Mar 31, 2015
The financial statements have been prepared under the historical cost
convention in accordance with the Generally Accepted Accounting
Principles in India (Indian GAAP) to comply with the Accounting
Standard specified under section 133 of the Companies Act,2013 read
with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant
provisions of the Companies Act, 2013 as applicable.
A) Revenue Recognition:
Revenue from the sale of software is recognized when the rendering of
services under a contract is completed.
Dividend income is recognized when right to receive is established.
Profit/Loss on sale of investments is recognized on sale of
investments.
Interest on deployment of surplus funds is recognized using the
time-proportion method based on interest rates implicit in the
transaction.
B) Expenditure:
Expenditure is accounted on accrual basis and provision is made for all
known liabilities and losses. The company provides for leave encashment
and Bonus in the year of payment.
C) Employee Benefits:
Short Term Employee Benefits
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
Defined Contribution Plan
Company's contributions to employee's benefits fund are charged to
statement of Profit & Loss for the year in which contribution for the
same becomes due.
Defined Benefit Plan
Incremental expenditure on Gratuity for each year is arrived at as per
actuarial valuation and is recognized and charged to The Statement of
Profit and Loss in the year in which employee has rendered service.
D) Fixed Assets & Intangible assets:
Fixed assets are capitalized at acquisition cost including directly
attributable cost of bringing the assets to their working condition for
intended use. Intangible asset which includes software which is
capitalized as it is expected to provide future enduring economic
benefits to the company. The capitalization cost includes all directly
attributable costs to such intangible asset
E) Depreciation:
Depreciation has been provided on Straight Line Method as per the
Schedule II to the Companies Act, 2013. As regards addition,
deprecation has been provided on pro-rata basis from the date the
assets are put to use during the financial year. In respect of asset
sold or disposed off during the year, deprecation is provided till the
date of sale/disposal of the assets.
F) Investments:
Investments are classified into non current investments and current
investments.
Non current investments are carried at cost inclusive of all expenses
incidental to their acquisition. A provision for diminution is made to
recognize a decline, other than temporary, in the value of long term
investments.
Current investments are stated at lower of cost or fair market value.
G) Inventories:
Inventories are valued only for final products at the rates contained
in customer's pro-forma invoice, as the sale is assured under a
contract.
H) Foreign Currency Transactions:
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise. Premium or discount on forward contracts
is amortized over the life of such contract and is recognized as income
or expense.
I) Provision for Current & Deferred Tax:
Current Tax: Provision is made for income tax on yearly basis, under
the tax-payable method, based on tax liability, as computed after
taking credit for allowances and exemptions.
Deferred Tax: Deferred tax liability or assets is recognized 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. Deferred tax assets and liabilities are
measured using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of losses are recognized only to the extent that there is
virtual certainty that sufficient taxable income will be available to
realize these assets. All other deferred tax assets are recognized only
to the extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
J) Impairment of Assets
At each balance sheet date, the management reviews the carrying amount
of its assets included in each cash generating unit to determine
whether there is any indication that those assets were impaired. If any
such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of impairment loss.
Recoverable amount is higher of an asset's net selling price and its
value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of the useful life. The assets were last
impaired on 31.03.2008 by decreasing the value of Assets by Rs.
71,00,000.
Mar 31, 2014
Accounts are prepared on the basis of Going Concern concept and under
the Historical Cost Convention. The Company generally follows
Mercantile System of accounting, recognizes Income & Expenditure on
accrual basis in preparation of its accounts and complies with
generally accepted accounting principles in India and relevant
provisions of the Companies Act, 1956.
A ) Revenue Recognition:
Revenue from the sale of software is recognized when the rendering of
services under a contract is completed.
Dividend income is recognized when right to receive is established.
Profit/Loss on sale of investments is recognized on sale of
investments.
Interest on deployment of surplus funds is recognized using the
time-proportion method based on interest rates implicit in the
transaction.
B) Expenditure:
Expenditure is accounted on accrual basis and provision is made for all
known liabilities and losses. The company provides for leave encashment
and Bonus in the year of payment.
C) Employee Benefits: Short Term Employee Benefits
Short-term employee benefits are recognized as an expense at the
undiscounted amount in the statement of profit and loss of the year in
which the related service is rendered.
Defined Contribution Plan
Company''s contributions to employee''s benefits fund are charged to
statement of Profit & Loss for the year in which contribution for the
same becomes due.
Defined Benefit Plan
Incremental expenditure on Gratuity for each year is arrived at as per
actuarial valuation and is recognized and charged to The Statement Of
Profit and Loss in the year in which employee has rendered service.
D) Fixed Assets, Intangible assets & Capital Work-in-Progress:
Fixed assets are capitalized at acquisition cost including directly
attributable cost of bringing the assets to their working condition for
intended use.
E) Depreciation:
Depreciation has been provided on Straight Line Method in accordance
with the rates and in the manner specified in schedule XIV of the
Companies Act, 1956.
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year.
F) Investments:
Investments are classified into non current investments and current
investments.
Non current investments are carried at cost inclusive of all expenses
incidental to their acquisition. A provision for diminution is made to
recognize a decline, other than temporary, in the value of long term
investments. Current investments are stated at lower of cost or fair
market value.
The change in carrying amount of current investments, if any, is
charged or credited to the profit and loss account as the case may be.
G) Inventories:
Inventories are valued only for final products at the rates contained
in customer''s pro-forma invoice, as the sale is assured under a
contract.
H) Foreign Currency Transactions:
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise. Premium or discount on forward contracts
is amortized over the life of such contract and is recognized as income
or expense.
I) Provision for Current & Deferred Tax:
Current Tax: Provision is made for income tax on yearly basis, under
the tax-payable method, based on tax liability, as computed after
taking credit for
allowances and exemptions.
Deferred Tax: Deferred tax liability or assets is recognized 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. Deferred tax assets and liabilities are
measured using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of losses are recognized only to the extent that there is
virtual certainty that sufficient taxable income will be available to
realize these assets. All other deferred tax assets are recognized
only to the extent that there is reasonable certainty that sufficient
future taxable income will be available to realize these assets.
J) Impairment of Assets
At each balance sheet date, the management reviews the carrying amount
of its assets included in each cash generating unit to determine
whether there is any indication that those assets were impaired. If any
such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of impairment loss.
Recoverable amount is higher of an asset''s net selling price and its
value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of the useful life. The assets were last
impaired on 31.03.2008 by decreasing the value of Assets by Rs.
71,00,000.
Mar 31, 2013
Accounting Policies:
Accounts are prepared on the basis of Going Concern concept and under
the Historical Cost Convention. The Company generally follows
Mercantile System H of accounting, recognizes Income & Expenditure on
accrual basis in preparation of its accounts and complies with
generally accepted accounting principles ¦ in India and relevant
provisions of the Companies Act, 1956.
A) Revenue Recognition:
Revenue from the sale of software is recognized when the rendering of
services under a contract is completed.
Dividend income is recognized when right to receive is established.
Profit/Loss on sale of investments is recognized on sale of
investments.
Interest on deployment of surplus funds is recognized using the time
proportion method based on interest rates implicit in the transaction.
B) Expenditure:
Expenditure is accounted on accrual basis and provision is made for all
known liabilities and losses. The company provides for leave encashment
and Bonus in the year of payment
C) Employee Benefits:
Company''s contributions paid/payable during the year to Employee State
Insurance, Provident Fund, Gratuity are recognized in the Profit and
Loss Account as per revised Accounting Standard 15.
D) Fixed Assets, Intangible assets & Capital Work-in-Progress:
Fixed assets are capitalized at acquisition cost including directly
attributable cost of. bringing the assets to their working condition
for intended use.
E) Depreciation:
Depreciation has been provided on Straight Line Method in accordance
with the rates and in the manner specified in schedule XIV of the
Companies Act, 1956.
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year.
F) Investments:
Investments are classified into non current investments and current
investments.
Non current investments are carried at cost inclusive of all expenses
incidental to their acquisition. A provision for diminution is made to
recognize a decline, other than temporary, in the value of long term
investments.
Current investments are stated at lower of cost or fair market value.
The change in carrying amount of current investments, if any, is
charged or credited to the profit and loss account as the case may be.
G) Inventories:
Inventories are valued only for final products at the rates contained
in customers pro-forma invoice, as the sale is assured under a contract
H) Foreign Currency Transactions:
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates.
Exchange differences arising on settlement of transactions and
translation of monetary Hems are recognized as income or expense in the
year in which they arise.
Premium or discount on forward contracts is amortized over the life of
such contract and is recognized as income or expense.
I) Provision for Current & Deferred Tax:
Current Tax: Provision is made for income tax on yearly basis, under
the tax-payable method, based on tax liability, as computed after
taking credit for allowances and exemptions.
Deferred Tax: Deferred tax liability or assets is recognized 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. Deferred tax assets and liabilities are
measured using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of tosses are recognized only to the extent that there is
virtual certainty that '' sufficient taxable income will be available to
realize these assets. All other deferred tax assets are recognized only
to the extent that there is reasonable certainty that sufficient future
taxable income will be available to realize these assets.
J) Impairment of Assets
At each balance sheet date, the management reviews the carrying amount
of its assets included in each cash generating unit to determine
whether there is any indication that those assets were impaired, if any
such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent of impairment loss.
Recoverable amount is higher of an asset''s net selling price and its
value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of the useful life. The assets were last
impaired on 31.03.2008 by decreasing the value of Assets by Rs.
71,00,000.
Mar 31, 2010
Accounts are prepared on the basis of Going Concern concept and under
the Historical Cost Convention. The Company generally follows
Mercantile System of accounting, recognizes Income & Expenditure on
accrual basis in preparation of its accounts and complies with
generally accepted accounting principals in India and relevant
provisions of the Companies Act, 1956.
01) Revenue Recognition:
Revenue from the sale of software is recognized when the rendering of
services under a contract is completed.
Dividend income is accounted on receipt basis.
Profit/Loss on sale of investments is recognized on sale of
investments.
Interest on deployment of surplus funds is recognized using the
time-proportion method based on interest rates implicit in the
transaction.
02) Expenditure:
Expenditure is accounted on accrual basis and provision is made for all
known liabilities and losses. The company provides for leave encashment
in the year of payment.
03) Employee Benefits:
Companys contributions paid/payable during the year to Employee State
Insurance, Provident Fund and Gratuity are recognized in the Profit and
Loss Account as per revised Accounting Standard 15.
04) Fixed Assets, Intangible assets & Capital Work-in-Progress:
Fixed assets are capitalized at acquisition cost including directly
attributable cost of bringing the assets to their working condition for
intended use.
05) Depreciation:
Depreciation has been provided on Straight Line Method in accordance
with the rates and in the manner specified in schedule XIV of the
Companies Act, 1956. Depreciation is charged on a pro-rata basis for
assets purchased/sold during the year.
06) Investments:
Investments are classified into long term and current investments.
Long-term investments are carried at cost inclusive of all expenses
incidental to their acquisition. A provision for diminution is made to
recognize a decline, other than temporary, in the value of long term
investments.
Current investments are stated at-lower of cost or fair market value.
The change in carrying amount of current investments, if any, is
charged or credited to the profit and loss account as the case may be.
07) Inventories:
Inventories are valued only for final products at the rates contained
in customers pro-forma invoice, as the sale is assured under a
contract.
08) Foreign Currency Transactions:
Transactions in foreign currencies are recorded at the exchange rates
prevailing on the date of the transaction. Foreign currency monetary
assets and liabilities are translated at year end exchange rates.
Exchange differences arising on settlement of transactions and
translation of monetary items are recognized as income or expense in
the year in which they arise. Premium or discount on forward contracts
is amortized over the life of such contract and is recognized as income
or expense.
09) Provision for Current & Deferred Tax:
Current Tax: Provision is made for income tax on yearly basis, under
the tax-payable method, based on tax liability, as computed after
taking credit for allowances and exemptions.
Deferred Tax: Deferred tax liability or assets is recognized 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. Deferred tax assets and liabilities are
measured using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of losses are recognized only to the extent that there is
virtual certainty that
sufficient taxable income will be available to realize these assets.
All other deferred tax assets are recognized only to the extent that
there is reasonable
certainty that sufficient future taxable income will be available to
realize these assets.
10) impairment of Assets
At each balance sheet date, the management reviews the carrying amount
of its assets included in each cash generating unit to determine
whether there is any indication that those assets were impaired. If any
such indication exists, the recoverable amount of the asset is
estimated in order to determine the extent.of impairment loss.
Recoverable amount is higher of an assets net selling price and its
value in use. Value in use is the present value of estimated future
cash flows expected to arise from the continuing use of an asset and
from its disposal at the end of the useful life.
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