| Company Overview
Intellvisions is a leading provider of self -service technologies which
enable Financial Institutions, Utilities, Telecom and Government
organizations to migrate, automate and manage customer facing business
processes to self-service channels. Using innovative Engineering,
Imagination and Customer Insight, Intellvisions Solutions have
increased the operational efficiency, reduced costs and enhanced the
security of transactions in some of the world's largest organizations
renowned for setting highest benchmarks in customer service.
1.1 Related Party Transaction
Related Party Disclosure as required by Accounting Standard (As) - 18
"Related Party Disclosures" Issued by The Institute of Chartered
Accountants of India: RELATIONSHIP:
(A) NAME OF THE SUBSIDIARY COMPANIES
Intellvisions Solutions Pvt Ltd Intellvisions Arabia FZC Servopt
Consulting Pvt Ltd
(B) NAME OF THE JOINT VENTURE COMPANIES Intellvisions Software LLC
Intellvisions Security & Survelliance LLC
(C) KEY MANAGEMENT PERSONNEL AND THEIR RELATIVES :
Mr. Paresh Patel
Mr. Raj Menon
1.2 During the year, the Company has invested an amount of Rs.
24,96,393/ - (AED 147000) towards 49% equity participation in
Intellvision Security & Surveillance LLC (Joint Venture) incorporated
as per the Dubai Law.
1.3 During the year, the Intellvision Arabia FZC (Subsidiary Company)
has closed down its operation with effect from 27th January 2014 as per
the Dubai Law.
1.4 In the opinion of the Board of Directors, Current Assets, Loans
and Advances as stated in the Balance Sheet are realizable at the
stated value in ordinary course of business.
1.5 Balances of certain sundry debtors, creditors, deposit and other
debit and credit balances are subject to confirmation and
reconciliation. Adjustments, if any in this regard would be carried out
as and when ascertained,which in view of the management would not be
material.
1.6 Dues to micro and small enterprises as defined under the MSMED
Act, 2006:
Based on the information's provided by the company there are no
suppliers who are registered as micro, small and medium enterprises
under "The Micro, small and medium Enterprises Development Act-2006
", as such no disclosure is required.
1.7 During the year, the company made an application to the Bombay
Stock Exhchage for the approval of Scheme of Amalgamation of
Intellvisions Software Ltd with Aurionpro Solution Ltd persuant to
clause 24(f) of Listing Agreement on 28th of March 2014, which is under
consideration of SEBI.
1.8 Previous Years' figures have been restated, reclassified and
regrouped where ever necessary.
1.9 The figures have been rounded off to the nearest rupee.
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