Mar 31, 2015
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Contingent Liabilities
a. Corporate Guarantee in favor of UPS Capital Business Credit main
office situated at 425 Dat Halli Road, Windsor, Connecticut, U.S.A.
06095 for loan avalied by Vision Info Inc. the outstanding amount of
Rs. 4,155.39 lakhs - USD 6,638,980. (Previous Year the outstanding
amount is Rs. 3887.69 lakhs - USD 6,468,813)
b. Corporate guarantee towards Mindriver Information Technologies
Limited having facility with ICICI bank .outstanding Rs. 267.50 lakhs
(Previous year Rs. 234.65 Lakhs)
c. Outstanding guarantees and counter guarantees is Nil (Previous Year
nil) Employee benefit plans Defined contribution plans : The Company
makes Provident Fund contributions to defined contribution plans for
qualifying employees. Under the Scheme, the Company is required to
contribute a specified percentage of the payroll costs to fund the
benefits. The Company recognised Rs. 53,19,177/- (Year ended 31 March,
2014 Rs.70,63,375/-) for Provident Fund contributions in the Statement
of Profit and Loss. The contributions payable to these plans by the
Company are at rates specified in the rules of the schemes.
Defined benefit plans: The Company offers the following employee
benefit schemes to its employees.
i. Gratuity: An amount of Rs. Nil - has been recoignised in the
Statement of Profit and Loss for the year ended March 31, 2015 towards
Gratuity based on Actuarial Valuation. (Net liability recognised is
Balance Sheet: Rs. 71,16,121/-)
ii. Compensated absences : An amount of Rs. Nil has been recognised in
the Statement of Profit and Loss for the year ended March 31, 2015
towards compensated absences based on Actuarial valuation (Net
liability recognised in Balance Sheet: Rs. 13,75,472 )
The following table sets out the funded status of the defined benefit
schemes and the amount recognised in the financial statements:
v) During the year, receivables from some of the customers have been
written off a sum of Rs.139,87,29,939/- which are outstanding for more
than 3 year and the company has no right to recover the same under the
limitation act. The company has initiated legal action for recovery
against the major customers.
vi) During the year, intangible assets amounting to Rs. 682.14 lakhs
(computer Software) has been written off which do not have its future
economic life .
viii) During the year unbilled revenue of Rs. 717.45 laks of previous
year has been written off due to uncertainties with the customers.
ix) The company has paid travel advances to two of its staffs to an
amount of Rs. 22.78 lakhs in the previous years which have not been
settled and are lying for more than 365 days. The company owes amount
to these employees by way of settlement, while settling their final
settlement these advances will be adjusted.
Corporate information
Established in 2001, Acropetal Technologies is a business technology
Solutions Company headquartered in India providing on-demand innovative
solutions in the verticals of Education, Healthcare, Manufacturing CPG
& Retail, Government & Citizen Services, Energy & Environment, and
Engineering & Infrastructure. Acropetal Technologies Limited is
currently a public traded company on Indian Stock Exchanges. Our
mission is to continuously energize innovation excellence by
concurrently driving strategic imperatives for mind to market (M2M) and
time to market (T2M) mutually inclusively; facilitating transformation
and growth for our customer universe. We create value through a
delivery of business solutions on-Demand in real time at the rate of
use for a fixed price; as a product, process, service and/or platform.
We reach out to our consumers globally and have a presence in India,
North & South America, Europe, UK and Middle East.
Mar 31, 2014
A.1 Provision for warranty
The estimated liability for product warranties is recorded when
products are sold. These estimates are established using historical
information on the nature, frequency and average cost of warranty
claims and management estimates regarding possible future incidence
based on corrective actions on product failures. The timing of outflows
will vary as and when warranty claim will arise - being typically
upto three years.
As per the terms of the contracts, the Company provides post-contract
services / warranty support to some of its customers. The Company
accounts for the post-contract support / provision for warranty on the
basis of the information available with the Management duly taking into
account the current and past technical estimates.
A.2 Share issues expenses
Share issue expenses and redemption premium are adjusted against the
Securities Premium Account as permissible under Section 78(2) of the
Companies Act, 1956, to the extent balance is available for utilisation
in the Securities Premium Account. The balance of share issue expenses
is carried as an asset and is amortised over a period of 5 years from
the date of the issue of shares.
A.3 Insurance claims
Insurance claims are accounted for on the basis of claims admitted /
expected to be admitted and to the extent that there is no uncertainty
in receiving the claims.
A.4 Service tax input credit
Service tax input credit is accounted for in the books in the period in
which the underlying service received is accounted and when there is no
uncertainty in availing / utilising the credits.
Mar 31, 2013
Corporate information
Established in 2001, Acropetal Technologies is a business technology
Solutions Company headquartered in India providing on-demand innovative
solutions in the verticals of Education, Healthcare, Manufacturing CPG
& Retail, Government & Citizen Services, Energy & Environment, and
Engineering & Infrastructure. Acropetal Technologies Limited is
currently a public traded company on Indian Stock Exchanges. Our
mission is to continuously energize innovation excellence by
concurrently driving strategic imperatives for mind to market (M2M) and
time to market (T2M) mutually inclusively; facilitating transformation
and growth for our customer universe. We create value through a
delivery of business solutions on-Demand in real time at the rate of
use for a fixed price; as a product, process, service and/or platform.
We reach out to our consumers globally and have a presence in India,
North & South America, Europe, UK and Middle East.
Mar 31, 2012
A.1 Notes forming part of the financial statements
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
The company has filed an application for the amalgamation of MindRiver
Information Technologies (P) Limited and Kinfotech (P) Limited and the
same is pending for the directives from the Honorable High Court of
Karnataka. The said company being the holding Company, the consolidated
financial results will include the financial results of these two
companies also as per the Indian Accounting Standards. On obtaining
approval from the Honble Court, the effect of changes due to the
amalgamation effective from 1st October 2011 will be disclosed to the
Stock Exchanges and the approval of the share holders will be obtained
for the same in the next immediate Annual General Meeting of the
company.
The software Application packages have been tested for impairment and Rs.
8.17 crores has been recognized in the statement of Profit and Loss
towards impairment loss on packages whose economic / useful life is
expired.
Contingent Liabilities
a) Corporate Guarantee in favor of UPS capital Business Credit main
office situated at 425 Dat Hill Road, Windsor, Connecticut, U.S.A.
06095 for loan availed by Vision Info Inc.
Particulars Term Loan 1 Term Loan 2 Term Loan 3
Guarantee amount (USD) 30,68,451 30,32,471 43,04,541
Expiry Date 25-Feb-14 31-Dec-15 25-Jan-15
Current Outstanding (USD) 12,27,394 22,74,493 43,04,541
Current Outstanding (INR) 6,27,93,477 11,63,63,075 22,02,20,318
Previous year Guarantee
amount (USD) 30,68,415 30,32,471 -
Previous year Outstanding
(USD) 24,54,760 28,80,875 -
Previous year Outstanding
(INR) 11,05,37,843 12,86,31,069 -
b) Bills discounted with SBI Global Factors Limited Rs. 4,76,72, 313
(Previous year : Rs. 11,86,83,147)
c) Outstanding Guarantees and Counter Guarantees Rs. 1,05,00,000
(Previous year : Rs. 97,55,000)
A.2 Disclosures under Accounting Standards
Employee benefit plans Defined contribution plans
The Company makes Provident Fund contributions to defined contribution
plans for qualifying employees. Under the Scheme, the Company is
required to contribute a specified percentage of the payroll costs to
fund the benefits. The Company recognised Rs. 88,41,108 (Year ended 31
March, 2011, Rs. 52,94,102) for Provident Fund contributions in the
Statement of Profit and Loss. The contributions payable to these plans
by the Company are at rates specified in the rules of the schemes.
Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity : An amount of Rs. 23,81,074 has been recognised in the
Statement of Profit and Loss for the year ended March 31, 2012 towards
Gratuity based on Actuarial Valuation. (Net liability recognised is
Balance Sheet : Rs. 72,98,445)
ii. Compensated absences : An amount of Rs. 35,03,074 has been
recognised in the Statement of Profit and Loss for the year ended March
31, 2012 towards compensated absences based on Actuarial valuation (Net
liability recognised in Balance Sheet : Rs. 63,75,031)
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