Mar 31, 2014
Basis of Preparation of Financial Statements The Financial Statements
of the Company have been prepared in accordance with Generally Accepted
Accounting Principles in India (Indian GAAP). The Company has prepared
theses Financial Statement to comply in all material aspects with the
notified Accounting Standards by Companies (Accounting Standards)
Rules, 2006 (as amended) and the relevant provisions of the Companies
Act, 1956.
b) The Company follows mercantile system of accounting, unless stated
otherwise.
c) The Accounts are prepared on the historical basis and on the
Accounting Principles of on Going Concern.
d) Accounting Policies not specifically referred to otherwise are
consistent and in consonance with generally accepted Accounting
Principles. In applying Accounting Policies, consideration has been
given to Prudence, Substance over form and Materiality.
(e) Expenses and Income considered payable and receivable respectively
are generally accounted for on Accrual Basis.
(2) Change in Accounting Policy
Presentation and Disclosure of the Financial Statements during the year
ended on 31st 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.
(3) Use of Estimates
The preparation of Financial Statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities as on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognizes in the period in
which the results are known / materialized.
(4) Fixed Assets, Method of Depreciation, Amortization and Impairment
(a) The Gross Block of Assets is shown at the Cost, which includes
taxes, duties and other identifiable, direct expenses which are
attributable to acquisition of fixed assets and other direct expenses
and overheads incurred up to date on which such assets were first put
to use less accumulated depreciation and impairment loss.
(b) Expenditure incurred during Construction / Erection period;'' is
included under
Capital Work-in-Progress and allocated to the respective Fixed Assets
on Completion of Construction / Erection. -
(c) Depreciation has been provided in the books on WDV method basis at
the rate and
the method as specified under schedule XIV to the Companies Act, 1956.
The company evaluates impairment of losses on the Fixed Assets whenever
events or changes in circumstances indicate that their carrying amounts
may not be recoverable. If such assets are considered to be impaired,
the impairment loss is then recognized for the amount by Which the
carrying amount of the assets exceeds * recoverable amount, which is
the higher of an assets net selling price and value in use.
Employee Benefits .
Contribution to the Provident Fund, Pension Fund, Other Funds and Leave
encashment paid during the year are being charged to Profit & Loss
Account.
Investments
Long Term Investments are stated at Cost Provision for diminution in
the value of Long Term Investments is made only if such a decline is
other than temporary in the opinion of the Management.
Accounting for Taxes on Income
Income Tax expenses comprises of Current Tax, Deferred Tax charge or
Credit. Provision for Current Tax is made with reference to Taxable
Income Computed for the Accounting period, for which the Financial
Statements are prepared and applying the tax rates as applicable.
Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as result of past
events and it is probable that there will be an outflow of resources.
Revenue Recognition
Revenue recognized when it is earned and no significant uncertainty
exists as to its realization or collection and is recorded on gross
value including CENVAT and VAT.
Revenue from Job work income is recognized on delivery of the
products, when all significant contractual obligations have been
satisfied, Other income is accounted on accrual basis.
Earnings per Share
The company reports Basic and Diluted Earnings per Share (EPS) in
accordance with Accounting Standards - 20 on Earnings per Share,
Basic Earnings per share are calculated, by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. Diluted
Earnings per share reflect the potential dilution that could occur if
contracts to issue equity shares were exercised or converted during the
period. Diluted earnings per equity share are computed using the
weighted average number of equity shares and dilutive potential equity
shares outstanding during the period, except where the results are
anti-dilutive.
Mar 31, 2013
(1) Basis of preparation of Financial Statements
(a) The Financial Statements of the company have been prepared in
accordance with Generally Accepted According principles in India
(Indian GAAP)The company has prepared theses Financial statements to
comply in all material aspects with the notified Accounting standards
by comapnies (Accounting standards ) Rules 2006 (as amended) and the
relevant provisions of the companies Act,1956.
(b) The company follows mercantile system of accounting unless stated
otherwise.
(c) The Accounts are prepared on the historical basis and on the
ACCORDING Principles of ongoing concern.
(d) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted Accounting
principle in applying Accounting policies consideration has been given
to prudence substance over form and Materiality.
(e) Expenses and income considered payable and receivable respectively
are generally accounted for on Accrual Basis.
(2) Change in Accounting policy
Presentation and Disclosure of the Financial statements during the year
ended on 31st 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 statemnets The adoption of revised
schedule VI does not impact recognition and measurement principle
followed for preparation of Financial statements However it has
signification 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.
(3) Use of Estimates
The preparation of Financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liability as on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period Difference
between the actual result and estimates are recognizes in the period in
which the results are known/materialized.
(4) Fixed Assets Method of Depreciation Amortization and Impairment
(a) The Gross Block of Assets is shown at the cost which includes taxes
duties and other identifiable direct expenses which are attributable
to acquisition of fixed assets and other direct expenses and overheads
incurred up to date which such assets were first put to use less
accumulated depreciation and impairment loss.
(b) Expenditure incurred during construction/Erection period is
included under capital Work-in-progress and allocated to the respective
Fixed Assets on completion of construction/Erection.
(c) Depreciation has been provided in the books on WDV method basis at
the rate and the method as specified under schedule XIV to the
companies Act,1956.
(d) The company evaluates impairment of losses on the Fixed Assets
whenever emends or changes in circumstances indicate that their
carrying amounts may not be recoverable if such assets are considered
to be impaired the impairment loss is then recognized for the amount
by which the carrying amount of the assets exceeds recoverable amount
which is the higher of an assets net selling price and value in use.
(6) Employee Benefits
Contribution to the provident Fund pension Fund other funds and leave
encashment paid during the year are being charged to profit & loss
Account.
(7) Investments
Long Term Investments are abated at cost provision for diminution in
the value of long Term investments is made only if such a decline is
other than temporary in the opinion of the Management.
(8) Accounting for Taxes on Income
Income Tax expenses comprises of current Tax Deferred Tax Change or
credit provision for curried Tax is made with reference to Taxable
income computed for the Accounting period for which the Financial
statements are prepared and applying the tax rates as applicable.
(9) Provision contingent liabilities and contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as result of past
events and it is probable that there will be an outflow of resources.
(10) Revenue Recognition
(a) Revenue recognized when it is earned and no significant uncertainty
exists as to its realization or collection and is recorded on gross
value including CENVAT and VAT.
(b) Revenue from job work income is recognized on delivery of the
products when all significant contractual obligations have been
satisfied.
(c) Other income is accounted on accrual basis.
(11) The company reports basic and Diluted Earnings per share (EPS) in
accordance with Accounting standards -20 on Earnings per share.
Basic Earnings per share are calculated by divided the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year, Diluted
Earnings per share reflect the potential dilution that could occur if
contracts to issue equity shares were exercised or converted during
the period expect where the results are anti-dilutive.
The company is primarily engaged in a single segment business or
providing information Technology related service..
(13) Leases
Land subject to operating leases is including under fixed Assets Rent
(Lease) payment is recognized in the profit & loss account on payment
basis over lease term.
(14) CENVAT Treatment
(a) Revenue from operations and cost of Materials consumed are
inclusive of Excise Duty Levied The excise duty paid net of CENVAT
Claimed is accounted separately.
(b) Unutilized balance of CENVAT claimable at the yearend has been
accounted and disclosed separately under the head short Term loans and
Advances and the CENVAT Component at the yearend inventories has been
adjusted accordingly.
Mar 31, 2012
(1) Basis of Preparation of Financial Statements
(a) The Financial Statements of the Company have been prepared in
accordance with Generally Accepted Accounting Principles in India
(Indian GAAP). The Company has prepared theses Financial Statement to
comply in all material aspects with the notified Accounting Standards
by Companies (Accounting Standards) Rules; 2006 (as amended) and the
relevant provisions of the Companies Act, 1956.
(b) The Company follows mercantile system of accounting, unless stated
otherwise.
(c) The Accounts are prepared on the historical basis and on the
Accounting Principles of on Going Concern.
(d) Accounting Policies not specifically referred to otherwise are
consistent and in consonance with generally accepted Accounting
Principles. In applying Accounting Policies, consideration has been
given to Prudence, Substance over form and Materiality.
(e) Expenses and Income considered payable and receivable respectively
are generally accounted for on Accrual Basis.
(2) Change in Accounting Policy
Presentation and Disclosure of the Financial Statements during the year
ended on 31st 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.
(3) Use of Estimates
The preparation of Financial Statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities as on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual result and estimates are recognizes in the period in
which the results are known / materialized.
(4) Fixed Assets, Method of Depreciation, Amortization and Impairment
(a) The Gross Block of Assets is shown at the Cost, which includes
taxes, duties and other identifiable, direct expenses which are
attributable to acquisition of fixed assets and other direct expenses
and overheads incurred up to date on which such assets were first put
to use less accumulated depreciation and impairment loss.
(b) Expenditure incurred during Construction / Erection period is
included under Capital Work-in-Progress and allocated to the respective
Fixed Assets on Completion of Construction / Erection.
(c) Depreciation has been provided in the books on WDV method basis at
the rate and the method as specified under schedule XIV to the
Companies Act, 1956.
(d) The company evaluates impairment of losses on the Fixed Assets
whenever events or changes in circumstances indicate that their
carrying amounts may not be recoverable. If such assets are considered
to be impaired, the impairment loss is then recognized for the amount
by which the carrying amount of the assets exceeds recoverable amount,
which is the higher of an assets net selling price and value in use.
(6) Employee Benefits
Contribution to the Provident Fund, Pension Fund, Other Funds and Leave
encashment paid during the year are being charged to Profit & Loss
Account.
(7) Investments
Long Term Investments are stated at Cost. Provision for diminution in
the value of Long Term Investments is made only if such a decline is
other than temporary in the opinion of the Management.
(8) Accounting for Taxes on Income
Income Tax expenses comprises of Current Tax, Deferred Tax Charge or
Credit. Provision for Current Tax is made with reference to Taxable
Income Computed for the Accounting period, for which the Financial
Statements are prepared and applying the tax rates as applicable.
(9) Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as result of past
events and it is probable that there will be an outflow of resources.
(10) Revenue Recognition
(a) Revenue recognized when it is earned and no significant uncertainty
exists as to its realization or collection and is recorded on gross
value including CENVAT and VAT.
(b) Revenue from Job work income is recognized on delivery of the
products, when all significant contractual obligations have been
satisfied.
(c) Other income is accounted on accrual basis.
(11) Earnings per Share
The company reports Basic and Diluted Earnings per Share (EPS) in
accordance with Accounting Standards - 20 on Earnings per Share.
Basic Earnings per share are calculated, by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year. Diluted
Earnings per share reflect the potential dilution that could occur if
contracts to issue equity shares were exercised or converted during the
period. Diluted earnings per equity share are computed using the
weighted average number of equity shares and dilutive potential equity
shares outstanding during the period, except where the results are
anti-dilutive.
(12) Segment Information
The company is' primarily engaged in a single segment business of
providing Information Technology related services..
(13) Leases
Land subject to operating leases is included under Fixed Assets. Rent
(Lease) payment is recognized in the profit & loss account on a payment
basis over the lease term.
(14) CENVAT Treatment
(a) Revenue from operations and Cost of Materials Consumed are
inclusive of Excise Duty Levied. The excise duty paid net of CENVAT
claimed is accounted separately.
(b) Unutilized balance of CENVAT claimable at the yearend has been
accounted and disclosed separately under the head "Short Term Loans and
Advances" and the CENVAT 'component at the yearend inventories has been
adjusted accordingly.
Mar 31, 2010
BASIS OF ACCOUNTING
The financial statements are prepared on the basis of historical cost
convention and on accrual basis.
FIXED ASSTES AND DEPRECIATION
Fixed Assets are stated at cost and includes all the expenditure of
Capital Nature.
Depreciation has been provided on SLM in accordance with the rate
specified under Schedule XIV of the Companies Act. 1956. Depreciation
on additions during the year is provided on pro-rata basis with
reference to the date of installation.
RETIREMENT BENEFITS
Provident Fund & Gratuity is not applicable to the company.
Mar 31, 2009
BASIS OF ACCOUNTING
The financial statements are prepared under historical cost convention
and on accrual basis.
FIXED ASSETS AND DEPREDCIATION
Fixed Assets are stated at cost and includes all expenditure of Capital
nature.
Depreciation had been provided on straight Line Method in accordance
with the rate specified under Schedule XIV of the Companies Act 1956.
Depreciation on additions during the year is provided on pro-rate basis
with reference to the date of installation. It respect of assets
costing up to Rs.5. 000 each, the policy of the company is to charge
100% depreciation in the year in which such assets are installed or put
to use.
However, no depreciation is provided for the year under consideration
as there is no business during the year.
RETIREMENT BENEFITS
(iv) 1. Provident Fund is not applicable to the company.
(iv) 2. At present gratuity is not applicable to the company.
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