Home  »  Company  »  Acropetal Technologi  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Acropetal Technologies Ltd.

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)

 
Subscribe now to get personal finance updates in your inbox!