| a Rights, preferences and restrictions attached to shares
Equity Shares! The Company has one class of equity shares having a par
value of 10 per share. Each Share holder is eligible for one vote per
share held. The equity shareholders are eligible to receive in the
remaining assets of the company after distribution of all preferential
amounts, in proportion to their shareholding.
b Details in the last 5 years
Out of the above 56,66,800/- Equity Shares of Rs.10/- each fully paid
issued as Bonus Shares (Previous Year 1,20,06,000 Equity Shares of
Rs.10/- each fully paid up. Out of the above 56,66,800/- Equity Shares
of Rs.10/- each fully paid issued as Bonus Shares)
Additional Disclosure
For each head for loan the following disclosure has to be made
separately Classify as secured and unsecured Securities offered for
secured borrowings Loans guaranteed by directors or others
Period and amount of continuing default as on balance sheet date in
repayment of loan & interest
1. ADDITIONAL NOTES FORMING PART OF THE FINANCIAL STATEMENTS
a. As at the Balance Sheet date the Company does not have any dues
outstanding to Micro, Small and Medium Enterprises as defined in the
"The Micro, Small and Medium Enterprises Development Act and as such
no interest is paid or payable or accrued or outstanding during the
year to any suppliers who are covered under the Micro, Small and Medium
Enterprises Development Act, 2006.
b. The Company is engaged in the business of Software Development /
Services and licensing of Software Products and related services. The
production and sale of such software and related services cannot be
expressed in any generic unit. Hence it is not possible to give the
quantitative details of sales and information as required under
paragraphs 3, 4C and 4D of Part II to Schedule VI to the Companies Act,
1956.
Employee Benefits.
Gratuity
Amount recognized in the Profit and Loss Account is as under.
The company has not funded the above amount. The Gratuity is determined
for all the employees of the Company on the basis of an independent
actuarial valuation. The specific amount of gratuity for Whole Time D
directors cannot be ascertained separately and accordingly the same has
not been given separately. For determination of the Gratuity liability
of the Company, it is assumed at a Discount rate of 8%, rate of
increase in compensation levels of 5%, resignation rate per annul 3%
and LIC mortality table 1994-96 for valuation.
Contributions made by the Company to Provident Fund during the year is
Rs. 5,70,143/- (Previous Year Rs. 7,86,889/- )
c. The Employment term does not provide for Leave Encashment and
hence no provision has been made in the accounts.
d. Earnings in Foreign Exchange.
e. There is no Expenditure in Foreign Currency during the year
(Previous Year - Nil).
f. The Company is into only one Segment of Software Training and
Development and Project Consultancy and the Company operates presently
in India and outside India.
g. The Company has taken various offices under operating lease
agreements. These are generally cancelable and are renewable by mutual
consent on mutually agreed terms. Rental Expenses of Rs. 69,60,495/- ( P
previous Year Rs. 61,99,396/-) in respect of obligation under operating
leases have been recognized in the Profit and Loss Account.
h. There are no amounts due and outstanding to be credited to Investors
Education and Protection Fund as on 31st March 2012 (Previous Year-Nil).
i. Computation of net profit in accordance with Section 349 of the
Companies Act, 1956, and calculation of commission payable to
non-whole" time directors.
j. Confirmations of Balance from Sundry Debtors, Deposit accounts,
Loans and Advances, Certain Creditors have not been obtained. Accounts
of certain sundry debtors, loans and advances, deposits and creditors
are under review and reconciliation. Adjustments, if any will be made
on completion of review/reconciliation / identification of doubtful
debts/advances.
k. The Company has initiated the process of review of impairment of
assets in the respect of the tangible, intangible and other current
assets their results in such impairment is awaited, The financial
implication if any on the above will be provide appropriately at
later stage.
l. The Company has been subjected to survey by Income Tax Department
during the year. The amounts of demand from the Income Tax Department
for the preceding years are before appellate authority.
Further notices were issued by the assessing officer for reassessment
of earlier years. The assessment proceedings are in various stages and
are yet to be completed. The company is confident the matter shall be
decided later and financial implications on above cannot be ascertained
as on date, Hence no provision is made for such matters in the books.
m. The Financial statements for the year ended March, 31 2011 had
been prepared as per the then applicable, Pre-revised Schedule VI to
the companies act 1956.Consequent to the notification of Revised
Schedule VI under the Companies Act 1956 , the financial statements
for the year ended 31 March 2012 are prepared as per Revised Schedule
VI. Accordingly, the previous year figures have also been reclassified
to conform to this year s classification. The adoption of Revised
Schedule VI for previous year figures does not impact recognition and
measurement of principles followed for preparation of financial
statements.
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