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Accounting Policies of Nivyah Infrastructure & Telecom Services Ltd. Company

Mar 31, 2013

Note 1 SEGMENT INFORMATION

The Company had only one reporting segment during the year i.e. Internet services and accordingly no intformation about primary segment has been given.

a) The company does not have any geographical distribution of revenue hence secondary segment reporting based on geographical location of its customer is not applicable to the company. b)

Note 2 CONTINGENT LIABILITIES

There are no contingent liabilities during the current year as well as the previous year.

Note 3 FOREIGN CURRENCY TRANSACTIONS

The company does not have any earnings or expenditure in Foreign Exchange during the current as well as the previous year.

Note 4 BALANCES SHOWN UNDER SUNDRY DEBTORS AND ADVANCES

Balances shown under Sundry Debtors, Advances, some of the Sundry Creditors are subject to confirmation/reconciliation and consequential adjustment, if any. However the company has been sending letters for confirmation to these parties. In the opinion of management, the value of Sundry Debtors, Advances, Sundry Creditors on realization/payment in the ordinary course of business, will not be less/ more than the value at which these balances are stated in the Balance Sheet.

Note 5 NON COMPLIANCE OF STATUTORY OBLIGATION

Non provision for liabilities in respect to non compliance of statutory obligations due is not made as amount is not ascertainable.

Note 6 GOODWILL

The excess of Purchase Consideration over its Equity Share Capital of the Transferor Company is recognized as ''Goodwill'' being an asset in the amalgamated financial statements. The same will be written off in the books of the merged entity w.e.f April 01, 2012 in five equal installments.

Note 7 DEFERRED TAXATION

Deffered tax assets on account of unabsorbed depreciation/amortisaation has not been recongnised in absence of reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realised.

Note 8 CORPORATE INFORMATION

Nivyah Infrastructure and Telecom Services Limited is a Public Limited Company domiciled in India and incorporated under the Companies Act, 1956. The shares of the Company are listed on Bombay Stock Exchange Limited. The company is into the business of telecom and infrastructure services.


Mar 31, 2010

Basis of preparation of Financial Statements:

a. The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principtes and the provisions of the Companies Act, 1956 as adopted consistently by the Company and also the applicable Accounting Standards.

b. The Company generally follows mercantile system of accounting and recognizes significant items of income and expenditure on accrual basis.

c. Fixed Assets.

There are no Fixed Assets with the Company as it has sold all the fixed assets and close J the works during the year 2007-08.

d. Method of valuation of stocks:

i. Finished Goods: At market rate or Cost including Excise duty, whichever is lower on Fl FO basis.

ii. Stores, Spares, Raw Materials and materials in Process: At cost including excise duty, if any. on FIFO basis.

iii. Scrap: At estimated realizable value.

e. Retirement Benefit:

The Company had closed its works during earlier year and consequently retrenched all the employees. It had been reported that all employees dues have been paid.

 
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