| Note 1
a) Contingent liabilities and commitments (to the extent not provided
for) (Rs. In Lacs)
As at 31st As at 31st
March, 2013 March, 2014
(i) Contingent Liabilities
(a) Claims against the company not
acknowledged as debt _ _
(b) Corporate Guarantees, Bank Guarantees
and Other money for which the
company is contingently liable 11,102.48 7,987,52
11,102.48 7,987.52
(ii) Commitments
(a) Estimated amount of contracts remaining
to be executed on capital account and not
provided for - -
(b) Uncailed liabiiity on shares andd other
investments partly paid
(c) Other commitments (specify nature) . .
Total 11,102.48 7,987.52
2. Dues to Micro, Small and Medium Enterprises
The Company has not received any memorandum (as required to be fiied by
the Suppiiers with the notified authorities under the Micro, Smali and
Medium Enterprises Development Act, 2006) claiming their status as on
31st March, 2014 as micro, small or medium Enterprises. Consequently
the amount paid/payable to these parties during the year is
unascertainable.
3. Balances standing to the account of the debtors, creditors,
advances, receivables and deposits are subject to confirmations.
4. Retirement Benefits
The Company has made provision in books pertaining to retirements
benefits. However, the same has not been done in line with the
applicable accounting standards.
5. Derivative Instruments
The Company uses Forward Contracts to hedge against its Foreign
Exchange Exposure. The Company does not enter into any derivative
instruments for Trading or Speculative purposes. As on 31st March,
2014, there are no outstanding Forward Contracts.
6. Segmental Reporting
The Company is mainly engaged in the business of Information Technology
and Information Technology enabled services. Considering the nature of
business and financial reporting of the Company, the Company has only
one segment viz. Information Technology.
The Company operates in Local and Export geographically. But due to
nature of business, the assets/liabllitles and expenses thereof cannot
be bifurcated separately.
7. Accounting for Employees Stock Option
a. Employee Stock Options are evaluated and accounted on intrinsic
value method as per the accounting treatment prescribed by Guidance
Note on 'Accounting for Employee Share-based payments' issued by ICAI
read with SEBI (Employee Stock Option Scheme & Employee Stock Purchase
Scheme) Guidelines 1999 issued by SEBI. The excess of market value, if
any, of the stock options as on the date of grant over the exercise
price of the options is recognized as deferred employee compensation
and is charged to the profit and loss account on vesting basis over the
vesting period of the options. The un- amortized portion of the
deferred employee compensation is reduced from Employee Stock Option
Outstanding, which is shown under Reserves and Surplus.
b. During the year 4741 options have been exercised.
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