Mar 31, 2014
2.1 Basis of preparation:
The Financial statements are prepared under the historical cost
convention, in accordance with Indian Generally Accepted Accounting
Principles (GAAP) and mandatory accounting standards issued by the
Institute of Chartered Accountants of India (ICAI), provisions of the
Companies Act, 1956 and guidelines issued by the Securities and
Exchange Board of India. All incomes and expenditures having a material
bearing on the financial statement are recognized on the accrual basis.
Accounting Policies have been consistently applied except where a newly
issued accounting standard if initially adopted or a revision to an
existing accounting standard requires a change in the accounting
policies hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2.2 Use of estimates:
The preparation of statements in conformity with GAAP requires
Management to make estimates and assumptions that affect reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of financial statements and reported amount of
revenue and expenses during the reported period. Actual result could
differ from estimates. Any changes in estimates are adjusted
prospectively.
Management periodically assesses using external and internal sources
whether there is any indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expended is
determined as the excess of the carrying amount over the higher of the
asset''s net sales price or present value as determined above. An
impairment loss is reserved only to the extent that the assets carrying
amount does not exceed the carrying amount that would have been
determined net of depreciation or amortization, if no impairment loss
had been recognized.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated.
2.3 Cash Flow statement :
Cash flow statement are reported using indirect method. The cash flow
regular revenue generating, financing and investing activities of the
company are segregated.
2.4 Revenue recognition:
Revenue from software development services comprises income from time
and material and fixed price contracts. Revenue from time and material
basis recognized as the services are rendered. Revenue from fixed
price contacts and sale of license and related customization and
implementation is recognized in accordance with the percentage
completion. Provision for estimated losses, if any, on uncompleted
contracts are recorded in the period in which such losses become
certain based on the current estimates.
Revenue from annual technical service contracts is recognized on
pro-rata basis over the period in which the services are rendered.
Service income accrued but not due represents revenue recognized on
contracts to be billed in the subsequent period, in accordance with
terms of the contract.
Revenue from sale of news paper is recognised when all the significant
risk and rewards of ownership have passed on to the buyer, usually on
the delivery of the goods.
Profit on sales of investments is recorded on transfer of title of
company from company and is determined as the difference between the
sales price and carrying value of the investment. Interest on
development of surplus funds is recognized using time proportion
method, based on interest rates implicit in the transaction. Dividend
income is recognized when the right to receive the same is established.
2.5 Earnings Per share :
Basic earning per share is computed using the weighted average number
of equity shares outstanding during the period /year. Diluted earnings
per share is computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the period/ year-
end, except where the result would be anti - dilutive.
2.6 Investments :
Investment that are readily realizable and are intended to be held for
not more than one year from the date, on which such investments are
made, classified as current investments. All other investments are
classified as long term investments. Current investment are carried at
cost or fair value, whichever is lower. Long term investment are
carried at cost. However, provision for diminution is made to recognize
a decline, other than temporary, in the value of the investments, such
as reduction being determined and made for the investment individually.
2.7 Fixed assets and depreciation :
Fixed assets are stated at acquisition cost less accumulated
depreciation. The cost of fixed assets comprises its purchase price
including duties and other non-refundable taxes or levies and any
directly, attributable cost of bringing the asset to the working
condition for its intended use. Depreciation is provided on the
Straight Line Method (SLM) as per the rates prescribed in Schedule XIV
of the Act.
Depreciation is charged on pro-rata basis on assets acquired during the
year. The depreciation is charged from the date in which the assets is
required.
2.8 Taxes on income :
Tax expense comprises current and deferred tax. Current tax is the
amount of tax payable on the taxable income for the year as determined
in accordance with the provisions of the Income Tax Act, 1961.
Deferred Taxes reflect the impact of timing differences between taxable
income and accounting income originating during the current year and
reversal of timing differences for the earlier years. Deferred tax is
measured using the tax rates and the tax laws enacted at the reporting
date.
Minimum Alternate Tax (MAT) paid in a year is charged to the Statement
of Profit and Loss as current tax. The company recognizes MAT credit
available as an asset only to the extent there is convincing evidence
that the company will pay normal income tax during the specified
period, i.e., the period for which MAT Credit is allowed to be carried
forward. In the year in which the Company recognizes MAT Credit as an
asset in accordance with the Guidance Note on Accounting for Credit
Available in respect of Minimum Alternate Tax under the Income Tax Act,
1961, the said asset is created by way of credit to the statement of
Profit and Loss and shown as "MAT Credit Entitlement." The Company
reviews the "MAT Credit Entitlement" asset at each reporting date and
writes down the asset to the extent the company does not have
convincing evidence that it will pay normal tax during the sufficient
period.
Mar 31, 2013
1.1 Basis of preparation:
The Financial statements are prepared under the historical cost
convention, in accordance with Indian Generally Accepted Accounting
Principles (GAAP) and mandatory accounting standards issued by the
Institute of Chartered Accountants of India (ICAI), provisions of the
Companies Act, 1956 and guidelines issued by the Securities and
Exchange Board of India. All incomes and expenditures having a material
bearing on the financial statement are recognized on the accrual basis.
Accounting Policies have been consistently applied except where a newly
issued accounting standard if initially adopted or a revision to an
existing accounting standard requires a change in the accounting
policies hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis.
1.2 Use of estimates:
The preparation of statements in conformity with GAAP requires
Management to make estimates and assumptions that a fect reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of financial statements and reported amount of
revenue and expenses during the reported period. Actual result could
defer from estimates. Any changes in estimates are adjusted
prospectively.
Management periodically assesses using external and internal sources
whether there is any indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expended is
determined as the excess of the carrying amount over the higher of the
asset''s net sales price or present value as determined above. An
impairment loss is reserved only to the extent that the assets carrying
amount does not exceed the carrying amount that would have been
determined net of depreciation or amortization, if no impairment loss
had been recognized.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated.
1.3 Cash Flow statement :
Cash flow statement are reported using indirect method. The cash flow
regular revenue generating, financing and investing activities of the
company are segregated.
1.4 Revenue recognition:
Revenue from software development services comprises income from time
and material and fixed price contracts. Revenue from time and material
basis recognized as the services are rendered. Revenue from fixed price
contacts and sale of license and related customization and
implementation is recognized in accordance with the percentage
completion. Provision fo r estimated losses, if any, on uncompleted
contracts are recorded in the period in which such losses become
certain based on the current estimates. Revenue from annual technical
service contracts is recognized on pro-rata basis over the period in
which the services are rendered.
Service income accrued but not due represents revenue recognized on
contracts to be billed in the subsequent period, in accordance with
terms of the contract.
Profit on sales of investments is recorded on transfer of title of
company from company and is determined as the di ference between the
sales price and carrying value of the investment. Interest on
development of surplus funds is recognized using time proportion
method, based on interest rates implicit in the transaction. Dividend
income is recognized when the right to receive the same is established.
1.5 Expenditure:
The cost of software purchased fo r use in software development and
services is charged to the cost of revenue in the year of acquisition.
Post sales customer support costs are estimated by the management,
determined on the basis of past experience. Expenses are accounted fo r
on accrual basis and provisions are made fo r all losses and
liabilities.
1.6 Earnings Per share:
Basic earning per share is computed using the weighted average number
of equity shares outstanding during the period /year. Diluted earnings
per share is computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the period/
year-end, except where the result would be anti  dilutive.
1.7 Investments:
Investment that are readily realizable and are intended to be held for
not more than one year from the date, on which such investments are
made, classified as current investments. All other investments are
classified as long term investments. Current investment are carried at
cost or fair value, whichever is lower. Long term investment are
carried at cost. However, provision for diminution is made to
recognize a decline, other than temporary, in the value of the
investments, such as reduction being determined and made for the
investment individually.
Mar 31, 2012
1.1 Basis of preparation:
The Financial statements are prepared under the historical cost
convention, in accordance with Indian Generally Accepted Accounting
Principles (GAAP) and mandatory accounting standards issued by the
Institute of Chartered Accountants of India (ICAI), provisions of the
Companies Act, 1956 and guidelines issued by the Securities and
Exchange Board of India. All incomes and expenditures having a material
bearing on the financial statement are recognized on the accrual basis.
Accounting Policies have been consistently applied except where a newly
issued accounting standard if initially adopted or a revision to an
existing accounting standard requires a change in the accounting
policies hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis.
1.2 Use of estimates:
The preparation of statements in conformity with GAAP requires
Management to make estimates and assumptions that affect reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of financial statements and reported amount of
revenue and expenses during the reported period. Actual result could
differ from estimates. Any changes in estimates are adjusted
prospectively.
Management periodically assesses using external and internal sources
whether there is any indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expended is
determined as the excess of the carrying amount over the higher of the
asset's net sales price or present value as determined above. An
impairment loss is reserved only to the extent that the assets carrying
amount does not exceed the carrying amount that would have been
determined net of depreciation or amortization, if no impairment loss
had been recognized.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated.
1.3 Cash Flow statement :
Cash flow statement are reported using indirect method. The cash flow
regular revenue generating, financing and investing activities of the
company are segregated.
1.4 Revenue recognition:
Revenue from software development services comprises income from time
and material and fixed price contracts. Revenue from time and material
basis recognized as the services are rendered. Revenue from fixed price
contacts and sale of license and related customization and
implementation is recognized in accordance with the percentage
completion. Provision for estimated losses, if any, on uncompleted
contracts are recorded in the period in which such losses become
certain based on the current estimates.
Revenue from annual technical service contracts is recognized on
pro-rata basis over the period in which the services are rendered.
Service income accrued but not due represents revenue recognized on
contracts to be billed in the subsequent period, in accordance with
terms of the contract.
Profit on sales of investments is recorded on transfer of title of
company from company and is determined as the difference between the
sales price and carrying value of the investment. Interest on
development of surplus funds is recognized using time proportion
method, based on interest rates implicit in the transaction. Dividend
income is recognized when the right to receive the same is established.
1.5 Expenditure:
The cost of software purchased for use in software development and
services is charged to the cost of revenue in the year of acquisition.
Post sales customer support costs are estimated by the management,
determined on the basis of past experience. Expenses are accounted for
on accrual basis and provisions are made for all losses and
liabilities.
1.6 Earnings Per share:
Basic earning per share is computed using the weighted average number
of equity shares outstanding during the period /year. Diluted earnings
per share is computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the period/
year-end, except where the result would be anti - dilutive.
1.7 Investments:
Investment that are readily realizable and are intended to be held for
not more than one year from the date, on which such investments are
made, classified as current investments. All other investments are
classified as long term investments. Current investment are carried at
cost or fair value, whichever is lower. Long term investment are
carried at cost. However, provision for diminution is made to recognize
a decline, other than temporary, in the value of the investments, such
as reduction being determined and made for the investment individually.
1.8 Change in operating period:
These financial statement has been prepared for the period 01.07.2011
to 31.03.2012, previously these statements were prepared for the year
ended July to June. Now from the current year accounting policies has
been changed from Financial year July to June to Financial year April
to march.
Jun 30, 2011
1. Basis of preparation:
The Financial statements are prepared under the historical cost
convention, in accordance with Indian Generally Accepted Accounting
Principles (GAAP) and mandatory accounting standards issued by the
Institute of Chartered Accountants of India (ICAI), provisions of the
Companies Act, 1956 and guidelines issued by the Securities and
Exchange Board of India. All incomes and expenditures having a material
bearing on the financial statement are recognized on the accrual basis.
Accounting Policies have been consistently applied except where a newly
issued accounting standard if initially adopted or a revision to an
existing accounting standard requires a change in the accounting
policies hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2. Use of estimates:
The preparation of statements in conformity with GAAP requires
Management to make estimates and assumptions that affect reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of financial statements and reported amount of
revenue and expenses during the reported period. Actual result could
differ from estimates. Any changes in estimates are adjusted
prospectively.
Management periodically assesses using external and internal sources
whether there is any indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expended is
determined as the excess of the carrying amount over the higher of the
asset's net sales price or present value as determined above. An
impairment loss is reserved only to the extent that the assets carrying
amount does not exceed the carrying amount that would have been
determined net of depreciation or amortization, if no impairment loss
had been recognized.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated.
3. Revenue recognition:
Revenue from software development services comprises income from time
and material and fixed price contracts. Revenue from time and material
basis recognized as the services are rendered. Revenue from fixed
price contacts and sale of license and related customization and
implementation is recognized in accordance with the percentage
completion. Provision for estimated losses, if any, on uncompleted
contracts are recorded in the period in which such losses become
certain based on the current estimates.
Revenue from annual technical service contracts is recognized on
pro-rata basis over the period in which the services are rendered.
Service income accrued but not due represents revenue recognized on
contracts to be billed in the subsequent period, in accordance with
terms of the contract.
Profit on sales of investments is recorded on transfer of title of
company from company and is determined as the difference between the
sales price and carrying value of the investment. Interest on
development of surplus funds is recognized using time proportion
method, based on interest rates implicit in the transaction. Dividend
income is recognized when the right to receive the same is established.
4. Expenditure:
The cost of software purchased for use in software development and
services is charged to the cost of revenue in the year of acquisition.
Post sales customer support costs are estimated by the management,
determined on the basis of past experience. Expenses are accounted for
on accrual basis and provisions are made for all losses and
liabilities.
5. Fixed Assets:
Fixed assets are stated at the cost of acquisition including incidental
costs related to acquisition and installation. Fixed assets under
construction, advances paid towards acquisition of fixed asset and cost
of assets not put to use before the period /years end, are disclosed as
capital work in progress.
6. Depreciation:
Depreciation on fixed assets, except leasehold land, is on straight
line method based on the useful lives of respective as estimated by the
management. Depreciation a basis for assets purchased/ sold during the
period / year. Assets costing less than Rs. 5000 are fully depreciated
in the period / year of purchase.
7. Investments:
Investments are classified into long term and investments based on the
intent of the management at the time of acquisition. Long term
including investments in subsidiaries is stated at cost and provision
is made to recognize any decline, other than temporary in the value of
such investments. Current investments are stated at the lower of cost
and the fair value.
8. Earnings Per share:
Basic earning per share is computed using the weighted average number
of equity shares outstanding during the period /year. Diluted earnings
per share is computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the period/
year-end, except where the result would be anti - dilutive.
9. Taxation
Income tax is computed using tax effect accounting period, where taxes
are accrued in the same period the related revenue and expenditure
arise. A provision is made for income tax based on the tax liability
computed after considering tax allowances and exemptions. The
differences that result between the profit offered for income taxes and
the profit as per financial statements are identified and thereafter a
deferred tax asset or deferred liabilities is recorded for timing
differences, namely the differences that originate in one accounting
period and reserve in another, based on the tax effect of the aggregate
amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of the financial year based
on the prevailing enacted or substantially enacted regulations. Where
there are unabsorbed depreciation or carry forward losses, deferred tax
assets are recognized only to the extent there is virtual certainly of
realization of such assets. In other situation, deferred tax assets are
recognized only to the extent there is reasonable certainly realization
in future. Such assets are reviewed at the end of each financial year
and written down or written up to reflect the amount that is reasonably
/ virtually certain to be realized. Deferred tax assets or liabilities
arising due to the timing difference, originality during the tax
holiday period and reversing after the tax holiday period are
recognized in the period in which the timing difference originates.
10. Managerial Remuneration:
No managerial remuneration has been paid during the period / year to
the directors. (Previous year nil)
11. Segment Reporting
a) Segment accounting policies
The segment reporting policies complies with the accounting policies
adopted for preparation and presentation of financial statements of the
company and in conformity with accounting standard-17 on segment
reporting issued by ICAI.
b) The company operates in two segments namely software development and
share trading. During the period the company has operated only in one
segment i.e. software development. Hence the entire revenue and
expenses pertains to this segment.
c) The assets and liabilities are also represent one segment i.e.
software development only.
12. Related party disclosures:
In accordance with the accounting standard (As) 18 "Related Party
Disclosures" issued by the The Institute of Chartered Accountants of
India (ICAI) and notified under the Companies Accounting Standards
Rules, 2006 the names of the related parties and the relevant
disclosure is as under :- a) Name of the related party and description
of relationship :
1. Key Management Personnel
1. Rajesh Jain
2. Shantila Jain
2. Relative of Key Management Personnel
1. Rakesh Jain
2. JayshriJain
3. Companies/Entities Under the Control of Key Management Personnel
1. Sylph Education Solutions Private Limited.
2. Sakshi Multitrade Private Limited.
3. Sakshi Powertech Private Limited.
4. Saksham Publishers and Printers Private Limited.
14. CIF value of imports
The company has not made any imports during the period. (Previous year
NIL)
13. Expenditure in foreign currency:
The company has not made any expenditure in foreign currency during the
period. (Previous year NIL)
14. Earnings in foreign currency:
The company has made earnings in foreign currency of Nil during the
year. (Previous year US $21607)
15. Dividend remittance in foreign currency
The company has not made any payment of dividend in foreign currency
during the year (Previous year NIL)
16. Capital commitments and contingents liabilities:
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided in the books of accounts is NIL(Previous year
NIL)
(b) The company does not have any contingent liabilities at the end of
the period. (Previous year NIL)
17. Small & Medium Enterprises Transactions
Under the Micro, Small and Medium Enterprises Development Act,2006
which came into force from 2nd October 2006, certain disclosures are
required to be made relating to Micro, Small and Medium Enterprises.
The Company is in the process of compiling relative information from
it's suppliers about their coverage under the said act since the
relevant information is not readily available, no disclosures have been
made in the accounts. However the Management is of the view that, the
impact of interest, if any, that may be payable in accordance with the
provisions of this act is not expected to be material
18. Previous year figure have been regrouped / reclassified wherever
necessary to make them comparable with the current period.
Jun 30, 2010
1. Basis of preparation:
The Financial statements are prepared under the historical cost
convention, in accordance with Indian Generally Accepted Accounting
Principles (GAAP) and mandatory accounting standards issued by the
Institute of Chartered Accountants of India (ICAI), provisions of the
Companies Act, 1956 and guidelines issued by the Securities and
Exchange Board of India. All incomes and expenditures having a material
bearing on the financial statement are recognized on the accrual basis.
Accounting Policies have been consistently applied except where a newly
issued accounting standard if initially adopted or a revision to an
existing accounting standard requires a change in the accounting
policies hitherto in use. Management evaluates all recently issued or
revised accounting standards on an ongoing basis.
2. Use of estimates:
The preparation of statements in conformity with GAAP requires
Management to make estimates and assumptions that affect reported
amount of assets and liabilities, disclosure of contingent assets and
liabilities at the date of financial statements and reported amount of
revenue and expenses during the reported period. Actual result could
differ from estimates. Any changes in estimates are adjusted
prospectively.
Management periodically assesses using external and internal sources
whether there is any indication that an asset may be impaired.
Impairment occurs where the carrying value exceeds the present value of
future cash flows expected to arise from the continuing use of the
asset and its eventual disposal. The impairment loss to be expended is
determined as the excess of the carrying amount over the higher of the
assets net sales price or present value as determined above. An
impairment loss is reserved only to the extent that the assets carrying
amount does not exceed the carrying amount that would have been
determined net of depreciation or amortization, if no impairment loss
had been recognized.
Contingencies are recorded when it is probable that a liability will be
incurred, and the amount can be reasonably estimated.
3. Revenue recognition:
Revenue from software development services comprises income from time
and material and fixed price contracts. Revenue from time and material
basis recognized as the services are rendered. Revenue from fixed
price contacts and sale of license and related customization and
implementation is recognized in accordance with the percentage
completion. Provision for estimated losses, if any, on uncompleted
contracts are recorded in the period in which such losses become
certain based on the current estimates.
Revenue from annual technical service contracts is recognized on
pro-rata basis over the period in which the services are rendered.
Service income accrued but not due represents revenue recognized on
contracts to be billed in the subsequent period, in accordance with
terms of the contract.
Profit on sales of investments is recorded on transfer of title of
company from company and is determined as the difference between the
sales price and carrying value of the investment. Interest on
development of surplus funds is recognized using time proportion
method, based on interest rates implicit in the transaction. Dividend
income is recognized when the right to receive the same is established.
4. Expenditure:
The cost of software purchased for use in software development and
services is charged to the cost of revenue in the year of acquisition.
Post sales customer support costs are estimated by the management,
determined on the basis of past experience. Expenses are accounted for
on accrual basis and provisions are made for all losses and
liabilities.
5. Fixed Assets:
Fixed assets are stated at the cost of acquisition including incidental
costs related to acquisition and installation. Fixed assets under
construction, advances paid towards acquisition of fixed asset and cost
of assets not put to use before the period /years end, are disclosed as
capital work in progress.
6. Depreciation:
Depreciation on fixed assets, except leasehold land, is on straight
line method based on the useful lives of respective as estimated by the
management. Depreciation a basis for assets purchased/ sold during the
period / year. Assets costing less than Rs. 5000 are fully depreciated
in the period / year of purchase.
7. Investments:
Investments are classified into long term and investments based on the
intent of the management at the time of acquisition. Long term
including investments in subsidiaries is stated at cost and provision
is made to recognize any decline, other than temporary in the value of
such investments. Current investments are stated at the lower of cost
and the fair value.
8. Earnings Per share:
Basic earning per share is computed using the weighted average number
of equity shares outstanding during the period /year. Diluted earnings
per share is computed using the weighted average number of equity and
dilutive equity equivalent shares outstanding during the period/
year-end, except where the result would be anti - dilutive.
9. Taxation
Income tax is computed using tax effect accounting period, where taxes
are accrued in the same period the related revenue and expenditure
arise. A provision is made for income tax based on the tax liability
computed after considering tax allowances and exemptions. The
differences that result between the profit offered for income taxes and
the profit as per financial statements are identified and thereafter a
deferred tax asset or deferred liabilities is recorded for timing
differences, namely the differences that originate in one accounting
period and reserve in another, based on the tax effect of the aggregate
amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of the financial year based
on the prevailing enacted or substantially enacted regulations. Where
there are unabsorbed depreciation or carry forward losses, deferred tax
assets are recognized only to the extent there is virtual certainly of
realization of such assets. In other situation, deferred tax assets are
recognized only to the extent there is reasonable certainly realization
in future. Such assets are reviewed at the end of each financial year
and written down or written up to reflect the amount that is reasonably
/ virtually certain to be realized. Deferred tax assets or liabilities
arising due to the timing difference, originality during the tax
holiday period and reversing after the tax holiday period are
recognized in the period in which the timing difference originates.
10. Managerial Remuneration:
No managerial remuneration has been paid during the period / year to
the directors. (Previous year nil)
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