| 1. Long term and Short term loans :
i. Secured loans include Working Capital. Cash Credit Irom State Bank
of India outstand of Rs.23,24.86,340/-(Previous Year Rs.21,34,46,850/-)
secured by Hypothecation current assets in the form of raw materials,
semi finished goods, stores / spar receivables and other current
assets,
ii. Secured loans are secured by personal Guarantees of Executive
Director and Manag Director of the Company and their personal property.
iii. Secured loans include Term loan- NIL(Previous year Rs.0.39crores)
from State Ban! India.
2. Contingent Liabilities:
{Amount in Rupees)
Particulars 2013-14 2012-13
I Guarantee given in the Ordinary course Nil Nil
of business (gross)
II Against bills discounted with banks Nil Nil
III Claims against the company not Nil Nil
acknowledged as debt
a. Provision for Taxation:
Provision for taxation for the current Year has been made 4,98,138/-
(Previous Year Rs. 9,03,085/-)
b. Deferred Tax:
During the year, the Company has reviewed the deferred tax
assets/liabilities. The timing differences mainly arising on account of
depreciation has given rise to net deferred tax liability. 6,16,593
(Previous Year: NIL).
C, Quantitative Details
Having regard to the nature of item purchased t traded, furnishing of
particulars regarding quart' I is not practicable. The consumption
values are ascertained on the basis of opening stock p;.:S purchases
less closing stock after adjustment of excess and shortage of physical
court* unserviceable items etc..
3. As per Accounting Standard 18, issued by the Institute of Chartered
Accountants of India, the I disclosures of transactions with the
related parties as defined in the Accounting Standard are given |
below:
List of related parties with whom transactions have taken place and
relationships:
(As certified by the management)
Subsidiary Companies
Name of the Related Party Nature of Relationship
CCS Infoiech Singapore Pte Ltd Wholly Owned Subsidiary
The Company has derived its entire revenues and expended the costs in
this regard for System Integration purposes. The Company has its
Systems Integration. FMS, e-governance, BOLT operations in Chennai and
other parts of India. The accounting policies adopted for segment
reporting are in line with accounting policy of the Company,
4. Income Tax. Excise Duty & Cess
Income Tax
Assessment year 2010-11.
The Company has declared a Taxable income of Rs.50,78,243/- (as per MAT
provision) and 3;med a Tax refund of Rs. 1,97,850/-. in the assessment,
the assessing officer has apportioned sr-ne expenses in Puducherry
manufacturing unit bobks and has raised an additional demand of Rs
17,66,370/- on the Company. Company has preferred an appeal against the
order to Commissioner Appeals Assessment Year 2011-12,
The Company has declared a Taxable income of Rs.67,55,778- (as per MAT
provision) and : aimed a Tax refund of Rs.10,590/-, In the assessment,
the assessing officer has apportioned yome expenses in Puducherry
manufacturing unit books and has raised an additional demand of -is
7,76,540/- on the Company. Company has preferred an appeal against the
order to I Comission Appeals
5. The Whole time Company Secretary has resigned and the company is in
the process of recruiting whole time Company Secretary.
6. The above cash flow statement has been prepared under the Indirect
method setout in Accounting Standard revise notified by Companies
Accounting Standard rule 5.2006.
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