Mar 31, 2015
"The financial statements have been prepared under historical cost
convention, on accrual basis, in accordance with the generally
accepted accounting principles (GAAP) in India and comply with the
Accounting standards prescribed under Section 133 of the Companies Act,
2013 ('the Act') read with Rule 7 of the Companies (Accounts) Rules,
2014 (as amended). The accounting policies have been consistently
applied by the Company. "All assets and liabilities have been
classified as current and non- current as per the Company's normal
operating cycle and other criteria set out in the Schedule III of the
Act. Based on the nature of business and the time between the
acquisition of assets and their realisation in cash and cash
equivalents, the Company has ascertained its operating cycle as 12
months for the purpose of current and non-current classification of
assets and liabilities""
Use of Estimaste
The preparation of the financial statements in conformity with GAAP
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
liabilities on the date of the financial statements and reported
amounts of revenues and expenses for the year. Actual results could
differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Any revision to accounting estimates is
recognized prospectively in the current and future periods.
Fixed assets are carried at the cost of acquisition or construction
less accumulated depreciation. The cost of fixed assets includes
non-refundable taxes, duties, freight and other incidental expenses
related to the acquisition and installation of the respective assets.
Borrowing costs directly attributable to acquisition or construction
of those fixed assets which necessarily take a substantial period of
time to get ready for their intended use are capitalized.
Depreciation/ amortisation
"Depreciation / amortisation on fixed assets is provided pro rata to
the period of use, based on written down value method at rates
specified in Schedule II of the Companies Act, 2013 except in case of
intangible assets and leasehold improvements. In view of the management
such rates represents the useful life of such assets. "Assets costing
less than Rs 5,000 each, are depreciated in full excluding residual
value as per Schedule II, in year of purchase.""
Asset category Rate of depreciation/ amortisation
Intangible assets 33.33% on written down value basis
Leasehold improvements Over the lease term or useful life
whichever is lower
Investments
Long - term Investments are stated at cost. Provision for diminution in
the value of long -term investments is made only if such decline is
other than temporary in the opinion of the management. Investment are
accounted as per Accounting Standard 13 Accounting for Investment,
Issued by the Institute of Chartered Accountants of India.
Retirement Benefits
a) The Company has a scheme of provident fund for its employees,
registered with the Regional Provident Fund Commissioner, Delhi &
Haryana . The Company also has a scheme of Employees State Insurance
for its employees, registered with the Employees State Insurance
Corporation, The Company contributions to provident fund and employees
state insurance are charged to the Profit and Loss Account each year.
b) Provision for Gratuity is made on the basis of number of employees
exceeding five years in the company.
Revenue Recognition
Revenue from sales and services are recognised when the invoice is
raised in accordance with the terms of the contract.
Sales return are adjusted from the sales of the year in which the
return takes place.
Inventory
Inventory consists of goods that are held in the normal course of
business. Inventories are valued at lower of cost or net realizable
value.
Miscellaneous Expenditure
Preliminary, Public issue, Preoperative and Capital issue expenses
incurred are amortised according to Accounting Standard 26, "intangible
Assets" Issued by the Institute of Chartered Accountants of India.
Claims
Claims against / by the Company arising on any account are provided in
the books of account on receipt basis.
Taxation
The Income Tax liability is ascertained based on assessable profit
computed in accordance with the provisions of Income Tax Act, 1961.
Deferred income tax reflects the impact of current year timing
difference between taxable income / losses and accounting income for
the year and reversal of timing difference of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax asset can be realised. In
respect of carry forward losses, deferred tax assets are recognised
only to the extent there is virtual certainty that sufficient future
taxable income will be available against which such losses can be set
off.
Foreign Currency Transactions
Export sales, services and expenditures in foreign currency are
recorded at the exchange rate of the date of transaction. Exchange
differences are recorded when the amount actually received/ paid which
is converted in Indian rupees.
Monetary items denominated in foreign currency remaining unsettled at
the end of the year are translated at the rate prevailing on the
balance sheet date and the resultant exchange differences are
recognised in the Profit and Loss Account other than those relating to
fixed assets which are adjusted in the carrying cost of fixed assets
and accordingly depreciation is charged.
Research and Development
Research and development costs are expensed as incurred. Software
product development costs are ex- penses as incurred until
technological feasibility is achieved. Capital expenditure incurred on
research and development is depreciated over the estimated useful life
of the related assets.
Events occuring after Balance Sheet Date
Events occurring after the Balance Sheet date, which are material in
nature, have been considered in the preparation of financial
statements.
Contingent Liabilities
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims against the company not acknowledged as debts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognised based on demand(s) that are
contested by the company.
Impairment of Fixed Assets
At each balance Sheet date, the company reviews the carrying amounts of
its Fixed Assets to determine whether there is any indication that
these assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of impairment loss. Accordingly the carrying
amount is reduced to its recoverable amount by treating the difference
between them as impairment loss and is charged to the Profit and Loss
account, unless stated otherwise.
Cash Flow Statement
The Cash flow statement is prepared by the indirect method set out in
AS 3 on "Cash Flow Statement" and presents Cash flows by operating ,
investing and financing activities of the company.
Mar 31, 2014
A) The financial statements have been prepared under the historical
cost convention (except land and building which have been restated
after revaluation) in accordance with the Indian Generally Accepted
Accounting Principles (GAAP) comprising of the Accounting Standards
issued by the Institute of Chartered Accountants ol India and
provisions of the Companies Act, f 956 as adopted consistently by the
Company.
b) The Company follows mercantile systems of accounting and recognises
significant items of income and expenditure on accrual basis, unless
stated otherwise.
c) The Preparation of financial statement in conformity with GAAP
requires that the management of the company to make estimates and
assumptions that affect the reported amount of income and expenses of
the period, the reported balances of assets and liabilities and the
disclosures relating to contingent liabilities as on the date of the
financial statement. Examples of such estimates include the useful life
of fixed assets, provision for doubtful debts/ advances, future
obligation in respect of retirement benefit plans etc. Actual results
could differ from these estimates.
Fixed Assets and Depreciation
Fixed Assets are accounted for at cost net of MODVAT and include cost
of installation wherever incurred except land and building which arc
restated at revalued amounts.
Depreciation is provided on Straight Line Method at tine rates and in
the manner specified in Schedule XIV of the Companies Act, 1956 read
with the relevant circulars issued by the Department ol Company Affairs
from time to time.
Investments
Long - term Investments are stated at cost. Provision for diminution in
the value of long -term investments is made only if such decline is
other than temporary in the opinion of the management. Investment are
accounted as per Accounting Standard 13 Accounting for Investment,
Issued by the Institute of Chartered Accountants of India.
Retirement Benefits
a) The Company has a scheme of provident fund for its employees,
registered with tine "Regional Provident Fund Commissioner, Delhi &
Haryana . The Company also has a scheme of Employees State Insurance
for its employees, registered with the Employees State insurance
Corporation, The Company contributions to provident fund and employees
state insurance are charged to the Profit and Loss Account each year.
b) Provision for Gratuity is made on the basis of number of employees
exceeding five years in the company.
Revenue Recognition
Revenue from sales and services are recognised when the invoice is
raised in accordance with the terms of tire contract.
Sales return are adjusted from the sales ol the year in which the
return takes place.
Inventory
Inventory consists of goods that are held in the normal course of
business. Inventories are valued at lower of cost or net realizable
value,
Miscellaneous Expenditure
Preliminary, Public issue, Preoperative and Capital issu.e expenses
incurred are amortised according to Accounting Standard 26, "intangible
Assets" Issued by the Institute of Chartered Accountants of India.
Claims
Claims against / by the Company arising on any account are provided in
the books of account on receipt basis.
Taxation
The Income Tax liability is ascertained based on assessable profit
computed in accordance with tbe provisions of Income Tax Act, 1961.
Deferred income tax reflects the impact of current year timing
difference between taxable income / losses and accounting income for
the year and reversal of timing difference of earlier years. Deferred
tax is measured based on the tax rates and. the tax laws enacted or
substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax asset can be realised. In
respect of carry forward losses, deferred lax assets are recognised
only to the extent there is virtual certainty that sufficient future
taxable income will be available against which such losses can be set
off.
Foreign Currency Transactions
Export sales, services and expenditures in foreign currency are
recorded at the exchange rate of the date of transaction. Exchange
differences are recorded when the amount actually received/ paid which
is converted in Indian rupees.
Monetary items denominated in foreign currency remaining unsettled at
the end of the year are translated at the rate prevailing on the
balance sheet date and the resultant exchange differences are
recognised in Ihe Profit and Loss Account other than those relating to
fixed assets which are adjusted in the carrying cost of fixed assets
and accordingly depreciation is charged.
Research and Development
Research and development costs are expensed as incurred. Software
product development costs are expenses as incurred until technological
feasibility is achieved. Capital expenditure incurred on research and
development is depreciated over the estimated useful life of the
related assets.
Events occuring after Balance Sheet Date
Events occurring after the Balance Sheet date, which are material in
nature, have been considered in the preparation of financial
statements.
Contingent Liabilities
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims against the company not acknowledged as debts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognised based on demand(s) that are
contested by Ihe company.
Impairment of Fixed Assets
At each balance Sheet date, the company reviews the carrying amounts of
its Fixed Assets to determine whether there is any indication that
these assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of impairment loss. Accordingly the carrying
amount is reduced to its recoverable amount by treating the difference
between them as impairment loss and is charged lo the Profit and Loss
account, unless staled otherwise.
Cash Flow Statement
Tire Cash flow statement is prepared by Lhe indirect method set out in
AS 3 on "Cash Flow Statement" and presents Cash flows by operating ,
investing and financing activities of the company.
Mar 31, 2013
Basis of Preparation of Financial Statement
a) The financial statements have been prepared under the historical
cost convention (except land and building which have been restated
after revaluation) in accordance with the Indian Generally Accepted
Accounting Principles (GAAP) comprising of the Accounting Standards
issued by the Institute of Chartered Accountants of India and
provisions of the Companies Act, 1956 as adopted consistently by the
Company.
b) The Company follows mercantile systems, of accounting and recognises
significant items of income and expenditure on accrual basis, unless
stated otherwise.
c) The Preparation of financial statement in conformity with GAAP
requires that the management of the company to make estimates and
assumptions that affect the reported amount of income and expenses of
the period, the reported balances of assets and liabilities and the
disclosures relating to contingent liabilities as on the date of the
financial statement. Examples of such estimates include the useful life
of fixed assets, provision for doubtful debts/advances, future
obligation in respect of retirement benefit plans etc. Actual results
could differ from these estimates.
Fixed Assets and Depreciation
Fixed Assets are accounted for at cost net of MODVAT and include cost
of installation wherever incurred except land and building which are
restated at revalued amounts.
Depreciation is provided on Straight Line Method at the rates and in
the manner specified in Schedule XIV of the Companies Act, 1956 read
with the relevant circulars issued by the Department of Company Affairs
from time to time.
Investments
Long - term Investments are stated at cost. Provision for diminution in
the value of long -term investments is made onlv if such decline is
other than temporary in the opinion of the management. Investment are
accounted as per Accounting Standard 13 Accounting for Investment,
Issued by the Institute of Chartered Accountants of India.
Retirement Benefits
a) The Company has a scheme of provident fund for its employees,
registered with the Regional Provident Fund Commissioner, Delhi &
Haryana . The Company also has a scheme of Employees State Insurance
for its employees, registered with the Employees State Insurance
Corporation, The Company contributions to provident fund and employees
state insurance are charged to the Profit and Loss Account each year.
b) Provision for Gratuity is made on the basis of number of employees
exceeding five years in the company.
Revenue Recognition
Revenue from sales and services are recognised when the invoice is
raised in accordance with the terms of the contract. ''
Sales return are adjusted from the sales of the year in which the
return takes place.
Inventory
Inventory consists of goods that are held in the normal course of
business. Inventories are valued at lower of cost or net realizable
value.
Miscellaneous Expenditure
Preliminary, Public issue, Preoperative and Capital issue expenses
incurred are amortised according to Accounting Standard 26, "intangible
Assets" Issued by the Institute of Chartered Accountants of India.
Claims
Claims against / by the Company arising on any account are provided in
the books of account on receipt basis.
Taxation
The Income Tax liability is ascertained based on assessable profit
computed in accordance with the provisions of Income Tax Act, 1961.
Deferred income tax reflects the impact of current year timing
difference between taxable income / losses and accounting income for
the year and reversal of timing difference of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax asset can be realised. In
respect of carry forward losses, deferred tax assets are recognised
only to the extent there is virtual certainty that sufficient future
taxable income will be available against which such losses can be set
off.
Research and Development
Research and development costs are expensed as incurred. Software
product development costs are expenses as incurred until technological
feasibility is achieved. Capital expenditure incurred on research and
development is depreciated over the estimated useful life of the
related assets.
Events occuring after Balance Sheet Date
Events occurring after the Balance Sheet date, which are material in
nature, have been considered in the preparation of financial
statements.
Contingent Liabilities
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims against the company not acknowledged as debts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognised based on demand(s) that are
contested by the company.
Impairment of Fixed Assets
At each balance Sheet date, the company reviews the carrying amounts of
its Fixed Assets to determine whether there is any indication that
these assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of impairment loss. Accordingly the carrying
amount is reduced to its recoverable amount by treating the difference
between them as impairment loss and is charged to the Profit and Loss
account, unless stated otherwise.
Cash Flow Statement
The Cash flow statement is prepared by the indirect method set out in
AS 3 on "Cash Flow Statement" and presents Cash flows by operating ,
investing and financing activities of the company.
Mar 31, 2010
Basis of Preparation of Financial Statement
a) The financial statements have been prepared under the historical
cost convention (except land and building which have been restated
after revaluation) in accordance with the Indian Generally Accepted
Accounting Principles (GAAP) comprising of the Accounting Standards
issued by the Institute of Chartered Accountants of India and
provisions of the Companies Act, 1956 as adopted consistently by the
Company.
b) The Company follows mercantile systems of accounting and recognises
significant items of income and expenditure on accrual basis, unless
stated otherwise.
c) The Preparation of financial statement in conformity with GAAP
requires that the management of the company to make estimates and
assumptions that affect the reported amount of income and expenses of
the period, the reported balances of assets and liabilities and the
disclosures relating to contingent liabilities as on the date of the
financial statement. Examples of such estimates include the useful life
of fixed assets, provision for doubtful debts/advances, future
obligation in respect of retirement benefit plans etc. Actual results
could differ from these estimates.
Fixed Assets and Depreciation
Fixed Assets are accounted for at cost net of MODVAT and include cost
of installation wherever incurred except land and building which are
restated at revalued amounts.
Depreciation is provided on Straight Line Method at the rates and in
the manner specified in Schedule XIV of the Companies Act, 1956 read
with the relevant circulars issued by the Department of Company Affairs
from time to time.
Investments
Long - term Investments are stated at cost. Provision for diminution in
the value of long -term investments is made only if such decline is
other than temporary in the opinion of the management. Investment are
accounted as per Accounting Standard 13 Accounting for Investment,
Issued by the Institute of Chartered Accountants of India.
Retirement Benefits
a) The Company has a scheme of provident fund for its employees,
registered with the Regional Provident Fund Commissioner, Delhi &
Haryana . The Company also has a scheme of Employees State Insurance
for its employees, registered with the Employees State Insurance
Corporation, The Company contributions to provident fund and employees
state insurance are charged to the Profit and Loss Account each year.
b) Provision for Gratuity is made on the basis of number of employees
exceeding five years in the company.
Revenue Recognition
Revenue from sales and services are recognised when the invoice is
raised in accordance with the terms of the contract.
Sales return are adjusted from the sales of the year in which the
return takes place.
Inventory
Inventory consists of goods that are held in the normal course of
business. Inventories are valued at lower of cost or net realizable
value.
Miscellaneous Expenditure
Preliminary, Public issue, Preoperative and Capital issue expenses
incurred are amortised according to Accounting Standard 26, "intangible
Assets" Issued by the Institute of Chartered Accountants of India.
Claims
Claims against / by the Company arising on any account are provided in
the books of account on receipt basis.
Taxation
The Income Tax liability is ascertained based on assessable profit
computed in accordance with the provisions of Income Tax Act, 1961.
Deferred income tax reflects the impact of current year timing
difference between taxable income / losses and accounting income for
the year and reversal of timing difference of earlier years.
Deferred tax is measured based on the tax rates and the tax laws
enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised only to the extent that there is
reasonable certainty that sufficient future taxable income will be
available against which such deferred tax asset can be realised. In
respect of carry forward losses, deferred tax assets are recognised
only to the extent there is virtual certainty that sufficient future
taxable income will be available against which such losses can be set
off.
Foreign Currency Transactions
Export sales, services and expenditures in foreign currency are
recorded at the exchange rate of the date of transaction. Exchange
differences are recorded when the amount actually received/ paid which
is converted in Indian rupees.
Monetary items denominated in foreign currency remaining unsettled at
the end of the year are translated at the rate prevailing on the
balance sheet date and the resultant exchange differences are
recognised in the Profit and Loss Account other than those relating to
fixed assets which are adjusted in the carrying cost of fixed assets
and accordingly depreciation is charged.
Research and Development
Research and development costs are expensed as incurred. Software
product development costs are expenses as incurred until technological
feasibility is achieved. Capital expenditure incurred on research and
development is depreciated over the estimated useful life of the
related assets.
Events occuring after Balance Sheet Date
Events occurring after the Balance Sheet date, which are material in
nature, have been considered in the preparation of financial
statements.
Contingent Liabilities
Depending on facts of each case and after due evaluation of relevant
legal aspects, claims against the company not acknowledged as debts are
regarded as contingent liabilities. In respect of statutory matters,
contingent liabilities are recognised based on demand(s) that are
contested by the company.
Impairment of Fixed Assets
At each balance Sheet date, the company reviews the carrying amounts of
its Fixed Assets to determine whether there is any indication that
these assets suffered an impairment loss. If any such indication
exists, the recoverable amount of the asset is estimated in order to
determine the extent of impairment loss. Accordingly the carrying
amount is reduced to its recoverable amount by treating the difference
between them as impairment loss and is charged to the Profit and Loss
account, unless stated otherwise.
Cash Flow Statement
The Cash flow statement is prepared by the indirect method set out in
AS 3 on "Cash Flow Statement" and presents Cash flows by operating ,
investing and financing activities of the company.
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