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Notes to Accounts of Athena Global Technologies Ltd.

Mar 31, 2015

1.Terms / rights attached to equity shares

The Company has only one class of equity shares having a face value of Rs.10/-each.Each share holder of quity share 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 equity share holders will be entitled to receive remaining assets of the company,after distribution of all preferential amounts. The distribution will be in roportion to the number of equityshares held by the share holders.

2. Related Party Transactions-AS 18 :

The Company has transactions with the following related parties:

a) Wholly owned Subsidiary: Mercury Outsourcing Management Ltd

b) Key Management Personnel:

Chairman & Managing Director:- M.Satyendra

c) Associate Entity in which Directors have Substantial Interest:

Tholons Knowledge Management Pvt Ltd, Vishwashree Enterprises Pvt. Ltd.

d) Relatives of Key Management Personnel : M.Sunitha, Ravinder

Shankara Kumari, RVSC Bose

3. Contingenet Liabilities not provided for

Claims against the Company not acknowledged as debt:

Particulars Amount in

Disputed Liability in respect of Income Tax demands related to

F.Y.2004-05 pending at High Court of A.P. 6,041,474

4. Detailed break up of party wise/item wise balances with regard to opening balances in respect of majority of the assets and liabilities are not available with the Company. On the basis review made by the management necessary provision has already been made in the books of accounts

5. During the year the Company has physically verified the fixed assets. The old fixed assets register of the Company is not traceable and the current fixed assets register has been prepared and updated as on date.

6. Certain Long term borrowings of Rs.278.85 lakhs and other current liabilities Rs.58.78 lakhs are subject to confirmation and reconciliation.

7. The company has an investment of Rs.608.71 lakhs in Mercury Outsourcing Management Ltd, subsidiary company. In view of the long term involvement of the company in the said company no provision has been made in the accounts for the probable loss that may arise on the same.

8. There is a pendig legal dispute against the immovable property located at Manikonda villiage, Ranga Reddy District. However the Company is of the hope in resolving the matter positively.

9. Dues to Micro Small and Medium Enterprises There are no dues to the Small scale Industrial Undertaking exceeding Rupees one lakh which is outstanding for more than 30 days as per the information available with the Company as on date.

10.Previous year's figures are reclassified /regrouped and rearranged wherever necessary.


Mar 31, 2014

Note 1. Contingenet Liabilities not provided for

Claims against the Company not acknowledged as debt:

Particulars Amount in Rs.

Disputed Liability in respect of Income Tax demands related to F.Y.2004-05 pending at High Court of A.P. 6,041,474

Note 2.

During the year the Company has not provided interest on unsecured loans received from various parties, as the Company has made request for reduction/waiver of interest due to financial position of the Company and the Company is hopefull of obtaining the reduction/waiver of interest

Note 3.

Detailed break up of party wise/item wise balances with regard to opening balances in respect of majority of the assets and liabilities are not available with the Company. On the basis of review made by the management necessary provision has already been made in the books of accounts

Note 4.

During the year the Company has physically verified the fixed assets . The old fixed assets register of the Company is not traceable. The current fixed assets register has been prepared and updated as on date.

Note 5.

Certain long term borrowings of Rs.307.60 Lakhs, other current liabilities Rs.62.46 lakhs are subject to confirmation and reconciliation.

Note 6.

The company has an investment of Rs.638.78 Lakhs in Mercury Outsourcing Management Ltd, subsidiary company. In view of the long term involvement of the company in the said company no provision has been made in the accounts for the probable loss that may arise on the same.

Note 7.

There is a pending legal dispute against the immovable property located at Manikonda village, Ranga Reddy District. However the Company is of the hope in resolving the matter positively.

Note 8.

Dues to Micro Small and Medium Enterprises: There are no dues to the Small scale Industrial Undertaking exceeding Rupees one lakh which is outstanding for more than 30 days as per the information available with the Company as on date.

Note 9.

The company has made relevant disclosures which are applicable as per revised schedule VI and the figures for the previous year are reclassified /regrouped and rearranged wherever necessary.

Note 10.

The company is in the business of Software Consulting and Development. The Company''s primary reporting segment is geographical as revenue segment.


Mar 31, 2013

Note - 1 : Related Party Disclosure :

The Company has transactions with the following related parties:

a) Wholly owned Subsidiary: Mercury Outsourcing Management Ltd

b) Key Management Personnel:

Chairman & Managing Director:- M.Satyendra

c) Associate Entity in which Directors have Substantial Interest: Yemmen Agro Private Limited, Tholons Knowledge Management Pvt Ltd

d) Relatives of Key Management Personnel : M.Sunitha, Ravinder,

Shankara Kumari, RVSC Bose

Note - 2 : Contingenet Liabilities not provided for

Claims against the Company not acknowledged as debt:

Particulars Amount in Rs

Disputed Liability in respect of Income Tax demands related to F.Y.2004-05 pending at High Court of A.P. 6,041,474

Disputed Liability in respect of TDS demands related to F.Y.2007-08 pending at CIT (Appeals) 28,225,409

Disputed Liability in respect of TDS demands related to F.Y.2008-09 pending at CIT (Appeals) 21,798,425

Note 3.

Detailed break up of party wise/item wise balances with regard to opening balances in respect of majority of the assets and liabilities are not available with the Company. On the basis review made by the management necessary provision has already been made in the books of accounts

Note 4.

During the year the Company has physically verifed the computers and Offce Equipments . The Fixed assets register of the Company for earlier years is not traceable and the Management is in the process of updation of the Fixed Assets register. The value of fxed assets is subject to review by the Management and reconciliation. The consequential impact on the accounts is not ascertainable as at present.

Note 5.

Certain long term trade receivables of Rs. 176.29 Lakhs, Deposits of Rs.19.00 Lakhs, loans and advances of Rs.234.46 lakhs, long term borrowings of Rs.216.29 Lakhs and other current liabilities of Rs.62.46 lakhs are subject to confrmation and reconciliation.

Note 6.

The company has an investment of Rs.292.10 Lakhs in the share capital, loans and advances of Rs. 276.09 Lakhs and long term trade receivables of Rs. 45.00 lakhs in Mercury Outsourcing Management Ltd, subsidiary company. In view of the long term involvement of the company in the said company no provision has been made in the accounts for the probable loss that may arise on the same.

Note 7.

There is a pendig legal dispute against the immovable properties located at Manikonda villiage and Kondapur Village, Ranga Reddy District. However the Company is of the hope in resolving the matter positively.

Note 8: Dues to Micro Small and Medium Enterprises:

There are no dues to the Small scale Industrial Undertaking exceeding Rupees one lakh which is outstanding for more than 30 days as per the information available with the Company as on date.

Note 9

The company has made relevant disclosures which are applicable as per revised schedule VI and the fgures for the previous year are reclassifed /regrouped and rearranged wherever necessary.


Mar 31, 2012

Note - 1 : Related Party Disclosure :

The Company has transactions with the following related parties:

a) Wholly owned Subsidiary: Mercury Outsourcing Management Ltd

b) Key Management Personnel: Chairman & Managing Director:- M.Satyendra

c) Associate Entity in which Directors have Substantial Interest: Yemmen Agro Private Limited, Tholons Knowledge Management Pvt Ltd

d) Relatives of Key Management Personnel : M.Sunitha, Ravinder, Shankara Kumari, RVSC Bose

Note 2.

Detailed break up of party wise/item wise balances with regard to opening balances in respect of majority of the assets and liabilities are not available with the Company. On the basis review made by the management necessary provision has already been made in the books of accounts

Note 3.

During the year the Company has physically verifed the computers and Offce Equipments . The Fixed assets register of the Company is not traceable and the Management is in the process of preparation and updation of the Fixed Assets register. The value of fxed assets is subject to review by the Management and reconciliation. The consequential impact on the accounts is not ascertainable as at present.

Note 4.

Certain Sundry Debtors, Deposits, loans and advances, inoperative bank accounts, unsecured loans and Sundry creditors are subject to confrmation and reconciliation.

Note 5.

Share certifcates relating to investments made by the Company are lost/misplaced and efforts are being made to locate them and/ or to obtain duplicate certifcates. The Management envisages no serious diffculties in case of obtaining duplicate certifcates for investments made by the Company.

Note 6.

The company has an investment of Rs.292.10 Lakhs in the share capital, loans and advances of Rs. 279.11 Lakhs in Mercury Outsourcing Management Ltd, subsidiary company. In view of the long term involvement of the company in the said company no provision has been made in the accounts for the probable loss that may arise on the same.

Note 7.

The company has not provided interest on unsecured loans received from various parties due to the request for reduction of interest made by the management during the year.

Note 8:

There is a pending legal dispute against the immovable property located at Manikonda village, Rangareddy Dist. However the Company is of the hope in resolving the matter positively.

Note 9:

The company is in the business of Software Consulting and Development. The Company's primary reporting segment is geographical as revenue segment.

Note 10: Dues to Micro Small and Medium Enterprises:

There are no dues to the Small scale Industrial Undertaking exceeding Rupees one lakh which is outstanding for more than 30 days as per the information available with the Company as on date.

Note 11 Dues to Micro Small and Medium Enterprises:

There are no dues to the Small scale Industrial Undertaking exceeding Rupees one lakh which is outstanding for more than 30 days as per the information available with the Company as on date.

Note. 12.

The company has made relevant disclosures which are applicable as per revised schedule VI and the fgures for the previous year are reclassifed /regrouped and rearranged wherever necessary.

 
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