Mar 31, 2015
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1.1 These financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises
mandatory. accounting standards as prescribed under Section 133 of the
Companies Act, 2013 (Act') read with Rule7 of the Companies (Accounts)
Rules, 2014, the provisions of the Act (to the extent notified) and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accounting policies have been consistently applied except where a newly
issued accounting standard is initially adopted or are vision to an
existing counting standard requires a change in the accounting policy
hitherto in use.
1.2 The preparation of financial statements requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent liabilities as at
the date of the financial statements. Management believes that these
estimate and assumptions are reasonable and prudent. However, actual
results could differ from estimate.
2. FIXED ASSETS
2.1 Fixed Assets are stated at cost of construction or acquisition less
accumulated depreciation. All other expenses including taxes, duties,
freight incurred to bring the fixed assets to a working condition are
also treated as the cost of the fixed assets.
2.2 Fixed Assets are stated at acquisition cost less accumulated
depreciation or amortization and cumulative impairment.
3. DEPRECIATION
Depreciation on Fixed assets is provided on Written Down Value method
at the rates and in the manner prescribed under Part C of Schedule II
of the Companies Act, 2013.
4. REVENUE RECOGNITION
4.1 Revenue from services is recognized in proportion to the services
rendered.
5. PRIOR PERIOD ITEMS
Significant items of income and expenditure which relate to prior
accounting periods (if any) are shown as appropriation of the Profit
under the head "Prior Period Items", other than those occasioned by
events occurring during or after the close of the year and which are
treated as relatable to the current year.
6. AXES ON INCOME
6.1 Provision for current tax made as per the provisions of the Income
Tax Act, 1961.
6.2 Deferred Tax Liability or Asset resulting from "timing difference"
between book and taxable profit is accounted for considering the tax
rate and laws that have been enacted or substantively enacted as on the
balance sheet date.
6.3 Deferred Tax Asset is recognized and carried forward only to the
extent that there is virtual certainty with convincing evidence that
there will be sufficient future income to recover such deferred tax
asset.
Mar 31, 2014
1. BASIS OF PREPARATION OF FINANCIAL STATEMENTS
1.1 The Financial Statements are prepared under historical cost
convention in accordance with the mandatory accounting standards
notified by the Central Government Company (Accounting Standard) Rules,
2006 and Relevant Provision of Companies Act, 1956.
1.2 The preparation of financial statements requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent liabilities as at
the date of the financial statements. Management believes that these
estimate and assumptions are reasonable and prudent. However, actual
results could differ from estimate.
2. FIXED ASSETS
2.1 Fixed Assets are stated at cost of construction or acquisition less
accumulated depreciation. All other expenses including taxes, duties,
freight incurred to bring the fixed assets to a working condition are
also treated as the cost of the fixed assets.
2.2 Fixed Assets are stated at acquisition cost less accumulated
depreciation or amortization and cumulative impairment.
3. DEPRECIATION
Depreciation on Fixed assets is provided on Written Down Value method
at the rates
and in the manner prescribed in Schedule XIV to the Companies Act,
1956.
4. REVENUE RECOGNITION
4.1 Revenue from sale of goods is recognized when sufficient risks and
rewards are transferred to customers, which is generally on dispatch of
goods and sales are stated net of returns and discounts.
4.2 Dividend income is recognized when the company''s right to receive
dividend is established.
4.3 Interest Income is recognized on time proportion basis.
5. PRIOR PERIOD ITEMS
Significant items of income and expenditure which relate to prior
accounting periods (if any) are shown as appropriation of the
Profit under the head "Prior Period Items", other than those occasi
-oned by events occurring during or after the close of the year and
which are treated as relatable to the current year.
6. TAXES ON INCOME
6.1 Provision for current tax made as per the provisions of the Income
Tax Act, 1961.
6.2 Deferred Tax Liability or Asset resulting from "timing difference"
between book and taxable profit is accounted for considering the tax
rate and laws that have been enacted or substantively enacted as on the
balance sheet date.
6.3 Deferred Tax Asset is recognized and carried forward only to the
extent that there is virtual certainty with convincing evidence that
there will be sufficient future income to recover such deferred tax
asset.
Mar 31, 2013
1. Basis of Accounting:
(a) These accounts are prepared on the historical cost basis.
(b) Accounting policies which not specifically referred to are
consistent and in consonance with generally accepted accounting
principles.
2. Revenue Recognition:
Expenses and Income considered payable and receivable respectively are
accounted on accrual basis.
2 Fixed. Assets i Fixed Assets are stated at cost of acquisition
inclusive of taxes and incidental expenses.
DePreDepr0eciation on fixed asset has been provided for under Written
down Value (WDV) method, at the rates and manner prescribed under
Schedule XIV to the Companies Act 1956 of India.
5. Valuation of Closing Stock : . inventories are valued at lower of
cost (determined on hrst-in-first-out basis) and Market value.
6. Foreign Currency Transactions :
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of the transaction. At the year-end, all the
monetary assets and liabilities denominated in foreign currency are
restated at the closing exchange rates. Exchange differences resulting
from the settlement of such transactions and from the translation of
such monetary assets and liabilities are recognized in the Profit and
Loss Account.
Mar 31, 2010
1. Basis of Accounting :
(a) These accounts are prepared on the historical cost basis and on the
accounting principles of a going concern.
(b) Accounting policies which not specifically referred to m consistent
and in consonance with generally accepted accounting principles.
2. Revenue Recognition:
Expenses and Income considered payable and receivable respectively are
accounted on accrual basis.
3. Fixed Assets:
Fixed Assets are stated at cost of acquisition inclusive of taxes and
incidental expenses;
4. Depreciation:
Depreciation of fixed assets is provided on straight-line basis over
their estimated useful lives at the rates which are higher than the
rate prescribed in Schedule XIV of the Companies Act, 1956.1ndividual
assets for less than Rs.5000 are entirely depreciated in the year of
acquisition. The estimated useful lives are as follows:
Computer and Peripherals - 3 years
Office Equipment - 5 years
In the case of purchase of assets, depreciation has been provided on
pro-rata basis from the date of purchase of those assets.
5. Valuation of Closing Stock :
Inventories are valued at lower of cost (determined on
first-in-first-out basis) and Market value.
6. Foreign Currency Transactions :
Foreign currency transactions are recorded at the rate of exchange
prevailing on the date of the transaction. At the year-end, all the
monetary assets and liabilities denominated in foreign currency are
restated at the closing exchange rates. Exchange differences resulting
from the settlement of such transactions and from the translation of
such monetary assets and liabilities are recognized in the Profit and
Loss Account.
1. AS-17/AS-20/AS-22:
AS-17 Segmental Reporting
Segmental Reporting has not been prepared in relation to the Company as
the Company has only one major segment of Credit Information.
AS - 20 Earnings Per Share
Basic & Diluted Earnings Per Share has been reflected in Profit & Loss
Account. Basic & Diluted Earnings Per Share for the Year under audit
is Nil (Previous Year Rs. 0.00/- Per Share)
AS - 22 Taxes On Income
Deferred Tax Liability has been shown separately below Reserves &
surplus.