Mar 31, 2023
A. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013 (the Act), Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act and relevant amendment rules issued thereafter. The financial statements comply in all material aspects with said Indian Accounting Standards.
Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.
Revised Schedule III to Companies Act, 2013 has been made applicable to the Company , changes made if any are in compliance to the same
The figures appearing in financial statement has been rounded off to nearest lakhs as per requirement of Schedule III to the Companies Act
B. Basis of measurement
The Ind AS Financial Statements have been prepared on a going concern basis using historical cost convention and on an accrual method of accounting, except for certain financial assets which have been measured at fair value and defined benefit plans which have been measured at actuarial valuations.
C. Use of Estimates
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.
D. Property, Plant and Equipment (PPE)
The items of Property Plant & equipment are measured at Cost less any accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment are stated at cost net of recoverable taxes and includes amounts added on revaluation (if any), less accumulated depreciation and impairment loss, if any. All costs, including financing costs, attributable to the fixed assets are capitalized.
The Company had opted to measure all its property, plant and equipment and intangible assets at the Previous GAAP (IGAAP) carrying amount as its deemed cost as on the date of transition to Ind AS.
E. Depreciation
Depreciation on fixed assets is provided to the extent of depreciable amount on written down value method (WDV) in the manner prescribed in Schedule II to the Companies Act, 2013 over their remaining useful life on pro-rata basis.
F Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
1 Purchases and sales of foreign currencies and traveller''s cheques are accounted at the contracted rates. Other transactions in foreign currencies are initially recognised at the rate at which the transaction is entered into. On settlement of such transactions the profit/loss arising from exchange
differences is recognised in the Statement of profit and loss. Receipts of foreign exchange in money transfer are accounted on the prevalent bank conversion rate or forward contract rate as the case may be and the profit / loss arising from exchange differences is recognised in the Statement of profit and loss
Similarly all other Foreign Currency transactions have also been recorded at exchange rate prevailing on the date
2 of the transaction.
Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank Accounts and other Foreign Currency
3 receivables or payables are valued at year end rates and gains/losses due to exchange rate differences have been adjusted in Profit & Loss Account
H. Investments
Company has opted to measure its investments in subsidiaries, joint ventures and associates at the Previous GAAP (IGAAP) carrying amount as its deemed cost as on the date of transition. Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary.
The Company accounts for all its investments at Fair value through profit or loss except for Investments in Subsidiary, Joint Venture and Associates which are stated at cost.
I. Inventories
Stock of Foreign Currency/TC held for trading purposes has been valued at cost. During the year Stock of shares has been treated as Current Investment and resultant Gain has been booked in Income
J. Cash and cash equivalents
Cash and cash equivalents Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value in accordance with IND AS 7. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above.
K. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of Foreign Exchange and Services. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
L. Employee Benefits
The entity makes contributions to statutory provident funds in accordance with Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and ESI are defined contribution schemes and the contributions are charged to the profit and loss account of the year when the contributions to the respective fund is due. There are no other obligations other than the contribution payable to the fund.
Gratuity Liability as on 31st March 2023 has been provided for on basis of actuarial valuation basis Projected unit credit method in accordance with IND AS-19.
Leave encashment which are short term compensated absences are charged to profit and loss account of the year in which it is due.
M. Borrowing Costs
As per IND AS 23 Borrowing costs that are attributable to the acquisition or construction of qualifying assets (if any) are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to Profit and Loss account.
N. Forex Hedging Transactions
In respect of Forex hedging transactions, gains / losses on settlement and losses on restatement are recognized in the Profit and Loss account except in case where they relate to the acquisition or construction of fixed assets, in which case, they are adjusted to the carrying cost of such assets.
O. Provision for Current and Deferred Tax Current income tax
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate
Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.
P. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized 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 recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
Q. Classification of Current / Non Current Assets
All assets and liabilities are presented as Current or Non-current as per the Company''s normal operating cycle and other criteria set out in Schedule III to The Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization, the Company has assumed its operating cycle as 12 months for the purpose of Current / Non current classification of assets and liabilities
R. Leases
The Company has complied with IND AS 116 "Leases" applicable from 1 April 2019, and considered all material lease contracts existing on April 1, 2019. The Company has accounted for its short term leases and low value assets in accordance with para 6 of the IND AS. The cancellable leases are considered as short term leases therefore no right to use assets has been recognnized as per exemption available under the IND AS 116.
S- FINANCIAL INSTRUMENTS
(i) Recognition and measurement
A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Company becomes a party to the contractual provisions of the instrument.
A financial asset or a financial liability is initially measured at fair value plus or minus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issuance. A trade receivable without a significant financing component is initially measured at the transaction price.
Mar 31, 2018
A. Basis of Preparation of Financial Statements
i) For all periods upto and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with Generally Accepted Accounting Principles (GAAP) in India and complied with the accounting standards (Previous GAAP) as notified under Section 133 of the Companies Act, 2013 read together with Rule 7 of the Companies (Accounts) Rules, 2014, as amended, to the extent applicable, and the presentation requirements of the Companies Act, 2013. In accordance with the notification dated February 16, 2015, issued by the Ministry of Corporate Affairs, the Company has adopted Indian Accounting Standards (Ind AS) notified under Section 133 read with Rule 4A of Companies (Indian Accounting Standards) Rules, 2015, as amended, and the relevant provisions of the Companies Act, 2013 (collectively, "Ind ASs") with effect from April 1, 2017, the Company is required to prepare its financial statements in accordance with Ind ASs for the year ended March 31, 2018. These financial statements as and for the year ended March 31, 2018 (the "Ind AS Financial Statements") are the first financial statements, the Company has prepared in accordance with Ind AS. The company has applied IND AS to items which are material and made specific disclosure required by an Ind AS if the information is material or when required by law in accordance with said notification.
ii) The Company had prepared a separate set of financial statements for the year ended March 31, 2017 and March 31, 2016 in accordance with the Accounting Standards referred to in section 133 of the Companies Act, 2013 (the "Audited Previous GAAP Financial Statements"), which were approved by the Board of Directors of the Company. The management of the Company has compiled the Special Purpose Comparative Ind AS Financial Statements using the Audited Previous GAAP Financial Statements and made required Ind AS adjustments.
(iii) The Company has followed the provisions of Ind AS 101-"First Time adoption of Indian Accounting Standards" (Ind AS 101), in preparing its opening Ind AS Balance Sheet as of the date of transition, i.e. April 1, 2016. In accordance with Ind AS 101, the Company has presented reconciliations of Shareholders'' equity under Previous GAAP and Ind AS and of the Profit/ (Loss) after Tax as per Previous GAAP and Total Comprehensive Income under Ind AS.
B. Basis of measurement
The Ind AS Financial Statements have been prepared on a going concern basis using historical cost convention and on an accrual method of accounting, except for certain financial assets which have been measured at fair value as described below and defined benefit plans which have been measured at actuarial valuation as required by relevant Ind ASs.
C. Use of Estimates
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known/ materialized.
D. Property, Plant and Equipment (PPE)
The items of Property Plant & equipment are measured at Cost less any accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment are stated at cost net of recoverable taxes and includes amounts added on revaluation (if any), less accumulated depreciation and impairment loss, if any. All costs, including financing costs, attributable to the fixed assets are capitalized.
The Company has opted to measure all its property, plant and equipment and intangible assets at the Previous GAAP (IGAAP) carrying amount as its deemed cost as on the date of transition.
E. Depreciation
Depreciation on fixed assets is provided to the extent of depreciable amount on written down value method (WDV) in the manner prescribed in Schedule II to the Companies Act, 2013 over their remaining useful life on prorata basis.
F Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
G. Foreign Currency Transactions
1 The Company used to undertake Inward Money Transfer Services in Association with Western Union Financial Service Inc. U.S.A. and Continental Exchange Solutions Inc USA and in the process receives the remittances in US Dollars, which are credited to the Company''s Bank account at the exchange rates prevailing on the date of receipt.
2 Similarly all other Foreign Currency transactions have also been recorded at exchange rate prevailing on the date of the transaction.
3 Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank Accounts and other Foreign Currency receivables or payables are valued at year end rates and gains/losses due to exchange rate differences have been adjusted in Profit & Loss Account
H. Investments
Company has opted to measure its investments in subsidiaries, joint ventures and associates at the Previous GAAP (IGAAP) carrying amount as its deemed cost as on the date of transition.Provision for diminution in the value of long-term investments is made only if such a decline is other than temporary.
The Company accounts for all its investments at Fair value through profit or loss except for Investments in Subsidiary, Joint Ventire and Associates.
I. Inventories
Stock of Foreign Currency/TC and Stock of Shares held for trading purposes has been valued at cost.
J. Cash and cash equivalents
Cash and cash equivalents Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value in accordance with IND AS 7. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above.
K. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is reasonable to expect ultimate collection. Revenue from operations includes sale of Foreign Exchange and Services. Interest income is recognized on time proportion basis taking into account the amount outstanding and rate applicable.
L. Employee Benefits
The entity makes contributions to statutory provident funds in accordance with Employees Provident Fund and Miscellaneous Provisions Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and ESI are defined contribution schemes and the contributions are charged to the profit and loss account of the year when the contributions to the respective fund is due. There are no other obligations other than the contribution payable to the fund.
Gratuity Liability as on 31st March 2018 has been provided for on basis of acturial valuation basis Projected unit credit method in accordance with IND AS-19.
Leave encashment which are short term compensated absences are charged to profit and loss account of the year in which it is due.
M. Borrowing Costs
As per IND AS 23 Borrowing costs that are attributable to the acquisition or construction of qualifying assets (if any) are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to Profit and Loss account.
N. Forex Hedging Transactions
In respect of Forex hedging transactions, gains / losses on settlement and losses on restatement are recognized in the Profit and Loss account except in case where they relate to the acquisition or construction of fixed assets, in which case, they are adjusted to the carrying cost of such assets.
O. Provision for Current and Deferred Tax
Current income tax
Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income-tax Act, 1961. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate
Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred tax asset is recognized and carried forward only to the extent that there is a virtual certainty that the asset will be realized in future.
P. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized 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 recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
Q. Classification of Current / Non Current Assets
All assets and liabilities are presented as Current or Non-current as per the Company''s normal operating cycle and other criteria set out in Schedule III to The Companies Act, 2013. Based on the nature of products and the time between the acquisition of assets for processing and their realization, the Company has assumed its operating cycle as 12 months for the purpose of Current / Non current classification of assets and liabilitie.
Mar 31, 2015
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention in accordance with the generally accepted accounting
principles in India and the provisions of the Companies Act, 2013.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognized in the period
in which the results are known/ materialized.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation(if any), less accumulated depreciation and
impairment loss, if any. All costs, including financing costs, net
charges on foreign exchange contracts and adjustments arising from
exchange rate variations attributable to the fixed assets are
capitalized.
D. Depreciation
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) in the manner prescribed in
Schedule II to the Companies Act, 2013 over their remaining useful life
on pro-rata basis.
E. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
F. Foreign Currency Transactions
1. The Company undertakes Inward Money Transfer Services in
Association with Western Union Financial Service Inc. U.S.A. and in the
process receives the remittances from Western Union in US Dollars,
which are credited to the Company's Bank account at the exchange rates
prevailing on the date of receipt.
2. Similarly all other Foreign Currency transactions have also been
recorded at exchange rate prevailing on the date of the transaction.
3. Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank
Accounts and other Foreign Currency receivables or payables are valued
at year end rates and gains/losses due to exchange rate differences
have been adjusted in Profit & Loss Account.
G. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Non-Current 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 temporary.
H. Inventories
Stock of Foreign Currency/TC and Stock of Shares held for trading
purposes has been valued at cost.
I. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of Foreign Exchange and Services. Dividend income is
recognized on receipt basis. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable.
J. Employee Benefits
The entity makes contributions to statutory provident funds in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and
ESI are defined contribution schemes and the contributions are charged
to the profit and loss account of the year when the contributions to
the respective fund is due. There are no other obligations other than
the contribution payable to the fund. Leave encashment which are short
term compensated absences are charged to profit and loss account of the
year in which it is due.
K. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets (if any) are capitalized as part of
the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to Profit and Loss account.
L. Forex Hedging Transactions
In respect of Forex hedging transactions, gains / losses on settlement
and losses on restatement are recognized in the Profit and Loss account
except in case where they relate to the acquisition or construction of
fixed assets, in which case, they are adjusted to the carrying cost of
such assets.
M. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognized and carried forward only to the extent
that there is a virtual certainty that the asset will be realized in
future.
N. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized 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 recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Mar 31, 2014
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs, net
charges on foreign exchange contracts and adjustments arising from
exchange rate variations attributable to the fixed assets are
capitalised.
D. Depreciation
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life on pro-rata basis.
E. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year 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.
F. Foreign Currency Transactions
1. The Company undertakes Inward Money Transfer Services in
Association with Western Union Financial Service Inc. U.S.A. and in the
process receives the remittances from Western Union in US Dollars,
which are credited to the Company''s Bank account at the exchange rates
prevailing on the date of receipt.
2. Similarly all other Foreign Currency transactions have also been
recorded at exchange rate prevailing on the date of the transaction.
3. Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank
Accounts and other Foreign Currency receivables or payables are valued
at year end rates and gains/losses due to exchange rate differences
have been adjusted in Profit & Loss Account.
G. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Non-Current 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 temporary.
H. Inventories
Stock of Foreign Currency/TC and Stock of Shares held for trading
purposes has been valued at cost.
I. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of Foreign Exchange and Services. Dividend income is
recognized on receipt basis. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable.
J. Employee Benefits
The entity makes contributions to statutory provident funds in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and
ESI are defined contribution schemes and the contributions are charged
to the profit and loss account of the year when the contributions to
the respective fund is due. There are no other obligations other than
the contribution payable to the fund.
Leave encashment which are short term compensated absences are charged
to profit and loss account of the year in which it is due.
K. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets (if any) are capitalised as part of
the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to Profit and Loss account.
L. Forex Hedging Transactions
In respect of Forex hedging transactions, gains / losses on settlement
and losses on restatement are recognised in the Profit and Loss account
except in case where they relate to the acquisition or construction of
fixed assets, in which case, they are adjusted to the carrying cost of
such assets.
M. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
Provisions involving substantial degree of estimation in measurement
are recognized 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 recognized nor disclosed in the
financial statements.
Mar 31, 2013
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs, net
charges on foreign exchange contracts and adjustments arising from
exchange rate variations attributable to the fixed assets are
capitalised.
D. Depreciation
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life on pro-rata basis.
E. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year 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.
F. Foreign Currency Transactions
1. The Company undertakes Inward Money Transfer Services in
Association with Western Union Financial Service Inc. U.S.A. and in the
process receives the remittances from Western Union in US Dollars,
which are credited to the Company''s Bank account at the exchange rates
prevailing on the date of receipt.
2. Similarly all other Foreign Currency transactions have also been
recorded at exchange rate prevailing on the date of the transaction.
3. Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank
Accounts and other Foreign Currency receivables or payables are valued
at year end rates and gains/losses due to exchange rate differences
have been adjusted in Profit & Loss Account.
G. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Non-Current 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 temporary.
H. Inventories
Stock of Foreign Currency/TC and Stock of Shares held for trading
purposes has been valued at cost.
I. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of Foreign Exchange and Services. Dividend income is
recognized on receipt basis. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable.
J. Employee Benefits
The entity makes contributions to statutory provident funds in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and
ESI are defined contribution schemes and the contributions are charged
to the profit and loss account of the year when the contributions to
the respective fund is due. There are no other obligations other than
the contribution payable to the fund.
Leave encashment which are short term compensated absences are charged
to profit and loss account of the year in which it is due.
K. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets (if any) are capitalised as part of
the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to Profit and Loss account.
L. Forex Hedging Transactions
In respect of Forex hedging transactions, gains / losses on settlement
and losses on restatement are recognised in the Profit and Loss account
except in case where they relate to the acquisition or construction of
fixed assets, in which case, they are adjusted to the carrying cost of
such assets.
M. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
N. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized 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 recognized nor disclosed in the
financial statements.
Mar 31, 2012
A. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost
convention, except for certain fixed assets which are revalued, in
accordance with the generally accepted accounting principles in India
and the provisions of the Companies Act, 1956.
B. Use of Estimates
The preparation of financial statements requires estimates and
assumptions to be made that affect the reported amount of assets and
liabilities on the date of the financial statements and the reported
amount of revenues and expenses during the reporting period. Difference
between the actual results and estimates are recognised in the period
in which the results are known/ materialised.
C. Own Fixed Assets
Fixed Assets are stated at cost net of recoverable taxes and includes
amounts added on revaluation, less accumulated depreciation and
impairment loss, if any. All costs, including financing costs, net
charges on foreign exchange contracts and adjustments arising from
exchange rate variations attributable to the fixed assets are
capitalised.
D. Depreciation
Depreciation on fixed assets is provided to the extent of depreciable
amount on written down value method (WDV) at the rates and in the
manner prescribed in Schedule XIV to the Companies Act, 1956 over their
useful life on pro-rata basis.
E. Impairment of Assets
An asset is treated as impaired when the carrying cost of asset exceeds
its recoverable value. An impairment loss is charged to the Profit and
Loss Account in the year 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.
F. Foreign Currency Transactions
1. The Company undertakes Inward Money Transfer Services in
Association with Western Union Financial Service Inc. U.S.A. and in the
process receives the remittances from Western Union in US Dollars,
which are credited to the Company''s Bank account at the exchange rates
prevailing on the date of receipt.
2. Similarly all other Foreign Currency transactions have also been
recorded at exchange rate prevailing on the date of the transaction.
3. Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank
Accounts and other Foreign Currency receivables or payables are valued
at year end rates and gains/losses due to exchange rate differences
have been adjusted in Profit & Loss Account.
G. Investments
Current investments are carried at lower of cost and quoted/fair value,
computed category wise. Non-Current 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 temporary.
H. Inventories
Stock of Foreign Currency/TC and Stock of Shares held for trading
purposes has been valued at cost.
I. Revenue Recognition
Revenue is recognized only when it can be reliably measured and it is
reasonable to expect ultimate collection. Revenue from operations
includes sale of Foreign Exchange and Services. Dividend income is
recognized on receipt basis. Interest income is recognized on time
proportion basis taking into account the amount outstanding and rate
applicable.
J. Employee Benefits
The entity makes contributions to statutory provident funds in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and
ESI are defined contribution schemes and the contributions are charged
to the profit and loss account of the year when the contributions to
the respective fund is due. There are no other obligations other than
the contribution payable to the fund.
Leave encashment which are short term compensated absences are charged
to profit and loss account of the year in which it is due.
K. Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets (if any) are capitalised as part of
the cost of such assets. A qualifying asset is one that necessarily
takes substantial period of time to get ready for its intended use. All
other borrowing costs are charged to Profit and Loss account.
L. Forex Hedging Transactions
In respect of Forex hedging transactions, gains / losses on settlement
and losses on restatement are recognised in the Profit and Loss account
except in case where they relate to the acquisition or construction of
fixed assets, in which case, they are adjusted to the carrying cost of
such assets.
M. Provision for Current and Deferred Tax
Provision for current tax is made after taking into consideration
benefits admissible under the provisions of the Income-tax Act, 1961.
Deferred tax resulting from "timing difference" between taxable and
accounting income is accounted for using the tax rates and laws that
are enacted or substantively enacted as on the balance sheet date.
Deferred tax asset is recognised and carried forward only to the extent
that there is a virtual certainty that the asset will be realised in
future.
N. Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized 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 recognized nor disclosed in the
financial statements.
Mar 31, 2011
1. ACCOUNTING METHODOLOGY
The accounts have been prepared on historical cost basis of accounting.
The Company follows the mercantile system of accounting unless stated
otherwise.
2. FIXED ASSETS & DEPRECIATION
Fixed Assets have been valued at cost of acquisition less accumulated
depreciation. Depreciation has been provided on WDV method at the rates
specified in schedule XIV of the Companies Act, 1956 on Pro-Rata Basis.
3. INVENTORIES
Stock of Foreign Currency/TC and Stock of Shares held for trading
purposes has been valued at cost.
4. FOREIGN CURRENCY TRANSACTIONS
The Company undertakes Inward Money Transfer Services in Association
with Western Union Financial Service Inc. U.S.A. and in the process
receives the remittances from Western Union in US Dollars, which are
credited to the Company''s Bank account at the exchange rates prevailing
on the date of receipt.
Similarly all other Foreign Currency transactions have also been
recorded at exchange rate prevailing on the date of the transaction.
Foreign Currency Fixed Deposits, Balances in Foreign Currency Bank
Accounts and other Foreign Currency receivables or payables are valued
at year end rates and gains/losses due to exchange rate differences
have been adjusted in Profit & Loss Account.
5. EMPLOYEE BENIFITS
The entity makes contributions to statutory provident funds in
accordance with Employees Provident Fund and Miscellaneous Provisions
Act, 1952 and Employee State Insurance Act, 1948. Provident Fund and
ESI are defined contribution schemes and the contributions are charged
to the profit and loss account of the year when the contributions to
the respective fund is due. There are no other obligations other than
the contribution payable to the fund.
Gratuity is provided for on actual basis and charged to profit and loss
account of the year in which it is paid.
Leave encashment which are short term compensated absences are charged
to profit and loss account of the year in which it is due.