i. Corporate Information:
Qpro Infotech Limited is public limited listed company. The Company
operates in the business of Trading.
ii. Basis of Accounting & Preparation of Financial Statements:
Preparation and presentation of financial statements of the company is
disclosed as per the revised Schedule VI notified under the Companies
Act, 1956 However, it has significant impact on presentation and
disclosures made in the financial statements. The Company has also
reclassified the previous year figures in accordance with the
requirements applicable in the current year.
The financial statements have been prepared under the historical cost
convention in accordance with the generally accepted accounting
principles and the provisions of the Companies Act, 1956 as adopted
consistently by the Company. Accounting policies not stated explicitly
otherwise are consistent with Generally Accepted Accounting Principles
(GAAP).
The Company generally follows mercantile system of accounting and
recognize significant items of income and expenditure on accrual ba0sis
as a going concern.
iii. Use of Estimates:
The preparation of the financial statements in conformity with Indian
GAAP requires the management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, the disclosure
of contingent liabilities on the date of the financial statements and
reported amounts of revenues and expenses for 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. Any revision to accounting estimates is recognized
prospectively in the current and future periods.
iv. Fixed Assets
Fixed assets are stated at cost of acquisition.
v. Investments:
Investments are long term in the nature and stated at cost.
vi. Revenue Recognition:
All income and expenditure items having a material bearing on the
financial statement are recognised on accrual basis.
vii. Earnings per Share:
Basic earnings per share is computed by dividing the profit/(loss)
after tax (including the post-tax effect of extraordinary items, if
any) by the weighted average number of equity shares outstanding during
the year.
Diluted earnings per share is computed by dividing the profit/(loss)
after tax (including the post-tax effect of extraordinary items, if
any) as adjusted for dividend, interest and other charges to expense or
income relating to the dilutive potential equity shares, by the
weighted average number of equity shares considered for deriving basic
earnings per share and the weighted average number of shares which
could have been issued on the conversion of all dilutive potential
equity shares.
viii. Provisions, Contingent Liabilities & Contingent Assets:
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
event and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent Assets are neither recognized nor disclosed in the
financial statements.
Contingent Liability not provided for Rs. 23,60,952/-, Rs. 6,14,295/- &
Rs. 3,35,380/- being Income Tax Demand disputed in appeal for A.Y.
2006-07 ,A.Y. 2008-09 & A.Y. 2010-11 respectively.
ix. In the opinion of the Board, the Current Assets Loans and Advances
are not less than the values stated if realized in the ordinary course
of business. The provision for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
x. The Company has not received any intimation from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures if any, relating to amounts
unpaid as at the year end together with the interest paid/payable as
required under the said Act have not been given.
xi. Disclosures under accounting standards:
a. Related Party Disclosure (AS-18):
Related Party Disclosure under AS-18 issued by the Institute of
Chartered Accounts of India. The Management has informed that all the
transactions entered during the previous year with various parties do
not fall within the purview of the Accounting standard 18 "Related
Party Transaction" issued by the Institute of Chartered Accountants of
India. The related parties of the company at 31st March, 2014 are as
follows:
i. Directors & Key management personnel :
* Sundaram Sankaranarayanan - Director
* Shashikanta Nayak - Additional Director
* Anitha Mahesh - Executive Director
* Ankit Garodia - Executive Direcor
xii. The balances of Current assets, Current liabilities including
Sundry Debtors, Sundry Creditors, Loans & advances, Secured & Unsecured
Loan balances are subject to confirmation.
xiii. Figures have been rounded off to the nearest rupee.
xiv. Comparative Figures:
Previous year's figures have been regrouped & rearranged wherever
necessary to correspond with the current period's
classification/disclosures.
|