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Notes to Accounts of ASM Technologies Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

ASM Technologies Limited., established in 1992, is a pioneer in providing world Class Consulting Services in Enterprise Solutions for the Packaged ERP Products and in Enterprise Product Development for SMB Segment and in Technology Solutions covering Embedded Systems and System Software to its Global Clientele.

ASM offers a broad spectrum of enterprise services such as configuration, implementation, customization, end-user training and documentation, Post Implementation Support & Maintenance across leading commercial off-the-shelf products like SAP, Oracle Applications, PeopleSoft, JDEdwards and Microsoft Enterprise products. ASM has been providing consulting Services (Product Engineering, Development, Product Support, Porting, Testing and Test Automation) to its Global Clientele in the Embedded Software and System Software space.

ASM has been running ODCs both in India and Overseas successfully for its International Clients providing cost effective Onsite, Offsite and Offshore Services through a team of experienced Engineers and Consultants with extensive technical and Domain expertise, which reinforces its ability to provide solutions to Client needs.

A. Following is the list of related parties

1. Wholly owned subsidiaries

a. Pinnacle Talent Inc, USA

b. Advanced Synergic Pte Ltd, Singapore

2. Step down subsidiaries

a. Abacus Business Solutions Inc, USA

b. ESR Associates Inc, USA

3. Associate company : IDS Systems Pvt Ltd

4. Directors : ASM Technologies Ltd

Mr. M R Vikram, Mr. Rabindra Srikantan, Prof. B S Sonde and Mr. Shekar Viswanathan

5. Key management personnel : Mr. N Krishnan, Mr. Pramod, Mr. Kumar Vaibhav, Ms. Vani, Ms. P N Lakshmi, Mr. SLN Murthy, Mr. Srinivasa Murthy Seshadri

(Rs. in lakhs) 6 CONTINGENT LIABILITIES As at March 31 2015 2014

Corporate guarantee given to Indian Bank, Singapore 2,425 2,164 (on behalf of wholly owned subsidiary, Advanced Synergic Pte Ltd)

Corporate guarantee given to State Bank of India, San Jose, USA 438 358 (on behalf of step down subsidiary, Abacus Business Solutions Inc)

Service Tax claim (Company filed appeal against the order) 159 -

7 Previous year's figures have been recast/regrouped wherever necessary to confirm to the current year's clasifications/presentation


Mar 31, 2014

1. RELATED PARTY TRANSACTIONS (AS 18) A Following is the list of related parties.

1. Wholly Owned Subsidiaries :

a. Pinnacle Talent Inc, USA

b. Advanced Synergic Pte Ltd., Singapore.

2. Step down Subsidiaries :

a. ESR Associates Inc, USA

b. Abacus Business Solutions Inc.,USA

3. Associate Company : IDS Systems Pvt Ltd

4. Directors : ASM Technologies Limited

Mr. M R Vikram, Mr. Rabindra Srikantan, Prof. B S Sonde and Mr. Shekar Viswanathan

5. Key Management Personnel : Mr. N Krishnan, Mr.Pramod, Mr. Kumar Vaibhav, Ms. Anitha Singan,

Ms. Vani, Mr.Basavaraja A M, Ms. P N Lakshmi

2. SEGMENT REPORTING (AS 17)

In accordance with the Accounting Standard - 17 (AS-17) "Segment Reporting" which became mandatory for reporting from 1st April 2001, the company states that it is in the business of software development and I T related services. The Company''s primary reporting segment is geographical as the revenues in non-software related areas are not more than 10% of the gross revenues

(Rs. in lakhs)

for the year ended March 31, 3. CONTINGENT LIABILITIES 2014 2013

Corporate Guarantee given to Indian Bank, Singapore 2,163.78 2,163.78

(On behalf of wholly owned subsidiary, Advanced Synergic Pte Ltd.)

Corporate Guarantee given to State Bank of India, San Jose. USA 358.09 358.09

Total 2,521.87 2,521.87

4. Previous year''s figures have been recast / regrouped wherever necessary to conform to the current year''s classifications/presentation


Mar 31, 2013

1.1. The accounts of the company have been prepared using the accrual method based on the historical cost convention.

1.2. Income: Sales include sale of software and Software services. Revenue from sale of software is recognized wherever the sale has been completed with the passing of the title and billed to the clients as per the specific contracts. Revenue from sale of software services is recognized on the basis of percentage of completion method. Miscellaneous income mainly consists of reimbursement of expenses and the same is accounted on accrual basis.

1.3. Expenditure: Expenses are accounted on accrual basis and provision for known liabilities or loss made in the same year.

1.4. Fixed Assets: Fixed Assets are stated at cost of acquisition less accumulated depreciation. Capital-work-in progress comprises outstanding advances paid to acquire fixed assets and cost of fixed assets that are not yet ready for their intended use at the reporting date. Goodwill arising on consolidation or acquisition is not amortized but is tested for impairment.

1.5. Depreciation: Depreciation is provided on straight-line method at the rates specified in schedule XIV of the Companies Act, 1956. Depreciation for the assets purchased/sold during the year is proportionately charged. Individual assets acquired for less than Rs. 5,000/- are entirely depreciated in the year of acquisition.

1.6. Gratuity Benefit payable to employees of the company as provided in the books of accounts is based on Actuarial Valuation. Table below shows present value of defined benefit obligation:

1.7. Foreign currency transactions: In case of sales made to clients outside India, income is accounted on the basis of the exchange rate prevailing at the end of the previous month of sale. Adjustments are made for any change in sales proceeds on conversion into Indian currency upon actual receipt. Expenditure in foreign currency is accounted at the conversion rate prevailing at the end of the previous month of expenditure is incurred. Debtors and Creditors are stated at exchange rate prevailing on the date of Balance Sheet.

Note: The company has filed application with Central Government seeking approval for re-appointment and Increase in remuneration payable to Managing Director from Rs.31.44 Lakhs to Rs.60.00 Lakhs plus 1% of the Net Profits of the Company with effect from 1.4.2011. After the approval from the Central Government differential amount will be paid as arrears in the year of approval.

2.1 Earnings per share

In accordance with the Accounting Standard 20 (AS-20) "Earning per share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

2.2 Segment Reporting - (AS - 17)

In accordance with the Accounting Standard - 17 (AS-17) "Segment Reporting" which became mandatory for reporting from 1st April 2001, the company states that it is in the business of software development and I T related services. The Company''s primary reporting segment is geographical as the revenues in non-software related areas are not more than 10% of the gross revenues.

2.3 Previous year''s figures have been recast / regrouped wherever necessary to conform to the current year''s classifications/ presentation.

The accompanying consolidated financial statements include the accounts of ASM Technologies Limited and its following wholly owned Subsidiaries:-

1. Pinnacle Talent Inc, USA

2. Advanced Synergic Pte Ltd, Singapore

And

Step down subsidiary:-

1. ESR Associates Inc, USA,

2. Abacus Business Solutions, Inc.

2.4 Related Party Transactions – (AS – 18)

The Company had transactions with the following related parties.

1. Subsidiaries: Pinnacle Talent Inc, USA & Advanced Synergic Pte Ltd, Singapore.

2. Step down Subsidiary: ESR Associates Inc & Abacus Business Solutions, Inc.

3. Associate Company: IDS Systems Pvt Ltd

4. Directors: ASM Technologies Limited

Mr. M R Vikram, Mr. Rabindra Srikantan, Prof. B S Sonde and Mr. Shekar Viswanathan

5. Directors: Advanced Synergic Pte Ltd

Mr. Venkataramaiyer Sivaramakrishnan and Mr. Rabindra Srikantan

6. Key Management Personnel: Mr. Sundar Ramanathan, Mr. N Krishnan, Mr. Shalabh Singh, Mr. Pramod, Mr. Kumar Vaibhav, Ms. Anitha Singan, Ms. Vani, Mr. Basavaraja A M, Ms. P N Lakshmi, Mr. John Seitz, Mr. Jay Belur, Mr. Dharmesh Parikh, Mr. David Joffe and Mr. Alex Marzano,

Note: The company has filed an application with Central Government seeking approval for re-appointment and Increase in remuneration pay able to Managing Director from Rs. 31.44 Lakhs to Rs. 60.00 Lakhs plus 1 % of the Net Profits of the Company with effect from 1.4.2011. After the approval from the Central Government differential amount will be paid as arrears in the year of approval.

2.5 EARNINGS PER SHARE

In accordance with the Accounting Standard 20 (AS-20) "Earning per share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the period.

2.6 SEGMENT REPORTING - (AS - 17)

In accordance with the Accounting Standard - 17 (AS-17) "Segment Reporting" which became mandatory for reporting from 1st April 2001, the company states that it is in the business of software development and I T related services. The Company''s primary reporting segment is geographical as the revenues in non-software related areas are not more than 10% of the gross revenues.

2.7 Previous year''s figures have been recast / regrouped wherever necessary to conform to the current year''s classifications/ presentation..


Mar 31, 2012

1.1 Related Party Transactions - (AS - 18)

The Company had transactions with the following related parties.

1. Wholly Owned Subsidiaries:

1. Pinnacle Talent Inc, USA

2. Advanced Synergic Pte Ltd, Singapore

2. Step down subsidiary :-

1. ESR Associates Inc, USA,

2. Abacus Business Solutions, Inc.

3. IDS Systems Private Limited

4. Directors: Mr. M R Vikram, Mr. Rabindra Srikantan, Dr. R P Shenoy, Prof. B S Sonde and Mr. Shekar Viswanathan

5. Key Management Personnel Mr. N Krishnan, Mr. T S Shanbhogue, Mr. Pramod Rao, Ms. Anitha Singan, Mr. Kumar Vaibhav, Ms. Vani, Mr. Balaji Padmakumar, Mr. Vasant Bhat and Ms. P N Lakshmi.

Note: The company has applied to Central Government for Increase in Remuneration of Managing Director from Rs.31.44 Lakhs per annum to Rs.60.00 Lakhs per annum with effect from 8.11.2011. After the approval from the central Government differential amount will be paid as arrears in the year of approval.

1.2 EARNINGS PER SHARE

In accordance with the Accounting Standard 20 (AS-20) "Earning per share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

1.3 CAPITAL COMMITMENT

The estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) is Rs. 22.84 Lakhs.

1.4 SEGMENT REPORTING - (AS - 17)

In accordance with the Accounting Standard - 17 (AS-17) "Segment Reporting" which became mandatory for reporting from 1st April 2001, the company states that it is in the business of software development and I T related services. The Company's primary reporting segment is geographical as the revenues in non-software related areas are not more than 10% of the gross revenues.

Rs. In Lakhs

Particulars 31.03.2012 31.03.2011

1.5 CONTINGENT LIABILITY

Corporate Guarantee given to Indian Bank, Singapore 1,900.91 1,900.91 (on behalf of wholly owned subsidiary, Advanced Synergic Pte Ltd)

Corporate Guarantee given to State Bank of India, Chicago - 178.88 (on behalf of wholly owned subsidiary, Pinnacle Talent Inc)

Corporate Guarantee given to State Bank of India, San Jose 358.09 - (on behalf of step down subsidiary, Abacus Business Solutions Inc.)

1.6 Previous year's figures have been recast / regrouped wherever necessary to conform to the current year's classifications / presentation.


Mar 31, 2010

1. The companys contribution to the Gratuity has been provided based on the calculation as per actuarial valuation.

2. Foreign currency transactions: In case of sales made to clients outside India, income is accounted on the basis of the exchange rate prevailing at the end of the previous month of sale. Adjustments are made for any change in sales proceeds on conversion into Indian currency upon actual receipt. Expenditure in foreign currency is accounted at the conversion rate prevailing at the end of the previous month of expenditure is incurred. Debtors and Creditors are stated at exchange rate prevailing on the date of Balance Sheet.

3. Previous year figures have been regrouped I rearranged wherever necessary.

4. The operations of the company are to develop software and software services, which cannot be expressed in terms of units/quantity.I it is not possible to give the quantitative information as required by the Schedule VI of the Companies Act, 1956.

5. Income Tax includes Rs. 20,23,118/-paid for theearlier years.

6. Deferred Taxes

In accordance with the Accounting Standard - 22 (AS-22) "Accounting for Taxes on Income" which became mandatory for rep< from 1st April 2001, the tax effect is calculated on the accumulated timing differences at the end of an accounting period bas prevailing enacted regulations.

7. Related Party Transactions - (AS - 18)

The Company had transactions with the following related parties.

Wholly Owned Subsidiaries: Pinnacle Talent Inc, USA & Advanced Synergic Pte Ltd, Singapore.

IDS Systems Private Limited

Directors: Mr. M R Vikram, Mr. Rabindra Srikantan, Dr. R P Shenoy, Prof. B S Sonde,

Key Management Personnel Mr. N Krishnan, Mr. T S Shanbhogue, Mr. Harisimha, Mr. Pramod, Ms. Anitha Singan, Ms.

Mr. Balaji Padmakumar Mr. M S Rajesha and Ms. P N Lakshmi.

8. Earnings per share

In accordance with the Accounting Standard 20 (AS-20) "Earning per share" issued by the Institute of Chartered Accountants of India, basic earnings per share is computed using the weighted average number of shares outstanding during the year.

 
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