Mar 31, 2015
A) Basis of Preparation of Financial Statements:
i) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India and relevant presentational
requirements of the Companies Act, 2013.
ii) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
iii) All income and expenditure items having material bearing on the
financial statements are recognised on accrual basis.
a) Use of Estimates:
The preparation of financial statements in conformity with the
generally accepted accounting principles requires estimates and
assumptions to be made that affect the reported amounts of assets and
liabilities on the date of financial statements and the reported
amounts of revenues and expenses during the reported period.
Differences between the actual results and estimates are recognised in
the period in which the results are known or materialized.
b) Fixed Assets:
Fixed Assets are stated at acquisition cost (net of modvat / cenvat, if
any) including directly attributable cost of bringing them to their
respective working conditions for the intended use less accumulated
depreciation. All costs, including financing/borrowing cost till
commencement of commercial production attributable to the fixed assets
have been capitalized.
c) Revenue Recognition of Income & Expenditure:
All income and expenditure are accounted on accrual basis.
Sale of telecom equipments
Revenue is recognized when significant risks and rewards of ownership
of goods have passed to the buyer and is disclosed including Sales tax
and Carriage outwards and excluding returns, as applicable.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d) Depreciation:
Pursuant to the enactment of the Companies Act, 2013 ('the act'), the
company has provided depreciation under written down value method as
per Part C of the Schedule II of the Companies Act, 2013 except the
useful lives of Furniture & Fixtures, Optical Test Equipment, R&D
Equipment. The same were reviewed by the management to reflect periods
over which these assets are expected to be used. The details of
estimate useful lives of these assets are given below:
Particulars Life in Years
Furniture & Fixtures 15
Optical Test Equipment 18
R&D Equipment 18
Intangible Asset - Software 3
e) Inventories:
Raw materials are valued at cost on FIFO basis. Finished Goods are
valued at cost or net realizable value whichever is lower.
f) Investments:
Investments made by the company are primarily of long term nature and
are valued at cost. Provision will be made for decline, other than
temporary, in the value of investments.
g) Foreign Currency Transactions:
Transactions denominated in foreign currencies are normally recorded at
the exchange rates prevailing on the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. In case of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and rate
on the date of the contract is recognized as exchange difference and
the premium paid on forward contracts is recognised over the life of
the contract. Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is recognised as revenue except incases
where they relate to acquisition of fixed asset in which case they are
adjusted to the carrying cost of such asset.
h) Retirement Benefits:
Gratuity: Liability towards gratuity is provided on the basis of
actuarial valuation made by an independent actuary.
Provident Fund: The periodic contributions to Statutory Provident Fund
are charged to revenue.
Leave Encashment: Liability towards leave encashment is provided on the
basis of actuarial valuation made by an independent actuary.
i) Earning per Share:
The Company reports its Earnings per Share (EPS) in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India.
j) Taxes on Income:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company. Deferred tax asset
/ liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred tax
asset / liability are measured as per the tax rates / laws that have
been enacted or substantively enacted by the Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in notes.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
l) Investment in Chit Fund:
The company will arrive profit/loss on chit investments in the year of
closure of respective chit subscription.
Mar 31, 2014
A) Basis of Preparation of Financial Statements:
i) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India and relevant presentational
requirements of the Companies Act, 1956.
ii) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
iii) All income and expenditure items having material bearing on the
financial statements are recognised on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at acquisition cost (net of modvat / cenvat, if
any) including directly attributable cost of bringing them to their
respective working conditions for the intended use less accumulated
depreciation. All costs, including financing/borrowing cost till
commencement of commercial production attributable to the fixed assets
have been capitalized.
c) Revenue Recognition of Income & Expenditure:
All income and expenditure are accounted on accrual basis.
Sale of telecom equipments
Revenue is recognized when significant risks and rewards of ownership
of goods have passed to the buyer and is disclosed including Sales tax
and Carriage outwards and excluding returns, as applicable.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d) Depreciation:
Depreciation on fixed assets is provided on Written down method at the
rates specified in Schedule XIV of the Companies Act, 1956.
e) Inventories:
Raw materials are valued at cost on FIFO basis. Finished Goods are
valued at cost or net realizable value whichever is lower.
f) Investments:
Investments made by the company are primarily of long term nature and
are valued at cost. Provision will be made for decline, other than
temporary, in the value of investments.
g) Foreign Currency Transactions:
Transactions denominated in foreign currencies are normally recorded at
the exchange rates prevailing on the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. In case of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and rate
on the date of the contract is recognized as exchange difference and
the premium paid on forward contracts is recognised over the life of
the contract. Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is recognised as revenue except incases
where they relate to acquisition of fixed asset in which case they are
adjusted to the carrying cost of such asset.
h) Retirement Benefits:
Gratuity: Liability towards gratuity is provided on the basis of
actuarial valuation made by an independent actuary. Provident Fund:
The periodic contributions to Statutory Provident Fund are charged to
revenue.
i) Earning per Share:
The Company reports its Earnings per Share (EPS) in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India.
j) Taxes on Income:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company. Deferred tax asset
/ liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred
tax asset / liability are measured as per the tax rates / laws that
have been enacted or substantively enacted by the Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in notes.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
l) Investment in Chit Fund:
The company will arrive profit/loss on chit investments in the year of
closure of respective chit subscription.
Terms attached to equity shares
The company has one class of equity shares having a par value of Rs.5/-
per share. Each shareholder is eligible for one vote per share held. In
the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts, in proportion to their shareholdings.
Cash Credit from State Bank of Hyderabad is secured by Hypothecation of
fixed assets and raw materials, semi-finished, finished goods and
sundry debtors of the company and guaranteed by directors of the
company in their personal capacities.
Mar 31, 2013
A) Basis of Preparation of Financial Statements:
i) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India and relevant presentational
requirements of the Companies Act, 1956.
ii) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
iii) All income and expenditure items having material bearing on the
financial statements are recognised on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at acquisition cost (net of modvat / cenvat, if
any) including directly attributable cost of bringing them to their
respective working conditions for the intended use less accumulated
depreciation. All costs, including financing/borrowing cost till
commencement of commercial production attributable to the fixed assets
have been capitalized.
c) Revenue Recognition of Income & Expenditure:
All income and expenditure are accounted on accrual basis.
Sale of telecom equipments
Revenue is recognized when significant risks and rewards of ownership
of goods have passed to the buyer and is disclosed including Sales tax
and Carriage outwards and excluding returns, as applicable.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d) Depreciation:
Depreciation on fixed assets is provided on Written down method at the
rates specified in Schedule XIV of the Companies Act, 1956.
e) Inventories:
Raw materials are valued at cost on FIFO basis. Finished Goods are
valued at cost or net realizable value whichever is lower.
f) Investments:
Investments made by the company are primarily of long term nature and
are valued at cost. Provision will be made for decline, other than
temporary, in the value of investments.
g) Foreign Currency Transactions:
Transactions denominated in foreign currencies are normally recorded at
the exchange rates prevailing on the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. In case of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and rate
on the date of the contract is recognized as exchange difference and
the premium paid on forward contracts is recognised over the life of
the contract. Non-monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is recognised as revenue except incases
where they relate to acquisition of fixed asset in which case they are
adjusted to the carrying cost of such asset.
h) Retirement Benefits:
Gratuity: Liability towards gratuity is provided on the basis of
actuarial valuation made by an independent actuary.
Provident Fund: The periodic contributions to Statutory Provident Fund
are charged to revenue.
i) Earning per Share:
The Company reports its Earnings per Share (EPS) in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India.
j) Taxes on Income:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company. Deferred tax asset
/ liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred tax
asset / liability are measured as per the tax rates / laws that have
been enacted or substantively enacted by the Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in notes.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2012
A) Basis of Preparation of Financial Statements:
i) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India and relevant presentational
requirements of the Companies Act, 1956.
ii) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
iii) All income and expenditure items having material bearing on the
financial statements are recognised on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at acquisition cost (net of modvat / cenvat, if
any) including directly attributable cost of bringing them to their
respective working conditions for the intended use less accumulated
depreciation. All costs, including financing/borrowing cost till
commencement of commercial production attributable to the fixed assets
have been capitalized.
c) Revenue Recognition of Income & Expenditure:
All income and expenditure are accounted on accrual basis.
Sale of telecom equipments
Revenue is recognized when significant risks and rewards of ownership
of goods have passed to the buyer and is disclosed including Sales tax
and Carriage outwards and excluding returns, as applicable.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d) Depreciation:
Depreciation on fixed assets is provided on Written down method at the
rates specified in Schedule XIV of the Companies Act, 1956.
e) Inventories:
Raw materials are valued at cost on FIFO basis. Finished Goods are
valued at cost or net realizable value whichever is lower.
f) Investments:
Investments made by the company are primarily of long term nature and
are valued at cost. Provision will be made for decline, other than
temporary, in the value of investments.
g) Foreign Currency Transactions:
T ransactions denominated in foreign currencies are normally recorded
at the exchange rates prevailing on the date of the transaction.
Monetary items denominated in foreign currencies at the year end are
restated at year end rates. In case of monetary items which are covered
by forward exchange contracts, the difference between the year end rate
and rate on the date of the contract is recognized as exchange
difference and the premium paid on forward contracts is recognised over
the life of the contract. Non- monetary foreign currency items are
carried at cost. Any income or expense on account of exchange
difference either on settlement or on translation is recognised as
revenue except incases where they relate to acquisition of fixed asset
in which case they are adjusted to the carrying cost of such asset.
h) Retirement Benefits:
Gratuity: Liability towards gratuity is provided on the basis of
actuarial valuation made by an independent actuary.
Provident Fund: The periodic contributions to Statutory Provident Fund
are charged to revenue.
i) Earning per Share:
The Company reports its Earnings per Share (EPS) in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India.
j) Taxes on Income:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company. Deferred tax asset
/ liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred tax
asset / liability are measured as per the tax rates / laws that have
been enacted or substantively enacted by the Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in notes.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2011
A) Basis of Preparation of Financial Statements :
i) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India and relevant presentational
requirements of the Companies Act, 1956.
ii) Accounting policies not specificallv referred to otherwise are in
consonance with prudent accounting principles.
iii) All income and expenditure items having material bearing on the
financial statements are recognised on accrual basis.
b) Fixed Assets :
Fixed Assets are stated at acquisition cost (net of modvat / cenvat, if
any) including directly attributable cost of bringing them to their
respective working conditions for the intended use less accumulated
depreciation. All costs, including financing/ borrowing cost till
commencement of commercial production attributable to the fixed assets
have been capitalized.
c) Revenue Recognition of Income & Expenditure :
All income and expenditure are accounted on accrual basis.
Sale of telecom equipments
Revenue is recognized when significant risks and rewards of ownership
of goods have passed to the buyer and is disclosed including Sales tax
and Carriage outwards and excluding returns, as applicable.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d) Depreciation:
Depreciation on fixed assets is provided on Written down method at the
rates specified in Schedule XIV of the Companies Act, 1956.
e) Inventories:
Raw materials are valued at cost on FIFO basis. Finished Goods are
valued at cost or net realizable value whichever is lower.
f) Investments:
Investments made by the company are primarily of long term nature and
are valued at cost. Provision will be made for decline, other than
temporary, in the value of investments.
g) Foreign Currency Transactions :
Transactions denominated in foreign currencies are normally recorded at
the exchange rates prevailing on the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. In case of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and rate
on the date of the contract is recognized as exchange difference and
the premium paid on forward contracts is recognised over the life of
the contract. Non- monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is recognised as revenue except incases
where they relate to acquisition of fixed asset in which case they are
adjusted to the carrying cost of such asset.
h) Retirement Benefits:
Gratuity: Liability towards gratuity is provided on the basis of
actuarial valuation made by an independent actuary.
Provident Fund: The periodic contributions to Statutory Provident Fund
are charged to revenue.
i) Earning per Share :
The Company reports its Earnings per Share (EPS) in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India.
j) Taxes on Income :
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company. Deferred tax asset
/ liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred tax
asset / liability are measured as per the tax rates / laws that have
been enacted or substantively enacted by the Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets :
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in notes.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2010
A) Basis of Preparation of Financial Statements:
i) The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India, the applicable Accounting Standards issued by the
Institute of Chartered Accountants of India and relevant presentational
requirements of the Companies Act, 1956.
ii) Accounting policies not specifically referred to otherwise are in
consonance with prudent accounting principles.
iii) All income and expenditure items having material bearing on the
financial statements are recognised on accrual basis.
b) Fixed Assets:
Fixed Assets are stated at acquisition cost (net of modvat / cenvat, if
any) including directly attributable cost of bringing them to their
respective working conditions for the intended use less accumulated
depreciation. All costs, including financing/borrowing cost till
commencement of commercial production attributable to the fixed assets
have been capitalized.
c) Revenue Recognition of Income & Expenditure:
All income and expenditure are accounted on accrual basis.
Sale of telecom equipments
Revenue is recognized when significant risks and rewards of ownership
of goods have passed to the buyer and is disclosed including Sales tax
and Carriage outwards and excluding returns, as applicable.
Interest
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the rate applicable.
d) Depreciation:
Depreciation on fixed assets is provided on Written down method at the
rates specified in Schedule XIV of the Companies Act, 1956.
e) Inventories:
Raw materials are valued at cost on FIFO basis. Finished Goods are
valued at cost or net realizable value whichever is lower.
f) Investments:
Investments made by the company are primarily of long term nature and
are valued at cost. Provision will be made for decline, other than
temporary, in the value of investments.
g) Foreign Currency Transactions:
Transactions denominated in foreign currencies are normally recorded at
the exchange rates prevailing on the date of the transaction. Monetary
items denominated in foreign currencies at the year end are restated at
year end rates. In case of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and rate
on the date of the contract is recognized as exchange difference and
the premium paid on forward contracts is recognised over the life of
the contract. Non- monetary foreign currency items are carried at cost.
Any income or expense on account of exchange difference either on
settlement or on translation is recognised as revenue except incases
where they relate to acquisition of fixed asset in which case they are
adjusted to the carrying cost of such asset.
h) Retirement Benefits:
Gratuity: Liability towards gratuity is provided on the basis of
actuarial valuation made by an independent actuary.
Provident Fund: The periodic contributions to Statutory Provident Fund
are charged to revenue.
i) Earning per Share:
The Company reports its Earnings per Share (EPS) in accordance with
Accounting Standard 20 issued by the Institute of Chartered Accountants
of India.
j) Taxes on Income:
The current charge for income tax is calculated in accordance with the
relevant tax regulations applicable to the company. Deferred tax asset
/ liability is recognized for future tax consequences attributable to
the timing differences that result between the profit offered for
income tax and the profit as per the financial statements. Deferred tax
asset / liability are measured as per the tax rates / laws that have
been enacted or substantively enacted by the Balance Sheet date.
k) Provision, Contingent Liabilities and Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognised but are disclosed in Notes.
Contingent Assets are neither recognised nor disclosed in the financial
statements.
Mar 31, 2003
A) GENERAL : The finanacial statements are prepared under the
historical cost convention and comply in all material respects with the
mandatory Accounting Standards issued by the Institute of Chartered
Accountants of India and the relevant provisions of the companies Act,
1956 and the same is prepared on a going concern basis
b) Fixed Assets
All fixed assets are stated at cost less depreciation and any
attributable cost for bringing the asset to working conditions.
c) Revenue Recognition of Income & Expenditure
All income and expenditure are accounted on accrual basis.
d) Depreciation:
Depreciation on fixed assets is provided on written down value method
at the rates specified in Schedule XIV of the Companies Act, 1956.
e) Inventories
Raw materials are valued at cost Finished Goods are valued at cost or
net realizable value whichever is lower.