1. Corporate information
Blue cloud softech Solutions limited (hereinafter referred as the company) is domiciled and incorporated in INDIA and its shares are publicly traded on the Bombay Stock Exchange (BSE) in India. The company's registered office is located at 405, Tulips Apartment, Somajiguda, Hyderabad-500082, India.
The company is carrying on the business of Designing, developing, computer software and marketing in India or abroad and provising data processing services of all kinds including computer consultancy, systems analysis, and programming and computer maintenance in India or abroad.
The separate financial statements ( Herein after referred as Financial statements) of the company for the year ended 31st march 2018 were authorised for issue by the Board of Directors at their meeting held on 30th may 2018.
2. Basis of preparation
For all periods, up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under the Section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).
These financial statements for the year ended 31 March 2018 have been prepared in accordance with Indian Accounting Standards ("Ind-AS") consequent to the notification of The Companies (Indian Accounting Standards) Rules, 2015 (the Rules) issued by the MCA. These are the first Ind-AS financial statements of the Company, wherein the Company has restated its Balance Sheet as at 1 April 2016 and financial statements for the year ended and as at 31 March 2017 also as per Ind-AS.
All assets and liabilities have been classified as current or noncurrent as per the Company's normal operating cycle and other criteria set out in the Schedule III to the Act. The Company considers 12 months to be its normal operating cycle.
3. EARNING PER SHARE:
The Earning considered in ascertaining the companies Earning Per Share comprise Net Profit After Tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year.
4. Taxes of Income:
Deferred Tax Asset amounting to Rs. 8,790 has been recognized due to the differences arising on account of Depreciation, Amortized of Expenses and losses on sale of Assets.
5. Balances of Sundry Debtors, Loans and Advances are Subject to Confirmation.
6. The company has made the payments to units covered Micro, small and Medium Enterprises Development act, 2006 in due time. There are no outstanding balances due to these units at the closure of the accounting year.
7. Previous year figures have been regrouped and rearranged wherever found necessary, to be in confirmative with current year classification.
8. Figures are rounded off to the nearest rupee.
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