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Accounting Policies of Odyssey Technologies Ltd. Company

Mar 31, 2015

A Basis of Preparation of Accounts

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act 2013 ('the Act'), read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous years.

B Use of estimates

The preparation of financial statements requires certain estimates and assumptions to be made that affect the reported amount of assets and liabilities as on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which the results are known / materialised.

C Depreciation

(i) Tangible fixed assets: Depreciation on fixed assets is calculated on a Written Down Value (WDV) basis using the rates arrived at based on the useful lives prescribed under Part C of Schedule II of the Companies Act 2013. Assets individually costing Rs. 5,000 /- or less are fully depreciated in the year of purchase.

(ii) Intangible assets Computer Software: Costs relating to software/IPR, which are acquired, are capitalized and amortized on Written Down Value (WDV) over their estimated useful lives viz., 10 years.

D Research and Development

Research and Development expenses of revenue in nature are charged to statement of profit and loss. Expenses of capital in nature are carried to Fixed Assets on which Depreciation at the applicable rates are charged.

E Revenue Recognition

Revenue is recognized in the books on the basis as stipulated under Accounting Standard 9 issued by the Institute of Chartered Accountants of India.

F Foreign currency transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction. Income or expenditure arising out of exchange fluctuation is recognized in the profit and loss account.

G Investments

The company has no investments as on the balance sheet date.

H Employee benefits

Short-term employee benefits : Short-term employee benefits are recognized as expense at the undiscounted amount in the statement of profit and loss for the year in which related services are rendered.

Defined Contribution plan : Company's contributions paid/payable during the year towards Provident Fund, ESI and Medical and personal accident insurance coverage are recognized in the statement of profit and loss.

Defined Benefit Retirement Plan : Company's liability towards gratuity in accordance with The Payment of Gratuity Act, 1972 is determined as per Life insurance Corporation of India as at 31st March every year. The Company contributes all the ascertained liabilities and the risk cover premium to Life Insurance Corporation of India which administers the contributions and makes the payment to eligible employees at retirement, death, incapacitation or termination of employment.

I Related party transactions

Disclosure has been made separately for all the transactions with related parties as specified under Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

J Earnings Per Share

Earnings Per Share is calculated based on the weighted average number of shares outstanding during the year per Accounting Standard 20 of the Institute of Chartered Accountants of India.

K Income taxes

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between taxable income and accounting income which are capable of reversal in subsequent periods and are measured using relevant enacted tax rates.

L Claims:

Claims by and against the company, including liquidated damages, if any, are recognised on acceptance basis.




Mar 31, 2014

A. Basis of accounting

The accounts and financial statements have been prepared under historical cost convention in accordance with the Generally Accepted Accounting Principles and Practices in India and the provisions of the Indian Companies Act, 1956. Accrual system of accounting is generally followed to record income and expenditure. The presentation and disclosure of financial statements are made in accordance with Schedule VI as currently applicable.

B. Depreciation

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

C. Research and Development

Research and Development expenses of revenue in nature are charged to profit and loss account. Expenses of capital in nature are carried to Fixed Assets on which Depreciation at the applicable rates are charged.

D. Revenue Recognition

Revenue is recognized in the books on the basis as stipulated under Accounting Standard 9 issued by the Institute of Chartered Accountants of India.

E. Fixed Assets

Fixed Assets are stated at their cost inclusive of the expenditure incurred on acquisition, installation and upgradation. Sale and scrap of fixed assets is adjusted for the net written down value on the date of sale. Balance is taken to profit/loss on sale and scrap of assets.

F. Foreign currency transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction. Income or expenditure arising out of exchange fluctuation is recognized in the profit and loss account.

G. Investments

The company has no investments as on the balance sheet date.

H. Retirement benefits

Short-term employee benefits are recognized as an expense at the undiscounted amount in the profit and loss account for the year in which related services are rendered.

Defined Contribution plan

Company''s contributions paid/payable during the year towards Provident Fund, ESI and Medical coverage are recognized in the profit and loss account.

Defined Benefit Plan

Company''s liability towards gratuity in accordance with The Payment of Gratuity Act, 1972 is determined as per Life insurance Corporation of India as on the balance sheet date. The Company contributes all the ascertained liabilities and the risk cover premium to Life Insurance Corporation of India which administers the contributions and makes the payment at retirement, death, incapacitation or termination of employment.

I. Related party transactions

Disclosure has been made separately for all the transactions with related parties as specified under Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

J. Earnings PerShare

Basic Earnings Per Share is calculated based on the weighted average number of shares outstanding during the year per Accounting Standard 20 of the ICAI.

K. Income taxes

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between taxable income and accounting income which are capable of reversal in subsequent periods and are measured using relevant enacted tax rates.

L. ESOP accounting

Accounting for the ESOP outstanding, if any, is made in line with the SEBI regulations where the options lapsed and not vested were adjusted against ESOP outstanding.


Mar 31, 2013

A Basis of accounting

The accounts and financial statements have been prepared under historical cost convention in accordance with the Generally Accepted Accounting Principles and Practices in India and the provisions of the Indian Companies Act, 1956. Accrual system of accounting is generally followed to record income and expenditure. The presentation and disclosure of financial statements are made in accordance with Schedule VI as currently applicable.

B Depreciation

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

C Research and Development

Research and Development expenses of revenue in nature are charged to profit and loss account. Expenses of capital in nature are carried to Fixed Assets on which Depreciation at the applicable rates are charged.

D Revenue Recognition

Revenue is recognized in the books on the basis as stipulated under Accounting Standard 9 issued by the Institute of Chartered Accountants of India.

E Fixed Assets

Fixed Assets are stated at their cost inclusive of the expenditure incurred on acquisition, installation and upgradation. Sale and scrap of fixed assets is adjusted for the net written down value on the date of sale. Balance is taken to profit/(loss) on sale and scrap of assets.

F Foreign currency transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction. Income or expenditure arising out of exchange fluctuation is recognized in the profit and loss account.

G Investments

The company has no investments as on the balance sheet date.

H Retirement benefits

Retirement benefits are provided by charge to revenue including provision for gratuity determined as per the Gratuity Act, 1972.

I Related party transactions

Disclosure has been made separately for all the transactions with related parties as specified under Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

J Earnings Per Share

Basic Earnings Per Share is calculated based on the weighted average number of shares outstanding during the year per Accounting Standard 20 of the ICAI.

K Income taxes

Tax expense comprises of current tax and deferred tax. Current tax is measured at the amount expected to be paid to the tax authorities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences between taxable income and accounting income which are capable of reversal in subsequent periods and are measured using relevant enacted tax rates.

L ESOP accounting

Accounting for the existing ESOP outstanding has been made in line with the SEBI regulations where the options lapsed and not vested were adjusted against ESOP outstanding.


Mar 31, 2012

A. Basis of accounting

The accounts and financial statements have been prepared under historical cost convention in accordance with the Generally Accepted Accounting Principles and Practices in India and the provisions of the Indian Companies Act, 1956. Accrual system of accounting is generally followed to record income and expenditure.

B. Presentation and disclosure of financial statements

During the year ended 31st March 2012, the revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

C. Depreciation

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

D. Research and Development

Research and Development expenses of revenue in nature are charged to profit and loss statement. Expenses of capital in nature are carried to Fixed Assets on which Depreciation at the applicable rates are charged.

E. Revenue Recognition

Revenue is recognized in the books on the basis as stipulated under Accounting Standard 9 issued by the Institute of Chartered Accountants of India.

F. Fixed Assets

Fixed Assets are stated at their cost inclusive of the expenditure incurred on acquisition, installation and upgradation. Sale and scrap of fixed assets is adjusted for the net written down value on the date of sale. Balance is taken to profit/(loss) on sale and scrap of assets.

G. Foreign currency transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction. Income or expenditure arising out of exchange fluctuation is recognized in the profit and loss account.

H. Investments

The company has no investments as on the balance sheet date.

I. Retirement benefits

Retirement benefits are provided by charge to revenue including provision for gratuity determined as per the Gratuity Act, 1972.

J. Related party transactions

Disclosure has been made separately for all the transactions with related parties as specified under Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

K. Earnings Per Share

Basic Earnings Per Share is calculated based on the weighted average number of shares outstanding during the year per AS 20 of the ICAI.

L. Deferred taxation

Provision for current tax is made as 'Nil' in view of the accumulated loss from previous years. Deferred tax resulting from 'timing difference' that are temporary in nature, being the difference between the depreciation as per the Companies Act and Income tax Act, has been made. As the depreciation under the Companies Act is more than the one under Income tax Act, deferred tax asset has been made in the balance sheet.

M. ESOP accounting

Accounting for the existing ESOP outstanding has been made in line with the SEBI regulations where the options lapsed and not vested were adjusted against ESOP outstanding.


Mar 31, 2010

A. Basis of accounting and preparations of financial statements

The accounts and financial statements have been prepared under historical cost convention in accordance with the Generally Accepted Accounting Principles and Practices in India and the provisions of the Indian Companies Act, 1956. Accrual system of accounting is generally followed to record income and expenditure.

B. Depreciation

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

C. Research and Development

Research and Development expenses of revenue in nature are charged to profit and loss account. Expenses of capital in nature are carried to Fixed Assets on which Depreciation at the applicable rates are charged.

D. Revenue Recognition

Revenue is recognized in the books on the basis as stipulated under Accounting Standard 9 issued by the Institute of Chartered Accountants of India.

E. Fixed Assets

Fixed Assets are stated at their cost inclusive of the expenditure incurred on acquisition, installation and upgradation. Sale of fixed assets is adjusted for the net written down value on the date of sale. Balance is taken to profit/loss on sale of assets.

F. Foreign Currency Transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of transaction. Income or expenditure arising out of exchange fluctuation is recognized in the profit and loss account.

G. Investments

Long-term investments are stated at cost. Profit on the sale of Investments has been recognized in the P&L account as per AS 13. Provision for diminution in the value of long-term investments has been made as required.

H. Retirement Benefits

Retirement benefits are provided by charge to revenue including provision for gratuity determined as per the Gratuity Act, 1972.

I. Related party transactions

Disclosure has been made separately for all the transactions with related parties as specified under Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

J. Earnings Per Share

Basic Earnings Per Share is calculated based on the weighted average number of shares outstanding during the year per AS 20 of the ICAI.

K Consolidated Financial Statements.

Financial statements of Taexpert.com, India and Odyssey Secure Commerce Pte Ltd, Singapore have been taken for presenting a consolidated financial statement. The company holds entire hundred percent share capital of both of the companies.

Since Odyssey Secure Commerce Pte Ltd, Singapore is under the process of liquidation and liquidator is appointed, the financial statements of the same company are not subject to audit as per Singapore Companies Act.There were no business activities during the year ended 31st March 2010 and the figures for earlier year have been adopted for consolidation purposes during this year.

L. Deferred taxation

Provision for current tax is made as Nil in view of the accumulated loss from previous years. Deferred tax resulting from timing difference that are temporary in nature, being the difference between the depreciation as per the Companies Act and Income tax Act, has been made. As the depreciation under the Companies Act is more than the one under Income tax Act, deferred tax asset has been made in the balance sheet.

M. ESOP accounting

Accounting for the existing ESOP outstanding has been made in line with the SEBI regulations where the options lapsed and not vested were adjusted against ESOP outstanding.

 
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