| 1. The company has alloted 6005000 equity shares as bonus in the ratio
of 1:1 in the year 2009 by capitalisation of security premium and
thereafter in pursuance to the order of Bombay High Court dated
25/06/2010 has reduced the share capital from Rs 12.01 Crore divided
into 120100000 equity shares of Rs 10 each to Rs 1.201 Crore divided
into 1201000 equity shares of Rs 10 each without payment of canceled
value of the said shares to the shareholders of the company.
The company has alloted 800000 equity shares of Rs 10 each at a premium
of Rs 10 in exercise of right of the warrant holder in the year 2013
and thereafter spiltted the shares to face value of Rs 5 each by
issuing 10662039 equity shares to the existing shareholders
2. Terms/ rights attached to equity shares
1. The company has only one class of equity shares having par value of
Rs.5 (P.Y. Rs.5/-) per share which rank pari-passu in all respects
including voting rights and entitlement to dividend.
2. In the event of liquidation, each share carry equal rights and will
be entitled to receive equal amount per share out of the remaing amount
available with the Company after making preferential payments.
As per records of the company, including its register of shareholders/
members and other declarations received from shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
(d) The Company does not have any holding company.
(e) There are no shares reserved for issue under options and
contracts/commitments for sale of shares/disinvestments.
(f) There are no unpaid calls from any director and officer.
3. CONTINGENT LIABILITIES
The Company has Contingent Liabilities in respect of JCCI Penalty of
Rs. 5,34,523/- and Disputed Sales Tax Liability (Bangalore) of Rs.
6,47,571/- .
4. Balance Appearing in various accounts under the head Unsecured
Loans, Sundry Debtors, Loans and Advances, Deposits and Sundry
Creditors are subject to confirmation and reconciliation's.
Consequential adjustment thereof arising if any, will be made in the
year, the confirmation and reconciliation's are received.
5. In the opinion of the management, the Current Assets, Loans and
Advances, deposit are expected to realize at the values stated in the
Balance Sheet and adequate provisions have been made in the accounts
for all known liabilities.
6. No amounts are outstanding to Micro, Small and Medium Enterprises
Development Act, 2006 for the year ended on 31st March 2015.
7. SEGMENT REPORTING
The Company operates primarily only in one business segment viz Hr
solution and has its operation and all other assets locate in India and
as such "Segment Reporting" in term of Accounting Standard -17 has not
been given.
8. RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD 18
i. List of Related Parties
a. Key Management Personnel (KMP)
Natwar Sureka - Managing Director
Manju Sureka - Director
b. Enterprise over which KMP is having significant control
Apogee Business Solutions Pvt. Ltd.)
(Formerly Known as Frontline Bhoomi Vistar Private Limited)
Frontline Salesmart Private Limited
Note : 1 Related party relationship is as identified by the Company and
relief upon by the Auditors.
2 No amounts in respect of related parties have been written
off/written back during the year, nor any provision has been made for
doubtful debts/receivables.
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