| 1 Nature of operations
B2B Software Technologies is one of the most prominent and competent
Microsoft Dynamics Navision Solution Center of Microsoft Dynamics and
the number one partner in undivided Andhra Pradesh, India. The team of
Microsoft Dynamics NAV 2009 certified consultants has carried out
successful implementations across various industry segments. Our
customers include end-user companies as well as other solution centers
in Europe, USA, Australia and Asian markets, for whom we undertake the
off-shore / onsite solution development There are no taxable profits for
the current year after availing the brought forward losses as per the
provisions of The Income tax act, 1961. Thus Provision for income tax
has not been made for the current year.
2. The Company has received Rs.12,92,636/- (equivalent to Euros
20,000) during the financial year 2009-10 towards advance for the sale
of 80% shareholding in its wholly owned subsidiary B2B Technologies
Kassel Gmbh.The shares have not been transferred pending approval from
RBI. The company has made a provision of Rs. 39,37,554 towards loss on
sale of investment and a provision for Rs.13,07,549 for dimunition in
the value of investment.
3. The Wholly Owned Subsidiaries of the company at Malaysia, B2B
Infotech SDN BHD and at Singapore, B2B Infotech Pte Ltd are under
liquidation.The Company has made a provision for dimunition in the
value of investment to the extent of 100% of the carrying amount.
4. The Company is primarly engaged in Information Technology and
related services. There are no other reportable segments in terms of
Accounting Standard 17 on Segment Reporting issued by the The Institute
of Chartered Accountants of India.
5. Deferred tax asset/liability is not determined and accounted as
per Accounting Standard-22 issued by ICAI as the related benefits on
tax losses are considered
6. Employee Benefits
During the year the company has made a provision of Rs.884,454/- for
gratu ity based on Actuarial Valuation. The company has not created any
assets to meet this obligation. Disclosure as required by Accounting
Standard - 15 ,Employee Benefits,
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