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Accounting Policies of Compucom Software Ltd. Company
Mar 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
A. Fair value measurement
The Company measures financial instruments, such as, investment in securities and other assets wherever necessary at fair value at balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the market conditions and risks existing at each reporting period date. The methods used to determine fair value include available quoted market process and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may or may not be realized.
For financial assets and liabilities maturing within one year from balance sheet date which is not carried at fair value, the carrying amount of such asset and liabilities were carried at amortized cost.
B. Current and non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.
An asset is treated as current when it is:
Expected to be realized or intended to be sold or consumed in normal operating cycle,
⢠Held primarily for the purpose of trading,
⢠Expected to be realized within twelve months after the reporting period, or
⢠Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period,
All other assets are classified as non-current.
A liability is treated as current when it is:
⢠Expected to be settled in normal operating cycle
⢠Held primarily for the purpose of trading
⢠Due to be settled within twelve months after the reporting period, or
⢠There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non- current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle.
Some line items presented in the financial statements have been reclassified under different heads and sub heads to encourage appropriate disclosure of information contained, beginning from the earliest period presented in the financial statements.
C. Functional and presentation currency
The financial statements are prepared in Indian Rupees (INR), which is the Company''s functional currency. All financial information presented in INR has been rounded to the nearest lakhs.
D. Revenue recognition
1. Revenue from operations: -
⢠The Company earns revenue primarily from E-Governance projects, ICT Education Projects, software design & development, learning Solutions & IT training including Skilling and placement activities, Wind Power generation, hospitality sector etc.
⢠Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration which the Company expects to receive in exchange for those products or services.
⢠Revenue from contracts which are on time and material basis are recognized when services are rendered, and related costs are incurred.
⢠Revenue related to fixed price maintenance and support services contracts where the Company is standing ready to provide services is recognized based on time elapsed mode and revenue is straight lined over the period of performance.
⢠Revenue from sale of power is recognized on the basis of actual units generated and transmitted to the purchaser.
⢠Revenue from the sale of hardware and goods is recognized at the point in time when control is transferred to the customer.
⢠In respect of other fixed-price contracts, revenue is recognized using percentage-of-completion method (''POC method'') of accounting with contract costs incurred determining the degree of completion of the performance obligation. The contract costs used in computing the revenues include cost of fulfilling warranty obligations.
⢠Revenue from the sale of distinct internally developed software and manufactured systems and third party software is recognized at the point in time when the system or software is delivered to the customer. In cases where implementation or customization services rendered significantly modifies or customizes the software, these services and software are accounted for as a single performance obligation and revenue is recognized over time on a POC method.
⢠Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, service level credits, performance bonuses, price concessions and incentives, if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.
2. Dividend
Dividend income is recognized in the statement of profit and loss only when the right to receive payment is established.
3. Interest income :-
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, with reference to the principal outstanding and at the effective interest rate applicable.
E Property, plant and equipment
1. Property, plant and equipment at office and at site
An item of property, plant and equipment that qualifies as an asset is measured on initial recognition at cost. Following initial recognition, items of property, plant and equipment are carried at its cost less accumulated depreciation. The initial cost of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, and any directly attributable costs of bringing an asset to working condition and location for its intended use. It also includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance, are normally charged to the Statement of Profit and Loss in the period in which the costs are incurred. Major inspection and overhaul expenditure is capitalized.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized net within other income/other expenses in the Statement of Profit and Loss.
Assets held for sale are carried at lower of their carrying value or fair value less cost to sell. Major machinery spares parts are capitalized when they meet the definition of Property, Plant and Equipment.
Repairs and maintenance cost are recognized in the Statement of Profits or Loss as incurred.
2. Capital work in progress (CWIP)
Assets in the course of construction are capitalized in capital work in progress account. At the point when an asset is capable of operating in the manner intended by the management, the cost of construction is transferred to the appropriate category of property, plant and equipment. Costs associated with the commissioning of an asset are capitalized in CWIP until the period of commissioning has been completed and the asset is ready for its intended use to the extent commissioned. Advances given towards acquisition of fixed assets are classified as non-current assets.
3. Depreciation
Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation on tangible property and other equipment has been provided on the straight-line method.
Based on technical evaluation, the management believes that the useful lives as given below best represent the period over which the management expects to use the asset.
The useful lives of the above assets are in line with the useful lives as prescribed under Part C of schedule II of the Companies Act, 2013, The management believes that these estimated useful lives are realistic and reflect fair apportionment of the period over which the assets are likely to be used.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
F. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.
Intangible assets are amortized over their estimated useful life. The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.
G Borrowing Cost
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consists of interest and other costs than an entity incurs in connection with the borrowings of the funds.
H. Impairment of non-financial assets
The Company assesses at each reporting date as to whether there is any indication that any Property, Plant and Equipment and Intangible Assets or group of Assets, called Cash Generating Units (CGU) may be impaired. If any such indication exists, the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.
An impairment loss is recognized in the Statement of Profit and Loss to the extent, asset''s carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset''s fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.
The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
I. Financial instruments
Financial assets and financial liabilities are recognized when a Company becomes a party to the contractual provisions of the instruments.
1. Initial Recognition and Measurement-Financial Assets and Financial Liabilities
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss and ancillary costs related to borrowings) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the Statement of Profit and Loss.
2. Classification and Subsequent Measurement: Financial Assets.
The Company classifies financial assets as subsequently measured at amortized cost, fair value through Other Comprehensive Income (âFVTOCIâ) or fair value through profit or loss (âFVTPLâ) on the basis of following:
- the entity''s business model for managing the financial assets and
- the contractual cash flow characteristics of the financial asset.
a) Financial assets carried at amortized cost
A financial asset is subsequently measured at amortized cost if following both of the conditions are met:
⢠It is held within a business model whose objective is to hold the asset in order to collect contractual cash flows, and
⢠The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
b) Financial assets at fair value through other comprehensive income
Financial assets are measured at fair value through other comprehensive income if both of the following conditions are met:
⢠The financial assets are held within a business whose objective is achieved by both collecting contractual cash flows and selling of financial asset and:
⢠The contractual terms of financial asset give rise on specified dates that are solely payments of principal and interest on the principal amount outstanding.
c) Financial assets at fair value through profit or loss
Financial assets are measured at fair value through profit or loss unless they are measured at amortized cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognized in statement of profit and loss.
d) Impairment of Financial Assets:
The Company assesses on a forward-looking basis the expected credit loss associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
The Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition, an amount of reasonable provision is measured and recognized as loss of allowance on the basis of historical experience and internal technical analysis. The classification of trade receivables in terms of expected realization has been done by the management based on the past experience of the management.
Classification and Subsequent measurement: Financial Liabilities
The Company''s financial liabilities include trade and other payables, loans an borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments.
e) Financial liabilities at fair value through profit or loss
Financial liabilities are classified as at FVTPL when the financial liability is held for trading or are designated upon initial recognition as FVTPL.
Gains or losses on financial liabilities held for trading are recognized in the Statement of Profit and Loss.
f) Other Financial Liabilities:
Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest method.
The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
g) Derecognition of Financial Assets and Financial Liabilities:
The Company de-recognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset. If the Company enters into transactions whereby it transfers assets recognized on its balance sheet but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized.
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.
h) Investment in Subsidiaries:
Investment in subsidiaries is carried at cost in the financial statements.
i) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
j) Derivative financial instruments and hedge accounting
The company currently did not have any derivative financial instruments nor there any hedging contract outstanding at the balance sheet date.
k) Cash and Cash Equivalents
The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and short-term money market deposits having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, are considered an integral part of the Company''s cash management.
J. Inventories
Inventories are valued at the lower of cost and net realizable value.Net realizable value is determined based on estimated selling price, less further costs expected to be incurred to completion and disposal.
K. Cost recognition
Costs and expenses are recognized when incurred and have been classified according to their nature. The costs of the Company are broadly categorized into employee benefit expenses, Learning Solution Execution Expenses, Finance Costs, depreciation and amortization and other expenses. Employee benefit expenses include salaries, incentives and allowances, contributions to provident and other funds and staff welfare expenses. Other expenses mainly include fees to external consultancy expenses, travel expenses, communication expenses, bad debts and advances written off, Rent and Facility Support, Insurance expenses and other expenses. Other expenses is an aggregation of costs which are individually not material such as News Paper & Magazines, Demat Expenses, Postage & Telegram, entertainment, etc.
L. Taxation
Tax expense is the aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax.
1. Current tax
Current tax is the amount of income taxes payable in respect of taxable profit for a period. Taxable profit differs from ''profit before tax'' as reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible in accordance with applicable tax laws.
Current tax is measured using tax rates that have been enacted by the end of reporting period for the amounts expected to be recovered from or paid to the taxation authorities.
2. Deferred tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit under Income Tax Act, 1961.
Deferred tax liabilities are generally recognized for all taxable temporary differences. However, in case of temporary differences that arise from initial recognition of assets or liabilities in a transaction (other than business combination) that affect neither the taxable profit nor the accounting profit, deferred tax liabilities are not recognized. Also, for temporary differences if any that may arise from initial recognition of goodwill, deferred tax liabilities are not recognized.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent it is probable that taxable profits will be available against which those deductible temporary difference can be utilized. In case of temporary differences that arise from initial recognition of assets or liabilities in a transaction (other than business combination) that affect neither the taxable profit nor the accounting profit, deferred tax assets are not recognized.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the benefits of part or all of such deferred tax assets to be utilized.
Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
M. Retirement and other Employee benefit schemes
1. Short-term employee benefits
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognized as an expense during the period when the employees render the services..
2. Post-Employment Benefits
a) Defined Contribution Plan (Provident Fund & ESIC)
The Company recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related service. If the contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to a reduction in future payment or a cash refund.
b) Defined Benefit Plans (Gratuity)
The Company pays gratuity to the employees who have completed five years of service with the Company at the time of resignation. The gratuity is paid @15 days basic salary for every completed year of service as per the Payment of Gratuity Act, 1972. The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment to the employees. The gratuity fund has been approved by respective Income Tax authorities. The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the period during which the benefit is expected to be derived from employees'' services.
Remeasurements gains and losses arising from adjustments and changes in actuarial assumptions are recognized in the period in which they occur in Other Comprehensive Income.
3. The code on social security 2020
The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the company towards Provident Fund and Gratuity. The Ministry of Labor and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stake holders which are under active consideration by the Ministry. The Company and its Indian subsidiaries will assess the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
Mar 31, 2018
Note 01: SIGNIFICANT ACCOUNTING POLICIES
a) Fair value measurement
The Company measures financial instruments, such as, investment in securities and other assets wherever necessary at fair value at balance sheet date wherever necessary. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the market conditions and risks existing at each reporting period date. The methods used to determine fair value include available quoted market process and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may or may not be realized.
For financial assets and liabilities maturing within one year from balance sheet date which is not carried at fair value, the carrying amount approximate fair value due to the short maturity of these instruments.
b) Current and non-current classification
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.
An asset is treated as current when it is:
- Expected to be realized or intended to be sold or consumed in normal operating cycle.
- Held primarily for the purpose of trading
- Expected to be realized within twelve months after the reporting period, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle
- It is held primarily for the purpose of trading
- It is due to be settled within twelve months after the reporting period, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non- current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Company has identified twelve months as its operating cycle.
c) Functional and presentation currency
The financial statements are prepared in Indian Rupees (INR), which is the Companyâs functional currency. All financial information presented in INR has been rounded to the nearest lacs.
d) Revenue recognition
Revenue is recognized to the extent that it is probable that economic benefit will flow to the Company and the revenue can be reliably measured, regardless of when the payment is being made. Revenues are measured at the fair value of the consideration received or receivable, net of discounts, volume rebates, outgoing Goods and service tax and other indirect levies.
i) Revenue from services
The revenue from services provided is recognized when it can be ascertained with reasonable certainty in respect of terms of the services rendered by the company with reference to the provisions of the contract entered into by the company and the economic benefits associated with the project or services rendered are set to flow into the company.
ii) Sale of goods
Revenues from sales are recognized when all significant risks and rewards of ownership of the goods sold are transferred to the customer who usually is on delivery of the goods to the agent/passage of title to customer and it can be reliably measured and it is reasonable to expect ultimate collection.
iii) Unbilled Revenues
The company has the policy recognizing revenue based on certain time and material contracts which is recognized when the related services are performed and revenue from the end of last billing to balance sheet date is recognized as unbilled revenues (accrued income).
iv) Sale of wind energy
Revenue from sale of wind energy is recognized when delivered and measured based on rates as per bilateral contractual agreements with buyers and at rate arrived at based on the principles laid down under the relevant Tariff Regulations as notified by the regulatory bodies, as applicable.
v) Dividends
Dividend income is recognized in the statement of profit and loss only when the right to receive payment is established, provided it is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of the dividend can be measured reliably.
vi) Interest income
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate.
vii) Others
Revenue relating to insurance claims and interest on delayed or overdue payments from trade receivable is recognized when no significant uncertainty as to measurability or collection exists.
e) Property, plant and equipment
(i) Property, plant and equipment at office and at site
The initial cost of property, plant and equipment comprises its purchase price, including import duties and non-refundable purchase taxes, and any directly attributable costs of bringing an asset to working condition and location for its intended use. It also includes the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Expenditure incurred after the property, plant and equipment have been put into operation, such as repairs and maintenance, are normally charged to the Statement of Profit and Loss in the period in which the costs are incurred. Major inspection and overhaul expenditure is capitalized.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognized net within other income/other expenses in the Statement of Profit and Loss.
Assets held for sale are carried at lower of their carrying value or fair value less cost to sell. Major machinery spares parts are capitalized when they meet the definition of Property, Plant and Equipment.
Repairs and maintenance cost are recognized in the Statement of Profits or Loss as incurred.
(ii) Capital work in progress (CWIP)
Assets in the course of construction are capitalized in capital work in progress account. At the point when an asset is capable of operating in the manner intended by management, the cost of construction is transferred to the appropriate category of property, plant and equipment. Costs associated with the commissioning of an asset are capitalized in CWIP until the period of commissioning has been completed and the asset is ready for its intended use.
(iii) Depreciation
Depreciable amount for assets is the cost of an asset, or other amount substituted for cost, less its estimated residual value. Depreciation on tangible property and other equipment has been provided on the straight-line method. Based on technical evaluation, the management believes that the useful lives as given below best represent the period over which the management expects to use the asset.
The useful lives of the above assets are in line with the useful lives as prescribed under Part C of schedule II of the Companies Act, 2013, The management believes that these estimated useful lives are realistic and reflect fair apportionment of the period over which the assets are likely to be used.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
f) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Statement of Profit and Loss when the asset is derecognized.
Intangible assets are amortized over their estimated useful life. The estimated useful life of the intangible assets and the amortization period are reviewed at the end of each financial year and the amortization period is revised to reflect the changed pattern, if any.
g) Impairment of non-financial assets
Impairment charges and reversals are assessed at the level of cash-generating units. A cash-generating unit (CGU) is the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets.
Impairment tests are carried out annually for all assets when there is an indication of impairment. The Company conducts an internal review of asset values annually, which is used as a source of information to assess for any indications of impairment or reversal of previously recognized impairment losses. External factors, such as changes in expected future prices, costs and other market factors are also monitored to assess for indications of impairment or reversal of previously recognized impairment losses.
If any such indication exists then an impairment review is undertaken, the recoverable amount is calculated, as the higher of fair value less costs of disposal and the assetâs value in use.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly transaction between market participants and does not reflect the effects of factors that may be specific to the entity and not applicable to entities in general.
Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. The cash flows are discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted
The carrying amount of the CGU is determined on a basis consistent with the way the recoverable amount of the CGU is determined.
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount. An impairment loss is recognized in the Statement of Profit and Loss.
Any reversal of the previously recognized impairment loss is limited to the extent that the assetâs carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had previously been recognized. During the current year the recoverable amount as determined by the management are greater than the carrying amount hence no impairment of Assets is done.
h) Financial instruments Initial recognition
The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities that are not at fair value through profit or loss are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.
SUBSEQUENT MEASUREMENT
(a) Non-derivative financial instruments
(i) Financial assets carried at amortized cost
A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
(ii) Financial assets at fair value through profit or loss
A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.
(iii) Financial liabilities
Financial liabilities are subsequently carried at cost as they will be settled within the current year. For trade and other payables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments, hence no discounting for the same is necessary.
(iv) Investment in subsidiaries
Investment in subsidiaries is carried at cost in the separate financial statements.
Financial assets - derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e. removed from the Companyâs balance sheet) when:
- The rights to receive cash flows from the asset have expired, or
- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a âpass-throughâ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership.
When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to the extent of the Companyâs continuing involvement. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.
Impairment of financial assets
The Company measures loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in profit or loss. The classification of trade receivables in terms of expected realization has been done by the management based on the past experience of the management. The debts of Rs. 1346 Lacs/have been booked as bad in respect of debtors which are unrealized for more than three years despite best efforts by the management and subject to legal recourse available to the Company for their recovery.
Trade Receivables of Rs. 843 lacs shown under Other Non Current Assets relate to the BSER Project and are outstanding for more than 10 years. In respect of these receivables the Company is in the Arbitration Proceedings as directed by The Honorable Rajasthan High Court on a plea filed by the Company. Trade Payables of Rs. 577 lacs are related to ABAâs of BSER project. The payment of these Trade Payables is dependent upon realization of Trade Receivables of Rs. 843 lacs related to the BSER project as per the Terms of Agreement with the ABAâs. The receivables are long due that is why they are not classified as financial assets.
Financial liabilities - recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Companyâs financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and other financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss & other comprehensive income
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.
Gains or losses on liabilities held for trading are recognized in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated as FVTOCI, fair value gains/ losses attributable to changes in own credit risks are recognized in OCI. These gains/ loss are not subsequently transferred to Statement of Profit and Loss. However, the Company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognized in the Statement of Profit and Loss. The Company has not designated any financial liability as at fair value through other comprehensive income.
Financial liabilities - derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.
(b) Derivative financial instruments and hedge accounting
The company currently does not have any derivative financial instruments whether short term or long term as well as the company is not enrolled in any hedging contracts.
(c) Inventories
Inventories are valued at the lower of cost and net realizable value.
Costs incurred in bringing each product to its present location and conditions are accounted for as follows:
I. Work-in-progress and finished goods (including significant by-products) are valued at lower of cost or net realizable value on weighted average basis.
II. Stores and spares are valued at lower of cost or net realizable value on weighted average basis.
III. Immaterial by-products are valued at net realizable value.
Net realizable value is determined based on estimated selling price, less further costs expected to be incurred to completion and disposal.
(d) Taxation Current tax
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 recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity). Current tax items are recognized 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
Deferred tax is provided, using the balance sheet method, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except:
- When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss
- In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except:
- When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
- In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re- assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
(e) Retirement and other Employee benefit schemes
i. Short-term employee benefits
Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages and performance incentives which are expected to occur in next twelve months. The undiscounted amount of short-term employee benefits to be paid in exchange for employee services is recognized as an expense as the related service is rendered by employees.
ii. Post-Employment Benefits Gratuity
The Company provides for gratuity, a defined benefit retirement plan (âthe Gratuity Planâ) covering eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employeeâs salary and the tenure of employment with the Company.
Liabilities with regard to the Gratuity Plan are determined by actuarial valuation, performed by an independent actuary, at each Balance Sheet date using the projected unit credit method. The Company fully contributes all ascertained liabilities to the Gratuity Fund.
The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability.
Gains and losses through remeasurements of the net defined benefit liability / (asset) are recognized in other comprehensive income. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effects of any plan amendments are recognized in net profit in the Statement of Profit and Loss.
Provident Fund
The Company benefits to its employees, under provident fund . The Company and employees contribute at predetermined rates to fund which is accounted on accrual basis. The contribution towards provident fund is recognized as an expense in the Statement of Profit and Loss.
(f) Provisions
I. General
Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows to net present value using an appropriate pre- tax discount rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is recognized in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.
II. Restoration, expenses and handover costs:
Provision is made for costs associated with restoration, expenses & handover of projects as soon as the obligation to incur such costs arises. Such costs are on estimate basis and they are normally incurred as and when the event probable to the outflow of economic benefits takes shape. The costs are estimated on the basis of various reports and estimates made by the competent personnel present and the sites and after due verification and also are based on the amounts as prescribed in the contracts entered on earlier. The provision made for various expenses has been estimated to such extent as required to settle the obligations. The management estimates that the settlement of the provisions will be done in current year and hence no discounting is necessary.
(g) Foreign currency translation
The functional currency for the Company is determined as the currency of the primary economic environment in which it operates. For the Company, the functional currency is the local currency of the country in which it operates, which is Indian Rupee.
In the financial statements of the Company, transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in other currencies are translated into the functional currency at exchange rates prevailing on the reporting date. Non-monetary assets and liabilities denominated in other currencies and measured at historical cost or fair value are translated at the exchange rates prevailing on the dates on which such values were determined.
All exchange differences are included in the Statement of Profit and Loss except any exchange differences on translation of foreign operation of ITNEER INC, which are recognized in the other comprehensive income as a part of foreign currency translation reserve.
(h) Earnings per share
The Company presents basic and diluted earnings per share (âEPSâ) data for its equity shares. Basic EPS is calculated by dividing the comprehensive income attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.
(i) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive Officer i.e. CEO. Revenue and expenses are identified to segments on the basis of their relationship to the operating activities of the segment.
Revenue, expenses which are not allocable to segments on a reasonable basis, are included under âUnallocated revenue/ expenses â. It is practically not possible for the company to ascertain segmental assets and liabilities due to the location and swap use of assets and some liabilities despite managementâs constant effort.
(j) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand and short-term money market deposits with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above.
(k) Cash dividend to equity shareholders of the Company
The Company recognizes a liability to make distribution to equity shareholders of the Company when the distribution is authorized and it is no longer at the discretion of the Company. Interim dividend is paid as and when declared by the Board. Final dividend is paid after obtaining shareholdersâ approval. Dividends are paid in Indian Rupees.
The Board of Directors has recommended dividend @ 5% i.e. Rs.0.10/-paise per share of Rs. 2 each for the F.Y. 2017-18, subject to approval of the Shareholders in the ensuing Annual General Meeting
(l) Recent Indian Accounting Standards (Ind AS)
Ministry of Corporate Affairs (âMCAâ) through Companies (Indian Accounting Standards) Amendment Rules, 2018 has notified the following new and amendments to Ind ASs which the Company has not applied as they are effective for annual periods beginning on or after April 1, 2018:
Ind AS 115 Revenue from Contracts with Customers
Ind AS 21 The Effect of Changes in Foreign Exchange Rates
Ind AS 115 - Revenue from Contracts with Customers
Ind AS 115 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. Ind AS 115 will supersede the current revenue recognition standard Ind AS18 - Revenue, Ind AS 11 -Construction Contracts when it becomes effective.
The core principle of Ind AS 115 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, the standard introduces a 5-step approach to revenue recognition:
Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligation in contract Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
Under Ind AS 115, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e. when âcontrolâ of the goods or services underlying the particular performance obligation is transferred to the customer.
The Company has completed its evaluation of the possible impact of Ind AS 115 and will adopt the standard with all related amendments to all contracts with customers retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. Under this transition method, cumulative effect of initially applying Ind AS 115 is recognized as an adjustment to the opening balance of retained earnings of the annual reporting period. The standard is applied retrospectively only to contracts that are not completed contracts at the date of initial application. The Company does not expect the impact of the adoption of the new standard to be material on its retained earnings and to its net income on an ongoing basis.
Ind AS 21 - The Effect of Changes in Foreign Exchange Rates
The amendment clarifies on the accounting of transactions that include the receipt or payment of advance consideration in a foreign currency. The appendix explains that the date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment asset or deferred income liability. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. Compucom Software Limited is evaluating the impact of this amendment on its financial statements.
Mar 31, 2016
A. Basis of preparation of Financial Statements: The financial statements have been prepared on accrual basis under the historical cost convention, in conformity with all material aspects with the generally accepted accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the requirements 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. Revenue Recognition: Revenue from time and material contracts for software development is recognized on completion of contracts or at stages as per the applicable terms and conditions agreed with the customers and when the deliverables are delivered to customers.
In case of Fixed Price Contracts, revenue is recognized on milestones achieved as specified in the contracts on the proportionate completion method on the basis of work completed. When there is uncertainty about the measurement or ultimate collectability, revenue recognition is postponed until such uncertainty is resolved.
In case of Wind Power Division the revenue is booked as and when right to receive the revenue is established.
Interest on deployment of surplus funds is recognized over the period of deployment using interest rate implicit in the transaction. .
D. Fixed Assets and Depreciation: Fixed Assets are stated at cost less accumulated depreciation. Cost includes all expenses related to acquisition and installation of the concerned assets and any attributable cost of bringing the asset to the condition of its intended use. Direct financing cost incurred during the construction period on major projects is also capitalized. Exchange differences on repayment and year-end translation of foreign currency liabilities relating to acquisition of fixed assets are adjusted to the carrying cost of the respective assets. Fixed Assets purchased for a fixed duration projects are depreciated equally over the respective projects life.
Pursuant to applicability of Companies Act, 2013 for accounting period commencing after April 1, 2014, the Company has provided for the depreciation based on the useful life of the assets as prescribed in the schedule II of the Companies Act, 2013(except for those used for specific period projects on which the depreciation has been provided over the life of project).
E Foreign Currency Transactions: Transactions in foreign currency are recorded at the exchange rates prevailing on the date of the transaction. Exchange gains/losses are recognized in the Statement of Profit and Loss except in respect of liabilities incurred to acquire fixed assets in which case, they are adjusted to the carrying amount of such fixed assets.
F. Investments: Non-Current investments are carried at cost. Current investments intended to be held for less than one year are stated at the lower of cost and market value and the resultant decline, if any, is charged to revenue and the carrying amount of investments is reduced to that extent. Investment in subsidiary companies is accounted on cost method.
G Retirement Benefits: The Company provides retirement / post-retirement benefits in the form of gratuity. Such benefits are provided for based on valuations as on the date of balance sheet.
H. Borrowing Costs: Borrowing costs that are directly attributable to the acquisition of an asset that necessarily takes a substantial period of time to get ready for its intended use are capitalized as part of the cost of that asset till the date it is put to use. Other borrowing costs are recognized as an expense in the period in which they are incurred.
I. Segment Reporting: Identifiable revenues and expenses of each segment are directly attributed to the segment while non-identifiable expenses are allocated on the basis revenue earned in undertaking.
J. Provision for Current and Deferred Tax: Income taxes have been computed using the tax effect accounting method, where taxes are accrued in the same period as the related revenue and expenses. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to timing differences between the taxable income and the accounting income for a period. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the timing differences are expected to be recovered or settled. The effect of changes in the tax rates on deferred tax assets and liabilities is recognized in the statement of income in the period of change. Deferred tax assets are recognized based on management''s judgment as to the sufficiency of future taxable income against which the deferred tax asset can be realized.
K. Provision and contingent liabilities: A Provision is recognized if, as a result of past event, the Company has a present legal obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by the best estimates of the outflow of the economic benefits required to settle the obligation at the reporting date. Where no reliable estimates can be made, a disclosure is made as contingent liability. A disclosure for a contingent liability is also made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.
Mar 31, 2015
A. Basis of preparation of Financial Statements: The financial
statements have been prepared on accrual basis under the historical
cost convention, in conformity with all material aspects with the
generally accepted accounting principles in India, the Accounting
Standards issued by the Institute of Chartered Accountants of India and
the requirements 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. Revenue Recognition: Revenue from time and material contracts for
software development is recognized on completion of contracts or at
stages as per the applicable terms and conditions agreed with the
customers and when the deliverables are dispatched to customers. In
case of fixed price contracts, revenue is recognized on milestones
achieved as specified in the contracts on the proportionate completion
method on the basis of work completed. Interest on deployment of
surplus funds is recognized over the period of deployment using
interest rate implicit in the transaction. Dividend income is accounted
for on receipt basis.
D. Fixed Assets and Depreciation: Fixed Assets are stated at cost less
accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any
attributable cost of bringing the asset to the condition of its intended
use. Direct financing cost incurred during the construction period on
major projects is also capitalized. Exchange differences on repayment
and year-end translation of foreign currency liabilities relating to
acquisition of fixed assets are adjusted to the carrying cost of the
respective assets.
Pursuant to applicability of Companies Act, 2013 for accounting period
commencing after April 1, 2014 the company has provided for the
depreciation based on the useful life of the assets (except for those
used for specific period projects on which the depreciation has been
provided over the life of project) as prescribed in the schedule II of
the Companies Act, 2013. The carrying amount as on 01.04.2014 is
depreciated over the remaining useful life of the assets. Providing the
depreciation as per the schedule II of Companies Act, 2013 has resulted
the decrease in depreciation of Rs. 37.12 lacs for the year ended on
March 2015 and Rs 4.90 lacs for the quarter ended on March 31, 2015.
As Per the requirement of schedule II of The Companies Act, 2013 where
the remaining useful life of any asset is nil as per the said schedule,
the carrying amount of the same as on 01.04.2014 retaining the residual
value of the assets, has been recognized in the retained earnings. The
amount of the effect is Rs. 34,24,934/- which has been transferred to
Profit and Loss account under note 2 named, Reserves & Surplus.
E Foreign Currency Transactions: Transactions in foreign currency are
recorded at the exchange rates prevailing on the date of the
transaction. Exchange gains/losses are recognized in the Statement of
Profit and Loss except in respect of liabilities incurred to acquire
fixed assets in which case, they are adjusted to the carrying amount of
such fixed assets.
F. Investments: Non-Current investments are carried at cost. Provision
for diminution, if any, in the value of each Non-Current investment is
made to recognize a decline or surplus, other than that of a temporary
nature. Current investments intended to be held for less than one year
are stated at the lower of cost and market value and the resultant
decline, if any, is charged to revenue and the carrying amount of
investments is reduced to that extent. Investment in subsidiary
companies is accounted on cost method. Under the method, Company
recognizes only dividend received from subsidiary as income.
Undistributed profits of subsidiary are not accounted.
G Retirement Benefits: The Company provides retirement / post
retirement benefits in the form of gratuity. Such benefits are provided
for based on valuations as on the date of balance sheet.
H Borrowing Costs: Borrowing costs that are directly attributable to
the acquisition of an asset that necessarily takes a substantial period
of time to get ready for its intended use are capitalized as part of
the cost of that asset till the date it is put to use. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
I. Segment Reporting: Identifiable revenues and expenses of each
segment are directly attributed to the segment while non-identifiable
expenses are allocated on the basis of use of particular resources in
an undertaking.
J. Provision for Current and Deferred Tax: Income taxes have been
computed using the tax effect accounting method, where taxes are
accrued in the same period as the related revenue and expenses.
Deferred tax assets and liabilities are recognized for the expected
future tax consequences attributable to timing differences between the
taxable income and the accounting income for a period. Deferred tax
assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which the timing differences
are expected to be recovered or settled. The effect of changes in the
tax rates on deferred tax assets and liabilities is recognized in the
statement of income in the period of change. Deferred tax assets are
recognized based on management's judgment as to the sufficiency of
future taxable income against which the deferred tax asset can be
realized.
K. 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 Statement of Profit and Loss 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. The management has not
identified any indication of impairment of asset from internal or
external source of information.
L. Provision and contingent liabilities: A Provision is recognized if,
as a result of past event, the company has a present legal obligation
that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions
are determined by the best estimates of the outflow of the economic
benefits required to settle the obligation at the reporting date. Where
no reliable estimates can be made, a disclosure is made as contingent
liability. A disclosure for a contingent liability is also made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
Mar 31, 2014
A. Basis of preparation of Financial Statements: The financial
statements have been prepared on accrual basis under the historical
cost convention, in conformity with all material aspects with the
generally accepted accounting principles in India, the Accounting
Standards issued by the Institute of Chartered Accountants of India and
the requirements 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 recognized in
the period in which the results are known/ materialized.
C. Revenue Recognition: Revenue from time and material contracts for
software development is recognized on completion of contracts or at
stages as per the applicable terms and conditions agreed with the
customers and when the deliverables are dispatched to customers. In
case of fixed price contracts, revenue is recognized on milestones
achieved as specified in the contracts on the proportionate completion
method on the basis of work completed. Interest on deployment of
surplus funds is recognized over the period of deployment using
interest rate implicit in the transaction. Dividend income is accounted
for on receipt basis.
D. Fixed Assets and Depreciation: Fixed Assets are stated at cost less
accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any
attributable cost of bringing the asset to the condition of its
intended use. Direct financing cost incurred during the construction
period on major projects is also capitalized. Exchange differences on
repayment and year-end translation of foreign currency liabilities
relating to acquisition of fixed assets are adjusted to the carrying
cost of the respective assets. Pursuant to Accounting Standard -26
Intangible Assets becoming applicable, the Company has adopted the
following accounting policy for Software Expenses and exclusive
marketing rights.
Software purchased is capitalized and written off over its useful life,
which is normally six years, provided the software is regularly updated
through a maintenance contract, failing which, the unamortized balance
is charged to revenue. If the usage of software is discontinued, its
unamortized cost is also charged to revenue. Exclusive marketing rights
is capitalized and written off over its agreement period of ten years.
Fixed Assets purchased during the year for all new projects are
depreciated equally over the respective projects life.
Depreciation is provided under the straight-line method, based on the
rates provided under schedule XIV to the Companies Act, 1956 on
pro-rata basis.
E. Foreign Currency Transactions: Transactions in foreign currency are
recorded at the exchange rates prevailing on the date of the
transaction. Exchange gains/losses are recognized in the Statement of
Profit and Loss except in respect of liabilities incurred to acquire
fixed assets in which case, they are adjusted to the carrying amount of
such fixed assets.
F. Investments: Non-Current investments are carried at cost. Provision
for diminution, if any, in the value of each Non-Current investment is
made to recognize a decline or surplus, other than that of a temporary
nature. Current investments intended to be held for less than one year
are stated at the lower of cost and market value and the resultant
decline, if any, is charged to revenue and the carrying amount of
investments is reduced to that extent. Investment in subsidiary
companies is accounted on cost method. Under the method, Company
recognizes only dividend received from subsidiary as income.
Undistributed profits of subsidiary are not accounted.
G. Retirement Benefits: The Company provides retirement / post
retirement benefits in the form of gratuity. Such benefits are provided
for based on valuations as on the date of balance sheet.
H. Borrowing Costs: Borrowing costs that are directly attributable to
the acquisition of an asset that necessarily takes a substantial period
of time to get ready for its intended use are capitalized as part of
the cost of that asset till the date it is put to use. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
I. Segment Reporting: Identifiable revenues and expenses of each
segment are directly attributed to the segment while non-identifiable
expenses are allocated on the basis of use of particular resources in
an undertaking.
J. Provision for Current and Deferred Tax: Income taxes have been
computed using the tax effect accounting method, where taxes are
accrued in the same period as the related revenue and expenses.
Deferred tax assets and liabilities are recognized for the expected
future tax consequences attributable to timing differences between the
taxable income and the accounting income for a period. Deferred tax
assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which the timing differences
are expected to be recovered or settled. The effect of changes in the
tax rates on deferred tax assets and liabilities is recognized in the
statement of income in the period of change. Deferred tax assets are
recognized based on management''s judgment as to the sufficiency of
future taxable income against which the deferred tax asset can be
realized.
K. 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 Statement of Profit and Loss 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. The management has not
identified any indication of impairment of asset from internal or
external source of information.
L. Provision and contingent liabilities: A Provision is recognized if,
as a result of past event, the company has a present legal obligation
that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions
are determined by the best estimates of the outflow of the economic
benefits required to settle the obligation at the reporting date. Where
no reliable estimates can be made, a disclosure is made as contingent
liability. A disclosure for a contingent liability is also made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
Mar 31, 2013
A. Basis of preparation of Financial Statements: The Financial
Statements have been prepared on accrual basis under the historical
cost convention, in conformity with all material aspects with the
generally accepted accounting principles in India, the Accounting
Standards issued by the Institute of Chartered Accountants of India and
the requirements 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 recognized in
the period in which the results are known/ materialized.
C. Revenue Recognition: Revenue from time and material contracts for
software development is recognized on completion of contracts or at
stages as per the applicable terms and conditions agreed with the
customers and when the deliverables are dispatched to customers. In
case of fixed price contracts, revenue is recognized on milestones
achieved as specified in the contracts on the proportionate completion
method on the basis of work completed. Interest on deployment of
surplus funds is recognized over the period of deployment using
interest rate implicit in the transaction. Dividend income is accounted
for on receipt basis.
D. Fixed Assets and Depreciation: Fixed Assets are stated at cost less
accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any
attributable cost of bringing the asset to the condition of its
intended use. Direct financing cost incurred during the construction
period on major projects is also capitalized. Exchange differences on
repayment and year-end translation of foreign currency liabilities
relating to acquisition of fixed assets are adjusted to the carrying
cost of the respective assets. Pursuant to Accounting Standard -26
Intangible Assets becoming applicable, the Company has adopted the
following accounting policy for Software Expenses and exclusive
marketing rights.
Software purchased is capitalized and written off over its useful life,
which is normally six years, provided the software is regularly updated
through a maintenance contract, failing which, the unamortized balance
is charged to revenue. If the usage of software is discontinued, its
unamortized cost is also charged to revenue. Exclusive marketing rights
is capitalized and written off over its agreement period of ten years.
Fixed Assets purchased during the year for all new projects are
depreciated equally over the respective projects life.
Depreciation is provided under the straight-line method, based on the
rates provided under schedule XIV to the Companies Act, 1956 on
pro-rata basis.
E. Foreign Currency Transactions: Transactions in foreign currency are
recorded at the exchange rates prevailing on the date of the
transaction. Exchange gains/losses are recognized in the Statement of
Profit and Loss except in respect of liabilities incurred to acquire
fixed assets in which case, they are adjusted to the carrying amount of
such fixed assets.
F. Investments: Non-Current investments are carried at cost. Provision
for diminution, if any, in the value of each Non-Current investment is
made to recognize a decline or surplus, other than that of a temporary
nature. Current investments intended to be held for less than one year
are stated at the lower of cost and market value and the resultant
decline, if any, is charged to revenue and the carrying amount of
investments is reduced to that extent. Investment in subsidiary
companies is accounted on cost method. Under the method, Company
recognizes only dividend received from subsidiary as income.
Undistributed profits of subsidiary are not accounted.
G. Retirement Benefits: The Company provides retirement / post
retirement benefits in the form of gratuity. Such benefits are provided
for based on valuations as on the date of balance sheet.
H. Borrowing Costs: Borrowing costs that are directly attributable to
the acquisition of an asset that necessarily takes a substantial period
of time to get ready for its intended use are capitalized as part of
the cost of that asset till the date it is put to use. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
I. Segment Reporting: Identifiable revenues and expenses of each
segment are directly attributed to the segment while non-identifiable
expenses are allocated on the basis of use of particular resources in
an undertaking.
J. Provision for Current and Deferred Tax: Income taxes have been
computed using the tax effect accounting method, where taxes are
accrued in the same period as the related revenue and expenses.
Deferred tax assets and liabilities are recognized for the expected
future tax consequences attributable to timing differences between the
taxable income and the accounting income for a period. Deferred tax
assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which the timing differences
are expected to be recovered or settled. The effect of changes in the
tax rates on deferred tax assets and liabilities is recognized in the
statement of income in the period of change. Deferred tax assets are
recognized based on management''s judgment as to the sufficiency of
future taxable income against which the deferred tax asset can be
realized.
K. 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 Statement of Profit and Loss 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. The management has not
identified any indication of impairment of asset from internal or
external source of information.
L. Provision and contingent liabilities: A Provision is recognized if,
as a result of past event, the Company has a present legal obligation
that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions
are determined by the best estimates of the outflow of the economic
benefits required to settle the obligation at the reporting date. Where
no reliable estimates can be made, a disclosure is made as contingent
liability. A disclosure for a contingent liability is also made when
there is a possible obligation or a present obligation that may, but
probably will not, require an outflow of resources. Where there is a
possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or
disclosure is made.
Mar 31, 2012
A. Basis of preparation of Financial Statements : The financial
statements have been prepared on accrual basis under the historical
cost convention, in conformity with all material aspects with the
generally accepted accounting principles in India, the Accounting
Standards issued by the Institute of Chartered Accountants of India and
the requirements 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 recognized in
the period in which the results are known/ materialized.
C. Revenue Recognition : Revenue from time and material contracts for
software development is recognized on completion of contracts or at
stages as per the applicable terms and conditions agreed with the
customers and when the deliverables are dispatched to customers. In
case of fixed price contracts, revenue is recognized on milestones
achieved as specified in the contracts on the proportionate completion
method on the basis of work completed. Interest on deployment of
surplus funds is recognized over the period of deployment using
interest rate implicit in the transaction. Dividend income is
recognized when the company's right to receive is established.
D. Fixed Assets and Depreciation : Fixed Assets are stated at cost
less accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any
attributable cost of bringing the asset to the condition of its
intended use. Direct financing cost incurred during the construction
period on major projects is also capitalized. Exchange differences on
repayment and year-end translation of foreign currency liabilities
relating to acquisition of fixed assets are adjusted to the carrying
cost of the respective assets. Pursuant to Accounting Standard -26
Intangible Assets becoming applicable, the Company has adopted the
following accounting policy for Software Expenses and exclusive
marketing rights.
Software purchased is capitalized and written off over its useful life,
which is normally six years, provided the software is regularly updated
through a maintenance contract, failing which, the unamortized balance
is charged to revenue. If the usage of software is discontinued, its
unamortized cost is also charged to revenue. Exclusive marketing rights
is capitalized and written off over its agreement period of ten years.
Fixed Assets purchased during the year for all new projects are
depreciated equally over the respective projects life.
Depreciation is provided under the straight-line method, based on the
rates provided under schedule XIV to the Companies Act 1956.
E Foreign Currency Transactions : Transactions in foreign currency are
recorded at the exchange rates prevailing on the date of the
transaction. Exchange gains/losses are recognized in the Profit and
Loss Account except in respect of liabilities incurred to acquire fixed
assets in which case, they are adjusted to the carrying amount of such
fixed assets.
F. Investments : Non-Current investments are carried at cost. Provision
for diminution, if any, in the value of each Non-Current investment is
made to recognized a decline or surplus, other than that of a temporary
nature. Current investments intended to be held for less than one year
are stated at the lower of cost and market value and the resultant
decline, if any, is charged to revenue and the carrying amount of
investments is reduced to that extent. Investment in subsidiary
companies is accounted on cost method. Under the method, Company
recognizes only dividend received from subsidiary as income.
Undistributed profits of subsidiary are not accounted.
G Retirement Benefits : The Company provides retirement / post
retirement benefits in the form of gratuity. Such benefits are provided
for based on valuations as on the date of balance sheet.
H. Borrowing Costs : Borrowing costs that are directly attributable to
the acquisition of an asset that necessarily takes a substantial period
of time to get ready for its intended use are capitalized as part of
the cost of that asset till the date it is put to use. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
I. Segment Reporting : Identifiable revenues and expenses of each
segment are directly attributed to the segment while non- identifiable
expenses are allocated on the basis of use of particular resources in
an undertaking.
J. Provision for Current and Deferred Tax : Income taxes have been
computed using the tax effect accounting method, where taxes are
accrued in the same period as the related revenue and expenses.
Deferred tax assets and liabilities are recognized for the expected
future tax consequences attributable to timing differences between the
taxable income and the accounting income for a period. Deferred tax
assets and liabilities are measured using enacted tax rates expected to
apply to taxable income in the years in which the timing differences
are expected to be recovered or settled. The effect of changes in the
tax rates on deferred tax assets and liabilities is recognized in the
statement of income in the period of change. Deferred tax assets are
recognized based on management's judgment as to the sufficiency of
future taxable income against which the deferred tax asset can be
realized.
K. 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. The management has not identified any
indication of impairment of asset from internal or external source of
information.
L. Provision and contingent liabilities : A Provision is recognized if,
as a result of past event, the company has a present legal obligation
that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation.
Provisions are determined by the best estimates of the outflow of the
economic benefits required to settle the obligation at the reporting
date. Where no reliable estimates can be made, a disclosure is made as
contingent liability. A disclosure for a contingent liability is also
made when there is a possible obligation or a present obligation that
may, but probably will not, require an outflow of resources. Where
there is a possible obligation or a present obligation in respect of
which the likelihood of outflow of resources is remote, no provision or
disclosure is made.
Mar 31, 2011
A. Basis of preparation of Financial Statements : The financial
statements have been prepared on accrual basis under the historical
cost convention, in conformity with all material aspects with the
generally accepted accounting principles (GAAP) in India, the
Accounting Standards issued by the Institute of Chartered Accountants
of India and the requirements of the Companies Act, 1956.
B. Fixed Assets and Depreciation : Fixed Assets are stated at cost
less accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any
attributable cost of bringing the asset to the condition of its
intended use. Direct financing cost incurred during the construction
period on major projects is also capitalized. Exchange differences on
repayment and year-end translation of foreign currency liabilities
relating to acquisition of fixed assets are adjusted to the carrying
cost of the respective assets.
Pursuant to Accounting Standard-26 Intangible Assets becoming
applicable, the Company has adopted the following accounting policy for
Software Expenses and exclusive marketing rights:
Software purchased is capitalized and written off over its useful life,
which is normally six years, provided the software is regularly updated
through a maintenance contract, failing which, the unamortised balance
is charged to revenue. If the usage of software is discontinued, its
unamortised cost is also charged to revenue.
Exclusive marketing rights is capitalized and written off over its
agreement period of ten years.
Depreciation is provided under the straight-line method, based on the
rates provided under schedule XIV to the Companies Act 1956.
Fixed Assets purchased during the year for all new projects are
depreciated equally over the respective projects life.
C. Investments : Long-term investments are carried at cost. Provision
for diminution, if any, in the value of each long-term investment is
made to recognize a decline, other than that of a temporary nature.
Current investments intended to be held for less than one year are
stated at lower cost and market value and the resultant decline, if
any, is charged to revenue and the carrying amount of investments is
reduced to that extent.
Investment in subsidiary is accounted on cost method. Under the method,
Company recognizes only dividend received from subsidiary as income.
Undistributed profits of subsidiary are not accounted.
D. Foreign Exchange Transactions : Transactions in foreign currency
are recorded at the exchange rates prevailing on the date of the
transaction. Exchange gains/losses are recognized in the Profit and
Loss Account except in respect of liabilities incurred to acquire fixed
assets in which case, they are adjusted to the carrying amount of such
fixed assets.
E. Revenue Recognition : Revenue from time and material contracts for
software development is recognized on completion of contracts or at
stages as per the applicable terms and conditions agreed with the
customers and when the deliverables are dispatched to customers. In
case of fixed price contracts, revenue is recognized on milestones
achieved as specified in the contracts on the proportionate completion
method on the basis of work completed. Interest on deployment of
surplus funds is recognized over the period of deployment using
interest rate implicit in the transaction. Dividend income is
recognized when the company's right to receive is established.
F. Impairment of Assets : The management has not identified any
indication of impairment of asset from internal or external source of
information.
G. Borrowing Costs : Borrowing costs that are directly attributable to
the acquisition of an asset that necessarily takes a substantial period
of time to get ready for its intended use are capitalised as part of
the cost of that asset till the date it is put to use. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
H. Income-tax : Income taxes have been computed using the tax effect
accounting method, where taxes are accrued in the same period as the
related revenue and expenses. Deferred tax assets and liabilities are
recognized for the expected future tax consequences attributable to
timing differences between the taxable income and the accounting income
for a period. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in
which the timing differences are expected to be recovered or settled.
The effect of changes in the tax rates on deferred tax assets and
liabilities is recognized in the statement of income in the period of
change. Deferred tax assets are recognized based on management's
judgment as to the sufficiency of future taxable income against which
the deferred tax asset can be realized.
I. Retirement Benefits : The Company provides retirement / post
retirement benefits in the form of gratuity. Such benefits are provided
on the basis of valuation as on the date of Balance Sheet.
Mar 31, 2010
A. Basis of preparation of Financial Statements : The financial
statements have been prepared on accrual basis under the historical
cost convention, in conformity with all material aspects with the
generally accepted accounting principles in India, the Accounting
Standards issued by the Institute of Chartered Accountants of India and
the requirements of the Companies Act, 1956.
b. Fixed Assets and Depreciation : Fixed Assets are stated at cost
less accumulated depreciation. Cost includes all expenses related to
acquisition and installation of the concerned assets and any
attributable cost of bringing the asset to the condition of its
intended use. Direct financing cost incurred during the construction
period on major projects is also capitalized. Exchange differences on
repayment and year-end translation of foreign currency liabilities
relating to acquisition of fixed assets are adjusted to the carrying
cost of the respective assets.
Pursuant to Accounting Standard-26 ÃIntangible AssetsÃ, the Company has
adopted the following accounting policy for software expenses and
exclusive marketing rights:
Software purchased is capitalized and written off over its useful life,
which is normally six years, provided the software is regularly updated
through a maintenance contract, failing which, the unamortised balance
is charged to revenue. If the usage of software is discontinued, its
unamortised cost is also charged to revenue.
Exclusive marketing rights is capitalized and written off over its
agreement period of ten years.
Depreciation is provided under the straight-line method, based on the
rates provided under schedule XIV to the Companies Act 1956.
Fixed Assets purchased during the year for all new projects are
depreciated equally over the respective projectÃs life.
c. Investments : Long-term investments are carried at cost. Provision
for diminution, if any, in the value of each long-term investment is
made to recognize a decline, other than that of a temporary nature.
Current investments intended to be held for less than one year are
stated at the lower of cost and market value and the resultant decline,
if any, is charged to revenue and the carrying amount of investments is
reduced to that extent.
Investment in subsidiary is accounted on cost method. Under this
method, Company recognizes only dividend received from subsidiary as
income. Undistributed profits of subsidiary are not accounted.
d. Foreign Exchange Transactions : Transactions in foreign currency
are recorded at the exchange rates prevailing on the date of the
transaction. Exchange gains/losses are recognized in the Profit and
Loss Account except in respect of liabilities incurred to acquire fixed
assets in which case they are adjusted to the carrying amount of such
fixed assets.
e. Revenue Recognition : Revenue from time and material contracts for
software development is recognized on completion of contracts or at
stages as per the applicable terms and conditions agreed with the
customers and when the deliverables are dispatched to customers. The
Company undertakes fixed price projects for procurement
installation/maintenance of technology equipment & infrastructure
set-up, providing educational product and educational services. Revenue
from initial project set up activities & development of products under
such contracts is recognised under proportionate completion method as
per contract terms. Interest on deployment of surplus funds is
recognized over the period of deployment using interest rate implicit
in the transaction. Dividend income is recognized when the companyÃs
right to receive is established.
f. Impairment of Assets : The management has not identified any
indication of impairment of asset from internal or external source of
information.
g. Borrowing Costs : Borrowing costs that are directly attributable to
the acquisition of an asset that necessarily takes a substantial period
of time to get ready for its intended use are capitalized as part of
the cost of that asset till the date it is put to use. Other borrowing
costs are recognized as an expense in the period in which they are
incurred.
h. Income-tax : Income taxes have been computed using the tax effect
accounting method, where taxes are accrued in the same period as the
related revenue and expenses. Deferred tax assets and liabilities are
recognized for the expected future tax consequences attributable to
timing differences between the taxable income and the accounting income
for a period. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in
which the timing differences are expected to be recovered or settled.
The effect of changes in the tax rates on deferred tax assets and
liabilities is recognized in the statement of income in the period of
change. Deferred tax assets are recognized based on managementÃs
judgment as to the sufficiency of future taxable income against which
the deferred tax asset can be realized.
i. Retirement Benefits : The Company provides retirement/post
retirement benefits in the form of gratuity. Such benefits are provided
for based on valuations as on the date of balance sheet.
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