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Notes to Accounts of Alpha Geo (India) Ltd.

Mar 31, 2015

1. Corporate Information:

Alphageo (India) Limited (the Company or AGIL) is a public limited company incorporated under the provisions of erstwhile Companies Act, 1956 having its registered office at Hyderabad in the state of Telangana, India. The Equity Shares of the Company are listed with Stock Exchanges in India viz., BSE Limited, Mumbai and the National Stock Exchange of India Limited, Mumbai.

The Company is a leading service provider of 2 Dimensional and 3 Dimensional Seismic Data Acquisition, Processing and Interpretation Services for Oil Exploration and Production Entities. The Company possesses an experience of working in difficult terrains while respecting local socio-economic realities and environment.

2. Previous year figures have been regrouped/ recast/ rearranged wherever necessary to conform to current year classification.

3. Change in accounting estimate:

As per the requirements of the Companies Act, 2013 ("the Act"), the Company has computed depreciation on the basis of the useful lives of tangible fixed assets in the manner prescribed in Schedule II of the Act. Consequently, depreciation for the year is lower by H11,39,583/- and depreciation of H56,96,307/- on account of assets whose useful life is already exhausted as on 1st April, 2014 has been charged off to Statement of Profit and Loss.

4. In the opinion of the Board, all assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities have been made.

5. Dues of the Micro and Small Enterprises:

Information pertaining to Micro and Small Enterprises as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 (Act) as given below and the information mentioned at Note No.7 Trade Payables w.r.t. dues of micro and small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors:

6. Derivative Instruments:

i. There are no foreign currency exposures that are covered by derivative instruments as on 31.03.2015 (As on 31.03.2014: H Nil).

ii. The details of foreign currency exposures that are not hedged by any derivative instruments or otherwise are as under:

7. Employee Stock Option Scheme:

In respect of Options granted to employees under the Employees Stock Option Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the accounting value of options, determined based on market price of the share on the before day of the grant of the Option, is accounted as Deferred Employee Compensation Costs and the same is being amortized on straight line basis over the vesting period of stock options.

There are no Outstanding Options granted to employees as on 31.03.2015. However, during the previous year, consequent to expiry/forfeiture of 20,234 such options, an amount of H19,73,827/- has been written back.

8. Segmental Reporting:

As the Company's business consists of one reportable business and geographical segment of Seismic Data Acquisition and its related services within India, no separate disclosures pertaining to attributable revenues, profits, assets, liabilities and capital employed are considered necessary.

9. Leases:

The Company has various operating leases for Office and other premises that are renewable on a periodic basis by mutual consent on mutually agreeable terms and cancellable at its option. Rental/lease expenses for operating leases recognized in the Statement of Profit and Loss for the year is H23,96,004/- (Previous Year H26,01,818/-)

10. Corporate social responsibility (CSR):

(a) Gross amount required to be spent by the company during the year H Nil.

(b) Amount spent during the year Nil.


Mar 31, 2014

1. Corporate Information:

Alphageo (India) Limited (the Company or AGIL) is a public limited company incorporated under the provisions of Companies Act, 1956 having its registered office at Hyderabad in the state of Andhra Pradesh, India. The Equity Shares of the Company are listed with Stock Exchanges in India viz., BSE Limited, Mumbai and The National Stock Exchange of India Limited, Mumbai.

The Company is a leading service provider of 2 Dimensional and 3 Dimensional Seismic Data Acquisition, Processing and Interpretation Services for Oil Exploration and Production Entities. The Company possesses an experience of working in difficult terrains while respecting local socio-economic realities and environment.

2. Previous year figures have been regrouped/ recast/ rearranged wherever necessary to conform to current year classification.

3. Contingent Liabilities and Commitments:

(Amount in Rs.) Particulars 2013-14 2012-13

Contingent Liabilities:

Towards Guarantees issued by bank - 5,42,90,500

Income tax demands disputed by the company 94,55,450 94,55,450

4. In the opinion of the Board, all assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated and provision for all known liabilities have been made.

As a matter of prudence, company has made a provision of Rs. 86,74,704/- towards doubtful recovery of Trade Receivables.

5. Disclosure on utilisation of proceeds of preferential issue of securities in terms of SEBI (ICDR) Regulation 2009:

The Company has issued and allotted to Promoters and Promoter Group on preferential basis, in compliance with the provisions of the erstwhile Companies Act, 1956 and SEBI (issue of Capital and Disclosure Requirements) Regulations, 2009 and all other applicable Laws, Rules and Regulations, 2,50,000 Equity Shares of the Company on 10th August 2012 and 2,50,000 Equity shares, on exercising the option for conversion of warrants allotted, on 02nd January, 2014 at Rs. 60/- per Equity Share at a premium of Rs. 50/- per Equity Share of Rs. 10/- each and received proceeds of Rs. 3,00,00,000/- on issue of these securities. The entire proceeds have ultimately been, utilised for Capital expenditure by acquiring equipment for the operations of the Company.

6. Dues of the Micro and Small Enterprises:

Information as required to be disclosed under Schedule VI of the Companies Act,1956 with reference to micro and small enterprises under the micro, small and medium enterprises development Act, 2006 (Act) as given below and the information mentioned at Note No.7 Trade Payables w.r.t. dues of micro and small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors.

7. Employee Stock Option Scheme:

In respect of Options granted to employees under the Employees Stock Option Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the accounting value of options, determined based on market price of the share on the before day of the grant of the Option, is accounted as Deferred Employee Compensation Costs and the same is being amortised on straight line basis over the vesting period of stock options. Consequently for the current year, an amount of Rs. 19,73,827/- has been written back (Previous Year Rs. 26,26,531/-).

8. Derivative Instruments:

There are no foreign currency exposures that are covered by derivative instruments as on 31.03.2014 (Previous year: Rs. Nil).

9. Employee Benefits:

Defined Benefit Plans

The present value of obligation in respect of Provision for Payment of Gratuity and Leave encashment is determined, based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation, recognised and charged off during the year are as under:

The estimates of rate of escalation in salary considered in actuarial valuation, is determined taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as certified by the actuary.

10. Segmental Reporting:

As the Company''s business consists of one reportable business and geographical segment of Seismic Data Acquisition and its related services within India, no separate disclosures pertaining to attributable revenues, profits, assets, liabilities and capital employed are considered necessary.

11. Leases:

The Company has various operating leases for Office and other premises that are renewable on a periodic basis by mutual consent on mutually agreeable terms and cancellable at its option. Rental/lease expenses for operating leases recognised in the Statement of Profit and Loss for the year is Rs. 26,01,818/- (Previous Year Rs. 29,47,143/-).


Mar 31, 2013

1. Corporate Information:

Alphageo (India) Limited (the Company or AGIL) is a public limited company incorporated under the provisions of Companies Act, 1956 having its registered office at Hyderabad in the state of Andhra Pradesh, India. The Equity Shares of the Company are listed with Stock Exchanges in India viz., BSE Limited, Mumbai and The National Stock Exchange of India Limited, Mumbai.

The Company is a leading service provider of 2 Dimensional and 3 Dimensional Sesmic Data Acquisition, Processing and Interpretation Services for Oil Exploration and Production Sector in India. The Company possesses an experience of working in difficult terrains while respecting local socio-economic realities and environment. The Company has expanded its activities through its Subsidiary and Step-down Subsidiary viz., Alphageo International, Dubai and Alphageo DMCC, Dubai to cater to the international markets.

2. Previous year figures have been regrouped/ recast/ rearranged herever necessary to conform to current year classification.

3. Contingent Liabilities and Commitments: (Amount in Rupees)

Particulars 2011-12 Contingent Liabilities:

Towards Guarantees issued by bank 5,42,90,500 3,54,50,500

Income tax demands disputed by the company 94,55,450 k 16,57,548

4. In the opinion of the Board, all assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated and provision for all known liabilities have been made.

As a matter of prudence, company has made a provision of Rs.88,51,739/- towards doubtful recovery of Trade Receivables.

5. Disclosure on utilisation of proceeds of preferential issues in terms of SEBI (ICDR) Regulation 2009:

In pursuance of approval, under Section 81(1A) of the Companies Act 1956, of the Members at the Extra Ordinary General Meeting held on 30th July, 2012 and in compliance with SEBI (Issue of Capital And Disclosure Requirements) Regulations, 2009 and applicable laws, rules and regulations, the Company has issued and allotted, to promoter and promoter group on preferential basis, 2,50,000 Equity shares of Rs. 10/- each at a premium of Rs. 50/- per share (issue price Rs. 60/- per equity share) and 2,50,000 Convertible Warrants of Rs. 60/- each convertible into One Equity Share of Rs. 10/- each at the option of the Allotees with in a period of 18 months from the date of issue subject to fulfillment of terms of the issue on which 25% of the issue price has been received as allotment money. The Company in aggregate has received , Rs.1,87,50,000/- on issue of these Securities during the year. The Proceeds thus received have been utilised in total in terms of one of the objects of issue viz., for enhanced financial requirements of the Subsidiaries for execution of their contracts.

6. Dues of the Micro and Small Enterprises:

Information as required to be disclosed under Schedule VI of the Companies Act,1956 with reference to micro and small enterprises under the micro, small and medium enterprises development Act, 2006 (Act) as given below and the information mentioned at Note No.6 Trade Payables w.r.t. dues of micro and small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors:

7. Employee Stock Option Scheme:

a. In respect of Options granted to employees under the Employees Stock Option Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the accounting value of options, determined based on market price of the share on the before day of the grant of the Option, is accounted as Deferred Employee Compensation Costs and the same is being amortised on straight line basis over the vesting period of stock options. Consequently for the current year, an amount of Rs.26,26,531/- has been written back (Previous Year Rs.29,83,618/-).

8. Segmental Reporting:

As the Company''s business consists of one reportable business and geographical segment of Seismic Data Acquisition and its related services within India, no separate disclosures pertaining to attributable revenues, profits, assets, liabilities and capital employed are considered necessary.

9. Leases

The Company has various operating leases for Office and other premises that are renewable on a periodic basis by mutual consent on mutually agreeable terms and cancellable at its option. Rental/lease expenses for operating leases recognised in the Statement of Profit and Loss for the year is Rs.29,47,143/- (Previous Year Rs.38,77,625/-).

10. The Company has incurred cash loss of Rs.3,81,96,565/- for the year ended 31st March, 2013. And as at 31st March, 2013 the Company has Current Liabilities constituting Creditors for Capital Works of Rs.12,71,94,273/- and Other Operational Current Liabilities of Rs.6,28,23,710/- aggregating to Rs.19,00,17,983/- and the Current Assets of Rs.7,87,95,383/-. The total Current Liabilities as at the year end exceed total Current Assets by Rs.11,12,22,600/-. The Company, being confident of its continued and profitable operations, is poised towards discharging all its current obligations.


Mar 31, 2012

Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

1. Corporate Information:

Alphageo (India) Limited (the Company or AGIL) is a public limited company incorporated under the provisions of Companies Act, 1956 having its registered office at Hyderabad in the state of Andhra Pradesh, India. The Equity Shares of the Company are listed with Stock Exchanges in India viz., The Bombay Stock Exchange Limited, Mumbai and The National Stock Exchange of India Limited, Mumbai.

The Company is a leading service provider of 2 Dimensional and 3 Dimensional Seismic Data Acquisition, Processing and Interpretation Services for Oil Exploration and Production Sector in India. The Company possesses an experience of working in difficult terrains while respecting local socio-economic realities and environment. The Company has expanded its activities through its Subsidiary and Step- down Subsidiary viz., Alphageo International, Dubai and Alphageo DMCC, Dubai to cater to the international markets.

2. Presentation and Disclosure of Financial Statements:

During the year ended 31st March 2012, the Revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company, for preparation and presentation of its financial statements. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

3. Contingent Liabilities and Commitments: (Amount in Rupees]

Particulars 2011-12 2010-11

A. Contingent Liabilities:

Towards Guarantees issued by Bank 3,54,50,500 4,23,95,209

Income Tax demands disputed by the Company 16,57,548 16,57,548

Towards Guarantees issued by the Company on behalf of Subsidiary - 3,36,34,175

4. Current assets and loans and advances:

In the opinion of the Board of Directors the assets other than fixed assets and non-current investments have a value realisation in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities has been made.

5. Dues of the Micro and Small Enterprises:

Information as required to be disclosed under Schedule VI of the Companies Acts,1956 with reference to micro and small enterprises under the micro, small and medium enterprises development Act, 2006 (Act) as given below and the information mentioned at Note No.6 Trade Payables w.r.t. dues of micro and small enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors:

6. Employee Stock Option Scheme:

a. In respect of Options granted to employees during the year, under the Employees Stock Option Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the accounting value of options, determined based on market price of the share on the before day of the grant of the Option, is accounted as Deferred Employee Compensation Costs and the same is being amortised on straight line basis over the vesting period of stock options. Consequently for the current year, an amount of Rs.29,83,618/- has been written back (Previous Year Rs. 42,25,981/- has been amortised).

iii. Defined Benefit Plans

The present value of obligation in respect of Provision for Payment of Gratuity and Leave encashment is determined, based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation, recognised and charged off during the year are as under:

The estimates of rate of escalation in salary considered in actuarial valuation, is determined taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as certified by the actuary.

7. Segmental Reporting:

As the Company's business consists of one reportable business and geographical segment of Seismic Data Acquisition and its related services within India, no separate disclosures pertaining to attributable revenues, profits, assets, liabilities and capital employed are considered necessary..

2. Related Party Transactions:

The details of transactions with the related parties as defined in the Accounting Standard AS-18 Related Party Transactions notified under the Companies Act, 1956 are given below:

i. List of Related Parties with whom transactions have taken place and nature of relationships:

a. Key Management Personnel

Sri A. Dinesh

b. Relatives of Key Management Personnel

Sri A. Rajesh

c. Companies in which the Relatives of Key Management Personnel has substantial Interest:

Aquila Drilling Private Limited

d. Subsidiaries:

Alphageo International Limited

e. Step-down subsidiaries:

Alphageo DMCC

8. Leases:

The Company has various operating lease for Office and other premises that are renewable on a periodic basis by mutual consent on mutually agreeable terms and cancellable at its option. Rental/lease expenses for operating leases recognised in the Statement of Profit and Loss for the year is Rs.38,77,625/- (Previous Year Rs. 68,94,979/-)


Mar 31, 2000

1. Previous year figures have been regrouped wherever necessary and the figures have been rounded off to the nearest rupee.

2. As per the loan agreement executed with IFCI and ICICI, in case of default in payment or repayment of principal, interest or other sums, the institutions have the right to opt for the conversion of whole of the outstandings or a part thereof into fully paid equity shares of the company at par value.

1999-2000 1998-99 Rs. Rs.

3. Contingent Liabilities :

i. Towards Guarantees issued by Bank 43,74,290 17,68,130

ii. Towards claims not acknowledged as debts by the Company 40,51,937 40,51,937

4. (i) The comany had entered into a contract with Hindustan Oil Exploration Company Ltd. (HOEC) for conducting 2-D Seismic Survey in Pranhita Godavari Basin in Andhra Pradesh. Due to the circumstances beyond the control of the company the contract had been suspended after completion of part of the work. The company had raised bills for the work done and also for stand by charges and other amounts as per the terms of contract. The party i.e. HOEC had admitted certain bills only and after making part payment it had stopped payment pending sorting out differences relating to billing. An amount aggregating to Rs. 152.36 lakhs is recoverable as on 31-03-2000 from HOEC consisting of Rs. 116.71 lakhs against the bills raised but not received and Rs. 35.65 lakhs representing Bank Guarantee invoked by HOEC. The party as well as the company have claims and counter claims against each other for which arbitration proceedings are contemplated. No provision for bad and doubtful debts has been made for the current year in the accounts as the company is confident of recovering the amounts.

(ii) Having claims and counter claims with HOEC, the gain on amounts receivable in foreign currency from HOEC, on account of foreign exchange translation amounting to Rs. 4,53,200/- (Preious year Rs. 3,23,400/-) has not been recognised as income.

5. There are no dues to the Small Scale Industrial undertakings exceeding Rs. 1.00 Lakh which is outstanding for more than 30 days.

6. ASSETS DISCARDED - Rs. 81,03,326/- :

Consequent to the changes in technologies for conducting the seismic survey and other related activities, the company has identified certain items of machinery which have been retired from active use and/or held for disposal. In line with the Accounting Standard (As-10) issued by the Institute of Chartered Accountants of India, such assets which have been retired from active use have ben written down to the lower of their net book value and net realisable value. The net realisable value ascertained in respect of assets thus identified amounting to Rs. 7,55,555/- have been shown as "Scrap value for Fixed Assets in Schedule- 4-Fixed Assets and the loss recognised in this process amounting to Rs. 81,03,326/- has been shown as Assets discarded under Schedule-14-Other Expenses".

7. Additional information pursuant to the provisions of Part-IV of the Schedule-VI of the Companies Act, 1956 is given in the Annexure.

 
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