Mar 31, 2015
A) Basis of Preparation of Financial Statement
The Company generally follows mercantile system of accounting unless
otherwise stated and recognizes income and expenditure on accrual basis
except those with significant uncertainties. The accounts have been
prepared in accordance with historical cost convention method.
b) Fixed Assets and Depreciation
Fixed assets comprising both tangible and intangible items are stated
at cost less depreciation. The Company capitalizes all costs relating
to acquisition of fixed assets. Cost of Software expected to be used on
long-term basis is capitalized.
Depreciation (including amortization) on fixed assets has been provided
on the basis of the useful life of assets as provided in schedule II to
the Companies Act, 2013 (the "Act").
Depreciation on additions and deletions to fixed assets is provided on
a pro-rata basis.
c) Investments
Long-term investments are valued at their acquisition cost. Any decline
in the value of the said investment, other than a temporary decline, is
recognized and charged to the Statement of Profit and Loss.
Current Investments are stated at lower of cost or fair value.
d) Revenue Recognition
Revenue from training is recognized over the period of the course
program.
Revenue from operations is accounted for net of Service Tax.
e) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities at the date of the financial
statements and the results of operations during the reporting period.
Although these estimates are based upon management's best knowledge of
current events and actions, actual results could differ from these
estimates.
f) Current and Non Current assets and liabilities
An asset or liability is classified as current when it satisfies any of
the following criteria
(i) It is expected to be realized / settled, or is intended for sale or
consumption, in the Company's normal operating cycle:
(ii) It is held primarily for the purpose of being traded:
(iii) It is expected to be realized / due to be settled within twelve
months after the reporting date: or
(iv) It is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least twelve months
after the reporting date or
(v) The Company does not have an unconditional right to defer
settlement of the liability for at least twelve months after the
reporting date
g) Foreign Currency Transactions
Transactions in foreign currency are accounted for at the rates
prevailing on the date of the transaction. Monetary assets and
liabilities in foreign currencies at the year-end are restated at the
exchange rates prevailing on that date. Gain/loss arising out of
exchange fluctuation on settlement or such restatement are accounted
for in the Statement of Profit and Loss, except to the extent these
relate to acquisition of fixed assets, in which case these are adjusted
to the carrying value of the related fixed assets.
h) Leases
Operating Leases - Rentals are expensed with reference to lease terms
and other considerations.
i) Employee Benefits
(i) Contribution to employee provident fund is charged to revenue on a
monthly basis
(ii) Liability for retrial, gratuity and un-availed earned leave is
provided for based on an independent actuarial valuation report as per
the requirements of Accounting Standard - 15 (revised) on "Employee
Benefits".
(iii) Employee benefits of short-term nature are recognized as expense
as and when it accrues. Long term employee benefits (e.g. long-service
leave) and post employments benefits (e.g. gratuity), both funded and
unfunded, are recognized as expense based on actuarial valuation.
j) Taxation
Current Tax in respect of taxable income of the year is provided for
based on applicable tax rates and laws. Deferred tax is recognized
subject to the consideration of prudence in respect of deferred tax
assets, on timing differences, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods and is measured
using tax rates and laws that have been enacted or substantively
enacted by the Balance Sheet date. Deferred tax assets / liabilities
are reviewed at each Balance Sheet date.
k) Borrowing Cost
Borrowing cost attributable to the acquisition and contribution of
qualifying assets are added to the cost up to date when such assets are
ready for their intended use. Other borrowings cost are recognized as
expense in the period in which these are incurred.
l) Contingencies
Contingencies, which can be reasonably ascertained, are provided for
if, in the opinion of the Company, there is a probability that the
future outcome may be materially adverse to the Company.
m) Prior Period and Extra Ordinary Items and Changes in Accounting
Policies
Prior Period and Extra Ordinary Items and Changes in Accounting
Policies having material impact on the financial affairs of the Company
are disclosed.
Mar 31, 2014
A) Basis of Preparation of Financial Statement
The Company generally follows mercantile system of accounting unless
otherwise stated and recognizes income and expenditure on accrual basis
except those with significant uncertainties. The accounts have been
prepared in accordance with historical cost convention method.
b) Fixed Assets and Depreciation
Fixed assets comprising both tangible and intangible items are stated
at cost less depreciation. The Company capitalizes all costs relating
to acquisition of fixed assets. Cost of Software expected to be used on
long-term basis is capitalized.
Depreciation (including amortization) on fixed assets is provided using
straight-line method (SLM) at the rates prescribed in schedule XIV of
the Companies Act 1956, other than Computer & Computer Software which
are depreciated under SLM over a period of 3 years. Laptops provided to
students are depreciated on SLM basis over a period of 3 or 2 years as
the case may be depending on the duration of course undertaken by the
students.
Further individual assets costing less than Rupees Five Thousands are
depreciated in full in the year of purchase. Depreciation on additions
and deletions to fixed assets is provided on a pro-rata basis.
c) Investments
Long-term investments are valued at their acquisition cost. Any decline
in the value of the said investment, other than a temporary decline, is
recognized and charged to the Statement of Profit and Loss. Current
Investments are stated at lower of cost or fair value.
d) Revenue Recognition
Revenue from training is recognized over the period of the course
program.Revenue from operations is accounted for net of Service Tax.
e) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could
differfrom these estimates.
f) Current and Non Current assets and liabilities
An asset or liability is classified as current when it satisfies any of
the following criteria
(i) It is expected to be realized / settled, or is intended for sale or
consumption, in the Company''s normal operating cycle:
(ii) It is held primarily for the purpose of being traded:
(iii) It is expected to be realized / due to be settled within twelve
months after the reporting date: or
(iv) It is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least twelve months
after the reporting date or
(v) The Company does not have an unconditional right to defer
settlement of the liability for at least twelve months after the
reporting date
g) Foreign Currency Transactions
Transactions in foreign currency are accounted for at the rates
prevailing on the date of the transaction. Monetary assets and
liabilities in foreign currencies at the year-end are restated at the
exchange rates prevailing on that date. Gain/loss arising out of
exchange fluctuation on settlement or such restatement are accounted
for in the Statement of Profit and Loss, except to the extent these
relate to acquisition of fixed assets, in which case these are adjusted
to the carrying value of the related fixed assets.
h) Leases
Operating Leases- Rentals are expensed with reference to lease terms
and other considerations.
i) Employee Benefits
(i) Contribution to employee provident fund is charged to revenue on a
monthly basis
(ii) Liability for retrial, gratuity and un-availed earned leave is
provided for based on an independent actuarial valuation report as per
the requirements of Accounting Standard - 15 (revised) on "Employee
Benefits".
(iii) Employee benefits of short-term nature are recognized as expense
as and when it accrues. Long term employee benefits (e.g. long-service
leave) and post employments benefits (e.g. gratuity), both funded and
unfunded, are recognized as expense based on actuarial valuation.
j) Taxation
Current Tax in respect of taxable income of the year is provided for
based on applicable tax rates and laws.
Deferred tax is recognized subject to the consideration of prudence in
respect of deferred tax assets, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and is measured using tax rates and laws that have been enacted
or substantively enacted by the Balance Sheet date. Deferred tax assets
/ liabilities are reviewed at each Balance Sheet date.
k) Borrowing Cost
Borrowing cost attributable to the acquisition and contribution of
qualifying assets are added to the cost up to date when such assets are
ready for their intended use. Other borrowing costs are recognized as
expense in the period in which these are incurred.
l) Contingencies
Contingencies, which can be reasonably ascertained, are provided for
if, in the opinion of the Company, there is a probability that the
future outcome may be materially adverse to the Company.
m) Prior Period and Extra Ordinary Items and Changes in Accounting
Policies Prior Period and Extra Ordinary Items and Changes in
Accounting Policies having material impact on the financial affairs of
the Company are disclosed.
Mar 31, 2013
A) Basis of Preparation of Financial Statement
The Company generally follows mercantile system of accounting unless
otherwise stated and recognizes income and expenditure on accrual basis
except those with significant uncertainties.The accounts have been
prepared in accordance with historical cost convention method.
b) Fixed Assets and Depreciation
Fixed assets comprising both tangible and intangible items are stated
at cost less depreciation. The Company capitalizes all costs relating
to acquisition of fixed assets. Cost of Software expected to be used on
long-term basis is capitalized.
Depreciation (including amortization) on fixed assets is provided using
straight-line method (SLM) at the rates prescribed in schedule XIV of
the Companies Act 1956, other than Computer & Computer Software which
are depreciated under SLM over a period of 3 years. Laptops provided to
students are depreciated on SLM basis over a period of 3 or 2 years as
the case may be depending on the duration of course undertaken by the
students. Further individual assets costing less than Rupees Five
Thousands are depreciated in full in the year of purchase.
Depreciation on additions and deletions to fixed assets is provided on
a pro-rata basis.
c) Investments
Long-term investments are valued at their acquisition cost. Any decline
in the value of the said investment, other than a temporary decline, is
recognized and charged to the Statement of Profit and Loss. Current
Investments are stated at lower of cost or fair value.
d) Revenue Recognition
Revenue from software services and consultancy is recognized as
follows:
_ The revenue from time and material contracts is recognized on the
basis of the time spent and materials
consumed as per the terms of the contract. _ In case of fixed price
contracts revenue is recognized on percentage completion basis based on
milestones defined in the contract. Foreseeable losses, if any, on
contract completion is provided for. Revenue from training is
recognized over the period of the course program. Revenue from
operations is accounted for net of Service Tax.
e) Use of estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent liabilities at the date of the
financial statements and the results of operations during the reporting
period. Although these estimates are based upon management''s best
knowledge of current events and actions, actual results could differ
from these estimates.
f) Current and Non Current assets and liabilities
An asset or liability is classified as current when it satisfies any of
the following criteria
(i) It is expected to be realized / settled, or is intended for sale or
consumption, in the Company''s normal operating
cycle:
(ii) It is held primarily for the purpose of being traded:
(iii) It is expected to be realized / due to be settled within twelve
months after the reporting date: or (iv) It is cash or cash equivalent
unless it is restricted from being exchanged or used to settle a
liability for at least
twelve months after the reporting date or (v) The Company does not have
an unconditional right to defer settlement of the liability for at
least twelve months
after the reporting date
g) Foreign Currency Transactions
Transactions in foreign currency are accounted for at the rates
prevailing on the date of the transaction. Monetary assets and
liabilities in foreign currencies at the year-end are restated at the
exchange rates prevailing on that date. Gain/loss arising out of
exchange fluctuation on settlement or such restatement are accounted
for in the Statement of Profit and Loss, except to the extent these
relate to acquisition of fixed assets, in which case these are adjusted
to the carrying value of the related fixed assets.
h) Leases
_ Operating Leases Rentals are expensed with reference to lease terms
and other considerations.
i) Employee Benefits
(i) Contribution to employee provident fund is charged to revenue on a
monthly basis
(ii) Liability for retrial, gratuity and un-availed earned leave is
provided for based on an independent actuarial valuation report as per
the requirements of Accounting Standard  15 (revised) on "Employee
Benefits".
(iii) Employee benefits of short-term nature are recognized as expense
as and when it accrues. Long term employee benefits (e.g. long-service
leave) and post employments benefits (e.g. gratuity), both funded and
unfunded, are recognized as expense based on actuarial valuation.
j) Taxation
Current Tax in respect of taxable income of the year is provided for
based on applicable tax rates and laws. Deferred tax is recognized
subject to the consideration of prudence in respect of deferred tax
assets, on timing differences, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods and is measured
using tax rates and laws that have been enacted or substantively
enacted by the Balance Sheet date. Deferred tax assets / liabilities
are reviewed at each Balance Sheet date.
k) Borrowing Cost
Borrowing cost attributable to the acquisition and contribution of
qualifying assets are added to the cost up to date when such assets are
ready for their intended use. Other borrowings cost are recognized as
expense in the period in which these are incurred.
l) Contingencies
Contingencies, which can be reasonably ascertained, are provided for
if, in the opinion of the Company, there is a probability that the
future outcome may be materially adverse to the Company.
m) Prior Period and Extra Ordinary Items and Changes in Accounting
Policies
Prior Period and Extra Ordinary Items and Changes in Accounting
Policies having material impact on the financial affairs of the Company
are disclosed.
Mar 31, 2012
A) Basis of Preparation of Financial Statement The Company generally
follows mercantile system of accounting unless otherwise stated and
recognizes income and expenditure on accrual basis except those with
significant uncertainties. The accounts have been prepared in
accordance with historical cost convention method.
b) Fixed Assets and Depreciation Fixed assets comprising both tangible
and intangible items at cost less depreciation. The Company
capitializes all costs relating to acquisition of fixed assets. Cost
of Software expected to be used on long-term basis is capitalized.
Depreciation (including amortization) on fixed assets is provided using
straight-line method(SLM) at the rates prescribed in schedule XIV of
the Companies Act 1956, other than Computer & Computer Software and
Laptops provided to students which are also depreciated under SLM over
a period of 3 years and 2 years respectively.
Further individual assets costing less than Rupees Five Thousands are
depreciated in full in the year of purchase.
Depreciation on additions and deletions to fixed assets is provided on
a pro-rata basis.
c) Investments Long-term investments are valued at their acquisition
cost. Any declining in the value of the said investment, other than a
temporary decline, is recognized and charged to the statement of Profit
and Loss.
d) Revenue Recognition Revenue from software services and consultancy
is recognized as follows:
- The revenue from time and material contracts is recognized on the basis
of the time spent and materials consumed as per the terms of the
contract.
- In case of fixed price contracts revenue is recognized on percentage
completion basis based on milestones defined in the contract.
Foreseeable losses, if any, on contract completion is provided for.
Revenue from training is recognized over the period of the course
program. Revenue from operations is accounted of net of Service Tax.
e) Use of estimates The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements and the results of
operations during the reporting period. Although these estimates are
based upon management's best knowledge of current events and
actions, actual results could differ from these estimates.
f) Current & Non Current assets and liabilities An asset or liability
is classified as current when it satisfies any of the following
criteria
i) It is expected to be realized/ settled, or is intended for sale or
consumption, in the Company's normal operating cycle:
ii) It is held primarily for the purpose of being traded:
iii) It is expected to be realized/due to be settled within twelve
months after the reporting date: or
iv) It is cash or cash equivalent unless it is restricted from being
exchanged or used to settle a liability for at least twelve months
after the reporting date of
v) The Company does not have an unconditional right to defer settlement
of the liability for at least twelve months after the reporting date.
g) Foreign Currency Transactions Transactions in foreign currency are
accounted for at the rates prevailing on the date of the transaction.
Monetary assets and liabilities in foreign currencies at the year-end
are restated at the exchange rates prevailing on that date. Gain/Loss
arising out of exchange fluctuation on settlement or such restatement
are accounted for in the Statement of Profit and Loss, except to the
extent these relate to acquisition of fixed assets, in which case these
are adjusted to the carrying value of the related fixed assets.
h) Leases Operating Leases - Rentals are expensed with reference to
lease terms and other considerations.
i) Employee Benefits
(i) Contribution to employee provident fund is charged to revenue on a
monthly basis
(ii) Liability for retrial, gratuity and un-availed earned leave is
provided for based on an independent actuarial valuation report as per
the requirements of Accounting Standard - 15(revised) on "Employee
Benefits".
(iii) Employee benefits of short-term nature are recognized as expense
as and when it accrues. Long term employee benefits(e.g. long-service
leave) and past employments benefits (e.g. gratuity), both funded and
unfunded, are recognized as expense based on actuarial valuation.
j) Taxation
Current Tax in respect of taxable income of the year is provided for
based on application tax rates and laws.
Deferred tax is recognized subject to the considerations of prudence in
respect of deferred tax asset, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and is measured using tax rates and laws that have been enacted
or substantively enacted by the Balance Sheet date. Deferred tax
assets/liabilities are reviewed at each Balance sheet date.
k) Borrowing Cost Borrowing cost attributable to the acquisition and
contribution of qualifying assets are added to the cost up to date when
such assets are read for their intended use. Other borrowings cost are
recognized as expenses in the period in which these are incurred .
l) Contingencies Contingencies, which can be reasonably ascertained,
are provided for it, in the opinion of the company, there is a
probability that the future outcome may be materially adverse to the
Company.
m) Prior Period and Extra Ordinary Items and Changes in Accounting
Policies Prior Period and Extra Ordinary items and changes in
Accounting Policies having material impact on the financial affairs of
the Company are disclosed.
Mar 31, 2011
A) Basis of Preparation of Financial Statement
The financial statements of the Company are prepared on accrual basis
and under historical cost convention.
b) Fixed Assets and Depreciation
Fixed assets comprising both tangible and intangible items are stated
at cost less depreciation. The Company capitalizes all costs relating
to acquisition of fixed assets. Cost of Software expected to be used on
long-term basis is capitalized.
Depreciation (including amortization) on fixed assets is provided using
straight-line method (SLM) at the rates prescribed in schedule XIV of
the Companies Act 1956, other than Computer & Computer Software and
Laptops provided to students which are also depreciated under SLM over
a period of 3 years and 2 years respectively.
Further individual assets costing less than Rupees Five Thousands are
depreciated in full in the year of purchase.
Depreciation on additions and deletions to fixed assets is provided on
a pro-rata basis.
c) Investments
Long-term investments are valued at their acquisition cost. Any decline
in the value of the said investment, other than a temporary decline, is
recognized and charged to the Profit and Loss Account.
Current Investments are stated at lower of cost or fair value.
d) Revenue Recognition
Revenue from software services and consultancy is recognized as
follows:
- The revenue from time and material contracts is recognized on the
basis of the time spent and materials consumed as per the terms of the
contract.
- In case of fixed price contracts revenue is recognized on percentage
completion basis based on milestones defined in the contract.
Foreseeable losses, if any, on contract completion is provided for.
Revenue from training is recognized over the period of the course
program.
e) Foreign Currency Transactions
Transactions in foreign currency are accounted for at the rates
prevailing on the date of the transaction. Monetary assets and
liabilities in foreign currencies at the year-end are restated at the
exchange rates prevailing on that date. Gain/loss arising out of
exchange fluctuation on settlement or such restatement are accounted
for in the profit and loss account, except to the extent these relate
to acquisition of fixed assets, in which case these are adjusted to the
carrying value of the related fixed assets.
f) Leases
Operating Leases- Rentals are expensed with reference to lease terms
and other considerations.
g) Employee Benefits
(i) Contribution to employee provident fund is charged to revenue on a
monthly basis
(ii) Liability for retiral, gratuity and un-availed earned leave is
provided for based on an independent actuarial valuation report as per
the requirements of Accounting Standard à 15 (revised) on "Employee
Benefits".
(iii) Employee benefits of short-term nature are recognized as expense
as and when it accrues. Long term employee benefits (e.g. long-service
leave) and post employments benefits (e.g. gratuity), both funded and
unfunded, are recognized as expense based on actuarial valuation.
h) Taxation
Current Tax in respect of taxable income of the year is provided for
based on applicable tax rates and laws.
Deferred tax is recognized subject to the consideration of prudence in
respect of deferred tax assets, on timing differences, being the
difference between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods and is measured using tax rates and laws that have been enacted
or substantively enacted by the Balance Sheet date. Deferred tax assets
/ liabilities are reviewed at each Balance Sheet date.
i) Borrowing Cost
Borrowing cost attributable to the acquisition and contribution of
qualifying assets are added to the cost up to date when such assets are
ready for their intended use. Other borrowings cost are recognized as
expenses in the period in which these are incurred.
j) Contingencies
Contingencies, which can be reasonably ascertained, are provided for
if, in the opinion of the Company, there is a probability that the
future outcome may be materially adverse to the Company.
k) Prior Period and Extra Ordinary Items and Changes in Accounting
Policies
Prior Period and Extra Ordinary Items and Changes in Accounting
Policies having material impact on the financial affairs of the Company
are disclosed.
Mar 31, 2010
The financial statements of the Company are prepared on accrual basis
and under historical cost convention. The significant accounting
policies adopted by the Company are detailed below:
a) Fixed Assets and Depreciation
Fixed assets comprising both tangible and intangible items are stated
at cost less depreciation. The Company capitalizes all costs relating
to acquisition of fixed assets. Cost of Software expected to be used on
long-term basis is capitalized.
Depreciation (including amortization) on fixed assets is provided using
straight-line method (SLM) at the rates prescribed in schedule XIV of
the Companies Act 1956, other than Computer & Computer Software and
Laptops provided to students which are also depreciated under SLM over
a period of 3 years and 2 years respectively.
Further individual assets costing less than Rupees Five Thousands are
depreciated in full in the year of purchase.
Depreciation on additions and deletions to fixed assets is provided on
a pro-rata basis.
b) Investments
Long-term investments are valued at their acquisition cost. Any decline
in the value of the said investment, other than a temporary decline, is
recognized and charged to the profit and loss account.
Current investments are stated at lower of cost or fair value.
c) Revenue Recognition
Revenue from software services and consultancy is recognized as
follows:
The revenue from time and material contracts is recognized on the basis
of the time spent and materials consumed as per the terms of the
contract.
In case of fixed price contracts revenue is recognized on percentage
completion basis based on milestones defined in the contract.
Foreseeable losses, if any, on contract completion is provided for.
Revenue from training is recognized over the period of the course
program.
d) Foreign Currency Transactions
Transactions in foreign currency are accounted for at the rates
prevailing on the date of the transaction. Monetary assets and
liabilities in foreign currencies at the year-end are restated at the
exchange rates prevailing on that date. Gain/loss arising out of
exchange fluctuation on settlement or such restatement are accounted
for in the profit and loss account, except to the extent these relate
to acquisition of fixed assets, in which case these are adjusted to the
carrying value of the related fixed assets.
e) Leases
Lease payments under an operating lease recognized as expense in the
statement of profit and loss as per terms of lease agreement.
f) Retirement Benefits
(i) Contribution to employee provident fund is charged to revenue on a
monthly basis.
(ii) Liability for retiral, gratuity and unavailed earned leave is
provided for based on an independent actuarial valuation report as per
the requirements of Accounting Standard - 15 (revised) on "Employee
Benefits".
(iii) Employee benefits of short-term nature are recognized as expense
as and when it accrues. Long term employee benefits (e.g. long-service
leave) and post employments benefits (e.g. gratuity), both funded and
unfunded, are recognized as expense based on actuarial valuation.
g) Taxation
Current Tax in respect of taxable income of the year is provided for
based on applicable tax rates and laws. Deferred tax is recognized
subject to the consideration of prudence in respect of deferred fax
assets, on timing differences, being the difference between taxable
income and accounting income that originate in one period and are
capable of reversal in one or more subsequent periods and is measured
using tax rates and laws that have been enacted or substantively
enacted by the Balance Sheet date. Deferred tax assets / liabilities
are reviewed at each Balance Sheet date.
h) Borrowing Cost
Borrowing cost attributable to the acquisition and contribution of
qualifying assets are added to the cost up to date when such assets are
ready for their intended use. Other borrowings cost are recognized as
expenses in the period in which these are incurred.
i) Contingencies
Contingencies, which can be reasonably ascertained, are provided for
if, in the opinion of the Company, there is a probability that the
future outcome may be materially adverse to the Company.
j) Prior Period and Extra Ordinary Items and Changes in Accounting
Policies Prior Period and Extra Ordinary Items and Changes in
Accounting Policies having material impact on the financial affairs
of the Company are disclosed.
k) Material Events
Material Events occurring after the Balance Sheet date are taken into
consideration.