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Notes to Accounts of 8K Miles Software Services Ltd.

Mar 31, 2014

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) As at As at Particulars 31 March 2014 31 March 2013 Rs. Rs.

Contingent Liabilities

* Claims against the company not acknowledged as debts

* Guarantees

* Other money for which company is contingently liable

* Bills discounted with banks

Total (A) - -

Commitments

* Estimated amount of contracts remaining to be executed on capital account and not provided for

* Uncalled liability on shares and other investments partly paid

* Others

The company had provided for Rs.6,53,089/- as Minimum Alternate tax for the Ay 2011-12. Notice of Demand under Income Tax Act, 1961 of Rs.11,90,670/- for the AY 2011-12 has been 537,581 537,581 received and the Company havn''t made any representation before the income tax authorities. No provision has been made in the books of account for the difference amount. The company has not paid any amount of tax relating to AY 2011-12

Total (B) 537,581 537,581

TOTAL [(A) (B)] 537,581 537,581



2 RELATED PARTY DISCLOSURES:

1. Relationships

Category - I - Major shareholders in the company:

* Mr. Suresh Venkatachari - 59.10%

* Mr.R.S.Ramani - 6.56%

Category - II - Subsidiaries and Associates of the company.

* Mentor minds solutions and Services Inc (USA) -100% subsidiary company

* Mentor minds solutions & Services Pvt Ltd-100% subsidiary company

* 8k miles Software Services Inc. (USA) -59.72% held subsidiary company

* 8k miles Software Services (FZE) (UAE) -100% subsidiary company

Category - III - Other parties where common control exists.

* 8k Miles Web Services Private Limited - No.7, 3rd floor,

Ganapathy Colony 3 rd street, Teynampet, Chennai - 600018.

* Vinoosh Foods and Entertainment Private Limited - No.7, 3rd floor, Ganapathy Colony 3rd street, Teynampet, Chennai - 600018.

Category - IV - Key Managerial Personnel:

* Mr. Suresh Venkatachari, Director

* Mr.R.S.Ramani, Director

* Ms.T.P.Saira, Director

Category - V - Relatives of Key Managerial Personnel:

* There is no relationship existing among Key Management Personnel.

2. Transactions with related parties:-

Category - I - maj or shareholders in the company:

Loan Received from Directors:

* Mr. Suresh Venkatachari : Rs. 8,23,104/-

* Mr.R.S.Ramani: Rs.6,40,287/-

Category - II - Subsidiaries and Associates of the company.

8k miles Software Services INC (USA) :

Amount invested in share capital: US$ 1,000.00 (Rs.45,220/-)

8k miles Software Services FZE (UAE):

Amount invested in share capital: AED150,000(Rs.18, 40,500/-)

Mentor Minds Solutions and Services Inc:

Amount invested in share capital: Rs. 11,50,11,500/

Outstanding receivable as on 31st March 2014: Rs.32,96,700/-

Mentor Minds Solutions & Services Private Limited:

Amount invested in share capital: Rs.88,07,505/-

Outstanding Receivable as on 31 st March 2014: Rs. 87,62,318/

Category - III - Other parties where common control exists.

8k Miles Web Services Private Limited

Consideration payable for business purchased outstanding as on 31st March 2014 - Rs.60,72,086/-

Vinoosh Foods and Entertainment Private Limited Outstanding Receivable as on 31 st March 2014: Rs. 16,97,808/-

3 INTEREST ON LOANS:

The management has decided not to charge any interest on loans advanced to subsidiaries/Associates of the Company and also not to pay interest on loans taken from Subsidiaries/Associates/Directors of the Company.

4 CASH FLOW STATEMENT:

The cash flows are reported using the indirect method, whereby net profit after tax is adjusted for the effects of transactions of noncash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated.

5 OTHER INFORMATION: Director Remuneration (Value in Rs.)

Nature 2013-14 2012-13 Rs. Rs.

Mr.R.S.Ramani NIL NIL



Nature 2013-14 2012-13 Rs. Rs.

Statutory Audit - Net of Service Tax 1,10,000 70,000

Tax Audit - Net of Service Tax 20,000 20,000

Taxation matters 20,000 20,000

6 DETAILS OF CAPACITY AND PRODUCTION:

The company is into Information Technology Software Services, which cannot be expressed in any generic unit. As the company is not into manufacture / production of any product, data relating to capacity and production is not relevant and hence not provided.

7 DEBTORS & CREDITORS:

Confirmation of balances for receivables and payables are yet to be obtained.

8 PREVIOUS YEAR FIGURES:

Figures for the prior year have been regrouped, recast or rearranged to conform to the current year''s classification.


Mar 31, 2013

1.1 RELATED PARTY DISCLOSURES:

1. Relationships Category – I – Major shareholders in the company:

- Mr. Suresh Venkatachari - 59.10%

- Mr.R.S.Ramani - 6.56%

Category – II – Subsidiaries and Associates of the company.

- Mentor minds solutions and Services Inc (USA) -100% subsidiary company

- Mentor minds solutions and Services Pvt Ltd-100% subsidiary company

- 8k miles Software Services Inc (USA) -100% subsidiary company

- 8k miles Software Services (FZE) (UAE) -100% subsidiary company

Category – III – Other parties where common control exists.

- 8k Miles Web Services Private Limited - No.7, 3rd floor, Ganapathy Colony 3 rd street, Teynampet, Chennai – 600018.

- 8k Miles Inc(USA). – 3525, Quaker bridge road, Suite 1600, Hamilton, NJ 08619, USA

- Vinoosh Foods and Entertainment Private Limited - No.7, 3rd floor, Ganapathy Colony 3rd street, Teynampet, Chennai – 600018.

Category – IV – Key Managerial Personnel:

- Mr. Suresh Venkatachari, Director, No. 24, GA Rahul Apartments, Cenatoph Road 1st Street, Teynampet, Chennai – 600 018

- Mr.R.S.Ramani, Director, SubaGruham, No. 364-B, 5th Main Road, Vijaya Nagar, Velacherry, Chennai - 600042,

- Mr. M.V.Bhaskar, Director, 13/219,42nd Street, 8th Sector, KK Nagar, Chennai -600078.

- Ms.T.P.Saira, Director, Old No.15 New No.6 II Cresent Park Street, Gandhi Nagar, Adyar, Chennai – 600020.

Category – V – Relatives of Key Managerial Personnel:

- There is no relationship exists among Key Management Personnel.

2. Transactions with related parties:-

Category – I – Major shareholders in the company:

Loan Received from Directors:

- Mr. Suresh Venkatachari : Rs.59,36,075/-.

- Mr.R.S.Ramani: Rs.6,59,065/-.

Category – II – Subsidiaries and Associates of the company.

8k miles Software Services INC (USA) :

Amount recd. against invoices raised: US$ 286809 (Rs.15511290) Amount invested in share capital: US$ 1000 (Rs.45220). Outstanding Receivable as on 31st March 2013: Rs.32,04,045/-

8k miles Software Services FZE (UAE):

Amount invested in share capital: AED150000 (Rs.18, 40,500).

Mentor Minds Solutions Services Inc:

Amount invested in share capital: Rs.11,50,11,500. Outstanding receivable as on 31st March 2013: Rs.26,54,969/-

Mentor Minds Solutions and Services Pvt Ltd:

Amount invested in share capital: Rs. 11,50,11,500/- Outstanding Receivable as on 31st March 2013: Rs.100,36,745.

Category – III – Other parties where common control exists.

8k Miles Software Services Singapore

Amount Received against invoices raised: Rs.1565762. Outstanding Payable as on 31st March 2013: Rs.699/-

8k Miles Web Services Private Limited

Consideration payable for business purchased outstanding as on 31st March 2013 – Rs.1,29,06,783/-

8k Miles INC (USA)

Consideration payable for business purchased outstanding payable as on 31st March 2013 – Rs.7,40,00,000/-

1.2 INTEREST ON LOANS:

The management has decided not to charge any interest on loans advanced to subsidiaries/Associates of the Company and also not to pay interest on loans taken from Subsidiaries/Associates/Directors of the Company.

1.3 CASH FLOW STATEMENT:

The cash flows are reported using the indirect method, whereby net profit after tax is adjusted for the effects of transactions of noncash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated.

1.4. DETAILS OF CAPACITY AND PRODUCTION:

The company is into Information Technology Software Services, which cannot be expressed in any generic unit. As the company is not into manufacture / production of any product, data relating to capacity and production is not relevant and hence not provided.

1.5 DEBTORS & CREDITORS:

All balances of receivables and payables are subject to confirmation.

1.6 PREVIOUS YEAR FIGURES:

Figures for the prior year have been regrouped, recast or rearranged to conform to the current year’s classification.


Mar 31, 2012

1 - CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

Particulars AS at 31 March As at 31 March 2012 2011

(A) Contingent Liabilities (a) Claims aqainst the company not acknowledged as debts (b) Guarantees (c) Other money for which company is contingently liable

Bills discounted with banks

Total(A)

(B) Commitments (a) Estimated amount of contracts remaininq to be executed on capital account and not provided for (b) Uncalled liability on shares and other investments partly paid (c) Others

The company had provided for Rs.6,53,089/- as Minimum alternate tax for the Ay 2011-12. Notice of Demand under Income Tax Act, 1961 of Rs.11,90,670/- for the AY 2011-12 has been received and the Company has preferred a representation before the incometax Authorities. No provision has been made in the books of account for the difference amount as the Company has brought forward losses available to set off.The Company has not paid any amount of tax relating to AY 2011-12. 537,581

Total(B). 537,581

TOTAL [(A) (B)] 537,581



2 - DUES TO SMALL AND MEDUIM ENTERPRISES

The company has not received any memorandum (as required to be filed by the suppliers with notified authority under the Micro, Small and Medium Enterprises Development Act 2006) claiming their status as micro, small or medium enterprises. Consequently the amount paid/payable to these parties during the year is Rs. Nil.

3 BACKGROUND

8k Miles Software Services Limited ("the Company") was incorporated in 1993 in the name of Rosebuds Commercials Limited and the company's name was subsequently changed to P.M. Strips Limited in March 2009. The Main object of the Company is to enable outsourcing of software and other knowledge services completely over the internet. The company provides the people, hardware, software and tools required for outsourcing on-demand effectively enabling a non cap-ex model of "Software development".


Mar 31, 2010

A. NOTES TO ACCOUNTS 31.03.2010 31.03.2009 Rs. Rs.

1. Contingent liabilities not provided for

a) Cases pending against the company in the High Court of Andhra Pradesh against Sales Tax Orders

2. Directors Remuneration

a) Salary Nil Nil

b) Perquisites Nil Nil

3. Details of Capacity and Production

As there is no production during the year, the relevant data is not relevant

4. The Debtors & Creditors are not reconciled or confirmed. Confirmations have been sent to parties and no confirmation has been received till now.

5. Deferred Tax resulting from timing differences between Book Profits and Tax Profits is accounted for under the liability method, at the current rate of tax. to the extent that the timing differences are expected to crystallise.

6. As the Company is not a multi-product company, segmentation as required by AS- 17 'Segment Reporting' issued by the Institute of Chartered Accountants of India. in respect of product is not applicable.

7. Related Party Disclosures - As required by AS-18 are as: (a) Relationships:

Category -1 - Major shareholders in the Company -Promoters' family

Category - II - Subsidiaries and Associates of the Company -

None.

Category - III -Other related parties where common control exists.

Kaveri (India) Ltd.,Regd. Office:1-7-241/11/D,S.D.Road, Secunderabad-3.

Golconda Engg. Entp.Ltd.,Regd. Office:1-7-241/11/D,S.D.Road, Secunderabad-3.

Surana Securities Ltd.,Regd. Office:1-7-241/11/D,S.D.Road, Secunderabad-3.

P.M.Telelinnks Ltd. (Formerly Surana Strips Ltd.),

Regd. Office:1-7-241/11/D,S.D.Road, Secunderabad-3.

Surana Steels Ltd. Regd. Office:1-7-241/11/D,S.D.Road, Secunderabad-3.

P.M.Telecom,1-7-241/11/D,S.D.Road, Secunderabad-3.

Surana Udyogjth floor, 1-7-241/11/D,S.D.Road, Secunderabad-3.

Category - IV- Key Managerial Personnel - Sri GP.Surana, Dtrector,19 P & T Colony,

Secunderabad.

Sri Ravi Surana, Director, 19 P & T Colony, Secunderabad.

Category - V- Relatives of Key Managerial Personnel - Sri G.P.Surana, Father of Ravi Surana and Drpin Surana. 19, P & T Colony, Secunderabad. (b) Transactions with related parties: - Category -1 - Major shareholders in the Company- None.

Category - II - Subsidiaries and Associates of the Company -

None.

8. The management has decided not to charge any interest on loans advanced to sister concerns and also not to pay any interest :

On loans taken from sister concerns.

9. Previous year figures have been regrouped/rearranged wherever necessary. Signatures to Schedules 1 to 18

As per our report of even date attached.


Mar 31, 2009

Not Available

 
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