Mar 31, 2018
Significant accounting policies
a. Basis of preparation of financial statements
These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act , 2013 (âthe Actâ) (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBi). The lnd AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and the relevant amendment rules issued thereafter. Effective April 1, 2017, the Company has adopted all the Ind AS standards and the adoption was carried out in accordance with lnd AS 101, First-time Adoption of Indian Accounting Standards, with April 1, 2015 as the transition date. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,2014 (IGAAP), which was the previous GAAP. 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 hitherto in use.
b. Use of estimates
The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.
c. Revenue recognition
Incomes/Expenses/Revenues are accounted for on accrual basis. Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured.
d. Cash flow
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
e. Property, plant and equipment
Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Cost directly attributable to acquisition are capitalised until the property, plant and equipment are ready for use, as intended by the management. The company depreciates property, plant and equipment over the estimated life of the asset using straight line method.
f. Amortisation of intangible assets
Intangible Assets as defined in Accounting Standard 26-âIntangible Assetsâ are valued at cost and amortised as per its useful life and value in use.
g. Impairment of assets
The carrying amounts of Cash Generating Units/Assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount is estimated at the higher of net realisable value and value in use. Impairment loss is recognised wherever carrying amount exceeds the recoverable amount.
h. Earnings per share
Earnings per Share has been computed in accordance with Accounting Standard 20 - âEarning Per Shareâ by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The earnings considered for ascertaining the companyâs Earnings per Share is the net profit after tax.
i. Income tax
Tax expense comprises of current tax and deferred tax. Provision for current tax is made for the tax liability payable on taxable income after considering the allowances, deductions and exemptions and disallowances if any determined in accordance with the prevailing tax laws.
Deferred income tax reflect the current period timing difference between taxable income and accounting income for the period and reversal of timing difference of earlier years/period. Deferred tax assets are recognised only to the extent that there is a reasonable certainty that sufficient future income will be available except that deferred tax assets, in case there are unabsorbed depreciation or losses, are recognised if there is a virtual certainty that sufficient future taxable income will to available to realise the same.
Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.
j. Provisions, contingent liabilities and contingent assets
The Company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the outflow. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimate.
Contingent liabilities are disclosed unless the possibility of outflow of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial statements.
Mar 31, 2015
A. Basis of preparation of financial statements
These financial statements have been prepared to comply in all material
respects with the accounting standards notified by Companies
(accounting standards) Rules, 2006 (as amended), accounting principles
generally accepted in India and the relevant provisions of the
Companies act, 2013. The financial statements have been prepared under
the historical cost convention on an accrual basis. The accountings
policies have been consistently applied by the company and are
consistent with those used in the previous period.
b. Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make judgments,
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 year end. Although these estimates are based upon
management's best knowledge of current events and actions, belief that
these estimates are reasonable and prudent, actual results may differ
from estimates.
c. Revenue recognition
Incomes/Expenses/Revenues are accounted for on accrual basis. Revenue
is recognised to the extent that it is probable that the economic
benefit will flow to the company and the revenue can be reliably
measured.
d. Cash flow
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effects
of transactions of non-cash nature and any deferrals or accruals of
past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are
segregated based on the available information.
e. Fixed assets
Fixed Assets are stated at cost including all incidental expenses
incurred for bringing the asset to its current position, less
depreciation and impairment loss, if any,
f. Depreciation
Depreciation has been provided on written down value method in
accordance with section 198 of the Companies Act, 2013 at the rates
specified in schedule II to the Companies Act, 2013, on proÂrata basis
with reference to the period of use of such assets. Assets costing less
than Rs. 5,000/- per item are depreciated at 100% in the year of
purchase.
g. Amortisation of intangible assets
Intangible Assets as defined in Accounting Standard 26-"Intangible
Assets" are valued at cost and amortised as per its useful life and
value in use.
h. Impairment of assets
The carrying amounts of Cash Generating Units/Assets are reviewed at
each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists, the recoverable amount is
estimated at the higher of net realisable value and value in use.
Impairment loss is recognised wherever carrying amount exceeds the
recoverable amount.
i. Earnings per share
Earnings per Share has been computed in accordance with Accounting
Standard 20 - "Earning Per Share" by dividing the net profit or loss
for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. The
earnings considered for ascertaining the company's Earnings per Share
is the net profit after tax.
j. Income tax
Tax expense comprises of current tax and deferred tax. Provision for
current tax is made for the tax liability payable on taxable income
after considering the allowances, deductions and exemptions and
disallowances if any determined in accordance with the prevailing tax
laws.
Deferred income tax reflect the current period timing difference
between taxable income and accounting income for the period and
reversal of timing difference of earlier years/period. Deferred tax
assets are recognised only to the extent that there is a reasonable
certainty that sufficient future income will be available except that
deferred tax assets, in case there are unabsorbed depreciation or
losses, are recognised if there is a virtual certainty that sufficient
future taxable income will to available to realise the same.
Deferred tax assets and liabilities are measured using the tax rates
and tax laws that have been enacted or substantively enacted by the
balance sheet date.
k. Provisions, contingent liabilities and contingent assets
The Company creates a provision when there is a present obligation as a
result of an obligating event that probably requires an outflow of
resources and a reliable estimate can be made of the amount of the
outflow. Provisions are not discounted to their present value and are
determined based on the best estimate required to settle the obligation
at the reporting date. These estimates are reviewed at each reporting
date and adjusted to reflect the current best estimate.
Contingent liabilities are disclosed unless the possibility of outflow
of resources is remote.
Contingent assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2010
A. Basis For preparation of Financial Statements:
The Financial Statements are presented on going concern basis under the
historical cost convention adopting accrual method of accounting and in
accordance with the generally accepted Accounting principles and the
Companies Act, 1956,.
b. Fixed Assets:
Fixed Assets are stated at the historical cost less accumulated
depreciation.
c. License Fees: - Intangible Assets
License Fees represent amount paid for acquiring rights for publishing
books. It has to be written off over 10 years starting from financial
year 2001 -2002
d. Depreciation:
Depreciation on Fixed Assets is provided on written down value basis at
the rates prescribed in schedule XIV to the Companies Act 1956. Asset
Purchased during the year .after 30th September are depreciated based
on the number of days the asset was put to use. The asset purchased
before 30th September are depreciated at 100% of the normal eligible
depreciation. Asset costing less than Rs.5000/- are fully depreciated.
Depreciation on R&D Assets to the extent not absorbed for the
unfinished activities are deferred for future absorption as and when
the jobs are completed and sales commences.
e. Investment:
Long-term investments are stated at cost and provision if any for
decline in value other than temporary are made wherever necessary.
Current Investments are stated at lower of cost or market value.
f. Foreign Currency Transactions:
Transactions in foreign currencies are recorded at the exchange rate
prevailing on the date of the transaction. Current assets and
Liabilities denominated in foreign currency are translated at the rate
of exchange as at the balance-sheet date. All resulting gains or losses
are recognized in the profit and loss account.
(i) RESEARCH AND DEVELOPMENT
a) Fixed assets acquired for R&D is valued at cost.
b) Expenses attributable to R&D are absorbed to the extent of sale
realization.
c) Expenses on unfinished R&D jobs are deferred and treated as deferred
R&D Expenditure and the same will be absorbed proportionately as and
when sales realization takes place.
g. Deferred Tax
Deferred Tax resulting from timing differences between book and tax
profit is accounted for at the current rate of tax to the extent that
the timing differences are expected to crystallize.
h. Deferred Revenue Expenditure
Deferred interest payable on HP Loan, representing unexpired
instalments and same will be adjusted to the interest account as and
when the instalments are paid in each year.
i. Impairment:
At each Balance sheet date, the company reviews the carrying amounts of
its fixed assets to determine whether there is any indication that
those assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the assets is estimated in order to
determine the extent of impairment of loss. Recoverable amount is the
higher of an assets net selling price and value in use. In assessing
value in use, the estimated future cash flows expected from the
continuing use of the asset and from its disposal are discounted to
their present value using a Pre- tax discount rate that reflects the
current market assessment of time value of money and the risks specific
to the asset. .Reversal of impairment loss is recognized immediately as
income in the profit and loss account.
j Income Recognisation:
As and when the sales invoices are made.
k. Income & Expenditure:
Income & Expenditure: All items of Income and Expenditure shown in the
statement having material bearing on the accounts are accounted on
accrual basis.
l. Provident Fund:
Eligible employees receive benefit from Provident Fund which is a
defined contribution plan. Both the employee and the company make
monthly contributions to the Regional Provident Fund Commissioner to a
specified percentage of the employees salary.
m. Gratuity:
In the opinion of the management the payment of Gratuity Act 1972 is
not attracted since none of the employees has completed the eligible
period of service prescribed under the payment of Gratuity Act 1972.
The company is working out a Gratuity Plan for the future.