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Accounting Policies of Scanpoint Geomatics Ltd. Company

Mar 31, 2016

NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED 31st MARCH 2016

1. Statement on Significant Accounting Policies

i Corporate Information

The Scanpoint Geomatics Limited is a public company incorporated under the provisions of the Companies Act, 2013. Its shares are listed on Bombay Stock Exchange. The Company Is engaged in the business of GIS based software development and sales.

ii. Basis of 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 specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 (“the 2013 Act”) / Companies Act, 1956 (“the 1956 Act”), as applicable. 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 except for change in the accounting policy for depreciation.

All assets and liabilities are classified as current or non-current as per the company''s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current-non-current classification of assets and liabilities

iii. Use of Estimates

The preparation of financial statements in accordance with the generally accepted accounting principles requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities as at the Balance Sheet date and the results of operations during the reporting period. The actual results could differfrom these estimates. Any revision to such accounting estimates is recognised in the accounting period in which such revision takes place.

iv. Fixed Assets

Fixed assets are stated at cost of acquisition, including any attributable cost for bringing the asset to its working condition for its intended use, less accumulated depreciation and impairment loss. Depreciation on Fixed Assets is provided based on straight line method on the useful life of the asset and as per the rates prescribed under Schedule II to the Companies Act, 2013.

v. Depreciation

Depreciation on fixed assets is provided on straight-line method at the rates and in the manner specified in Schedule II to the Companies Act, 2013. Depreciation on additions / deductions to fixed assets is being provided on pro-rata basis from / to the date of acquisition / disposal.

vi. Investments

Long-term Investments made by the Company are stated at cost and provision for diminution in the value of long term investments is made only if such a decline is other than temporary.

vii. Inventories

Inventories are valued at cost or net realizable value, whichever is lower. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition. Costs of Raw Materials and Packing Materials are determined on FIFO basis.

viii. Revenue Recognition

Sales are recognized when the significant risks and rewards of ownership in the goods are transferred to the customer and are recognized net of trade discounts, rebates, sales tax and excise duty.

Provision is made for the non-sellable returns of goods from the customers estimated on the basis of historical data of such returns. Such provision for non sellable sales returns is reduced from sales for the year.

Service income is accounted as and when services are rendered and are net of service tax.

ix. Foreign Currency Transactions

Foreign currency transactions are recorded at the exchange rates prevailing on the date of the transaction. Gains and losses arising out of subsequent fluctuations are accounted for on actual payment or realization. Monetary items denominated in foreign currency as at the Balance Sheet date are converted at the exchange rates prevailing on that date. Exchange differences are recognized in the Statement of Profit and Loss.

x. Employee Retirement Benefits

Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the related service is rendered.

The contributions remitted to government administered Provident and Pension Fund on behalf of its employees in accordance with the relevant statute are charged to the Statement of Profit and Loss as and when due. The Company has no further obligations for future Provident/ Pension fund benefits other than its monthly contributions.

Post employment and other long term employee benefits are recognized as an expense in the Statement of Profit and Loss for the year in which the employee has rendered services. The expenses are recognized at the present value of the amount payable determined using actuarial valuation techniques,

xi. Taxation

Provision for Deferred tax assets and liabilities arising on account of timing difference and which are capable of reversal in subsequent periods, are recognized using the tax rates and tax laws that have been enacted or substantively enacted as on the Balance Sheet date.

Deferred Tax Assets in respect of unabsorbed depreciation and carried forward of losses are recognized if, in the opinion of the management, there is virtual certainty that there will be sufficient future income available to realize such losses

xii. Cash Flow Statements

Cash-flow statements are prepared in accordance with the “Indirect Method” as explained in the Accounting Standard (AS) 3 - Cash Flow Statements.

xiii. Earnings per share (''EPS'')

Basic EPS is computed using the weighted average number of equity shares outstanding during the year. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year except where the results would be anti dilutive. The number of equity shares is adjusted for any share splits and bonus shares issued effected prior to the approval of the financial statements by the Board of Directors.

Xiv .Contingencies and provisions

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation ora present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.


Mar 31, 2014

I. Corporate Information

The Scanpoint Geomatics limited is a public company incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange. The Company Is engaged in the business of GIS based software development and sales.

ii. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply with the Accounting Standards referred to in the Companies (Accounting Standards) Rule, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements are prepared under the historical cost convention on accrual basis in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company, unless, specifically mentioned otherwise.

iii. Presentation and disclosure of Financial Statements

For the year ended 31 March, 2014, 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.

iv. Use of Estimates

The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. The estimates and assumptions used in the financial statements are based upon the Management''s evaluation of the relevant facts and circumstances as on the date of financial statements. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results may vary from these estimates.

v. Method of Accounting

The Company follows mercantile system of accounting and recognizes Income and Expenditure on accrual basis.

vi. Fixed Assets

Fixed Assets are valued at cost. They are stated at cost of acquisition less accumulated depreciation.

vii. Depreciation

Depreciation on fixed assets is provided on straight-line method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation on additions / deductions to fixed assets is being provided on pro-rata basis from / to the date of acquisition / disposal.

viii. Investments

Investments, if any are stated at cost.

ix. Inventories

Inventories are valued at cost or net realisable value, whichever is lower. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition. Costs of Raw Materials and Packing Materials are determined on FIFO basis.

x. Sales

Sales are net of discounts and claims allowed to customers.

xi. Foreign Currency Transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

xii. Employee Retirement Benefits

a. Company''s contribution to Provident Fund and other funds if any, during the year is charged to Profit and Loss Account.

b. The present liability for gratuity payable to employees in accordance with Payment of Gratuity Act, 1972 has been provided during the year.

xiii. Taxation

Provision for current tax is calculated in accordance with the provisions of the Income-Tax Act, 1961 and is made annually based on the tax liability compute after considering tax allowances and exemptions.

Assets and liabilities representing current tax are disclosed on a net basis when there is a legally enforceable right to set off and where the management intends to settle the asset and liability on a net basis.

Provision for Deferred tax assets and liabilities arising on account of timing difference and which are capable of reversal in subsequent periods, are recognized using the tax rates and tax laws that have been enacted or substantively enacted as on the Balance Sheet date.

Deferred Tax Assets are recognized and carried forward only if there is a virtual certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each Balance Sheet date.

xiv. Amortisation of Goodwill

With effect from the year 1996-97, the Company has discontinued the practice of writing off 10% of the amount of Goodwill annually.

xv. Earnings per share (''EPS'')

Basic EPS is computed using the weighted average number of equity shares outstanding during the year. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year except where the results would be anti dilutive. The number of equity shares is adjusted for any share splits and bonus shares issued effected prior to the approval of the financial statements by the Board of Directors.

xvi. Contingencies and provisions

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a continent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.


Mar 31, 2013

I. Corporate Information

The Scanpoint Geomatics Limited is a public company incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange. The Company Is engaged in the business of GIS based software development and digital printing.

ii. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply with the Accounting Standards referred to in the Companies (Accounting Standards) Rule, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements are prepared under the historical cost convention on accrual basis in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company, unless, specifically mentioned otherwise.

iii. Presentation and disclosure of Financial Statements

For the year ended 31 March 2013, 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.

iv. Use of Estimates

The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. The estimates and assumptions used in the financial statements are based upon the Management''s evaluation of the relevant facts and circumstances as on the date of financial statements. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results may vary from these estimates.

v. Method of Accounting

The Company follows mercantile system of accounting and recognizes Income and Expenditure on accrual basis.

vi. Fixed Assets

Fixed Assets are valued at cost. They are stated at cost of acquisition less accumulated depreciation.

vii. Depreciation

Depreciation on fixed assets is provided on straight-line method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation on additions/deductions to fixed assets is being provided on pro-rata basis from /to the date of acquisition /disposal.

viii. Investments

Investments, if any are stated at cost.

ix. Inventories

Inventories are valued at cost or net realisable value, whichever is lower. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition. Costs of Raw Materials and Packing Materials are determined on FIFO basis.

x. Sales

Sales are net of discounts and claims allowed to customers.

xi. Foreign Currency Transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

xii. Employee Retirement Benefits

a. Company''s contribution to Provident Fund and other funds if any, during the year is charged to Profit and Loss Account.

b. The present liability for gratuity payable to employees in accordance with Payment of Gratuity Act, 1972 has been provided during the year.

c. The Company does not have any policy for leave encasement benefit on retirement.

xiii. Taxation

Provision for current tax is calculated in accordance with the provisions of the Income-Tax Act, 1961 and is made annually based on the tax liability compute after considering tax allowances and exemptions.

Assets and liabilities representing current tax are disclosed on a net basis when there is a legally enforceable right to set off and where the management intends to settle the asset and liability on a net basis.

Provision for Deferred tax assets and liabilities arising on account of timing difference and which are capable of reversal in subsequent periods, are recognized using the tax rates and tax laws that have been enacted or substantively enacted as on the Balance Sheet date.

Deferred Tax Assets are recognized and carried forward only if there is a virtual certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each Balance Sheet date.

xiv. Amortisation of Goodwill

With effect from the year 1996-97, the Company has discontinued the practice of writing off 10% of the amount of Goodwill annually.

xv. Earnings per share (''EPS'')

Basic EPS is computed using the weighted average number of equity shares outstanding during the year. Diluted EPS is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding during the year except where the results would be anti dilutive. The number ofequity shares is adjusted for any share splitsand bonus shares issued effected priorto the approval of the financial statements by the Board of Directors.

xvi Contingencies and provisions

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a continent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.


Mar 31, 2012

I. Corporate Information

The Scanpoint Geomatics limited is a public company incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange. The Company Is engaged in the business of GIS based software development and digital printing.

ii. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply with the Accounting Standards referred to in the Companies (Accounting Standards) Rule, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements are prepared under the historical cost convention on accrual basis in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company, unless, specifically mentioned otherwise.

iii. Presentation and disclosure of Financial Statements

For the year ended 31 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.

iv. Use of Estimates

The preparation of financial statements requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. The estimates and assumptions used in the financial statements are based upon the Management's evaluation of the relevant facts and circumstances as on the date of financial statements. Management believes that the estimates used in the preparation of the financial statements are prudent and reasonable. Future results may vary from these estimates.

v. Method of Accounting

The Company follows mercantile system of accounting and recognizes Income and Expenditure on accrual basis.

vi. Fixed Assets

Fixed Assets are valued at cost. They are stated at cost of acquisition less accumulated depreciation.

vii. Depreciation

Depreciation on fixed assets is provided on straight-line method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation on additions / deductions to fixed assets is being provided on pro-rata basis from / to the date of acquisition / disposal.

viii. Investments

Investments, if any are stated at cost.

ix. Inventories

Inventories are valued at cost or net realisable value, whichever is lower. Cost of Inventory comprises of Cost of Purchase, Cost of Conversion and other Costs incurred to bring them to their respective present location and condition. Costs of Raw Materials and Packing Materials are determined on FIFO basis.

x. Sales

Sales are net of discounts and claims allowed to customers.

xi. Foreign Currency Transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

xii. Employee Retirement Benefits

a. Company's contribution to Provident Fund and other funds if any, during the year is charged to Profit and Loss Account.

b. The present liability for gratuity payable to employees in accordance with Payment of Gratuity Act, 1972 has been provided during the year.

c. The Company does not have any policy for leave encashment benefit on retirement.

xiii. Taxation

Provision for taxation is made for both current and deferred taxes. Current tax is provided on the basis of estimated taxable income in accordance with the Income Tax Act, 1961 using the applicable tax rates and tax laws.

Deferred tax assets and liabilities arising on account of timing difference and which are capable of reversal in subsequent periods, are recognized using the tax rates and tax laws that have been enacted or substantively enacted as on the Balance Sheet date.

Deferred Tax Assets are recognized and carried forward only if there is a virtual certainty that they will be realised and are reviewed for the appropriateness of their respective carrying values at each Balance Sheet date.

In view of past year accumulated losses, the provision for Taxation for the current year is not made. However the company has not made provision for minimum alternate tax liability since it has not been assessed and not provided during the year.

xiv. Amortisation of Goodwill

With effect from the year 1996-97, the Company has discontinued the practice of writing off 10% of the amount of Goodwill annually.


Mar 31, 2011

I. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company, unless, specifically mentioned otherwise.

ii. Method of Accounting

The Company follows mercantile system of accounting and recognizes Income and Expenditure on accrual basis.

iii. FixedAssets

Fixed Assets are valued at cost. They are stated at cost of acquisition less accumulated depreciation.

iv. Depreciation

Depreciation on fixed assets is provided on straight-line method at the rates and in the manner specified in Schedule XIV to the Companies Act, 1956. Depreciation on additions / deductions to fixed assets is being provided on pro-rata basis from / to the date of acquisition / disposal.

v. Investments

Investments, if any are stated at cost.

vi. Inventories

Raw Material is valued at cost on FIFO basis, or market value whichever is lower.

vii. Sales

Sales are net of discounts and claims allowed to customers.

viii. Foreign Currency Transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

ix. Employee Retirement Benefits

a. Company's contribution to Provident Fund and other Funds during the year is charged to Profit and Loss Account.

b. The present liability for gratuity payable to employees in accordance with Payment of Gratuity Act, 1972 has been provided during the year.

c. The Company does not have any policy for leave encashment benefit on retirement.

x. Amortisation of Goodwill

With effect from the year 1996-97, the Company has discontinued the practice of writing off 10% of the amount of Goodwill annually.


Mar 31, 2010

I. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 ; adopted consistently by the Company, unless, specifically mentioned otherwise.

ii. Method of Accounting

The Company follows mercantile system of accounting and recognizes Income and Expenditu on accrual basis.

iii. Fixed Assets

Fixed Assets are valued at cost. They are stated at cost of acquisition less accumulat depreciation.

iv. Depreciation

Depreciation on fixed assets is provided on straight-line method at the rates and in the manr specified in Schedule XIV to the Companies Act, 1956. Depreciation on additions / deductions fixed assets is being provided on pro-rata basis from / to the date of acquisition / disposal.

v. Investments

Investments, if any are stated at cost.

vi. Inventories

Raw Material is valued at cost on FIFO basis, or market value whichever is lower.

vii. Sales

Sales are net of discounts and claims allowed to customers.

viii. Foreign Currency Transactions

Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction.

ix. Employee Retirement Benefits

a. Companys contribution to Provident Fund and other Funds during the year is charged to Profit and Loss Account.

b. The present liability for gratuity payable to employees in accordance with Payment of Gratuity Act, 1972 has been provided during the year.

c. The Company does not have any policy for leave encashment benefit on retirement.

d. Amortisation of Goodwill

With effect from the year 1996-97, the Company has discontinued the practice of writing off 10% of the amount of Goodwill annually.

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