Mar 31, 2016
A. Basis for preparation of Accounts:
-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 applicable mandatory 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 Act"), as applicable.
-The financial statements have been prepared on accrual basis under the historical cost convention and ongoing concern concept, unless otherwise stated.
-The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.
-Based on the nature of the activities of the Company and the normal time between acquisition of assets and their realization in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current.
-All Expenses, Revenue from Operations and Other Income are accounted for on Accrual basis.
B. Use of Estimates:
The preparation of the financial statements, in conformity with the generally accepted accounting principles, requires estimates and assumptions to be made which affect the reported amounts of assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Differences between actual results and estimates are recognized in the period in which the results are known/ materialized.
C. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
-Tangible Fixed Assets are stated at cost less accumulated depreciation and impairment in value, if any. Costs comprised acquisition price or construction cost and other attributable costs, if any for bringing the assets to its intended use.
-Depreciation on Fixed Assets is provided block-wise on written down value method (WDV) on pro rata basis as per rates prescribed in Schedule II to the Companies Act, 2013, with respect to the month of addition.
D. Inventories:
Finished Goods / Stock-In Trade are valued at lower of cost or net realizable value. Cost comprises all costs of purchases and other cost incurred in bringing the inventory to its present location and condition. Cost is determined on First in First out basis.
E. Investments:
-Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as long term investments.
-Long Term Investments are valued at Cost unless stated otherwise. Provision for diminution in the value of Long Term Investments is made only, if such a decline is, in the opinion of management, other than temporary.
-Current Investments are carried at lower of cost and fair value.
F. Provision for Current and Deferred Tax:
Tax expense comprises Current tax and Deferred tax.
-Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the provisions of Income Tax Act, 1961, after considering allowances and exemptions.
-Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives rise to future economic benefits in the form of tax credit against future income tax liability, is recognized as an asset in the Balance sheet, if there is convincing evidence that the Company will pay normal tax in future and the resultant asset can be measured reliably.
-Deferred tax resulting from "timing difference" between taxable and accounting income for the reporting year that originate in one year and are capable of reversal in one or more subsequent years, is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date.
-Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.
G. Employee Benefits:
-All employee benefits falling due wholly within twelve months of rendering the service are recognized in the period in which employee renders the related service and charged to the Statement of Profit & Loss.
-Since numbers of employee employed by the company for any part of the year or throughout the year were within the prescribed threshold limit of the relevant statute relating to Employees, hence, the provisions of Employeesâ Provident Funds and Miscellaneous Provisions Act, Payment of Bonus Act, Employeesâ State Insurance Act. Payment of Gratuity Act, 1972 and all other allied Labour Acts or laws or any other rules and regulations relating to Employees are not applicable to the company.
-The employees employed by the Company during the year under review or part of the year have not completed continuous service period of 5 years and there is not any un-availed/unutilized leave of any employees working with the company at the year end. As such they are not entitled for Gratuity, Leave encashment and Other Retirement benefits. Accordingly, no provision is required to be made in respect of the retirement benefits. Also, No such payment of any retirement benefits have been made during the year.
H. Cash Flow Statement:
Cash flows are reported using the indirect method set out in Accounting Standard-3 (AS-3) on Cash Flow Statements, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. Cash and cash equivalents presented in the Cash Flow Statement consist of cash on hand and balances in Current Accounts with Banks.
I. Impairment of Assets:
-An asset is treated as impaired when the carrying cost of the asset exceeds its recoverable value being higher of value in use and net selling price. Value in use is computed at net present value of cash flow expected over the balance useful life of the assets.
-An impairment loss is recognized as an expense in the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been an improvement in recoverable amount.
-In the opinion of the management, there is no impairment of assets as on Balance Sheet date.
-Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent assets are neither recognized nor disclosed in the financial statements.
-In the opinion of the management, there are no contingent liabilities as on Balance Sheet date other than mentioned in Note no 19 in respect of Income Tax matter and nor any events occurred after the Balance Sheet date that affects the financial position of the Company.
Mar 31, 2015
1. Accounting System:
a) Financial statements are prepared in accordance with the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act, 2013.
b) The financial statements have been prepared on accrual basis under
the historical cost convention and ongoing concern concept, unless
otherwise stated.
c) The Accounting policies adopted during the current year, in the
preparation of these financial statements, are consistent with that of
the previous year. However, w.e.f F.Y. 2014-15, the Company changes its
accounting to booked only net income from its operational trading
activity which hitherto was accounting separately Sales and Purchases.
The change does not have any material impact on profitability of the
Company and it is done for better presentation of financial statements.
d) All Assets and Liabilities have been classified as Current or
Non-current as per the operating cycle criteria set out in the Schedule
III to the Companies Act, 2013. As per the aforesaid criteria, the
normal operating cycle of the Company is one year.
e) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates:
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
3. Inventories:
Finished Goods / Stock-In Trade are valued at lower of cost or net
realizable value. Cost comprises all costs of purchases and other cost
incurred in bringing the inventory to its present location and
condition. Cost is determined on First in First out basis.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended use.
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on pro rata basis as per rates prescribed in
Schedule II to the Companies Act, 2013, with respect to the month of
addition.
5. Investments:
a) Long Term Investments are valued at Cost .Provision for diminution
in the value of Long Term Investments is made only if such a decline
is, in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax:
Tax expense comprises Current tax and Deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961, after considering allowances and
exemptions.
b) Minimum alternate Tax (MAT) paid in accordance with the tax laws,
which gives rise to future economic benefits in the form of tax credit
against future income tax liability, is recognized as an asset in the
Balance sheet, if there is convincing evidence that the Company will
pay normal tax in future and the resultant asset can be measured
reliably.
c) Deferred tax resulting from "timing difference" between taxable and
accounting income for the reporting year that originate in one year and
are capable of reversal in one or more subsequent years, is accounted
for using the tax rates and laws that are enacted or substantively
enacted as on the balance sheet date.
d) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. Employee Benefits:
a) All employee benefits falling due wholly within twelve months of
rendering the service are recognized in the period in which employee
renders the related service and charged to the Statement of Profit &
Loss.
b) None of the employees employed by the Company during the year under
review, have completed Continuous service period of 5 years and there
is not any un-availed leave of any employees working with the Company
at the year end. Accordingly, no provision is required to be made in
respect of Gratuity, Leave encashment and Other Retirement benefits.
Also No such payment of any retirement benefits have been made during
the year.
c) As informed and explained by the management, since number of
employee was employed by the Company for any part of the year or during
the year were within the prescribed limit of the provisions of relevant
Labor laws, rules and regulations relating to employees, as applicable
to it , are not applicable to the Company.
8. Impairment of assets:
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions, Contingent Liabilities and Contingent Assets:
a) Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
b) In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
Mar 31, 2014
1. Accounting System:
a) Financial statements are prepared in accordance with the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act, 1956, under historical cost convention, on
accrual basis and ongoing concern concept, unless otherwise stated.
b) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates:
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
3. Inventories:
Finished Goods / Stock-In Trade are valued at lower of cost or net
realizable value. Cost comprises all costs of purchases and other cost
incurred in bringing the inventory to its present location and
condition. Cost is determined on First in First out basis.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets:
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended use.
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on prorata basis as per rates prescribed in Schedule
XIV to the Companies Act, 1956, with respect to the month of addition.
5. Investments:
a) Long Term Investments are valued at Cost Provision for diminution in
the value of Long Term Investments is made only if such a decline is,
in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax:
Tax expense comprises Current tax and deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961, after considering allowances and
exemptions.
b) Minimum Alternate Tax (MAT) paid in accordance with the tax laws,
which gives rise to future economic benefits in the form of tax credit
against future income tax liability, is recognized as an asset in the
Balance sheet, if there is convincing evidence that the company will
pay normal tax in future and the resultant asset can be measured
reliably.
c) Deferred tax resulting from "timing difference" between taxable
and accounting income for the reporting year that originate in one year
and are capable of reversal in one or more subsequent years , is
accounted for using the tax rates and laws that are enacted or
substantively enacted as on the balance sheet date.
d) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. EMPLOYEE BENEFITS:
a) All employee benefits falling due wholly within twelve months of
rendering the service are recognized in the period in which employee
renders the related service and charged to the Statement of Profit &
Loss.
b) None of the employees employed by the Company during the year under
review, have completed Continuous service period of 5 years and there
is not any un-availed leave of any employees working with the company
at the year end. Accordingly, no provision is required to be made in
respect of Gratuity, Leave encashment and Other Retirement benefits.
Also No such payment of any retirement benefits have been made during
the year.
8. Impairment of assets:
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
10. In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
11. During the financial year 2013-14, there are not any transactions
with any suppliers / parties who are covered under ''The Micro Small and
Medium Enterprises Development Act, 2006''.
Mar 31, 2013
1. Accounting System:
a) Financial statements are prepared in accordance with the generally
accepted accounting principles including mandatory applicable
accounting standards in India and relevant presentational requirement
of the Companies Act, 1956 under historical cost convention, on accrual
basis and ongoing concern concept, unless otherwise stated.
b) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. Use of Estimates :
The preparation of financial statements, in conformity with the
generally accepted accounting principles, requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recongnized in the period
in which the results are known / materialized.
3. Inventories :
a) Finished Goods /Stock-In Trade are valued at lower of cost or net
realizable value. Cost comprises all costs of purchases and other cost
incurred in bringing the inventory to its present location and
condition. Cost is determined on First in First out basis.
b) Work in Progress (Software Projects Under Development) is valued at
Cost, which comprises Materials, Labour and appropriate Development
Overheads up to the stage/s of completion and Cost is determined on
First in First out basis.
4. Tangible Fixed Assets and Depreciation on Tangible Fixed Assets :
a) Fixed Assets are stated at cost less accumulated depreciation and
impairment in value, if any.
b) Costs comprised acquisition price or construction cost and other
attributable costs, if any for bringing the assets to its intended use.
c) Depreciation on Fixed Assets is provided block-wise on written down
value method (WDV) on prorata basis as per rates prescribed in Schedule
XIV to the Companies Act, 1956, with respect to the month of addition.
5. Investments :
a) Long Term Investments are valued at Cost .Provision for diminution
in the value of Long Term Investments is made only if such a decline
is, in the opinion of management, other than temporary.
b) Current Investments are carried at lower of cost and fair value.
6. Provision for Current and Deferred Tax :
Tax expense comprises Current tax and Deferred tax.
a) Provision for current tax is made on the basis of estimated taxable
income for the current accounting year in accordance with the
provisions of Income Tax Act, 1961, after considering allowances and
exemptions.
b) Minimum alternate Tax (MAT) paid in accordance with the tax laws,
which gives rise to future economic benefits in the form of tax credit
against future income tax liability, is recognized as an asset in the
Balance sheet, if there is convincing evidence that the company will
pay normal tax in future and the resultant asset can be measured
reliably.
c) Deferred tax resulting from "timing difference" between taxable
and accounting income for the reporting year that originate in one year
and are capable of reversal in one or more subsequent years, is
accounted for using the tax rates and laws that are enacted or
substantively enacted as on the balance sheet date.
d) Deferred tax assets are recognized and carried forward only to the
extent that there is a virtual certainty that the asset will be
realized in future.
7. Retirement Benefits:
During the year under review, none of the employees have completed
Continuous service period of 5 years and there is not any un-availed
leave of any employees working with the company. Accordingly, no
provision is required to be made in respect of Gratuity, Leave
encashment and Other Retirement benefits.
8. Impairment of assets :
a) An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
b) An impairment loss is recognized as an expense in the Statement of
Profit and Loss in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been an improvement in recoverable amount.
c) In the opinion of the management, there is no impairment of assets
as on Balance Sheet date.
9. Provisions, Contingent Liabilities and Contingent Assets:
a) Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
b) In the opinion of the management, there are no contingent
liabilities as on Balance Sheet date and nor any events occurred after
the Balance Sheet date that affects the financial position of the
Company.
10. During the financial year 2011-12, there are not any transactions
with any suppliers /parties who are covered under ''The Micro Small and
Medium Enterprises Development Act, 2006''.
11. Related Party Disclosures
There is no other company, which is under the same management in which
the directors of the company are entrusted as directors and / or
shareholders. There is no transaction with any firm and / or proprietor
firm in which the directors of the company are interested as a partners
or proprietor.
12. Key Management Personnel:
The Key management personnel are the directors, whose names are
mentioned in the corporate governance report.
Mar 31, 2011
1 a) The accounts of the Company are prepared on historical cost basis
and on the accounting principle of a going concern.
a) The Company recognizes income on accrual basis income from Software
Sale, Software Consultancy and Software System Services is recognized
up on completion of the job.
c) In respect of other heads of income, the company follows the
practice of accounting of such income on accrual basis.
2. a) Closing stock of software project/ products under development as
certified by company's technical expert and that of consumable has been
valued at cost. Cost of work-in-process and finished goods include
materials and direct costs.
b) Finished goods i.e. Software Packages are valued at lower of cost or
net realizable value.
3. a) Fixed Assets are stated at cost, which includes expenditure on
installation / construction and pre-operative expenses wherever
applicable.
b) Depreciation on Fixed Assets is provided block-wise on written down
value method on prorata basis as per rates prescribed in Schedule XIV
to the Companies Act, 1956.
4. There has been no foreign exchange income or outflow during the
year.
5. Investments are valued at cost.
6. Provision for current tax is made on the basis of the estimated
taxable income for the current accounting year in accordance with the
Income Tax Act, 1961.
7. Provision for Deferred Tax is made using the liability method at
the current rate of taxation on all timing difference & the extent that
it is probable that a liability or assets will crystallize.
8. Retirement Benefits :
Gratuity, Leave Encashment and other retirement benefits are accounted
for on cash basis.
9. Impairment of Assets:
An asset is treated as impaired when the carrying cost of the asset
exceeds its recoverable value being higher of value in use and net
selling price. Value in use is computed at net present value of cash
flow expected over the balance useful life of the assets.
An impairment loss is recognized as an expense in the Profit and Loss
Account in the year in which an asset is identified as impaired. The
impairment loss recognized in prior accounting period is reversed if
there has been an improvement in recoverable amount.
10. Provisions, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.