| Note No. 1
CORPORATE INFORMATION
QUINTEGRA SOLUTIONS LIMITED (the company) is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on NSE & BSE. The Company is
primarily engaged in the business of providing IT services and
consulting company delivering services through innovative and
customized solutions.
Note No. 2
BASIS OF PREPARATION
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provisions of the Companies Act, 2013. The financial
statements have been prepared on an accrual basis and under the
historical cost convention. The accounting policies adopted in the
preparation of financial statements are consistent with those of
previous year, except for the change in accounting policy explained
below.
Note No. 3
RELATED PARTY TRANSACTIONS
Disclosure is being made below separately for all the transactions with
related parties as specified under AS-18, 'Related Party Disclosure'
issued pursuant to the Companies (Accounting Standard) Rules, 2006 and
by The Institute of Chartered Accountants of India.
i) The Company has following Related Parties:
a) Subsidiary Companies: Subsidiaries are either liquidated or under
liquidation with appropriate statutory authorities in respective
countries.
b) Directors & Key Management Personnel or Companies in which they are
interested:
Mr V Shankarraman and Mr V Sriraman - Trusted Aerospace Engineering
Private Limited, Anukrith Securities Private Limited
Note No. 4 EARNINGS PER SHARE
Earnings Per Share is calculated as per AS-20 Earnings Per Share issued
pursuant to the Companies (Accounting Standard) Rules, 2006 and by The
Institute of Chartered Accountants of India.
Note No. 5
SEGMENT REPORTING
As per AS-17, 'Segment Reporting' issued pursuant to the companies
(Accounting standard) Rules, 2006, the company operates in single
business segment and from one geographical area (exports are not
considered as seperate geographical area) hence seperate disclosure of
segmental information is not warranted.
Note No. 6
DUE TO SMALL SCALE INDUSTRIES
There are no dues to Small Scale Industries, which are outstanding for
more than 30 days at the Balance Sheet date. Such information regarding
Small Scale Undertaking has been determined to the extent such parties
have been identified on the basis of information available with the
company and relied upon by the Auditors.
Note No. 7
QUANTITATIVE DETAILS
The company is primarily engaged in development and maintenance of
computer software. The production and sale of such software cannot be
expressed in generic unit. Hence it is not possible to give the
quantitative details of sales and certain information.
Note No. 8 GOING CONCERN
The financial statements of the company have been prepared on a going
concern basis, which contemplates the realization of assets and
discharge of liabilities in the normal course of business for the
foreseeable future. The Company has reported a net loss of Rs.1.62
Crores (PY 3.24 Crores) for the year ended 31st March 2015. The
management has addressed the criticality of the issue in the company
and has initiated various steps, including but not limited to
settlement of bank debts thorugh OTS, cost reduction measures, closing
down non profitable operations and other significant business
proposals. The management is confident of successfully completing these
initiatives and thereby ensuring profitable business operations into
the foreseeable future.
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