Crystal Software Solutions Ltd. நிறுவனத்தின் கணக்கியல் கொள்கைகள்

Mar 31, 2012

A Disclosures - Basis of Preparation

The financial statements of the Company have been prepared in accordance with the Generally Acceptec Accounting Principles in India (Indian GAAP) to comply with in all material respects with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

b Concept of Accrual

The financial statements have been prepared on accrual basis under the historical cost convention.

c Matching Concept

The Expenses as incurred and debited in the Income Statement relates to the Financial Year under audit; and are incurred to earn Income for the respective period. Any income or expense not relating to the period are separately stated.

d Consistency of Accounting Policies

The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

e Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

Inventories are valued as follows : Finished Goods : At Lower Of Cost Or Market Value Consumable Stores & Packing Material: N.A. Raw Material: N.A. (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in

The previous year figures are re grouped or re casted where ever necessary and the group number or order is changed as and where ever found necessary.

b There has been no change in the accounting policies during the current financial year.

Depreciation has been provided on the Straight Line Method method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.

a Sale of goods & Services

There are no Sales of Goods, Services are recognised as & when Rendered.

b Other income

Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.

Fixed assets are carried at Cost less Accumulated Depreciation and impairment losses, if any. The cost of fixed assets includes interest on borrowings attributable to acquisition of qualifying fixed assets up to the date the asset is ready for its intended use and otfier incidental expenses incurred up to that date. Subsequent expenditures relating to fixed assets are capitalised only if such expendihire results in an increase in the future benefits from such asset beyond its previously assessed standard of performance.

Foreign exchange transactions are recorded at the currency rates prevailing on the date of transaction and difference upon realization or remittance is accounted to exchange realization difference a/c (in statement of Profit & Loss A/c.) The balance outstandig at the year end is adjusted at rates prevailing on the balance sheet date.

a Current investments are valued at lower of cost and fair value determined on an individual investment basis. b Long Term Investments are carried at cost, diminution if any, other than temporary is provided for.

c The Investments are valued at cost. All Investments of the company are unquoted so, market price is not available.

Gratuity and other benefits are accounted on cash basis. However, other expenses relating to employees are accounted on accrual basis.

Basic earnings per shareKEPS) is computed by dividing the profit / (loss) after tax (including the post tax effect 6f

I extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

b Diluted EPS is not applicable incase of the Company

No Provision for income Tax is made in view of Losses Suffered during the year & Broght Forward Losses of the Company.

No Deferred tax asset/ liability is recognized in view of accumulated losses & unabsorbed depreciation on the consideration of prudence

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. a Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes.

b Contingent Liabilities are not provided for and are disclosed by way of notes.

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Mar 31, 2010

1. Basis of preparation of financial Statements:

The financial statements have been prepared under the historical cost convention in accordance with the normally accepted accounting principles and the provisions of the Companies Act 1956, as adopted constantly by the company.

2. Accounting Policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles.

3. (a) FIXED ASSETS

The gross block of fixed assets is stated in the accounts at die purchase prices of acquisition of such fixed assets including any attributable cost of bringing the assets to its working condition for its intended use. b) DEPRECIATION

Depreciation is provided on straight line basis applying the rates specified in schedule XIV to the Companies Act 19S6, at the rates in force in terms of notification issued by the department of company affairs.

4. INVENTORIES:-

The Stock in trade is valued at lower of cost or market value.

5. TAXATION:. Current Year:

No Provision for taxation has been made for the current year in accordance with prevailing laws of Income Tax.

Deferred Tax:

No Deferred tax asset/ liability is recognized in view of accumulated losses & unabsorbed depreciation on the consideration of prudence.

Fringe Benefit Tax:

Provision for Fringe Benefit Tax has been made in accordance with the prevailing laws of Income Tax.

6. INVESTMENT:-

The Investments are valued at cost less any permanent diminution in the value. All Investments 61 the company are unquoted so, market price is not available.

7 IMPAIRMENT:

During the year no asset is found to be carried at an amount higher than its recoverable value so, no provision for impairment is required to be made.

8. OPERATING LEASE:: The Lease Rent under operating leases are recognized in the profit & loss account and there are no financial lease transactions.

9. REVENUE RECOGNITION:-

AII income and expenses are accounted on accrual basis.

10. CONTINGENT LIABILITIES:-

Contingent liabilities are generally not provided for and are disclosed by way of notes on accounts.

11. EVENTS OCCURING AFTER BALANCE SHEET DATE:-

Events occurring after balance sheet date have been considered in preparation of financial statements.