Mar 31, 2014
The financial statements have been prepared and presented under the
historical cost convention using the accrual basis of accounting in
accordance with the generally accepted accounting principles,
applicable Accounting Standards as prescribed under the Companies
(Accounting Standards) Rules, 2006 and provisons of the Companies Act,
1956.
Use of Estimates
The preparation of financial statements is conformity with the GAAP
(generally accepted accounting principles) requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting year. Differences between actual
results and estimates are recognized in the year in which the results
are known / materialized.
Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation. Cost
comprises of material cost, freight, duties, taxes, interest and other
incidental expenses related to aquistion and installation.
Depreciation / Amortization
Depreciation has been provided for on straight-line method at the rates
prescribed in Schedule XIV to the Companies Act, 1956.
Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to there
Profit and Loss Account in the year in which an asset is identified as
Impaired. The impairment loss recognised in prior accounting year is
reversed if there has been a change in the estimate of recoverable
amount.
Investments
Long term investments are stated at cost. Provision for diminution in
the value of long-term investments is made only if such a decline is
other than temparary. Inventories
Inventories are valued "at lower of cost and net realizable value".
Revenue Recognition
The company generally follows mercantile system of accounting and
recognises significant terms of income and expenditure on accrual
basis.
Revenue from Software & Retail Business consists primarily on account
of sale of goods and is recognised on delivery to the clients.
Borrowing Cost
Borrowing costs that are attributable to the acquisition of qualifying
assets are capitalised as a part of such assets. A qualifying asset is
one that necessarily takes substantial year of time to get ready for
intended use. All other borrowing costs are charged against revenue.
Research and Development
Expenditure incurred on Research & Development is charged to revenue
and fixed assets in the year it is incurred as per nature of expenses.
Taxation
Tax liability is estimated considering the provisions of the Income Tax
Act, 1961. Deferred tax resulting from "timing differences" between
book and taxable profit is accounted for using the tax rates and laws
that have been enacted or substantively enacted as on the Balance Sheet
date. The deferred tax asset is recognised and carried forward only to
the extent that there is a reasonable /virtual certainty that the asset
will be realised in future.
Cash Flow Statement
Cash Flow Statement has been prepared in accordance with indirect
method prescribed in Accounting Standard 3 issued by the Institite of
Chartered Accountants of India.
Earning Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating diluted earning per share, the net
profit or loss for the year attributable to equity shareholders and the
weighted average number of shares outstanding during the year are
adjusted for the effects of all dilative potential equity shares.
Provision, Contigent Liabilities and Contigent 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 the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Mar 31, 2012
Basis of Presentation
The financial statements have been prepared and presented under the
historical cost convention using the accrual basis of accounting in
accordance with the generally accepted accounting principles,
applicable Accounting Standards as prescribed under the Companies
(Accounting Standards} Rules, 2006 anc provisons of the Companies Act,
1956.
Use of Estimates
The preparation of financial statements is conformity with the GAAP
(generally accepted accounting principles) requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period Differences between actual
results and estimates are recognized in the period in whit Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation Cost
comprises of material cost, freight, duties, taxes, interest and other
incidental expenses related to aquiston and installation Depreciation I
Amorti ation
Depreciation has been provided for on straight-line method at the rales
prescribed in Schedule XIV to the Companies Act, 1956.
Impairment
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to there
Profit and loss Accoun in the period in which an asset is identified as
Impaired. The impairment loss recognised in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount.
Investments
Long term investments are stated at cost of acquistion.
Inventories
Inventories are valued 'at lower of cost and net realizable value"
Revenue Recognition
The company generally follows mercantile system of accounting and
recognises significant terms of income and expenditure on accrual
basis.
Revenue from Software & Retail Business consists primarily on account
of sale of goods and is recognised on delivery to the clients.
Borrowing Cost
Borrowing costs that are attributable to the acquisition of qualifying
assets are capitalised as a part of such assets. A qualifying asset is
one that necessarily takes substantial period of time to get ready for
intended use All other borrowing costs are charged against revenue.
Research and Development
Expenditure incurred on Research & Development is charged to revenue
and fixed assets in the period it is incurred as per nature of
expenses.
Taxation
Tax liability is estimaied considenng the provisions of the Income Tax
Act, 1961. Deferred tax resulting from 'timing differences' between
book and taxable profii is accounted for using the tax rates and laws
that have been enacted or substantively enacted as on the 8alance Sheet
date. The deferred tax asset is recognised and carried forward only lo
the extent that there is a reasonable /virtual certainty that the asset
will be realised in future.
Cash Flow Statement
Cash Flow Statement has been prepared in accordance with indirect
method prescribed in Accounting Standard 3 issued by the Institute of
Charterec Accountants of India.
Retirement Benefits
Liability for payment of Gratuity is accounted for on cash basis and
future liability on accruing basis has, however, not been actuarially
determined.
Earning Per Share
Basic earnings per share is calculated by dividing the net profit or
loss for the penod attributable to equity shareholders by the weighted
average number ol equity shares outstanding during the period.
For the purpose of calculating diluted earning per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
Provision, Contigent Liabilities and Contigeni 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 the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
Jan 31, 2010
1) Basis of Presentation
The financial statements have been prepared and presented under the
historical cost convention using the accrual basis of accounting in
accordance with the accounting principles generally accepted in India
and are in accordance with the applicable Accounting Standards,
Guidance Notes and the relevant provisions of the Companies Act, 1956.
2) Use of Estimates
The preparation of financial statements is conformity with the
generally accepted accounting principles requires the management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on
the date of financial statements and the reported amounts of revenues
and expenses during the reporting period. Differences between actual
results and estimates are recognized in the period in which the results
are known / materialized.
3) Revenue Recognition: Revenue from Activity:
a.The company generally follows mercantile system of accounting and
recognises significant terms of income and expenditure on accrual
basis.
b.Revenue from Software & Retail Business consists primarily on account
of sale of goods and is recognised on delivery to the clients.
4) Equipment and Depreciation (Fixed Assets)
a.Assets are stated at actual cost less accumulated depreciation. The
actual cost capitalised includes material cost, freight, installation
cost, duties and taxes, finance charges and other incidental expenses
incurred during the construction/installation stage.
b. Depreciation has been provided for on straight-line method at the
rates prescribed in Schedule XIV to the Companies Act, 1956 as amended
by the Central Governments Notification No. GSR Nodf. 756(E) dated
16.12.1993.
5)lnvestments
Investments are stated at cost of acquisition.
6) Inventories
Inventories are valued at Cost.
7) Software Development Expenses
Software Development Expenses includes the cost of subcontracting
consultancy and services. The software development expenses of
internally developed software are charged to the Profit & Loss account
for the year, in which the software development is completed and are
shown as extra ordinary items.
8) Borrowing Cost
Borrowing costs that are attributable to the acquisition of qualifying
assets are capitalised as a part of such assets. A qualifying asset is
one that necessarily takes substantial period of time to get ready for
intended use. All other borrowing costs are charged against revenue.
9) Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to there
Profit and Loss Account in the period in which an asset is identified
as Impaired. The impairment loss recognised in prior accounting period
is reversed if there has been a change in the estimate of recoverable
amount.
10)Research and Development
Expenditure incurred on Research & Development is charged to revenue
and fixed assets in the year it is incurred as per nature of expenses.
11)Taxation
Provisions for current tax are made after taking into consideration
benefits admissible under the provisions of the Income Tax Ac t, 1961.
Deferred tax resulting from "timing differences" between book and
taxable profit is accounted for using the tax rates and laws that have
been enacted or substantively enacted as on the Balance Sheet date. The
deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable /virtual certainty that the asset will be
realised in future. Provision for Income Tax includes provision for
current Tax & Deferred Tax liabilities / Assets.
12)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 the
notes. Contingent Assets are neither recognised nor disclosed in the
financial statements.
13)Retirement Benefits
Liability for payment of Gratuity is accounted for on cash basis and
future liability on accruing basis has, however, not been actuarially
determined.
14)Earning Per Share:
Basic earnings per share is calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period. For the
purpose of calculating diluted earning per share, the net profit or
loss for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period are
adjusted for the effects of all dilative potential equity shares.
15)Dues to Small Scale industrial undertaking.
As at January 31st, 2010 and January 31st 2009, the company has no
outstanding dues exceeding Rs. 1 lakhs for more than 30 days to Small
Scale Industrial Undertaking.
There are no Micro and Small Enterprises to whom the company owes dues,
for more than 45 days as at January 31st 2010. This information as
required to be disclosed under the micro , Small and Medium Enterprises
development Act, 2006 has been determined to the extent such parties
have been identified on the basis of Information available to the
company.