| 1, NOTES ON ACCOUNTS:
(a) Contingent Liabilities I not provided for during the year:
Current Year Previous Year
31.03.2011 30.06.2010
Disputed claims against Rs.32,93,993/- Rs.32,93,993/-
company towards income tax
demand not acknowledge as debt
for the year 2005-06 for which
appeal is pending before CIT
(Appeal), Chennai.
Disputed claims against Rs 7,47,583/-
company towards income tax
demand not acknowledge as debt
for the year 2002-03 for which
appeal is pending before CIT
(Appeal), Chennai.
Disputed claims against
company towards income tax Rs 2,08,93,344/-
demand not acknowledge as debt
for the year 2006-07 for which
appeal is pending before CIT
(Appeal), Chennai.
Disputed claims against
company towards income tax Rs 18,60,820/-
demand not acknowledge as debt
for the year 2007-08 for which
appeal is pending before CIT
(Appeal), Chennai.
Disputed claims against Rs 51,22,334/- company towards income tax
demand not acknowledge as debt for the year 2008-09 for which appeal is
pending before CIT (Appeal), Chennai.
** Note: The Appeal is pending before Income Tax appellate authority,
Chennai for the Assessment Year 2001-02 amounting to Rs.84,83,898/-
which was acknowledged as debt during the current year.
(b) Segment Reporting: during the year company has traded in a single
segment that's why as per AS -17 Segment wise Reporting not required.
(c) Related Party Disclosure:
Name of the related parties:
(1) Subsidiaries :
(a) Maars Infratech Pvt. Ltd
(b) Maars Software International Ltd. FZLLC-Dubai
(2) Key Management Personnel:
(a) Mr Nikunj Babulal Choradiya, Managing Director
(b) Mr. T. Varadharajan, Director Transaction with related parties
d. Deferred Tax Asset/Liability
Deferred tax on timing differences between taxable and accounting
income is accounted for, using the tax rates and the tax laws enacted
or substantially enacted as on the balance sheet date. Deferred tax
assets on unabsorbed tax losses and unabsorbed depreciation are
recognized only when there is a virtual certainty of their realization.
Other items are recognized only when there is a reasonable certainty of
their realization.
The Company has adopted Accounting Standard-22 on "Accounting for Taxes
on Income" issued by the Institute of Chartered accountants of India.
Consequently, the Company has not recorded deferred tax
liability/Assets in respect of timing differences on account of
Depreciation as on 31st March 2011 and the net effects of the same has
been given in the Profit & Loss Account and Balance Sheet as on 31st
March 2011.
e. Transaction with S mall Scale Industries:
The Company did not have any transactions with Small Scale Industrial
(S Sis) Undertakings during the year ended March 31, 2011 and hence
there are no amounts due to such undertakings. The identification of
SMEs undertakings is based on the managements knowledge of their
status. The Company has not received any information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to amount
unpaid as at the year end together with interest paid / payable as
required under the said Act have not been furnished.
f. Confirmation:
Balances whether debit or credits are subject to confirmation.
Balances in respect of certain sundry debtors, sundry creditors and
loans and advances are taken as shown by the books of account and are
subject to confirmation and consequent adjustments and reconciliation,
if any.
g. All the figures have been rounded off to the nearest rupee.
I. The previous years figures have been regrouped/restated where ever
it required.
h. We have verified the vouchers and documents which were made
available to us for our verification. Where no such vouchers or
documentary evidences were available, we relied on the information and
explanation given by the management.
h. Cash on hand is as certified by the management.
i. Provision and contingent liabilities
Provisions are recognized when the Company has present legal or
constructive obligation, a result of past events, for which it is
probable that an outflow of economic benefits will be required to
settle the obligation and a reliable estimate can be made for the
amount of the obligation. Contingent liabilities, if any, are disclosed
by way of notes to the Balance Sheet
As per our Report of even date attached
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