost
includes freight, duties (net of MODVAT), taxes and any attributable
cost of bringing the asset to its working condition for its intended
use.
ii) Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956 on
pro-rata basis.
3. Revenue Recognition
i) Income from software related services is accounted for on the basis
of services rendered and billed to the clients on acceptance and/or on
the basis of man days/ man hours spent as per the terms of the contract
with the clients. Income from software products is recognized on the
basis of the sale to the clients.
ii) Income from software training is accounted on accrual basis.
iii) Revenue from Annual Maintenance Contracts (AMC) is recognized on a
pro rata basis over the period in which such services are rendered.
iv) Interest income on term deposits is recognized using the time
proportion method, based on interest rates implicit in the transaction.
v) During the year the Company has Written Off Rs.16,95,396/- towards
Bad debts.
4. Expenditure
Expenses are accounted on Accrual basis and the provisions are made for
all expected losses and liabilities.
5. Investments:
Long-term investments are carried at cost, and provision is made to
recognize any decline, other than temporary, in the value of such
investment.
6. Retirement Benefits
Provision for accured gratuity liability is provided on accturial
basis, leave encashment is provided on cash basis.
7. Deferred Taxes
Deferred tax is provided, on all temporary differences at the Balance
sheet date between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax assets
and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
subsequently enacted at the Balance sheet date.
8. Foreign Exchange Transactions
i) Foreign currency transactions arising during the year are recorded
as per the prescribed foreign exchange rates prevailing on the date of
transaction.
ii) Monetary assets and liabilities related to foreign currency
transactions remaining unsettled at the end of the year are stated at
contract rates and / or at the transaction rate.
9. Earning per Share
In determining earnings per share, the Company considers the net profit
after tax and includes the post - tax effect of any extra-ordinary
items. The number of shares used in computing the basic earnings per
share is the weighted average number of shares outstanding during the
year.
Mar 31, 2011
A. Basis of Preparation
The financial Statements have been prepared under the historical cost
convention on accrual basis to comply in all material respects with the
mandatory Accounting Standards issued by the Institute of Chartered
Accountants of India and the relevant provisions of the Companies Act,
1956.
b. Use of Estimates
The presentation of financial statements in conformity with the
generally accepted accounting policies requires estimates and
assumptions to be made that affect the reported amount of revenues and
expenses during the reporting period. Difference between the actual and
estimates are recognized in the period in which the results are known
/materialized.
2. Fixed Assets and depreciation
i) Fixed assets are stated at cost less accumulated depreciation. Cost
includes freight, duties (net of MODVAT), taxes and any attributable
cost of bringing the asset to its working condition for its intended
use.
ii) Depreciation on Fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956 on
pro-rata basis.
3. Revenue Recognition
i) Income from software related services is accounted for on the basis
of services rendered and billed to the clients on acceptance and/or on
the basis of man days/ man hours spent as per the terms of the contract
with the clients. Income from software products is recognized on the
basis of the sale to the clients.
ii) Income from software training is accounted on accrual basis.
iii) Revenue from Annual Maintenance Contracts (AMC) is recognized on a
pro rata basis over the period in which such services are rendered.
iv) Interest income on term deposits is recognized using the time
proportion method, based on interest rates implicit in the transaction.
4. Expenditure
Expenses are accounted on Accrual basis and the provisions are made for
all expected losses and liabilities.
5. Investments:
Long-term investments are carried at cost, and provision is made to
recognize any decline, Other than temporary, in the value of such
investment.
6. Retirement Benefits
Provision for accured gratuity liability is provided on accturial
basis, leave encashment is provided on cash basis
7. Deferred Taxes
Deferred tax is provided, on all temporary differences at the Balance
sheet date between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax assets
and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
subsequently enacted at the Balance sheet date.
8. Foreign Exchange Transactions
i) Foreign currency transactions arising during the year are recorded
at per the prescribed foreign exchange rates prevailing on the date of
transaction.
ii) Monetary assets and liabilities related to foreign currency
transactions remaining unsettled at the end of the year are stated at
contract rates and / or at the transaction rate.
9. Earning per Share
In determining earnings per share, the Company considers the net profit
after tax and includes the post à tax effect of any extra-ordinary
items. The number of shares used in computing the basic earnings per
share is the weighted average number of shares outstanding during the
year.
Mar 31, 2010
A. Basis of Preparation :
The financial Statements have been prepared under the historical cost
convention on accrual basis to comply in all material respects with the
mandatory Accounting Standards issued by the Institute of Chartered
Accountants of India and the relevant provisions of the Companies Act,
1956.
b. Use of Estimates :
The presentation of financial statements in conformity with the
generally accepted accounting policies requires estimates and
assumptions to be made that affect the reported amount of revenues and
expenses during the reporting period. Difference between the actual and
estimates are recognized in the period in which in results are
known/materialized.
2. Fixed Assets and depreciation :
i) Fixed assets are stated at cost less accumulated depreciation. Cost
includes freight, duties (net of MODVAT), taxes and any attributable
cost of bringing the asset to its working condition for its intended
use.
ii) Depreciation on fixed Assets is provided on straight-line method at
the rates prescribed in Schedule XIV of the Companies Act, 1956 on
pro-rata basis.
3. Revenue Recognition :
i) Income from software related services is accounted for on the basis
of services rendered and billed to the clients on acceptance and/or on
the basis of man days man hours spent as per the terms of the contract
with the clients. Income from software products is recognized on the
basis of the sale to the clients.
ii) Interest income on funds deployed is accounted for on the basis of
applicable interest rates using the time proportion method.
iii) Income from software training is accounted on accrual basis. iv)
Revenue from Annual Maintenance Contracts (AMC) is recognized on a pro
rata basis over the period in which such services are rendered.
iv) Interest income on term deposits is recogni2ed using the time
proportion method, based on interest rates implicit in the transaction.
4. Expenditure:
Expenses are accounted on Accrual basis and the provisions are made for
all expected losses and liabilities.
5. Investments:
Long-term investments are carried at cost, and provision is made to
recognize any decline, Other than temporary, in the value of such
investment.
6. Miscellaneous Expenditure :
i) Website Builder expenses are written off over a period of five
years, the product development is completed and put to commercial use
and the first year i.e., 2007.08. Rs.9.54 Lacs have been written off
and the similar amount thereafter every year.
7. Retirement Benefits :
Companys contribution to PE is charged to P & L account. Provision for
accrued gratuity liability in respect of future payments to employees
who have put in qualifying services. Provision for accrued gratuity
liability is provided for only employees who have put in qualifying
services. Leave encashment is provided as per prevailing companys
policy on encashment of leave.
8. Deferred Taxes:
Deferred tax is provided, on all temporary differences at the Balance
sheet date between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax assets
and liabilities are measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability is
settled, based on tax rates (and tax laws) that have been enacted or
subsequently enacted at the Balance sheet date.
9. Foreign Exchange Transactions :
i) Foreign currency transactions arising during the year are recorded
at per the prescribed foreign exchange rates prevailing on the date of
transaction.
ii) Monetary assets and liabilities related to foreign currency
transactions remaining unsettled at the end of the year are stated at
contract rates and / or at the transaction rate.
10. Earning per Share :
In determining earnings per share, the Company considers the net profit
after tax and includes the post - tax effect of any extra-ordinary
items. The number of shares used in computing the basic earnings per
share is the weighted average number of shares outstanding during the
year.
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