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NETRIPPLES SOFTWARE LTD.

24 July 2023 | 04:00

Industry >> IT Consulting & Software

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ISIN No	INE478B01018	BSE Code / NSE Code	542117 / NETRIPPLES	Book Value (Rs.)	0.00	Face Value	10.00
Bookclosure		52Week High	10	EPS	0.08	P/E	68.88
Market Cap.	3.76 Cr.	52Week Low	5	P/BV / Div Yield (%)	0.00 / 0.00	Market Lot	1.00
Security Type	Other

ACCOUNTING POLICY

You can view the entire text of Accounting Policy of the company for the latest year.

Year End :2023-03

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SIGNIFICANT ACCOUNTING POLICIES FORMING A PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023

Accounting convention

The Financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards prescribed under Section 133 of the Companies Act, 2013, and the relevant provisions of the Companies Act, 2013 ("the 2013 Act"), as applicable. The financial statements have been prepared on accrual basis under the historical cost convention except for certain categories of fixed assets that are carried at re-valued amounts.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Schedule III to the 2013 Act. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current, non-current classification of assets and liabilities.

A. Change in Accounting policy

There is no change in the accounting policy as compared to previous year.

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:

a) Sale of goods

I. Revenue from sale of goods and services is recognized when all the significant risks and rewards of ownership transferred to the buyer and the company retains no effective control of the goods transferred to a degree usually associated with ownership.

II. No significant uncertainty exists regarding the amount of the consideration that will be derived from the sale of goods.

III. The company has collected the receivables through third party instead of directly from clients. Third part has collected and transferred from their account to company account on regular basis.

b) dividend from investment is recognized when the right to receive payment is established.

c) Revenue from interest is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

D. Tangible and Intangible Fixed Assets

All fixed assets are stated at cost of acquisition, less accumulated depreciation and accumulated impairment losses if any. Direct costs are capitalized until the assets are ready for use and includes freight, duties, taxes and expenses incidental to acquisition and installation.

Subsequent expenditures related to an item of fixed assets are added to its book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance

Tangible fixed assets and Intangible assets, that are not yet ready for their intended use, are carried at costs, comprising direct cost, and other incidental / attributable expenses and reflected under Capital work in progress / Intangible assets under development, respectively.

Losses arising from the retirement of and gains or losses arising from the disposal of fixed assets which are carried at cost are recognized in the statement of Profit and Loss.

Intangible assets are stated at acquisition cost, net of accumulated amortization and accumulated impairment losses, if any.

Gains or Losses arising from the retirement or disposal of intangible assets are determined as a difference between the new disposal proceeds and the carrying amount of the asset and are recognized as income or expense in the statement of Profit or Loss.

E. Depreciation

Depreciation is provided on a pro-rata basis on Written down Value method (WDV) over the useful lives of the assets specified in the schedule II of the Companies Act, 2013 from the month the assets are put to use during the financial year. In respect of assets sold or disposed off during the year, depreciation/ amortisation is provided upto the month of sale or disposal of the assets.

The carrying values of assets/ cash generating units at each balance sheet date are reviewed for impairment. If any indication of impairment exists, the recoverable amount of such assets is estimated and impairment is recognised, if the carrying amount exceeds the recoverable amount.

F. Inventories

Items of inventories are measured at lower of cost or net realizable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase, cost of conversion and other costs incurred in bringing them to their respective present location and condition. Cost of raw materials, stores and spares, packing materials, trading and other products are determined on weighted average basis. Cost of work-in-progress and finished stock is determined on absorption costing method.

G. Investments

Investments that are readily realizable and intended to be held for not more than a year from the date on which such investments are made are classified as current investments. All other investments are classified as long term investments.

Long term investments are stated at cost, except where there is a diminution in value (other than temporary), in which case the carrying value is reduced to recognize the decline. Current investments are carried at lower of cost and fair value, computed separately in respect of each category of investment.

H. Foreign Currency Transactions

Transactions made during the year in foreign currency are recorded at the exchange rate prevailing at the time of transactions. Exchange differences arising on actual payment/realization and year end reinstatement referred to above are recognized in the Statement of profit and loss.

I. Cash and Cash equivalents

In the cash flow statements, cash and cash equivalents include cash in hand, demand deposits with the bank and other short-term highly liquid investments with the original maturities of three months or less.

J. Lease

The assets acquired on lease wherein a significant portion of risks and rewards of ownership of an asset is retained by the lessor are classified as operating leases. Lease rentals paid for such leases are recognized as an expense on systematic basis over the terms of lease.

K. Borrowing Cost

Borrowing Cost that are directly attributable to acquisition or Construction of a qualifying asset capitalized as a part of cost of such asset. Qualifying asset is one that takes substantial period of time to get ready for its intended use. All other borrowing costs are recognized as expenditure in the period in which they are incurred.

L. Subsidy

Any government grants available to the company are recognized when there is a reasonable assurance of compliance with the conditions attached to such grants and when benefits in respect there off have been earned and it is reasonably certain that the ultimate collection will be made. Government subsidy related to specific fixed assets is deducted from the gross value of assets concerned.

M. Impairment of assets

At each balance date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e the amount by which the carrying amount of asset exceeds its recoverable amount is provided in the books of accounts.

N. Accounting for Taxes on Income

Provision for Taxation for the year comprises of current tax. Current tax is amount of income-tax determined to be payable in accordance with the provisions of income tax act 1961. Deferred tax is the tax effect of timing difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

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NETRIPPLES SOFTWARE LTD.

ACCOUNTING POLICY