Mar 31, 2014
1.1 Basis of accounting and preparation of financial statements
The financial statements have been prepared in accordance with
historical cost convention, applicable Accounting Standards notified by
The Companies (Accounting Standards) Rules, 2006 and the relevant
provisions of the Companies Act, 1956 as applicable to small & medium
size non trading non manufacturing Company. The financial statements
have been prepared on accrual basis and are consistent with those
followed in the previous year except for change in the accounting
policy for not amourtising Rs.242500 for Net Work & Rs. 42625 for Data
Base for 1st and 2nd Quarter in the year 2012/13
1.2 Use of estimates
The preparation of the financial statements in conformity with Indian
GAAP requires the Management to make estimates and assumptions
considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the
year. The Management believes that the estimates used in preparation of
the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the
actual results and the estimates are recognised in the periods in which
the results are known / materialise.
1.2 Cash and cash equivalents (for purposes of Cash Flow Statement)
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,
1.3 Depreciation and amortisation
Depreciation has been provided on the WDV as per the rates prescribed
in Schedule XIV to the Companies Act, 1956 except in respect of the
following categories of assets, in whose case the life of the assets
has been assessed as under;
Computers and data processing equipments - 4 years
Assets costing less than 5,000 each are fully depreciated in the year
of capitalisation Intangible assets are amortised over their estimated
useful life, subject to note 1.1 above, as follow;
Net Work 14 years ( 3.5 years remaining as at the Balance Sheet date)
Data Base 17.5 years (13.5 years remaining as at the Balance Sheet
date)
Amortisation is based on estimations.
Amortisation is based on the estimated useful life of the intangible
assets and the amortisation period are reviewed at the end of each
financial year.
1.4 Revenue recognition : Income from Operation
Income from Operation is as per Invoices contracts & terms &
conditions of finance transactions and is accounted on accrual basis.
1.5 Tangible fixed assets
Fixed assets, are carried at cost less accumulated depreciation and
impairment losses, if any and depreciated over the remaining useful
life of such assets.
1.6 Intangible assets
Intangible assets are carried at cost less accumulated amortisation and
impairment losses, if any. The cost of an intangible asset comprises
its purchase price,
1.7 Single Segment reporting
The Information vending business & deployment of the surplus of the
Company.
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. Diluted earnings per share is computed by dividing the profit
/ (loss) after tax (including the post tax effect of extraordinary
items, if any). However due to nrgligibir difference between Basic &.
Diluted EPS ( -) remains one and the same and hence reported
accordingly.
1.9 Taxes on income
Minimum Alternate Tax (MAT) is charged to Profit & Loss AC and the
same is not considered as an asset.
''Deferred tax is recognised on timing differences, being the
differences between the taxable income and the accounting income that
originate in one period and are capable of reversal in one or more
subsequent periods. Deferred tax is measured using the tax rates and
the tax laws enacted or substantially enacted as at the reporting date.
Deferred tax liabilities are recognised for all timing differences.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of losses are recognised only if there is virtual certainty
that there will be sufficient future taxable income available to
realise such assets. Deferred tax assets are recognised for timing
differences of other items only to the extent that reasonable certainty
exists that sufficient future taxable income will be available against
which these can be realised. Deferred tax assets and liabilities are
offset.
Current and deferred tax relating to items directly recognised in
equity are recognised in equity and not in the Statement of Profit and
Loss.
1.10 Provisions and contingencies
A provision is recognised 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 are reviewed at each Balance
Sheet date and adjusted to reflect the current best estimates.
Contingent liabilities are disclosed in the Notes.
Mar 31, 2011
A) GENERAL:
i) The accounts are prepared under the Historical cost convention, in
accordance with the generally accepted accounting principles on the
accrual basis. All mandatory accounting standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956 are adopted consistently by the Company.
ii) Accounting policies not specifically referred to otherwise, are
consistent with generally accepted accounting principles followed by
the Company.
B) REVENUE RECOGNITION
Income from operation is taken as per Bills raised on accrual system.
C) FIXED ASSETS & DEPRECIATION
Fixed assets are recorded at cost of acquisition inclusive of other
expenses incidental to acquisition. Depreciation is provided on Written
Down Value Method in the manner laid down in Schedule XIV to the
Companies Act, 1956. Database is written off over a period of 10
years.
D) TAXATION
Appropriate Provision for Taxation (MAT Provision) is not applicable
for the year. Also provision for Deferred Tax as required by Accounting
Standard 22 has been credited to Profit & Loss A/c, Appropriate
Provision for FBT is made.
E) MISCELLANEOUS EXPENDITURE:
II) 3) Balances of Loans & advances, Outstanding Expenses, Sundry
Debtors and Sundry Creditors are subject to confirmation.
Mar 31, 2010
A) GENERAL:
I) The accounts are prepared under the Historical cost convention, in
accordance with the generally accepted accounting principles on the
accrual basis. All mandatory accounting standards issued by the
Institute of Chartered Accountants of India and the provisions of the
Companies Act, 1956 are adopted consistently by the Company.
ii) Accounting policies not specifically referred to otherwise, are
consistent with generally accepted accounting principles followed by
the Company.
B) REVENUE RECOGNITION
Income from operation is taken as per Bills raised on accrual system.
C) FIXED ASSETS & DEPRECIATION
Fixed assets are recorded at cost of acquisition inclusive of other
expenses incidental to acquisition. Depreciation is provided on
Written Down Value Method in the manner laid down in Schedule XIV to
the Companies Act, 1956. Database is written off over a period of 10
years.
D) TAXATION
Appropriate Provision for Taxation (MAT Provision) is not applicable
for the year. Also provision for Deferred Tax as required by Accounting
Standard 22 has been credited to Profit & Loss A/c, Appropriate
Provision for FBT is made.
E) MISCELLANEOUS EXPENDITURE :
I) PREOPERATIVE & PRELIMINARY EXPENSES
Pre-operative & Preliminary Expenses are amortised over a period of 10
years.