SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (A) Accounting Assumptions: The Financial Statements have been brpared and brsented under the historical cost convention on an accrual basis of accounting and in accordance with the accounting principles generally accepted in India and comply with the Accounting Standards referred in the Companies (Accounting Standards) Rules, 2006 which continue to apply under section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Account) Rules, 2014. (B) SYSTEM OF ACCOUNTING: The Company adopts the accrual system of accounting: a) Revenue recognition- The Company's income from operation is accounted on accrual basis. b) Expenses- All expenses are provided for on accrual basis. c) Valuation Stock - The Stock of software are valued at cost or market value whichever is less. d) Contingent Liabilities - No provision is made for a liability which is contingent in nature but if material, the same is disclosed by way of note to the accounts. e) Debrciation- Debrciation on fixed assets is provided on the basis of SLM based on useful life of assets as brscribed in Scheduled II of the Companies Act 2013. f) Investments: (a) The cost of an investment includes incidental expenses like brokerage, fees and duties incurred prior to acquisition. (b) Long term investments are shown at cost. Provision for diminution is made only if; in the opinion of the management such a decline is other than temporary. g) Income Tax i) Current Tax: Provision for current tax is made on the estimated taxable income at the rate applicable to the relevant assessment year, ii) Deferred Tax: In accordance with the Accounting Standard 22- Accounting for taxes on Income, brscribed by, Companies (Accounting Standard) Rules, 2006, the deferred tax for the timing differences is accounted for using the tax rates and laws that have been enacted or substantially enacted by the Balance Sheet date, deferred tax assets arising from the timing differences are recognized only on the consideration of prudence. (C) NOTES ON ACCOUNTS: 1. The directors of the Company have certified that the current assets, Loans and Advance have a value on realization, at least equal to the amount at which they are stated in the Balance Sheet as all these accounts are in the ordinary course of Business & provisions of all known liabilities have been accounted for in the regular books of accounts. 2. Previous Year figure have been regrouped/rearranged wherever necessary in order to make them comparable. 3. (a) Expenditure in Foreign Currency Nil (b) Earning in Foreign Currency Nil For and on behalf of the Board of Directors Sd/- Ashish Pandit Director Sd/- Amman Kumar Director Sd/- Narender Kumar Company Secretary Sd/- Kalpana Sharma CFO In terms of our report of even date annexed For A.C. Gupta & Associates Chartered Accountants Firm Regn. No. 008079N Sd/- (Pankaj Mahajan) Partner Membership No. 091876 Place : Gurgaon, Haryana Dated : 25.08.2015 |