Mar 31, 2015
A. Basis of Preparation of Financial Statements
The financial statements have been prepared under historical cost
convention in accordance with Indian Generally Accepted Accounting
Principles on a going concern on accrual basis and the rele- vant
provisions of the Companies Act, 2013.
b. Grouping / Regrouping
Previous year figures have been regrouped / reclassified wherever
necessary so as to make com- parable to figure of current year
presentation. The figures in bracket represent corresponding fig- ures
of the previous year.
c. Fixed Assets
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, recoverable taxes and impairment loss, if any.
d. Depreciation and Amortisation
Depreciation has been calculated on fixed assets on their written down
value method in accor- dance with section 205 of the Companies Act,
2013 at the rates specified in Schedule XIV of the Companies Act 2013.
The company follows the policy of charging depreciation on pro-rata
basis on the assets acquired or disposed off during the year. There is
no change in the method of providing depreciation as compared to
previous year.
e. Impairment of Assets
An assets is treated as impaired when the carrying cost of fixed assets
exceeds its recoverable val- ue. The company on an annual basis makes
an assessment of any indicator that may lead to im- pairment of assets.
If any such indication exists, the company estimates the recoverable
amount of such assets. If such recoverable amount is less than the
carrying amount, then the carrying amount is reduced to its recoverable
amount by treating the difference between them as impairment loss and
is charged to Profit and Loss Account.
f. Investments
Investments are shown at acquisition cost, if any.
g. Inventories
The Inventory is valued at lower of cost price and realisable value
after providing for obsolescence, if any.
h. Trade Receivable, Trade Payables and Loans and Advances
Sundry Debtors, Creditors and Loans and advances are subject to
confirmation.
i. Realisation value of Current Assets
In the opinion of the Management, value of all the current assets
including loans and advances, if realised in the normal course shall
not be less than the value stated in Balance Sheet.
j. Revenue Recognition
a] Services: Revenue from rendering of services is recognized on the
date on which the invoice is raised to customers.
b] Products: Revenue from sale of products is recognized at a point of
despatch of finished prod- ucts to customers.
k. Borrowing Cost
There is no borrowing Cost which is attributable to acquisition of any
assets.
l. Foreign Currency Transactions
There are no foreign currency transactions.
m. Provision for Current and Deferred Income Taxes
a] Income Tax: - Provision for current tax for the year is based on
computations after considering rebates, relief and exemptions under the
Income TaxAct, 1961 applicable to the company.
b] Deferred Tax: - Deferred tax assets and liabilities are recognised
for future consequences at- tributable to the time difference that
result between the profit offered for income tax and the profit as per
financial statement of the company. Deferred tax assets and liabilities
are meas- ured as per the tax rates / laws that have been enacted or
substantively enacted by the Balance Sheet. Deferred tax assets and
liabilities are reassessed for the appropriateness of their respec-
tive carrying amount at each balance sheet.
n. Any other policy
Any other policy matter which is not specifically mentioned herein is
as per generally accepted ac- counting principles and standards.
Mar 31, 2014
A. Basis of Preparation of Financial Statements
The financial statements have been prepared under historical cost
convention in accordance with Indian Generally Accepted Accounting
Principles on a going concern on accrual basis and the relevant
provisions of the Companies Act, 1956.
b. Grouping / Regrouping
Previous year figures have been regrouped / reclassified wherever
necessary so as to make comparable to figure of current year
presentation. The figures in bracket represent corresponding figures of
the previous year.
c. Owned Tangible Fixed Assets and Intangible Assets under Development
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, recoverable taxes and impairment loss, if any. An
intangible asset under developments is shown on actual payment basis.
d. Intangible Assets under Development
An intangible asset under developments are shown on actual payment
basis which are carried forward from previous year i.e. Rs. 17630376/-
e. Depreciation and Amortisation
Depreciation has been calculated on fixed assets on their written down
value method in accordance with section 205 of the Companies Act, 1956
at the rates specified in Schedule XIV of the Companies Act 1956. The
company follows the policy of charging depreciation on pro-rata basis
on the assets acquired or disposed off during the year. There is no
change in the method of providing depreciation as compared to previous
year.
f. Impairment of Assets
An assets is treated as impaired when the carrying cost of fixed assets
exceeds its recoverable value. The company on an annual basis makes an
assessment of any indicator that may lead to impairment of assets. If
any such indication exists, the company estimates the recoverable
amount of such assets. If such recoverable amount is less than the
carrying amount, then the carrying amount is reduced to its recoverable
amount by treating the difference between them as impairment loss and
is charged to Profit and Loss Account.
g. Amortization of Intangible Assets
No intangible asset has been amortized.
h. Investments
Investments are shown at acquisition cost.
i. Inventories
The Inventory is valued at lower of cost price and realisable value
after providing for obsolescence, if any.
j. Trade Receivable, Trade Payables and Loans and Advances
Sundry Debtors, Creditors and Loans and advances are subject to
confirmation.
k. Realisation value of Current Assets
In the opinion of the Management, value of all the current assets
including loans and advances, if realised in the normal course shall
not be less than the value stated in Balance Sheet.
l. Revenue Recognition
a) Services : Revenue from rendering of services is recognized on the
date on which the invoice is raised to customers.
b) Products : Revenue from sale of products is recognized at a point of
despatch of finished products to customers.
m. Employees Benefits:-
a) Short term employees
Short term benefits are recognised as an expense on an undiscounted
basis in the Profit & Loss Account of the year in which the related it
is rendered.
b) Long Term Benefit
(i) The company is not covered under Employees provident Fund to which
defined contribution are made on regularly basis.
(ii) In accordance with the Payment of gratuity Act 1972, the gratuity
is payable to an employees after completion of 5 years of his service
in the company.
n. Provision for Gratuity and Leave Encashment
There is no employee eligible for gratuity as per Payment of Gratuity
Act 1972 and therefore no provision has been made for gratuity. The
company has also not made any provision for leave encashment. It is
policy of the company to pay amount equivalent to value of leave
balance in the employee account at the time full and final settlement
of his account.
o. Borrowing Cost
Borrowing Cost which is attributable to acquisition of any assets is
capitalized as a part of that asset. Other costs are recognized as an
expense in the year in which they are incurred.
p. Foreign Currency Transactions
Foreign currency transactions are recorded at the exchange rate
prevailing at time of transactions.
q. Provision for Current and Deferred Income Taxes
a) Income Tax :- Provision for current tax for the year is based on
computations after considering rebates, relief and exemptions under the
Income Tax Act, 1961 applicable to the company.
b) Deferred Tax :- Deferred tax assets and liabilities are recognised
for future consequences attributable to the time difference that result
between the profit offered for income tax and the profit as per
financial statement of the company. Deferred tax assets and liabilities
are measured as per the tax rates / laws that have been enacted or
substantively enacted by the Balance Sheet. Deferred tax assets and
liabilities are reassessed for the appropriateness of their respective
carrying amount at each balance sheet.
r. Contingent Liabilities and Capital Commitments
The Income Tax department has set off Income tax Liability for F.Y
2008-09 against the refund and net outstanding demand as on date is
Rs.198,190/-.
s. The Company was engaged in the business of Software Services and
Development of Software Products and trading of Computer Hardware and
Accessories. Hence the quantitative details as required under the
Companies Act 1956.
t. Any other policy
Any other policy matter which is not specifically mentioned herein is
as per generally accepted accounting principles and standards
Mar 31, 2012
A. Basis of Preparation of Financial Statements
The financial statements have been prepared under historical cost
convention in accordance with Indian Generally Accepted Accounting
Principles on a going concern on accrual basis and the relevant
provisions of the Companies Act, 1956.
b. Grouping/Regrouping
Previous year figures have been regrouped/reclassified wherever
necessary so as to make comparable to figure of current year
presentation. The figures in bracket represent corresponding figures of
the previous year.
c. Owned Tangible Fixed Assets and Intangible Issets under Development
Fixed Assets are stated at cost of acquisition less accumulated
depreciation, recoverable taxes and impairment loss, if any. An
intangible asset under developments is shown on actual payment basis.
d. Intangible Assets under Development
An intangible asset under developments is shown on actual payment
basis. An amount of Rs. 56330376/- has been during the financial year
2011-2012 to acquire license of Credit Card Software which is under
development..
e. Depreciation and Amortisation
Depreciation has been calculated on fixed assets on their written down
value method in accordance with section 205 of the Companies Act, 1956
at the rates specified in Schedule XIV of the Companies Act 1956. The
company follows the policy of charging depreciation on pro-rata basis
on the assets acquired or disposed off during the year. There is no
change in the method of providing depreciation as compared to previous
year.
f. Impairment of Assets
An assets is treated as impaired when the carrying cost of fixed assets
exceeds its recoverable value. The company on an annual basis makes an
assessment of any indicator that may lead to impairment of assets. If
any such indication exists, the company estimates the recoverable
amount of such assets. If such recoverable amount is less than the
carrying amount, then the carrying amount is reduced to its recoverable
amount by treating the difference between them as impairment loss and
is charged to Profit and Loss Account.
g. Amortization of Intangible Assets
No intangible asset has been amortized.
h. Investments
Investments are shown at acquisition cost.
i. Inventories
The Inventory is valued at lower of cost price and realisable value
after providing for obsolescence, if any.
j. Trade Receivable, Trade Payables and Loans and Advances
Sundry Debtors, Creditors and Loans and advances are subject to
confirmation.
k. Realisation Value of Current Assets
In the opinion of the Management, value of all the current assets
including loans and advances, if realised in the normal course shall
not be less than the value stated in Balance Sheet.
l. Revenue Recognition
a) Services: Revenue from rendering of services is recognized on the
date on which the invoice is raised to customers.
b) Products: Revenue from sale of products is recognized at a point of
despatch of finished products to customers.
m. Employees Benefits:-
a) Short term employees
Short term benefits are recognised as an expense on an undiscounted
basis in the Profit & Loss Account of the year in which the related it
is rendered.
b) Long Term Benefit
(i) The company is not covered under Employees provident Fund to which
defined contribution are made on regularly basis.
(ii) In accordance with the Payment of gratuity Act 1972, the gratuity
is payable to an employees after completion of 5 years of his service
in the company.
n. Provision for Gratuity and Leave Encashment
There is no employee eligible for gratuity as per Payment of Gratuity
Act 1972 and therefore no provision has been made for gratuity. The
company has also not made any provision for leave encashment. It is
policy of the company to pay amount equivalent to value of leave
balance in the employee account at the time full and final settlement
of his account.
o. Borrowing Cost
Borrowing Cost which is attributable to acquisition of any assets is
capitalized as a part of that asset. Other costs are recognized as an
expense in the year in which they are incurred.
p. Foreign Currency Transactions
Foreign currency transactions are recorded at the exchange rate
prevailing at time of transactions.
q. Provision for Current and Deferred Income Taxes
a) Income Tax:-Provision for current tax for the year is based on
computations after considering rebates, relief and exemptions under the
Income Tax Act, 1961 applicable to the company.
b) Deferred Tax:-Deferred tax assets and liabilities are recognised for
future consequences attributable to the time difference that result
between the profit offered for income tax and the profit as per
financial statement of the company. Deferred tax assets and
liabilities are measured as per the tax rates/laws that have been
enacted or substantively enacted by the Balance Sheet. Deferred tax
assets and liabilities are reassessed for the appropriateness of their
respective carrying amount at each balance sheet.
r. Contingent Liabilities and Capital Commitments
Income Tax demand for Rs. 2310837/- is pending for the Assessment Year
2005-2006. The Company has fled an appeal with the ITAT against the
orders of CIT (Appeal). The order of ITAT is pending. The Income Tax
department has set off this liability against the refund due for the
following Assessment Years.
S.No. assessment year date of adjustment amount
1 2009-2010 30-03-2011 611258.00
2 2006-2007 23-04.2011 176791.00
3 2006-2007 26-04.2011 1767.00
4 2007-2008 26-04.2011 9121.00
5 2007-2008 26-04.2011 91.00
6 2008-2009 26-04.2011 28529.00
7 2008-2009 26-04.2011 285.00
Total 827842.00
s. The Company was exclusively engaged in the business of Software
Services and Development of Software Products during previous year. The
company has also started trading of Scientific and Technical Books and
other activities from April 2011. The purchase and sale of such books
are in bulk and therefore not capable of being expressed in any generic
unit. Hence the quantitative details as required under the Companies
Act 1956.
t. Any other Policy
Any other policy matter which is not specifically mentioned herein is
as per generally accepted accounting principles and standards
Mar 31, 2011
1. The financial statements have been prepared under the historical
cost convention on accrual basis and comply with the generally accepted
accounting policies.
2. Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on written down value method in
accordance with the rates prescribed under Schedule XIV to the
Companies Act, 1956.
3. Investments unless otherwise stated are considered as long term in
nature and are valued at acquisition cost less provision for
diminution, if any.
4. The Company derives its income from BPO Services, Software Services
and Software Products. Income is recognized on the date on which the
invoice for services is raised on the customers.
All incomes and expenditures are accounted for on accrual basis and
provision is made for all known losses and liabilities.
5. Provision for current tax for the year is based on computations
after considering rebates, relief and exemptions under the Income Tax
Act, 1961.
6. Earnings in foreign exchange - Nil. Foreign exchange outgoing -
Nil.
7. Contributions payable to recognized provident fund and employees
state insurance have been charged to profit and loss account. Provision
for gratuity, retirement benefits, leave encashment etc. have not been
made in the accounts.
Mar 31, 2010
1. The financial statements have been prepared under the historical
cost convention on accrual basis and comply with the generally accepted
accounting policies.
2. Fixed assets are stated at cost of acquisition less accumulated
depreciation. Depreciation is provided on written down value method in
accordance with the rates prescribed under Schedule XIV to the
Companies Act 1956
3. Investments unless otherwise stated are considered as long term in
nature and are valued at acquisition cost less provision for
diminution, if any.
4. The Company derives its income from BPO Services, Software Services
and Software Products. Income is recognized on the date on which the
invoice for services is raised on the customers.
All incomes and expenditures are accounted for on accrual basis and
provision is made for all known losses and liabilities
5. Provision for current tax for the Year is based on computations
after considering rebates, relief and exemptions under the income lax
Act, 1961.
6. Earnings in foreign exchange - Nil. Foreign exchange outgoing -
Nil.
7. Contributions payable to recognized provident fund and employees
state insurance have been charged to profit and loss account. Provision
for gratuity, retirement benefits, leave encashment etc. have not been
made in the accounts