Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
The financial statements of the company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standard) Rules 2006 (as amended) and the
relevant provisions of Companies Act 1956. The financial statements
have been prepared on accrual basis under the historical cost
convention. The accounting policies adopted in the preparation of the
financial statements are consistent with those followed in the previous
year. Further, the financial statements have been prepared on the
''going concern'' concept.
1.2 Use of Estimates
The preparation of the financial statements in conformity with the
Indian GAAP requires the management to make estimates and assumptions
considered in the reporting of assets and liabilities and the reported
income and expenses during the year. The management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Future results could differ due to these
estimates and the difference between the actual results and the
estimates will be recognized in the periods in which the results are
known/materialize.
1.3 Cash and Cash Equivalents (for the purpose of the Cash flow
Statement)
Cash and cash equivalents comprise cash on hand and demand deposits
with banks.
1.4 Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effect 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 segmented based
on the available information.
1.5 Depreciation and amortization
Depreciation has been provided on the written down value method as per
the rates prescribed in Schedule XIV to the Companies Act 1956
1.6 Revenue Recognition
Income from Services
There are no revenue generating activities during the financial year,
hence there is no revenue for the financial year 2013-14.
1.7 Tangible Fixed assets
Fixed assets are carried at cost, less accumulated Depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date
1.8 Earnings per share
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
1.9 Taxes on income
Since the company has incurred loss during the current year, provision
for current tax has not been made in accordance with the provisions of
the Income Tax Act, 1961. Based on the past performance and adopting
the prudence concept, the company has not made provision for Deferred
Tax Asset as required by the Accounting Standard-22 on ''Accounting for
taxes on Income.
1.10 Impairment of assets
The carrying values of assets / cash generating units at each Balance
Sheet date are reviewed for impairment. If any indication of impairment
exists, the recoverable amount of such assets is estimated and
impairment is recognized, if the carrying amount of these assets
exceeds their recoverable amount. The recoverable amount is the greater
of the net selling price and their value in use. Value in use is
arrived at by discounting the future cash flows to their present value
based on an appropriate discount factor. When there is indication that
an impairment loss recognized for an asset in earlier accounting
periods no longer exists or may have decreased, such reversal of
impairment loss is recognized in the Statement of Profit and Loss,
except in case of revalued assets.
1.11 Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2013
1.1 Basis of accounting and preparation of financial statements
The financial statements of the company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standard) Rules 2006 (as amended) and the
relevant provisions of companies Act 1956. The financial statements
have been prepared on accrual basis under the historical cost
convention. The accounting policies adopted in the preparation of the
financial statements are consistent with those followed in the previous
year. Further, the financial statements have been prepared on the
Âgoing concern'' concept.
1.2 Use of Estimates
The preparation of the financial statements in conformity with the
Indian GAAP requires the management to make estimates and assumptions
considered in the reporting of assets and liabilities and the reported
income and expenses during the year. The management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Future results could differ due to these
estimates and the difference between the actual results and the
estimates will be recognized in the periods in which the results are
known/materialize.
1.3 Cash and Cash Equivalents (for the purpose of the Cash flow
Statement)
Cash and cash equivalents comprise cash on hand and demand deposits
with banks.
1.4 Cash Flow Statement
Cash flows are reported using the indirect method, whereby profit /
(loss) before extraordinary items and tax is adjusted for the effect 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 segmented based
on the available information.
1.5 Depreciation and amortization
Depreciation has been provided on the written down value method as per
the rates prescribed in Schedule XIV to the Companies Act 1956
1.6 Revenue Recognition
Income from Services
Revenue on consultancy services as well as Interest incomes are
recorded on accrual basis.
1.7 Tangible Fixed assets
Fixed assets are carried at cost, less accumulated Depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date
1.8 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
1.9 Taxes on income
Since the company has incurred loss during the current year, provision
for current tax has not been made in accordance with the provisions of
the Income Tax Act, 1961. Based on the past performance and adopting
the prudence concept, the company has not made provision for Deferred
Tax Asset as required by the Accounting Standard-22 on ÂAccounting for
taxes on Income.
1.10 Impairment of assets
The carrying values of assets / cash generating units at each Balance
Sheet date are reviewed for impairment. If any indication of impairment
exists, the recoverable amount of such assets is estimated and
impairment is recognized, if the carrying amount of these assets
exceeds their recoverable amount. The recoverable amount is the
greater of the net selling price and their value in use. Value in use
is arrived at by discounting the future cash flows to their present
value based on an appropriate discount factor. When there is indication
that an impairment loss recognized for an asset in earlier accounting
periods no longer exists or may have decreased, such reversal of
impairment loss is recognized in the Statement of Profit and Loss,
except in case of revalued assets.
1.11 Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
Mar 31, 2012
1.1 Basis of accounting and preparation of financial statements
The financial statements of the company have been prepared in
accordance with the Generally Accepted Accounting Principles in India
(Indian GAAP) to comply with the Accounting Standards notified under
the Companies (Accounting Standard) Rules 2006 (as amended) and the
relevant provisions of companies Act 1956. The financial statements
have been prepared on accrual basis under the historical cost
convention. The accounting policies adopted in the preparation of the
financial statements are consistent with those followed in the previous
year. Further, the financial statements have been prepared on the
'going concern' concept.
1.2 Use of Estimates
The preparation of the financial statements in conformity with the
Indian GAAP requires the management to make estimates and assumptions
considered in the reporting of assets and liabilities and the reported
income and expenses during the year. The management believes that the
estimates used in the preparation of the financial statements are
prudent and reasonable. Future results could differ due to these
estimates and the difference between the actual results and the
estimates will be recognized in the periods in which the results are
known/materialize.
1.3 Cash and Cash Equivalents (for the purpose of the Cash flow
Statement)
Cash and cash equivalents comprise cash on hand and demand deposits
with banks.
1.4 Cash Flow Statement.
Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for the
effect 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
segmented based on the available information.
1.5 Depreciation and amortization
Depreciation has been provided on the written down value method as per
the rates prescribed in Schedule XIV to the Companies Act 1956
1.6 Revenue Recognition
Income from Services
Revenue on consultancy services as well as Interest incomes are
recorded on accrual basis.
1.7 Tangible Fixed assets
Fixed assets are carried at cost, less accumulated Depreciation and
impairment losses, if any. The cost of fixed assets includes interest
on borrowings attributable to acquisition of qualifying fixed assets up
to the date the asset is ready for its intended use and other
incidental expenses incurred up to that date
1.8 Earnings per share
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding
during the year.
1.9 Taxes on income
Since the company has incurred loss during the current year, provision
for current tax has not been made in accordance with the provisions of
the Income Tax Act, 1961. Based on the past performance and adopting
the prudence concept, the company has not made provision for Deferred
Tax Asset as required by the Accounting Standard-22 on 'Accounting for
taxes on Income.
1.10 Impairment of assets
The carrying values of assets/cash generating units at each Balance
Sheet date are reviewed for impairment. If any indication of impairment
exists, the recoverable amount of such assets is estimated and
impairment is recognized, if the carrying amount of these assets
exceeds their recoverable amount. The recoverable amount is the greater
of the net selling price and their value in use. Value in use is
arrived at by discounting the future cash flows to their present value
based on an appropriate discount factor. When there is indication that
an impairment loss recognized for an asset in earlier accounting
periods no longer exists or may have decreased, such reversal of
impairment loss is recognized in the Statement of Profit and Loss,
except in case of revalued assets.
1.11 Provisions and contingencies
A provision is recognized when the Company has a present obligation as
a result of past events and it is probable that an outflow of resources
will be required to settle the obligation in respect of which a
reliable estimate can be made. Provisions (excluding retirement
benefits) are not discounted to their present value and are determined
based on the best estimate required to settle the obligation at the
Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities
are disclosed in the Notes.
1.12 The Company is rendering Services in the field of Education and
Training. Since risks and returns are not distinguishable into
different segments, in accordance with Accounting Standard 17 on
Segmental Reporting, has not been applied.
1.13 The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2011
A) Basis of preparation of financial statements
The financial statements have been prepared on historical cost and
accrual basis. Further, the statements have been prepared on the Ãgoing
concern' concept.
b) Revenue Recognition
Revenue on Training / Education services as well as Interest incomes
are recorded on accrual basis.
c) Fixed assets
Fixed assets are stated at cost, less accumulated Depreciation. Direct
costs are capitalized until the assets are ready to be put into use.
d) Depreciation
Depreciation has been charged on Fixed Assets in accordance with the
provisions of Schedule xiv to the Companies Act, 1956, on written down
value basis.
e) Inventories:
Since the main objectives of the Company are changed from Manufacturing
to Service Activities in Information Technology related fields, with
special focus on Computer hardware, software, Business process
outsourcing, Training in Information Technology related fields,
Academic Training, etc the question of inventories and their valuation
do not arise.
f) Investments:
Investments are classified into Trade and Non-trade investments. They
are stated at cost.
g) Retirement Benefits:
Contribution to provident fund is in accordance with The Employees
Provident fund and Miscellaneous Provisions Act, 1952.The Company
participates in the Group Gratuity Scheme of the Life Insurance
Corporation of India, for payment of gratuity to its employees. However
there is no such scheme available with the company at present.
h) Segmental reporting
The company is rendering Services in the field of Education and
Training. Since risks and returns are not distinguishable into
different segments, in accordance with Accounting Standard 17 on
Segmental Reporting, issued by the Institute of Chartered Accountants
of India, the same has not been applied.
i) Taxes on income
Based on past performance and going by prudence the Company has not
recognized deferred tax asset as required by Accounting Standard 22 on
Accounting for taxes on income, issued by the Institute of Chartered
Accountants of India.
j) Accounting of preliminary expenses:
Preliminary expenses are written off over a period of 10 years.
Mar 31, 2010
A) Basis of preparation of financial statements
The financial statements have been prepared on historical cost and
accrual basis. Further, the statements have been prepared on the going
concern concept.
b) Revenue Recognition
Revenue oh Training / Education services as well as Interest income is
recorded on accrual basis.
c) Fixed assets
Fixed assets will be normally stated at cost, less accumulated
Depreciation. Direct costs will be capitalized until the assets are
ready to be put into use. However there are no fixed assets in respect
of this financial year.
d) Depreciation
Depreciation will be charged on Fixed Assets in accordance with the
provisions of Schedule xiv to the Companies Act, 1956, on written down
value basis.
e) Inventories:
Since the main objectives of the Company are changed from Manufacturing
to Service Activities in Information Technology related fields, with
special focus on Computer hardware, software, Business process
outsourcing, Training in Information Technology related fields,
Academic Training, etc the question of inventories and their valuation
do not arise.
f) Investments:
Investments are classified into Trade and Non-trade investments. They
are stated at cost.
g) Retirement Benefits:
Contribution to provident fund is in accordance with The Employees
Provident fund and Miscellaneous Provisions Act, 1952.The Company
participates in the Group Gratuity Scheme of the Life Insurance
Corporation of India, for payment of gratuity to its employees.
However there is no such scheme available with the company at
present.
h) Segmental reporting
The company is rendering Services in the field of Education and
Training. Since risks and returns are not distinguishable into
different segments, in accordance with Accounting Standard 17 on
Segmental Reporting, issued by the Institute of Chartered Accountants
of India, the same has not been applied.
i) Taxes on income
Based on past performance and going by prudence the Company has not
recognized deferred tax asset as required by Accounting Standard 22 on
Accounting for taxes on income, issued by the Institute of Chartered
Accountants of India.
j) Accounting of preliminary expenses:
Preliminary expenses are written off over a period of 10 years.