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, 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 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 prescribed by the Companies (Accounting Standards)
Rules, 2006 and relevant presentational requirement / provisions of the
Companies Act 1956, under historical cost convention, on accrual basis
and ongoing concern concept, unless otherwise stated.
The Accounting policies adopted during the current year, in the
preparation of these financial statements, are consistent with that of
the previous year.
b) All Expenses, Revenue from Operations and Other Income are accounted
for on Accrual basis.
2. USE OF ESTIMATES :
The preparation of financial statements 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 :
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 upto 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 of acquisition 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 their working
condition for 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 allowance 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 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.
Mar 31, 2012
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 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:
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 is valued at Cost, which comprises Materials,
Labour and Development Overheads.
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.
b) Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
c) 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 no 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.
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.
b) Finished goods i.e. Software Packages are valued at lower of cost or
net realisable value.
3. a) Fixed Assets are stated at cost, which includes expenditure on
installation / construction and preoperative expenses wherever applicable.
b) Depreciation on Fixed Assets is provided block-wise on written down
value method 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 as- sets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2010
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 ofthejob.
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 companys technical expert and that of consumable has
been valued at cost.
b) Finished goods i.e. Software Packages are valued at lower of cost or
net realisable value.
3. a) Fixed Assets are stated at cost, which includes expenditure on
installation / construction and preoperative expenses wherever
applicable.
b) Depreciation on Fixed Assets is provided block-wise on written down
value method 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.