Mar 31, 2015
1. BACKGROUND
The Company is engaged in the business of IT Services and Consulting.
The Company was until February 2010, operating in the name of Jaisal
Securities Limited. Effective from February 4, 2010, the name of the
company was changed to AURUM SOFT SYSTEMS LIMITED. The Shares of the
Company are listed on the Bombay stock exchange.
2. Shares held by holding company, its subsidiaries and associates
The company does not have any holding company.
3. Rights, preferences and restrictions attached to equity shares
The company has one class of equity shares having a face value of Rs.
2/- per share. Each shareholder is eligible for one vote for each share
held in the company. The dividend proposed by the Board of Directors is
subject to approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the
remaining assets of the company after distribution of all preferential
amounts, in proportion to their shareholding.
4. Rights, preferences and restrictions attached to preference shares
The company has not issued any preference shares
5. Shares allotted as fully paid up by way of bonus shares (during the
5 years preceding 31st March 2015)
The Company allotted 21,700,000 equity shares of face value Rs. 2/-, as
fully paid up bonus shares by utilisation of the Securities premium
account on 7th February 2011, pursuant to a shareholder's resolution
passed at the Extra ordinary General Meeting held on 19th January 2011.
Business Segment
The Company has only one reportable business segment viz., IT services
and Consulting.
Geographical Segment
Entire Revenue from IT services and Consulting business is derived from
clients in India and hence the Company does not have any separate
reportable geographical segment.
The economic slowdown and the tightening of the immigration laws and
hiring procedures have had an adverse effect on the operations of the
Company's step down subsidiaries namely Dice Technologies Inc., USA and
Dicetek LLC., Dubai. This has adversely impacted the financial
position of the step down subsidiaries. In view of this, Dicetek (Sing)
Pte Limited, Singapore, has disposed of investment in the shares held
by it in Dice Technologies Inc., USA. Accordingly, Dice Technologies
Inc., USA has ceased to be a subsidiary of the Company. Dicetek (Sing)
Pte Limited, Singapore has also taken steps to dispose of its
investment in Dicetek LLC., Dubai
6. RELATED PARTY DISCLOSURE
i. Parties exercising Substantial control
Shripathee Investments Private Limited - Principal Shareholder - Holds
28.31% of the paid up equity share capital of the Company as on March
31, 2015.
ii. Key Managerial personnel
Mr. Srikanth Ramanathan, Managing Director
iii. Subsidiaries
Dicetek (Sing) Pte Limited, Singapore
Dicetek LLC., Dubai
7. Gratuity
The computations are based on the following assumptions:
Discount rate : 8%
Salary Escalation : 10%
* As per the actuarial valuation carried out, no material additional
gratuity liability exists when compared to last financial year. Hence
no provision for gratuity has been made for the financial year.
8. The Company did not have any outstanding dues to any Micro or Small
Enterprises as defined under Micro, Small and Medium Enterprises
Development Act, 2006 at any point during the year that were
outstanding for a period of more than 45 days from the date of
acceptance.
9. Forward Contracts
The Company does not hedge its risks associated with foreign currency
fluctuations relating to its receivables and payables, by entering into
foreign currency forward contracts. The Company also does not use
forward contracts for speculative purposes.
10. CONTINGENT LIABILITY
The Company has not provided any liability in respect of the following
contested claim:
Name of the Statute : Income Tax Act, 1961
Nature of Dues : Income Tax
Amount : Rs. 499,559
Period to which amount relates : 1996-97
Forum where dispute pending : CIT (Appeals)
The Company has paid the said amount of Rs. 499,559 under protest. The
Company however is of the opinion that the above demand is not
sustainable and expects to succeed in its appeal.
11. The previous year figures have been regrouped / reclassified,
wherever necessary to confirm to the current year presentation.
Accordingly, amounts and other disclosure for the previous year are
included as an integral part of the current year's Financial Statement
and are to be read in relation to the amounts and other disclosures
relating to the current year.
Mar 31, 2014
1. BACKGROUND
The Company is engaged in the business of IT Services and Consulting.
The Company was until February 2010, operating in the name of Jaisal
Securities Limited. Effective from February 4, 2010, the name of the
company was changed to AURUM SOFT SYSTEMS LIMITED. The Shares of the
Company are listed on the Bombay and Madras Stock Exchanges.
2. SHARE CAPITAL
Share capital consist of the following:
As at As at
Particulars 31st March 2014 31st March 2013
(Rs.) (Rs.)
Authorised
137,000,000 (31st March 2013:
137,000,000) Equity shares of
Rs. 2/- each 274,000,000 274,000,000
68,000,000 (31st March 2013:
68,000,000) Non-cumulative
optionally 136,000,000 136,000,000
convertible Preference shares
of Rs. 2/- each
410,000,000 410,000,000
Issued, Subscribed & Paid-up
65,100,000 Equity shares
of Rs.2/- each 130,200,000 130,200,000
(31st March 2013: 65,100,000
Equity share of Rs. 2/- each)
130,200,000 130,200,000
b. Shares held by holding company, its subsidiaries and associates
The company does not have any holding company.
c. Rights, preferences and restrictions attached to equity shares
The company has one class of equity shares having a face value of Rs.
2/- per share. Each shareholder is eligible for one vote for each share
held in the company. The dividend proposed by the Board of Directors is
subject to approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the
remaining assets of the company after distribution of all preferential
amounts, in proportion to their shareholding.
d. Rights, preferences and restrictions attached to preference shares
The company has not issued any preference shares
f. Shares allotted as fully paid up by way of bonus shares (during the
5 years preceding 31st March 2014)
The Company allotted 21,700,000 equity shares of face value Rs. 2/-, as
fully paid up bonus shares by utilisation of the Securities premium
account on 7th February 2011, pursuant to a shareholder''s resolution
passed at the Extra ordinary General Meeting held on 19th January 2011.
3. SEGMENT REPORTING
Business Segment
The Company has only one reportable business segment viz., IT services
and Consulting.
Geographical Segment
Significant Revenue from IT services and Consulting business is derived
from clients in India and hence the Company does not have any separate
reportable geographical segment.
4. RELATED PARTY DISCLOSURE
i. Parties exercising Substantial control
Shripathee Investments Private Limited - Principal Shareholder - Holds
28.46% of the paid up equity share capital of the Company as on March
31, 2014.
ii. Key Managerial personnel
Mr. Srikanth Ramanathan, Managing Director
iii. Subsidiaries
Dicetek (Sing) Pte Limited, Singapore
Dicetek LLC., Dubai
Dice Technologies Inc., USA
The computations are based on the following assumptions:
Discount rate : 8%
Salary Escalation : 10%
* As per the actuarial valuation carried out, no material additional
gratuity liability exists when compared to last financial year. Hence
no provision for gratuity has been made for the financial year.
29. The Company did not have any outstanding dues to any Micro or Small
Enterprises as defined under Micro, Small and Medium Enterprises
Development Act, 2006 at any point during the year that were
outstanding for a period of more than 45 days from the date of
acceptance.
5. FORWARD CONTRACTS
The Company does not hedge its risks associated with foreign currency
fluctuations relating to its receivables and payables, by entering into
foreign currency forward contracts. The Company also does not use
forward contracts for speculative purposes.
6. CONTINGENT LIABILITY
The Company has not provided any liability in respect of the following
contested claim:
Name of the Statute : Income Tax Act, 1961
Nature of Dues : Income Tax
Amount : Rs. 499,559
Period to which amount relates : 1996-97
Forum where dispute pending : CIT (Appeals)
The Company has paid the said amount of Rs. 499,559 under protest. The
Company however is of the opinion that the above demand is not
sustainable and expects to succeed in its appeal.
7. Provision for diminution in value of investment
The economic slowdown and the tightening of the immigration laws and
hiring procedures have had an adverse effect on the operations of the
Company''s step down subsidiaries namely Dice Technologies Inc., USA and
Dicetek LLC., Dubai. This has adversely impacted the financial position
of the step down subsidiaries. In view of this, Dicetek (Sing) Pte
Limited, Singapore has provided for impairment loss in respect of the
investment in the subsidiaries in its books of accounts.
Accordingly, the management is of the opinion that the diminution in
value of the investment is permanent and the same is reiterated by the
impairment loss provided by our wholly owned subsidiary. In order to
reflect a true and fair view of the state of affairs, the Company has
provided for diminution in value of investment in wholly owned
subsidiary for Rs. 5 crores.
8. Bad Debts
During the Financial Year 2013-14, the Company has written-off loans to
the tune of Rs. 3,561,232 (net of reversal of provision), which were
extended when the Company was a Non-banking Finance Company, as the
same was found not realisable. The provision created in the books in
respect of the loans which have been fully written-off has been
reversed during Financial Year 2013-14.
9. The previous year figures have been regrouped / reclassified,
wherever necessary to confirm to the current year presentation.
Accordingly, amounts and other disclosure for the previous year are
included as an integral part of the current year''s Financial Statement
and are to be read in relation to the amounts and other disclosures
relating to the current year.
Mar 31, 2013
1. BACKGROUND
The Company is engaged in the business of IT Services and Consulting.
The Company was until February 2010, operating in the name of Jaisal
Securities Limited. Eff ective from February 4, 2010, the name of the
company was changed to AURUM SOFT SYSTEMS LIMITED. The Shares of the
Company are listed on the Bombay and Madras Stock Exchanges.
2. SEGMENT REPORTING
Business Segment
The Company has only one reportable business segment viz., IT services
and Consulting.
Geographical Segment
Significant Revenue from IT services and Consulting business is
derived from clients in India and hence the Company does not have any
separate reportable geographical segment.
3. CHANGE OF NAME OF THE COMPANY
The Company has changed its name to AURUM SOFT SYSTEMS LIMITED w.e.f.
February 4, 2010, so as to refl ect the change in the line of business.
In accordance with Clause 32 and 41 of the listing agreement, the net
sales or income, expenditure and net profi t or loss after tax fi gures
pertaining to the said new line of business are given below:
4. RELATED PARTY DISCLOSURE
i. Parties exercising Substantial control
Shripathee Investments Private Limited - Principal Shareholder - Holds
28.46% of the paid up equity share capital of the Company as on March
31, 2013.
ii. Key Managerial personnel
Mr. Srikanth Ramanathan, Managing Director
iii. Subsidiaries
Dicetek (Sing) Pte Limited, Singapore
Dicetek LLC, Dubai
Dice Technologies Inc., USA
5. The Company did not have any outstanding dues to any Micro or Small
Enterprises as defi ned under Micro, Small and Medium Enterprises
Development Act, 2006 at any point during the year that were
outstanding for a period of more than 45 days from the date of
acceptance.
6. FORWARD CONTRACTS
The Company does not hedge its risks associated with foreign currency
fl uctuations relating to its receivables and payables, by entering
into foreign currency forward contracts. The Company also does not use
forward contracts for speculative purposes.
The foreign currency exposures as at the end of the fi nancial year
that have not been hedged by a derivative instrument or otherwise are
given below:
7. CONTINGENT LIABILITY
The Company has not provided any liability in respect of the following
contested claim:
Name of the Statute : Income Tax Act, 1961
Nature of Dues : Income Tax
Amount : Rs. 499,559
Period to which amount relates : 1996-97
Forum where dispute pending : CIT (Appeals)
The Company has paid the said amount of Rs. 499,559 under protest. The
Company however is of the opinion that the above demand is not
sustainable and expects to succeed in its appeal.
8. The previous year fi gures have been regrouped / reclassifi ed,
wherever necessary to confi rm to the current year presentation.
Accordingly, amounts and other disclosure for the previous year are
included as an integral part of the current year''s Financial Statement
and are to be read in relation to the amounts and other disclosures
relating to the current year.
Mar 31, 2012
Note: 1. Cash and Cash Equivalents represent Cash, Balances with Banks
in Current Account and Fixed Deposits maturing within 3 months
2. Figures in brackets indicate Cash outflow,
3. Figures for the previous year have been regrouped / rearranged
wherever found necessary
1. BACKGROUND
The Company is engaged in the business of IT services and consulting.
The Company was until February 2010, operating in the name of Jaisal
Securities Limited. Effective from February 4, 2010, the name of the
company was changed to AURUM SOFT SYSTEMS LIMITED. The Shares of the
Company are listed on the Bombay and Madras Stock Exchanges.
* During financial year 2010-11, the company has sub-divided each
equity share of Rs. 10 each into 5 (five) equity shares of Rs. 2 each.
b. Shares held by holding company, its subsidiaries and associates
The company does not have any holding company.
c. Rights, preferences and restrictions attached to equity shares
The company has one class of equity shares having a face value of Rs. 2/-
per share. Each shareholder is eligible for one vote for each share
held in the company. The dividend proposed by the Board of Directors is
subject to approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the
remaining assets of the company after distribution of all preferential
amounts, in proportion to their shareholding.
e. Shares allotted as fully paid up by way of bonus shares (during the
5 years preceding 31st March 2012)
The Company allotted 21,700,000 equity shares of face value Rs. 2/-, as
fully paid up bonus shares by utilization of the Securities premium
account on 7th February 2011, pursuant to a shareholder's resolution
passed at the Extra ordinary General Meeting held on 19th January 2011.
2. SEGMENT REPORTING
Business Segment
The Company has only one reportable business segment viz., IT Services
and Consulting.
Geographical Segments
Significant Revenue from IT Services and Consulting business is derived
from clients in India and hence the Company does not have any separate
reportable geographical segment.
3. CHANGE OF NAME OF THE COMPANY
The Company has changed its name to AURUM SOFT SYSTEMS LIMITED w.e.f.
February 4, 2010, so as to reflect the change in the line of business.
In accordance with Clause 32 and 41 of the listing agreement, the net
sales or income, expenditure and net profit or loss after tax figures
pertaining to the said new line of business are given below:
4. RELATED PARTY DISCLOSURE
i. Parties exercising Substantial control
Shripathee Investments Private Limited - Principal Shareholder - Holds
28.46% of the paid up equity share capital of the Company as on March
31, 2012.
ii. Key Managerial personnel
Mr. Srikanth Ramanathan, Managing Director
iii. Subsidiaries
Dicetek (Sing) Pte Limited, Singapore
Dicetek LLC., Dubai
Dice Technologies Inc., USA
Note: Figures in brackets represent previous year's figures
# Based on the exchange rate prevailing as on March 31, 2012
* Shares of face value Rs. 10/- The Company has not incurred any
expenditure in foreign currency during financial year 2011-12 and
2010-11
5. The Company did not have any outstanding dues to any Micro or Small
Enterprises as defined under Micro, Small and Medium Enterprises
Development Act, 2006 at any point during the year that were
outstanding for a period of more than 45 days from the date of
acceptance.
The loan is denominated in US$ and the INR equivalents are based on the
exchange rate prevailing at the end of the year. The same includes
accrued interest at the rate of 2.5% per annum.
6. FORWARD CONTRACTS
The Company does not hedge its risks associated with foreign currency
fluctuations relating to its receivables and payables, by entering into
foreign currency forward contracts. The Company also does not use
forward contracts for speculative purposes.
The foreign currency exposure as at the end of the financial year that
have not been hedged by a derivative instrument or otherwise are given
below:
7. CONTINGENT LIABILITY
The Company has not provided any liability in respect of the following
contested claim:
Name of the Statute : Income Tax Act, 1961
Nature of Dues : Income Tax
Amount : Rs. 499,559
Period to which
amount relates : 1996-97
Forum where
dispute pending : CIT (Appeals)
The Company has paid the said amount of Rs. 499,559 under protest. The
Company however is of the opinion that the above demand is not
sustainable and expects to succeed in its appeal.
8. The previous year figures have been regrouped / reclassified,
wherever necessary to confirm to the current year presentation.
Accordingly, amounts and other disclosure for the previous year are
included as an integral part of the current year's Financial Statement
and are to be read in relation to the amounts and other disclosures
relating to the current year.
Mar 31, 2010
1. Background
Aurum Sof Systems Limited was incorporated in March 1994 and was tll
recently operating in the name of Jaisal Securites Limited. The Shares
of the Company are listed on the Bombay and Madras Stock Exchanges.
The Company at present is engaged in the business of IT solutons and
consulting.
The Company was initally engaged in Investment Consultancy having its
own Portolio of Investments besides advising Clientele on Investments
and other related maters. The Company was also registered as a
Non-banking Finance Company.
The Company has ceased all its Operatons in relaton to Investment
Consulting and other related actvites and has diversifed into actvites
relating to IT Solutons and Consulting. Consequent to this, the Company
has during the fnancial year 2009-10, got itself de-registered as a
Non-banking Finance Company and has also changed its name to AURUM SOFT
SYSTEMS LIMITED in line with the diversifed business actvites of the
Company.
2. Segment Reporting Business Segment
The Company had got itself de-registered as a Non-banking fnance
Company during the fnancial year 2009-10. During the said period, the
Company has earned only interest income from the unsecured loans lent
by the Company, amounting to Rs. 3.83 lakhs, from its fnancial services
business. Also loans and advances to the tune of Rs. 157.08 lakhs have
been writen-of as the same is found not realisable. The Company is
taking steps to realise the balance fnancial assets in its books. Apart
from that, there has been no actvity pertaining to the Financial
Services business segment.
The Company has diversifed into IT Solutons and Consulting business and
is concentrating solely on its new line of business.
Since the revenue earned by the Company from its erstwhile business
(i.e. Financial Services) is less than 10% of the total revenue, there
is only one reportable business segment (i.e. IT Solutons and
Consulting).
Geographical Segments
In relaton to the fnancial services business, the Company carries on
its operaton only in India.
In relaton to the IT Solutons and Consulting business, the Companys
revenues for the fnancial year 2009-10 have been derived from sale of
sofware products and related services to its clients in India, Republic
of Maldives and to its subsidiary in Dubai.
The revenue from sale to clients in India represents 4.38% (Previous
year - Nil) and that of the Republic of Maldives represent 1.34%
(Previous year - 100%) of the total turnover (net of bad debts). The
revenue from the license granted to the Companys subsidiary in Dubai
represents 94.28% (Previous year - Nil) of the total turnover.
3. Related Party Disclosure
The company has entered into transactons with the following related
partes:
i) Partes exercising Substantal control Shripathee Investments Private
Limited - Principal Shareholder - Holds 28.46% of the paid up equity
share capital of the Company as on March 31, 2010.
ii) Key Managerial personnel Mr. Srikanth Ramanathan, Managing Director
iii) Subsidiaries Dicetek (Sing) Pte Limited, Singapore Dicetek LLC.,
Dubai Dice Technologies Inc., USA
4. Bad Debts
During the fnancial year 2009-10, the Company has writen-of loans to
the tune of Rs. 15,708,538 (Previous Year - Rs. Nil), which were
extended when the Company was a Non-banking Finance Company, as the
same is found not realisable. The provision created in the books in
respect of the loans which have been fully writen-of has been reversed
during the current fnancial year. As at March 31, 2010, the Company has
a provision on Loans of Rs. 395,692 (Previous Year - Rs. 2,352,997), in
respect of Loans outstanding. Consequent to cancellaton of the
Business Transfer Agreement with M/s. Intek Systems Private Limited,
Maldives, the company has writen-of Debtors to the tune of Rs.
1,616,550 (Previous Year à Nil) which were found to be not realisable.
5. Contingent Liability
The Company has not provided any liability in respect of the following
contested claim:
Name of the Statute : Income Tax Act, 1961
Nature of Dues : Income Tax
Amount : Rs. 4.99 lakhs
Period to which amount relates : 1996-97
Forum where dispute pending : CIT (Appeals)
The Company is of the opinion that the above demand is not sustainable
and expects to succeed in its appeal.
6. The Company did not have any outstanding dues to any Micro or Small
Enterprises as defned under Micro, Small and Medium Enterprises
Development Act, 2006 at any point during the year that were
outstanding for a period of more than 45 days from the date of
acceptance.
7. The Company is engaged in the business of IT solutons and
consulting services. The development and sale of sofware and services
cannot be expressed in any generic unit. Hence, it is not possible to
give the quanttatve details as required under paragraphs 3 and 4C of
Part II of Schedule VI of the Companies Act, 1956.
8. The Company has not granted any loans to its Subsidiaries
9. Previous years fgures have been regrouped / reclassifed wherever
necessary. Accordingly, amounts and other disclosure for the previous
year are included as an integral part of the current years Financial
Statement and are to be read in relaton to the amounts and other
disclosures relating to the current year.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article