Company Overview: Cni Research Limited has international tie ups with global agencies to distribute their research content to global acclaimed investors through their research reports. It provides research content of international standards. It has developed in house research content which is not only propriety in nature but also unique in helping any investor to take decision on any company listed in India. 1. SIGNIFICANT ACCOUNTING POLICIES (i) Basis of Preparation of financial statements:- The financial statements have been brpared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards notified under section 133 of the Companies Act, 2013 read together with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Companies Act, 2013 and guide lines issued by the Securities and Exchange Board of India (SEBI). 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 or different accounting policy is required by statute. (ii) Use Of Estimates:- The brsentation of financial statements in conformity with the generally accepted accounting principal requires estimates and assumptions to be made. That affects 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 result and estimates are recognized in the period in which the results are known/materialized. (iii) Fixed assets:- The Fixed Assets are stated at cost of acquisition less accumulated debrciation, amortization and impairment losses. Cost comprises the purchase price and any cost attributable for bringing the asset to its working condition for its intended use. (iv) Debrciation:- Debrciation on fixed assets is provided on Straight Line Method (SLM) on pro-rata basis as per the useful life brscribed in the Schedule II of the Companies Act, 2013. The carrying amount of the asset as on 01.04.2014, after retaining the residual value, has been charged to Statement of Profit & Loss where the remaining useful life of the asset is NIL. Revenue Recognition:- The company is engaged into purchase and sale of equity shares which are accounted as and when trade is effected on stock exchange. The other sources of revenue for the company are subscriptions and advertisements on the company's online media. Revenue from subscriptions is recognized upon delivery of the product. Revenue from advertisements is not recognized over the contractual period of advertisement. Instead the same is recognized on the advertisement being placed on the website. No segregation over contractual period is made since the advertisement revenue is insignificant. Revenue from Content sale is recognized on delivery of content. Interest income is recognized on time proportion basis. Dividend income is recognized on receipt basis. (vi) Investments:- Investments that are intended to be held for more than a year, from the date of acquisition, are classified as long term investment and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower. (vii) Taxes on income:- a) Provision for current tax, if any is computed in accordance with the relevant tax regulations. b) Deferred tax is recognized for all timing differences between accounting income and taxable income and is quantified using enacted/substantially enacted tax rates as at the balance sheet date. (viii) Impairment of Assets:- The Company assess whether there is any indication that any assets may be impaired at the balance sheet date. If any indication exists, the company estimates the recoverable amount and an impairment loss is recognized in the accounts, to the extent the carrying amount exceeds the recoverable amount. (ix) Foreign Exchange Transaction:- Transactions entered into and concluded during the year in foreign currency are recorded at the actual exchange rates brvailing at the time of conclusion of transactions. In respect of transaction covered by forward exchange contracts, the difference between the forward rate and the exchange rate on the date of transaction is recognized as income or expenses over the life of the contracts. Outstanding assets and liabilities at the year end are converted into Indian rupees as per FEDAI rate of exchange brvalent on the said date. Exchange rate Difference arising out of subsequent settlements is dealt in the Profit & Loss Accounts. (x) Employee Retirement Benefits-There is no defined contribution scheme brvailing in the company. (xi) Provisions and Contingent Liabilities: a. Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a brsent legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made. b. Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for. c. Contingent Liabilities are disclosed by way of notes. 2 Previous year's figures have been regrouped / rearranged wherever necessary, so as to make them comparable with those of the current year. As per our report Of Even Date For N. K. JALAN & CO. Chartered Accountants Firm Reg No : 104019 W -sd/ CA N K JALAN PROPRIETOR Mem. No.011878 - sd/ KISHOR P. OSTWAL MANAGING DIRECTOR (DIN :00460257) - sd/- MAYUR S. DOSHI DIRECTOR (DIN :02220572) Place : Mumbai Date : 19.05.2015 |