Mar 31, 2012
1 The Company has disclosed the turnover as net of total excise duty
(excluding difference of excise duty on closing stock and
opening stock). The excise duty related to the difference between the
closing stock and opening stock and excise duty paid but not recovered
is recognised separately in cost of raw materials consumed in the
Statement of Profit and Loss Account. The same is in accordance with
the Accounting Standard Interpretation 14 (Revised), "Disclosure of
Revenue from Sales Transactions" issued by the Council of The Institute
of Chartered Accountants of India.
2 Related Party Disclosures
a) Names of related parties and nature of relationship
(i) Parties which have substantial interest in Voting Power of the
Company
None
(ii) Subsidiary of the Company
None
(iii) Joint Venture
None
(iv) Other Related Parties with whom transactions have taken place
during the year
(v) Key Management Personnel ( Directors )
Ms. Nivedita Sen Mr. Sunil Shah Mr. Deepak Gawade
3 Segment Reporting:
The Business Segment has been considered as the primary segment for
disclosure. The categories included in each of the reported business
segments are as follows:
(i) Paper
The above business segment has been identified considering:
(i) The nature of the product
(ii) The deferring risk and returns
(iii) The internal financial reporting systems
Revenue and expenses has been accounted for based on the basis of their
relationship to the operating activities of the segment. Revenue and
expenses, which relate to the enterprise as a whole and are not
allocable to segments on a reasonable basis, have been included under
"Unallocable Expenses". Assets and Liabilities, which relate to the
enterprise as a whole and are not allocable to segments on a reasonable
basis, have been included under "Unallocable Assets/ Liabilities".
Inter-segment transfers are accounted for at competitive market prices
charged to unaffiliated customers for similar goods.
4 Operating Lease
The Company has significant operating leases for premises. These lease
arrangements range for a period between 11 months and 10 years, which
include both cancellable and noncancellable leases. Most of the leases
are renewable for further period on mutually agreeable terms and also
include escalation clauses.
5 The financial statements for the year ended March 31, 2011 had been
prepared as per the then applicable, pre-revised Schedule VI to the
Companies Act, 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year
ended March 31, 2012 are prepared as per Revised Schedule VI.
Accordingly, the previous year figures have also been reclassified to
conform to this year''s classification. The adoption of Revised Schedule
VI for previous year figures does not impact recognition and
measurement principles followed for preparation of financial
statements.
Mar 31, 2010
1. In the absence of taxable income provision for tax has not been
made, and company has also carry forward losses of the earlier years.
2. In the opinion of the Board, the current assets including loans and
advances, deposits are good and will fetch the same value as stated in
the accounts, if realised in the ordinary course of business and
adequate provision has been made for current liabilities.
3. In the absence of declaration by the Sundry Creditors with regard
to their status as Small Scale Undertaking wherever appropriate, it is
not possible to determine, the amount if any payable to the Sundry
Creditors falling within the meaning of Small Scale Industrial
Undertaking.
4. The Company is engaged in the business of development of computer
software and is capable or being expressed in any generic unit. Hence,
it is not possible to give the quantitative details of such sale and
the information required under paragraph 3, 4C and 4D of Part II of
Schedule VI of the Companies Act, 1956.
5. CIF value of imports: Not Applicable 9. Provision for Taxation :
(i) Provision for current tax is calculated on the basis of assessable
profits as determined under the income tax act,1961.
(ii) Deferred Taxation : In terms of Accounting Standard - 22, Deferred
Tax Assets (net) of Rs. 1,19,84,110/- has been recognized in the
accounts up to 31st March 2010. There is carried forward unabsorbed
depreciation and business losses as on the balance sheet date. In view
of the board of directors and based on the future profitability
projections, the company is certain that there would be sufficient
taxable income in the future, to claim the above tax credit.
6. Statutory records as required as per the requirements of the
Companies Act, 1956 are maintained by the company.
7. Additional information pursuant to part IV Of schedule VI to the
companies Act. 1956 regarding Balance Sheet Abstract and Company''s
general business profile is given in Annexure ''A''.
8. Previous year figures are regrouped, rearranged wherever
considered necessary.
Mar 31, 2009
1. No provision for taxation has been made, as the Company has
incurred the losses and also has a carry forward losses of the earlier
years.
2. In the opinion of the Board, the current assets including loans and
advances, deposits are good and will fetch the same value as stated in
the accounts, if realised in the ordinary course of business and
adequate provision has been made for current liabilities.
3. In the absence of declaration by the Sundry Creditors with regard
to their status as Small Scale Undertaking wherever appropriate, it is
not possible to determine, the amount if any payable to the Sundry
Creditors falling within the meaning of Small Scale Industrial
Undertaking.
4. The Company is engaged in the business of development of computer
software and is capable or being expressed in any generic unit. Hence,
it is not possible to give the quantitative details of such sale and
the information required under paragraph 3, 4C and 4D of Part II of
Schedule VI of the Companies Act, 1956.
5. CIF value of imports: Not Applicable
6. Provision for Taxation :
(i) Provision for current tax is calculated on the basis of assessable
profits as determined under the income tax act,1961. Provision for
fringe benefit tax has been made in accordance with the FBT act.
(ii) Deferred Taxation : In terms of Accounting Standard - 22, Deferred
Tax Assets (net) of Rs. 1,68,69,330/- has been recognized in the
accounts up to 31st March 2009. There is carried forward unabsorbed
depreciation and business losses as on the balance sheet date. In view
of the board of directors and based on the future profitability
projections, the company is certain that there would be sufficient
taxable income in the future, to claim the above tax credit.
7. RELATED PARTY DISCLOSURES:
Information given in accordance with the requirements of Accounting
Standard 18 on "Related Party Disclosures" by ICAI.
8. Statutory records as required as per the requirements of the
Companies Act, 1956 are maintained by the company.
9. Additional information pursuant to part IV Of schedule VI to the
companies Act. 1956 regarding Balance Sheet Abstract and Company''s
general business profile is given in Annexure ''A''.
10. Previous year figures are regrouped, rearranged wherever
considered necessary.
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