1. METHOD OF ACCOUNTING:
The accounts are prepared in accordance with the applicable mandatory
accounting standards (AS) issued by the Institute of Chartered
Accountants of India. Generally accrual basis is adopted in the
preparation of accounts. Except AS-11 issued by ICAI.
Revenue from Consultancy and Software Development in recognized as per
the terms of specific contracts and based on software development and
invoiced to the clients.
Fixed Assets have been valued at cost less depreciation. Cost includes
other attributable expenses relatable to the cost of acquisition.
Depreciation of Fixed Assets, has been provided on Straight Line Method
at the rate prescribed in the Companies Act, 1956. As per management
opinion company has not provided any deprecation of Building and
License Fee included under Intangible Assets. And company not provided
deprecations on IPR for films rights and company provide deprecation in
the year of release of the films.
Company valued its investments at Cost at the end of the year but
company not diffracted his investments into long term investments to
Company has not making any provision for dilatation in the value of
shares and securities. And as per management opinion there is no
requirements to make any provisions for the same.
Borrowing costs, which are not directly attributable to acquisition of
the assets, are recognized as expenses under interest and finance
RETIREMENT BENEFITS TO THE EMPLOYEES
The Company''s Liability in the form of Provident Fund is fully charged
to Revenue Expenditure. Liability towards Gratuity has been provided as
per managements calculation base on the service contracts. Provision
has been made for Leave Encashment on actual basis.
FOREIGN CURRENCY TRANSLATION
Foreign currency transactions are recorded at exchange rates prevailing
on the date of respective transactions.
Current assets and current liabilities in foreign currencies existing
at balance sheet date are translated at year-end rates.
Foreign currency translation differences related to acquisition of
imported fixed assets, if any are adjusted in the carrying amount of
the related fixed assets. All other foreign currency gains and losses
are recognized in the profit and loss account. Conversion of Maars
software FZLLC are as under.
Fixed Assets and capital and partner account are converted at
historical rate that is 1AED = Rs 12.54. x All Currents assets like
loans and advances, creditors, debtors, inventory are converted at
closing rate as on 31.3.2011 that is 1AED = Rs 12.33 Items of profit
and loss account and all the expenses and revenue are converted at
Average rate as on 31.3.2011 that is 1AED = Rs 12.327.