| Note 1 Corporate information
ICSA (INDIA) LIMITED (the "company") The company is engaged in the
business of Rural Electrification, Construction of Sub stations,
Conversion of LT line to HT lines etc and engaged in the business of
providing energy Audit solutions to bring down Transmission &
Distribution (T&D) losses by using its technologies for power
distribution companies and also engaged in the business of development
and maintenance of technology solutions which includes embedded
solutions and software for Power, Oil, Gas and other sectors. The
company registered office at Plot no.12, Software units layout ,
Cyberabad, Hyderabad-500081, Telangana.
a) Loans and advances, Sundry Debtors, Sundry Creditors and other
Advances are subject to confirmation and reconciliation from the
concerned parties. During the accounting period some of the projects
were cancelled by the customers and invoked Bank Guarantees and the
amounts were adjusted towards the Risk and Cost. The receivables and
advances which are not recoverable have been written off of provided
during the accounting period.
b) Foreign Currency Convertible Bonds (FCCBs) issue expenses are being
writen off in proportion to conversion of FCCBs into Equity Shares or
repayment of such FCCBs (as the case may be) as and when such
conversion/ repayment takes place.
c) Inventory is valued at cost or net realisable value, whichever is
lower on FIFO basis. Inventories has been physically verified by the
management and valued by the management. The diminution in the
inventories on account of very slow in the progress in the completion
of the projects amounting to Rs.3221.69 Lakhs has been written off
during the accounting period and the same have been accounted under the
consumption of the raw materials and changes in the
work-in-progress/finished goods.
d) The appointment of and payment of remuneration to Dr.TVS Prasad,
Executive Director w.e.f. 15.05.2012 has been declined by the
Government of India and the salary Rs.7.85 Lakhs paid during the year
(previouns accounting period Rs.13.76 Lakhs) has been considered under
advance. The company once again approached the Government of India for
approval of salary for Executive Director, the approval of which is yet
to be received. Dr. TVS Prasad has resinged from the directorship
w.e.f.24.03.2014.
e) Consolidated Accounts with the accounts of Subsidiary i.e. ICSA
International Pte Limited
ICSA International Pte Limited have been dissolved vide the letter
dated 21.11.2014 of Accounting and Corporate Regulatory Aauthority
(ACRA), Singapore and hence the consolidaed accounts has not been
prepared for the year.
f) Segment Information:
The company has identified three reportable segments Viz. contracts and
services, Embeded solutions and software services and Power Generation.
Segments have been identified and reported taking in to account nature
of products and services. The accounting policies adopted for segment
reporting are in line with the accounting policy of the company.
g) Deferred Tax has not been provided, as there is no certainty of
taxable profits in the near future.
h) CDR package
The CDR package sanctioned by the banks on 16.03.2012, could not be
implemented as per the sanctioned terms and correspondingly the banks
have revoked the package in November 2013.
i) Sickness of the company
The reference made by the company to the Hon'ble Board for Industrial
and Financial Reconstruction (BIFR) and the same has been registered
vide case no.70/2013 and the company has been declared as Sick
u/s.3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985
on 12.02.2014. The company has submitted the Draft Rehabilitaion Scheme
(DRS), which is yet to be considered.
j) The previous accounting period figures are regrouped / reclassified
wherever necessary.
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