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Notes to Accounts of B2B Software Technologies Ltd.

Mar 31, 2015

1 Nature of operations

B2B Software Technologies is one of the most prominent and competent Microsoft Dynamics Navision Solution Center of Microsoft Dynamics and the number one partner in undivided Andhra Pradesh, India. The team of Microsoft Dynamics NAV 2009 certified consultants has carried out successful implementations across various industry segments. Our customers include end-user companies as well as other solution centers in Europe, USA, Australia and Asian markets, for whom we undertake the off-shore / onsite solution development There are no taxable profits for the current year after availing the brought forward losses as per the provisions of The Income tax act, 1961. Thus Provision for income tax has not been made for the current year.

2. The Company has received Rs.12,92,636/- (equivalent to Euros 20,000) during the financial year 2009-10 towards advance for the sale of 80% shareholding in its wholly owned subsidiary B2B Technologies Kassel Gmbh.The shares have not been transferred pending approval from RBI. The company has made a provision of Rs. 39,37,554 towards loss on sale of investment and a provision for Rs.13,07,549 for dimunition in the value of investment.

3. The Wholly Owned Subsidiaries of the company at Malaysia, B2B Infotech SDN BHD and at Singapore, B2B Infotech Pte Ltd are under liquidation.The Company has made a provision for dimunition in the value of investment to the extent of 100% of the carrying amount.

4. The Company is primarly engaged in Information Technology and related services. There are no other reportable segments in terms of Accounting Standard 17 on Segment Reporting issued by the The Institute of Chartered Accountants of India.

5. Deferred tax asset/liability is not determined and accounted as per Accounting Standard-22 issued by ICAI as the related benefits on tax losses are considered

6. Employee Benefits

During the year the company has made a provision of Rs.884,454/- for gratu ity based on Actuarial Valuation. The company has not created any assets to meet this obligation. Disclosure as required by Accounting Standard - 15 ,Employee Benefits,


Mar 31, 2014

Not Available.


Mar 31, 2013

1. There are no taxable profits for the current year after availing the brought forward losses as per the provisions of The Income tax act, 1961. Thus Provision for income tax has not been made for the current year.

2. The Company has purchased Motor Car on Hire Purchase basis from Kotak Mahindra in the year 2008. The same has been secured against the hypothecation and persona] guarantee of the directors.

3. The Company has received Rs. 12,92,636/- (equivalent to Euros 20,000) during the financial year 2009-10 towards advance for the sale of 80% shareholding in its wholly owned subsidiary B2B Technologies Kassel Gmbh.The shares have not been transferred pending approval from RBI. The company has made a provision of Rs. 39,37,554 towards loss on sale of investment and a provision for Rs.13,07,549 for dimunition in the value of investment.

4. The Wholly Owned Subsidiaries of the company at Malaysia, B2B Infotech SDN BHDand at Singapore, B2B Infotech Pte Ltd are under liquidation.The Company has made a provisionfor dimunition in the value of investment to the extent of 100% of the carrying amount.

5. The Company is primarly engaged in Information Technology and related services. There are no other reportable segments in terms of Accounting Standard 17 on Segment Reporting issued by the The Institute of Chartered Accountants of India.

6. Employee Benefits

During the year the company has made a provision of Rs.12,67,083/-for gratuity based on Actuarial Valuation. The company has not created any assets to meet this obligation. Disclosure as required by Accounting Standard -15 Employee Benefits''

7. Deferred tax asset/liability is not determined and accounted as per Accounting Standard-22 issued by ICAI as the related benefits on tax losses are considered virtually uncertain.

8 Nature of operations

B2B Software Technologies is one of the most prominent and competent Microsoft Dynamics Navision Solution Center of Microsoft Dynamics and the number one partner in Andhra Pradesh, India. The team of Microsoft Dynamics NAV 2009 certified consultants has carried out successful implementations across various industry segments. Our customers include end-user companies as well as other solution centers in Europe, USA, Australia and Asian markets, for whom we undertake the off-shore / onsite solution development


Mar 31, 2010

I. The Company changed its business and its name in the year 1999-2000 and changed its object to become a software company from a Non-Banking Finance Company (NBFC). Loans amounting to Rs. 62,966,472 was extended to related companies, when the company was a NBFC. The loan extended is neither secured nor guaranteed The Company has not provided interest on loan outstanding during the year as there exists uncertainty as to the recoverability of the Principal and Interest. In the current year the company has not received any amount either in the form of Principal or in the form of Interest from the said related party. The amount outstanding as it 31 st March, 2010 is Rs. 49,103,406 (Previous Year Rs. 49,103,406)

II. Taxation

Provision for income tax has not been made for the current year since there is no taxable profits further The benefit of tax losses has not been brought to account as related benefits are not considecso virtually certain. Hence the value of deferred tax is not determined and accounted as per the provisions of Accounting Sandard 22 on Accounting for taxes on Income, issued by The Institute of Chartered Accountants of India.

III The Company has purchased Motor Car on Hire Purchase basis from Kotak Mahindra in the year 2008. The same has been secured against the hypothecate and personal guarantee of the directors.

IV. The Company has received Rs. 12,92,636/-equivalent to Euros 20,000 towards advance for the sale of 80% shareholding in its wholly owned subsidiary B3 Software Technologies Kassel Gmbh.The shares have not been transferred pending approval from RBI. The company has made a provision of Rs. 39,37,5(4 towards loss on sale of investment and a provision for Rs,13,07,549 for dimunition in the value of investment.

V. The Wholly Owned Subsidiaries of the company at Malaysia, B2B Infotech SDN BHD and at Singapore, B2B Infotech Pte Ltd are under liquidation.The Ompany has made a provision for dimunition in the value of investment to the extent of 100% of the carrying amount.

VI. The Company is primarly engaged in Information Technology and related services. There are no other reportable segments in terms of Accounting Standard 17 on Segment Reporting issued by the The Institute of Chartered Accountants of India.

VII. Previous year figures have been regrouped to conform with the current year presentation.



 
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