Mar 31, 2014
A) Basis of Preparation of Financial Statements
The financial statements are prepared on the historical cost convention
basis in accor- dance with the generally accepted accounting principles
and the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956.
b) Revenue Recognition
Income and Expenditure are recognized and accounted on accrual basis.
c) Use of Estimates
The prepartion of financial statements in conformity with generally
accepted accounting principles requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Examples of such estimates
include estimate of useful life of fixed assets. Actual result could
differ from estimates.
d) Investments
Investments are valued at cost
e) Depreciation
Depreciation is provided on Straight Line Method at the rates
prescribed in the Companies Act, 1956.
f) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost includes taxes
and duties
g) Foreign Currency
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of transaction.Monetary assets and liabilities
denominated in foreign currency are trans- lated at the rates of
exchange likely to be realised from the resultant gain or loss is
recognised in the Profit and Loss account to sales account.
h) Direct Taxes
Provision for Current Tax is made and retained in the accounts on the
basis of tax liability as per the applicable provisions of the Income
Tax Act, 1961. Deferred tax for timing differences between tax profits
and book profits is accounted for using the tax rates and laws that
have been enacted or substantialy enacted as of the Balance Sheet date.
I) The deferred tax liability has been accounted by using the tax rates
announced in the Finance Bill, 2005 in accordance with Accounting
Standard 22 issued by The Insti- tute of Chartered accountant of India.
Mar 31, 2013
A) Basis of Preparation of Financial Statements
The financial statements are prepared on the historical cost convention
basis in accordance with the generally accepted accounting principles
and the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956.
b) Revenue Recognition
Income and Expenditure are recognized and accounted on accrual basis.
c) Use of Estimates
The prepartion of financial statements in conformity with generally
accepted accounting principles requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Examples of such estimates
include estimate of useful life of fixed assets. Actual result could
differ from estimates.
d) Investments
Investments are valued at cost
e) Depreciation
Depreciation is provided on Straight Line Method at the rates
prescribed in the Companies Act, 1956.
f) Fixed Assets
Fixed assets are stated at cost less depreciation. Cost includes taxes
and duties
g) Foreign Currency
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of transaction.Monetary assets and liabilities
denominated in foreign currency are translated at the rates of exchange
likely to be realised from the resultant gain or loss is recognised in
the Profit and Loss account to sales account.
h) Direct Taxes
Provision for Current Tax is made and retained in the accounts on the
basis of tax liability as per the applicable provisions of the Income
Tax Act, 1961. Deferred tax for timing differences between tax profits
and book profits is accounted for using the tax rates and laws that
have been enacted or substantialy enacted as of the Balance Sheet date.
I) The deferred tax liability has been accounted by using the tax rates
announced in the Finance Bill, 2005 in accordance with Accounting
Standard 22 issued by The Institute of Chartered accountant of India.
Mar 31, 2012
A) Basis of Preparation of Financial Statements
The financial statements are prepared on the historical cost convention
basis in accordance with the generally accepted accounting principles
and the Accounting Standards referred to in Section 211(3C) of the
Companies Act, 1956.
b) Revenue Recognition
Income and Expenditure are recognized and accounted on accrual basis.
c) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Examples of such estimates
include estimate of useful life of fixed assets. Actual result could
differ from estimates.
d) Investments
Investments are valued at cost of acquisition which includes brokerage,
fees and related costs. Investments are carried at lower of cost and
quoted/fair value, computed category wise. There is no diminution in
value of investments as the market value of investments is more than
the cost price as on balance sheet date. However the investments are
valued at cost. Profit on sale of investments are calculated on first
in first out basis as per the Income Tax Act.
e) Depreciation
Depreciation is provided on Straight Line Method at the rates
prescribed in the Companies Act, 1956.
f) Foreign Currency
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of transaction. Monetary assets and liabilities
denominated in foreign currency are translated at the rates of exchange
likely to be realised from the resultant gain or loss is recognised in
the Profit and Loss account to sales account.
g) Direct Taxes
Provision for Current Tax is made and retained in the accounts on the
basis of tax liability as per the applicable provisions of the Income
Tax Act, 1961. Deferred tax for timing differences between tax profits
and book profits is accounted for using the tax rates and laws that
have been enacted or substantially enacted as of the Balance Sheet
date.
h) The figures for the previous year have been regrouped, rearranged,
wherever necessary, so as to make them comparable with those for the
current year.
Mar 31, 2011
A) Basis of Preparation of Financial Statements
The financial statements are prepared on the historical cost convention
basis in accordance with the generally accepted accounting principles
and the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956.
b) Revenue Recognition
Income and Expenditure are recognized and accounted on accrual basis.
c) Use of Estimates
The prepartion of financial statements in conformity with generally
accepted accounting principles requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Examples of such estimates
include estimate of useful life of fixed assets. Actual result could
differ from estimates.
d) Investments
Investments are valued at cost of acquistion which includes brokerage,
fees and related costs.
Investments are carried at lower of cost and quoted / fair value,
computed category wise. There is no dimunition in value of investments
as the market value of investments is more than the cost price as on
balance sheet date. However the investments are valued at cost. Profit
on sale of investments are calculated on first in first out basis as
per the Income Tax Act.
e) Depreciation
Depreciation is provided on Straight Line Method at the rates
prescribed in the Companies Act, 1956.
f) Foreign Currency
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of transaction.
Monetary assets and liabilities denominated in foreign currency are
translated at the rates of exchange likely to be realised from the
resultant gain or loss is recognised in the Profit and Loss account to
sales account.
g) Direct Taxes
Provision for Current Tax is made and retained in the accounts on the
basis of tax liability as per the applicable provisions of the Income
Tax Act, 1961. Deferred tax for timing differences between tax profits
and book profits is accounted for using the tax rates and laws that
have been enacted or substantialy enacted as of the Balance Sheet date.
h) The figures for the previous year have been regrouped, rearranged,
wherever necessary, so as to make them comparable with those for the
current year.
Mar 31, 2010
A) Basis of Preparation of Financial Statements
The financial statements are prepared on the historical cost convention
basis in accordance with the generally accepted accounting principles
and the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956.
b) Revenue Recognition
Income and Expenditure are recognized and accounted on accrual basis.
c) Use of Estimates
The prepartion of financial statements in conformity with generally
accepted accounting principles requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the
date of financial statements and the reported amounts of revenue and
expenses during the reporting period. Examples of such estimates
include estimate of useful life of fixed assets. Actual result could
differ from estimates.
d) Investments
Investments are valued at cost of acquistion which includes brokerage,
fees and related costs.
Investments are carried at lower of cost and quoted / fair value,
computed category wise. There is no dimunition in value of investments
as the market value of investments is more than the cost price as on
balance sheet date. However the investments are valued at cost. Profit
on sale of investments are calculated on first in first out basis as
per the Income Tax Act.
e) Depreciation
Depreciation is provided on Straight Line Method at the rates
prescribed in the Companies Act, 1956.
f) Foreign Currency
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of transaction.
Monetary assets and liabilities denominated in foreign currency are
translated at the rates of exchange likely to be realised from the
resultant gain or loss is recognised in the Profit and Loss account to
sales account.
g) Direct Taxes
Provision for Current Tax is made and retained in the accounts on the
basis of tax liability as per the applicable provisions of the Income
Tax Act, 1961. Deferred tax for timing differences between tax profits
and book profits is accounted for using the tax rates and laws that
have been enacted or substantialy enacted as of the Balance Sheet date.
h) The figures for the previous year have been regrouped, rearranged,
wherever necessary, so as to make them comparable with those for the
current year.
Mar 31, 2003
A) Basis for Preparation of Financial Statements
The financial statements have been prepared under the historical cost
convention to comply in all material aspects with applicable accounting
principles in India.
b) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires the man agement to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the
date of financial statements and the reported amounts of revenues and
ex penses during the reporting period. Examples of such estimates
include estimate of useful life of fixed assets. Actual result could
differ from estimates.
c) Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise.
d) Depreciation
Depreciation is provided on Straight Line Method at the rates
prescribed in the Companies Act, 1956.
e) Foreign Currency Transaction
Transaction in foreign currency are recorded at the exchange rate
prevailing on the date of transaction. Mon etary assets and liabilities
denominated in foreign currency are translated at the rates of exchange
likely to be realised from and resultant gain or loss is recognised in
the Profit and Loss account.
f) Segment Reporting:
The Companys Business is development and sale of single product i.e
Software and all its establishments are located in one country i.e
India. Therefore, the company operates in a single business
/geographical segment, as envisaged in Accounting Standard (AS) 17
issued by the ICAI