| SHARE CAPITAL
(of the above shares 3,012,000, shares have been issued, for
consideration other than cash pursuant to amalgamation of the ertswhile
Boston Education and Software Technologies Private Limited with the
Company)
SECURED LOANS
1. Secured by joint deed of hypothecation, under single window concept,
of current assets, viz. stocks of raw materials, stock-in-process,
semi-finished and finished goods, stores and spares not relating to
plant and machinery, bills, receivables and book debts, and all other
movables, both present and future. Further secured by personal
guarantees of some or the directors of the Company, a flat of the
Company, corporate guarantee of an associate company, collateral
security of a flat belonging to that associate company and by personal
guarantees of some of the directors of the said associate company in
respect of facilities from one of the banks.
2. Secured by hypothecation of assets purchased under hire purchase
arrangements.
OTHER NOTES
Current Year Previous year
Rupees Rupees
1. Estimated amount of contracts
remaining to be 7,036,140 6,929,712
executed on capital account
and nor provided tor
2. Contingent liabilities
(a) Claims against the Company not
acknowledged as debts 5,944,053 2,630,502
(b) Income tax demands disputed in
appeal 563,223 1,619,847
(c) Sales tax demands disputed in
appeal 151,196 151,196
3. Computation of Net Profit in accordance with section 349 of the
Companies Act, 1956 has not been given, as Commission by way of
percentage of profit is not payable for the year to any of the
Directors of the company, including the Managing Director.
4. Boston Education and Software Technologies Private Limited (BESTPL)
was amalgamated with the company with effect from April 1, 1999.
Capital Reserve represents Share premium received in cash by the
erstwhile BESTPL taken over by the company on amalgamation.
5. Equity warrants include :
- 9,000 (previous year, 9,000) warrants, series "A", of Re. 0.33 each,
aggregating to Rs. 3,000/-, allotted to the Managing director,
entitling him to get allotted one equity share of Rs. 10/- each at a
price of Rs. 19.33 per share, between three and twenty-four months from
the date of allotment, December 17, 1999, and any proportionate bonus,
rights entitlement for any such issue(s);
- 91,500 (previous year, 91,500) warrants, series "B" of Re. 0.33 each,
aggregating to Rs. 30,500/-, allotted to the holder of the warrants of
the erstwhile Boston Education & Software Technologies Private Limited
under its Employee Stock Option Scheme (ESOS). Each warrant entitles
the holder to get allotted one equity share of Rs. 10/- each at a price
of Rs. 40/- per share, between twenty-four and thirty-six months from
the date of allotment, December 17, 1999, and any proportionate bonus,
rights entitlement for any such issue(s). Out of these, 15,600 warrants
aggregating to Rs. 5,200/- were forfeited during the year.
6. There are no small-scale industrial undertakings to whom the
Company owed a sum exceeding Rs. 1 lac each for more than thirty days
as on March 31,2001.
7. The Company has acquired certain fixed assets on lease amounting to
Rs. 1,171,676/- for which the future obligations as at March 31, 2001
is Rs. 1,091,080/-.
8. Research and development expenses incurred during the year amounts
to Rs. 5,928,864/- (previous year Rs. 4,822,224/-). Of this Rs.
3,999,027/- (previous year Rs. 3,851,975/-) has been charged to the
Profit and Loss account under relevant heads of account and Rs.
1,929,837/- (previous year Rs. 970,250/-) has been deferred. Of the
amount deferred, Rs. 397,900/- (previous year Rs. 48,809/-) has been
amortised during the year.
9. Prior period adjustments represent reversal of income from
operations Rs.3,243,231/-, gratuity provision Rs. 882,692/- and leave
encashment provision Rs. 11,36,103/- (previous year-Reversal of income
Rs. 11,86,451/-)
10. Figures for the previous year have been regrouped wherever
necessary to correspond with those of the current year.
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