| 1) CORPORATE INFORMATION
Kanika Infrastructure & Power Ltd. (the "Company") and its subsidiaries
(collectively referred to as the "Group") provide a wide range of
information Infrastructure business process outsourcing. The group's
full service for portfolio consists of Application, Development and
Maintenance, Business Intelligence, Enterprise Solutions, Assurance,
Engineering and Industrial Services and Infrastructure Activities.
2) Since the company does not have any Convertible Debenture etc. so
the disclosure regarding diluted Earning per Share as per Accounting
Standard-20 is not required.
3) That company has sundry debtors of Rs.16,58,93,732.00 at the end of
the year out of which amount equivalent to Rs. 3,86,91,503.00 is
relates to export and out of export debtors amount equivalent to Rs.
2,53,17,325.00 is doubtful in nature and no provisions has been made
according to accounting standards as the same is related to the RBI
permission. However, the company has written to RBI about the matter
with the fact and requested to grant permission for the write off of
the same as the export proceeds were with held by the foreign entities
earlier years due to defective software, software not meeting their
requirement. The RBI has put the name of the company in precaution
list due to non realization of the same. Out of the above doubtful
export proceeds Rs.i,33,74,178/-is receivable from a wholly owned
subsidiary of the company at Singapore. The Singapore subsidiary of the
company has not able to sale software equivalent to Rs.54,60,000/- due
to defective and the same is lying with the subsidiary in the stock.
4) CONTINGENT LIABILITIES :-
(a) Claims against the company not acknowledged as Debt - NIL
(b) Provision for bills discounted - NIL
5) The Balance of Sundry Debtors, Sundry Creditors, Advances given and
received are subject to confirmation by the parties.
6) Comparative figures of the previous year, wherever necessary, have
been regrouped and reclassified to confirm in bracket, with those of
the current year.
The directors are pleased to present their report to the members
together with the audited financial statements of Kanika Infotech
(Singapore) Pte Ltd (the "Company") for the financial year ended 31 st
March 2014.
1. DIRECTORS
The directors of the company in office at the date of this report are :
Sunil Kumar Mall Cheong Chow Seng
2. ARRANGEMENT TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES
Neither at the end of nor at any time during the financial year was the
company a party to any arrangement whose object is to enable the
directors of the company to acquire benefits by means of the
acquisitions of shares or deben- tures of the company or any other body
corporate.
3. DIRECTORS' INTEREST IN SHARES AND DEBENTURES
The following directors, who held office at the end of the financial
year, had, according to the register of directors' shareholdings
required to be kept under Section 164 of the Singapore Companies Act,
an interest in shares of the company as stated below :
Ordinary shares of $1/- each At beginning of At end of Holding Company
Financial year Financial year Kanika Infrastructure & Power Ltd.
(India) Name of the Managing director Sunil Kumar Mall 87,018 83,193
Except as disclosed above, no director who held office at the end of
the financial year had interests in shares, share options, warrants or
debentures of the company, or of related corporations, either at the
beginning or at the end of the financial year.
4. DIRECTORS' CONTRACTUAL BENEFITS
Since the end of the previous financial year, except as disclosed in
the financial statements, no director of the company has received or
become entitle to receive a benefit by reason of a contract made by the
company or a related corporation with the director, or with a firm of
which the director is a member, or with a company in which the director
has a substantial financial interest.
5. AUDITORS
V.P.Kumaran & Co. have expressed their willingness to accept
re-appointment as auditors.
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