Mar 31, 2015
I BASIS OF ACCOUNTING
These financial statements have been prepared to comply with the
Generally Accepted Accounting Principles in India (Indian GAAP),
including the Accounting Standards notified under the relevant
provisions of the Companies Act, 2013. Accounting policies have been
consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard
requires a change in the accounting policy there to in use.
II USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period end. Although estimates are based upon management's best
knowledge of current events and actions, actual results could differ
from these estimates.
III FIXED ASSETS
Fixed assets are recorded at cost of acquisition or at revalued
figures. Cost includes purchase cost together with all incidental
charges and other related costs.
IV DEPRECIATION ON TANGIBLE FIXED ASSETS
Depreciation on fixed assets is calculated on a straight-line basis
over the useful life of the assets as prescribed under Part C of
Schedule II of the Companies Act 2013. The useful lives for the fixed
assets are as follows:
Assets Life
Computers 3 years
Furniture & Fixtures 10 years
Office Equipments 5 years
Air Conditioners 5 years
V INCOME TAX
"Tax expense comprises both current and deferred tax at the applicable
enacted/ substantively enacted rates. Current tax represents the amount
of income tax payable/ recoverable in respect of the taxable income/
loss for the reporting period. Provision for current tax is made on the
basis of estimated taxable income for the current accounting period in
accordance with the provisions of The Income Tax Act, 1961. Deferred
tax represents the effect of "timing differences" between taxable
income and accounting income for the reporting period that originate in
one period and capable of reversal in one or more subsequent periods.
Deferred Tax Assets on unabsorbed Depreciation and brought forward
losses are recognised only on Virtual Certainty.
VI EARNINGS PER SHARE
"Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earning per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of equity shares outstanding during the period
are adjusted for the effects of all dilutive potential equity shares.
VII CASH AND CASH EQUIVALENT
Cash and Cash equivalents in the cash flow statement comprise cash at
bank and in hand and short-term investments with an original maturity
of three months or less.
VIII REVENUE RECOGNITION
Revenue (income) is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured. The following specific recognition criteria must
also be met before revenue is recognized:
Interest Revenue is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Mar 31, 2014
1.1 Basis of preparation of financial statements :
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention, on the accrual basis of accounting and accounting
standards issued by the central government in Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956 to the extent applicable.
1.2 Use of Estimates :
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention, on the accrual basis of accounting and accounting
standards issued by the central government in Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956 to the extent applicable.
1.3 Fixed Assets and Depreciation :
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and all attributable cost of bringing the
asset to its working condition for its intended use. Depreciation on
Fixed Assets has been provided on written down value method at the
rates prescribed in Schedule XIV of the Companies Act, 1956.
1.4 Revenue Recognition :
Revenue (income) is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured. The following specific recognition criteria must
also be met before revenue is recognized:
Interest Revenue is recognized on a time proportion basis taking into
account the amount outstanding and the apLong term investments are
carried at cost with provision for diminution being made to recognise a
decline, other than temporary, in their value. Such diminution is
determined for each investment individually on the basis of the
expected benefits to the company. However the exact quantum of benefits
is dependent upon a number of future events, hence the provision for
decrease in value of the investments is made on the basis of
management''s best estimates.
1.5 Investments :
Long term investments are carried at cost with provision for diminution
being made to recognise a decline, other than temporary, in their
value. Such diminution is determined for each investment individually
on the basis of the expected benefits to the company. However the exact
quantum of benefits is dependent upon a number of future events, hence
the provision for decrease in value of the investments is made on the
basis of management''s best estimates.
1.6 Taxes on income :
Tax expense comprises both current and deferred tax at the applicable
enacted/ substantively enacted rates. Current tax represents the
amount of income tax payable/ recoverable in respect of the taxable
income/ loss for the reporting period. Provision for current tax is
made on the basis of estimated taxable income for the current
accounting period in accordance with the provisions of The Income Tax
Act, 1961. Deferred tax represents the effect of "timing differences"
between taxable income and accounting income for the reporting period
that originate in one period and capable of reversal in one or more
subsequent periods. Deferred Tax Assets on unabsorbed Depreciation and
brought forward losses are recognised only on Virtual Certainty.
1.7 Provisions and contingencies :
A provision is recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent liabilities are disclosed when
the Company has a possible or present obligation where it is not
probable that outflow of resources will be required to settle it.
Contingent assets are neither recognized nor disclosed.
1.8 Earning Per Share :
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period.For the
purpose of calculating diluted earning per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of equity shares outstanding during the period
are adjusted for the effects of all dilutive potential equity shares.
1.9 Cash and Cash Equivalents :
Cash and Cash equivalents in the cash flow statement comprise cash at
bank and in hand and short-term investments with an original maturity
of three months or less.
Mar 31, 2013
1.1 Basis of preparation of financial statements:
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention, on the accrual basis of accounting and accounting
standards issued by the central government in Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956 to the extent applicable.
1.2 Use of Estimates:
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention, on the accrual basis of accounting and accounting
standards issued by the central government in Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956 to the extent applicable.
1.3 Fixed Assets and Depreciation:
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and all attributable cost of bringing the
asset to its working condition for its intended use. Depreciation on
Fixed Assets has been provided on written down value method at the
rates prescribed in Schedule XIV of the Companies Act, 1956.,
1.4 Revenue Recognition:.
Revenue (income) is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured. The following specific recognition criteria must
also be met before revenue is recognized:
Interest Revenue is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
1.5 Investments:
Long term investments are carried at cost with provision for diminution
being made to recognise a decline, other than temporary, in their
value. Such diminution is determined for each investment individually
on the basis of the expected benefits to the company. However the exact
quantum of benefits is dependent upon a number of future events, hence
the provision for decrease in value of the investments is made on the
basis of management''s best estimates.
1.6 Taxes on income:
Tax expense comprises 6oth current and deferred tax at the applicable
enacted/ substantively enacted rates. Current tax represents the amount
of income tax payable/ recoverable in respect of the taxable income/
loss for the reporting period.
Provision for current tax is made on the basis of estimated taxable
income for the current accounting period in accordance with the
provisions of The Income Tax Act, 1961.
Deferred tax represents the effect of "timing differences" between
taxable income and accounting income for the reporting period that
originate in one period and capable of reversal in one or more
subsequent periods. Deferred Tax Assets on unabsorbed Depreciation and
brought forward losses are recoanised only on Virtual Certainty.
1.7 Provisions and continoencies:
A provision is recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that
cash outflow will be required and a reliable estimate can be made of
the amount of the. obligation. Contingent liabilities are disclosed
when the Company has a possible or present obligation where it is not
probable that, outflow of resources will be required to settle it.
Contingent assets are neither recognized nor disclosed.
1.8 Earning Per Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
For the purpose of calculating diluted earning per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of equity shares outstanding during the
period are adjusted for the effects of all dilutive potential equity
shares.
1.9 Cash and Cash Equivalents:
Cash and Cash equivalents in the cash flow statement comprise cash at
bank and in hand and..short term investments with an original maturity
of three months or less.
2.1 Provision for deferred tax
No deferrd tax asset is accounted in books on the brought forward
losses as there is no virtual certainity supported by convincing
evidence that sufficient future taxable income will be available
against which such deferred tax assets can be rpalised.
3.1 Amalgamation of Mykindasite International Private Limited and
Malvern Trading Private Limited with the company.
Mar 31, 2012
1.1 sasis of preparation of financial çtatementt;
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (".GAAP") under the historical
cost convention, on the accrual basis of accounting and accounting
standards issued by the central government in Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956 to the, extent applicable.
1.2 Use of Estimates;
The financial statements are prepared in accordance .with^fndian
Generally Accepted Accounting
Principles ("GAAP") under the historical cost convention4; on the
accrual basis of accounting and accounting standards issued by the
central government in Companies (Accounting Standards) Rules, 2006 and
the relevant provisions of the Companies Act, 1956 to the extent
applicable.
1.3 Fixed Assets and Depreciation:
Fixed Assets are stated at cost, less accumulated depreciation. Cost
comprises the purchase price and all attributable cost of bringing the
asset to its working condition for its intended use. Depreciation on
Fixed Assets has been provided on written down value method at the
rates prescribed in Schedule XIV of the Companies Act, 1956.
1.4 Revenue Recognition;
Revenue (income) is recognized to the extent that it is probable that
the economic benefits will flow to the Company and the revenue can be
reliably measured. The following .specific recognition criteria must
also be met before revenue is recognized:
Interest Revenue is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
1.5 Investments:
Long term investments are carried at cost with provision for diminution
being made to recognise a decline, other than temporary, in their
value. Such diminution is determined for each investment individually
on the basis of the expected benefits to the company. However the exact
quantum of benefits is dependent upon a number of future events, hence
the provision for decrease in value of the investments is made on the
basis of management's best estimates.
1.6 Taxes on income:
Tax expense comprises both current and deferred tax at the applicable
enacted/ substantively enacted rates. Current tax represents the amount
of income tax payable/ recoverable in respect of the taxable income/
loss for the reporting period. Provision for current tax is made on
the basts of estimated taxable income for the current accounting period
in accordance with the provisions of The Income tax Act, 1961.
Deferred tax represents the effect of "timing differences" between
taxable income and accounting income for the reporting period that
originate in one period and capable of reversal in one or more
subsequent periods. Deferred Tax Assets on unabsorbed Depreciation and
brought forward losses are recoanised onlv on Virtual Certaintv.
1.7 Provisions and contingencies;
A provision is recognized when the Company has a legal and constructive
obligation as a result of a past event, for which it is probable that
cash outflow will be required and a reliable estimate can be made of
the amount of the obligation. Contingent liabilities are disclosed
when the Company has a possible or present obligation where it is not
probable that outflow of resources will be required to settle it.
Contingent assets are neither recognized nor disclosed.
1.8 Earning Per Share:
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes) by the weighted
average number of equity shares outstanding during the period.
For the purpose of calculating diluted earning per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of equity shares outstanding during the
period are adjusted for the effects of all dilutive potential equity
shares.
1.9 Cash and Cash Equivalents; ;æ
Cash and Cash equivalents in the cash flow statement compare cash at
bank and in hand and short- term investments with an original maturity
of three months^ less.
1.10 Presenatation and disclosure of finanacial 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 disclosure made in the
financial statements. The company has also reclassified the previous
year figures in accordance with the requirements applicable in the
current year.
Mar 31, 2011
A. Accounting Conventions:
The Company follows mercantile system of accounting and recognises
Income and Expenditure on accrual basis. The accounts have been
prepared under the historical cost convention and conform to the
statutory provisions and practices prevailing in the industry.
Accounting policies not referred to otherwise are consistent with
generally accepted Accounting Principles.
B. Fixed Assets:
Fixed Assets are stated at cost less depredation.
C. Depreciation:
Depreciation on assets is provided on Written Down Value method at the
rates and in the manner specified in Schedule XIV to the Companies Act
1956.
D. Long term investments are carried at cost with provision for
diminution bang made to recognise a decline, other than temporary, in
their value. Such diminution is determined for each investment
individually on the basis of the expected benefits to the company.
However the exact quantum of benefits is dependent upon a number of
future events, hence the provision for decrease in value of the
investments is made on the basis of management's best estimates.
E. Preliminary, Shares Issue and Other Expenditure on raising Capital
are amortised equally over a period of ten years.
F. Income:
(a) Income from Information Technology Services & Software Development
is accounted for on the basis of services rendered, software developed
and billed to clients on acceptance.
(b) In respect of other heads of income the Company follows the
practice of accounting of such income on accrual basis.
G. Employee Benefits
Contributions to defined contribution schemes such as Provident Fund
and Family Pension Fund are charged to the profit and loss account as
incurred. The Company also provides retirement/ post retirement
benefits in the form of gratuity. Gratuity liability is determined on
the basis of an actuarial valuation.
H. Taxation
Provision for Incomes tax Is made, after considering exemptions and
deductions available, at the rates applicable under the Income-Tax Act,
1961. The deferred tax charge or credit (reflecting the tax effects of
timing differences between accounting income and taxable income for the
year) is recognised using current tax rates. Deferred tax assets are
recognised only to the extent there is virtual certainty of
realisation. Such assets are reviewed as at each Balance Sheet date to
reassess realisation.
Mar 31, 2010
A. Accounting Conventions:
The Company follows mercantile system of accounting and recognises
Income and Expenditure on accrual basis. The accounts have been
prepared under the historical cost convention and conform to the
statutory provisions and practices prevailing in the industry.
Accounting policies not referred to otherwise are consistent with
generally accepted Accounting Principles.
B. Fixed Assets:
Fixed Assets are stated at cost less depreciation.
C. Depreciation:
Depreciation on assets is provided on Written Down Value method at the
rates and in the manner specified in Schedule XIV to the Companies Act
1956.
D. Long term investments are carried at cost with provision for
diminution being made to recognise a decline, other than temporary, in
their value. Such diminution is determined for each investment
individually on the basis of the expected benefits to the company.
However the exact quantum of benefits is dependent upon a number of
future events, hence the provision for decrease in value of the
investments is made on the basis of management's best estimates.
E. Preliminary, Shares Issue and Other Expenditure on raising Capital
are amortised equally over a period of ten years
F. Income:
(a) Income from Information Technology Services & Software Development
is accounted for on the basis of services rendered, software developed
and billed to clients on acceptance.
(b) In respect of other heads of income the Company follows the
practice of accounting of such income on accrual basis.
G. Employee Benefits
Contributions to defined contribution schemes such as Provident Fund
and Family Pension Fund are charged to the profit and loss account as
incurred. The Company also provides retirement/ post retirement
benefits in the form of gratuity. Gratuity liability is determined on
the basis of an actuarial valuation.
H. Taxation
Provision for Income tax is made, after considering exemptions and
deductions available, at the rates applicable under the Income-Tax Act,
1961. The deferred tax charge or credit (reflecting the tax effects of
timing differences between accounting income and taxable income for the
year) is recognised using current tax rates. Deferred tax assets are
recognised only to the extent there is virtual certainty of
realisation. Such assets are reviewed as at each Balance Sheet date to
reassess realisation.
I. Foreign Currency Transactions
Sales and Purchases are generally recorded at the ruling rates on the
transaction date. Foreign currency assets and liabilities are restated
at rates ruling at the year end and the difference is recognised in the
Profit & Loss Account. Exchange difference relating to fixed assets is
adjusted in the cost of the assets. Any other exchange differences are
dealt with in the Profit & Loss Account.