Corporate Information
,S Tg38ed ln busl"e5,s kpr°Vldin8 enterpr‘S° "** a"d da*> cloud telephony service, it also provides IT solutions for cloud telephony to
G,obal Telecom Service Providers. During the year company has also engaged In business of shares and securitiesThe^compan is havng its registered
office at 315. Third Floor. HBTwin Tower. NetaJI Subhash Place, Pitampura North Delhi DL110034 IN. The company Is subsidiary of M/s UC IT Managed
Services Private Limited
NOTE '2'
2.1 Accounting Standards
The Company has complied with all the Accounting Standard as applicable to the company under Companies under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014, and made necessary disclosures wherever applicable.
2.2 Basis of Accounting and Preparation of Financial Statements
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 notified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. The financial
statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial
statements are consistent with those followed in the previous year except for adjustments required to complile financial accounts in accordance with the
shcedule III.
2.3 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.
2.4 Inventories
Inventories are valued at the lower of cost (on FIFO basis) and the net realisable value after providing for obsolescence and other losses, where considered
necessary
2.5 Depredation and amortisation
Depreciation has been provided on the writted down value method as per the rates prescribed in Schedule II of the Companies Act, 2013. Regarding written
of MISC. Expenditure, these are being amortised over a period of 5 year from the commencements of operations of the company or from the year in which
they are incurred whichever Is later.
2.6 Revenue Recognition
Sale of Goods/Servlces
Sales are recognised net of trade discounts, on transfer of significant risks and rewards of ownership to the buyer, which generally coincides with the
delivery of goods/services to customers. Sales excludes all taxes. Revenue Is primarily derived from IT Services. Revenue is recognised on accrual basis net of
all taxes.
2.7 Property Plant and Equipment
Property plant and equipment are carried at cost net of GST If any and subsequently 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 other incidental expenses incurred up to that date.
2.8 Employee Benefits
Defined Benefit Plans
The Company's contribution to provident fund and superannuation fund are considered as defined contribution plans and are charged as an expense as they
fall due based on the amount of contribution required to be made. The company has paid their employee statuory dues such Employee Providend fund and
Employee State Insuranace on regular basis.
Retirement Benefit Plans
Since the employees has rendered their services for period of more than 5 Years Hence the provisions of the various retirment benefits laws i.e. gratuity
are applicable to the company and the company made the provision for gratuity.
2.9 Inventory / ,2?/ Yo\
Cost of inventory Includes cost of purchase and other costs Incurred in bringing the Inventories to their present con^itoft-JjU ^
2.10 Earning Per Share
Basic earnings per share Is computed by dividing the profit / (loss) after tax (Including the post tax effect of extraordinary hpfns, if any) by the number of
equity shares outstanding during the year
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f rjl foreign Exchange Transactlons/Translatlon-— —--
areTred f 'TT' CU"enCY' 31 the eXCh3nge fa,C prevai,in8 on the date of transactions. Gains/iosses arisingout
of tfte fluctuations in the exchange rate between functional currency and foreign currency are recognised in the Statement of Profit &Loss in the period in
*hich they anse.The fluctuat.ons between foreign currency and functional currency relating to monetary Items at the year endmg are accounted as gains /
losses In the Statement of Profit & Loss
2.12 Taxes on Income .....
Current tax is the amount of tax payable on the taxable income for the year as determined In accordance with the provisions of the Income Tax Act,
1961.Deferred tax is recognised on timing differences, being the differences between the taxable income and the accounting income that originate in one
period and are capable of reversal in one or more subsequent periods. Deferred tax is measured using the tax rates and the tax laws enacted or
substantially enacted as at the reporting date. Deferred tax liabilities are recognised for all timing differences. Deferred tax assets in respect of unabsoibed
depreciation and carry forward of losses are recognised only If there is virtual certainty that there will be sufficient future taxable income available to realise
such assets. Deferred tax assets are recognised for timing differences of other items only to the extent that reasonable certainty exists that sufficient future
taxable income will be available against which these can be realised. Deferred tax assets and liabilities are offset if such items relate to taxes on income
levied by the same governing tax laws and the Company has a legally enforceable right for such set off. Deferred tax assets are reviewed at each Balance
Sheet date for their realisability.
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