Home  »  Company  »  Bodhtree Consulting  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Bodhtree Consulting Ltd.

Mar 31, 2015

1. Corporate information:

Bodhtree Consulting Limited is an IT and IT Enabling Services (ITES) provider. The company is headquartered in India and provides technology consulting services to Fortune 500 companies and SMEs across the globe. With a primary focus on Cloud CRM and Analytics, Bodhtree provides a range of services including solution design, development, implementation, integration, maintenance and support for customers in the healthcare & life sciences, hi-tech manufacturing, education and government verticals.

2. Basis of Preparation:

The financial statements are prepared under historical cost convention in accordance with the generally accepted accounting principles in India ("Indian GAAP") and comply in all material respects with the mandatory Accounting Standards ("AS") prescribed in the Companies (Accounting Standard) Rules, 2006, the provisions of the Companies Act, 2013 (to the extent notified), the Companies Act,1956 (to the extent applicable), and guidelines issued by the Securities and Exchange Board of India (SEBI).

3. The Accounting Policies adopted in the preparation of Financials are consistent with those of previous year.

4. The Company has only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, 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 of their shareholding.

5. Balances shown in Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation and reconciliations, if any.

6. The Company is engaged in only one Business Segment i.e. Software Services. The geographical break up of sales for the period (Gross) Inland Rs.15,89,79,791 and expo rt Rs . 26,92,34,511/-

(P.Y. 15,99,60,896/- and export Rs. 29,70,43,728/-).

7. Depreciation for the year includes an amount of RS.34,03,863/- (P.Y. Rs. NIL) pertaining to the life of, Assets prescribed in Schedule II of Companies Act, 2013, which have been expired at the beginning of the year and the said amount has been adjusted against the Balance in Statement of Profit and Loss at the begining of the Year.

8. Gratutity and Leave Encashment

Gratuity is payable to all eligible employees of the company on superannuation, death and permanent disablement in terms of proivsions of the Payment of Gratuity Act or as per the company's scheme whichever is more beneficial. Benefit would be paid at the time of seperation based on the last drawn base salary.

Leave Encashment is payable to all elegible employees of the company at the time of seperation from the company.

Details of Amounts Recognised in Statement of Profit & Loss for the year ended 31st March, 2015

I) Gratuity of Rs. 22,71,257/- (P.Y. Rs. 26,18,126/)

ii) Compensated Absences of Rs. 40,13,725/- (P.Y. Rs.58,11,097/-)

Outstnaidng Provisions of Gratuity and Compensated Absences (Leave Encashment) as at 31st March, 2015

i) Provision for Compensated Absences (Leave Encashment) Rs. 33,66,449/- (P.Y. Rs. 11,43,180/-)

ii) Provision for Gratuity Rs. 48,38,250/- (P.Y. Rs. 35,42,895/-)

9.

Related Party Disclosures

Holding Company : Bodhtree Solutions Inc

Fellow Subsidiaries : Bodhtree Consulting PTE Limited

: Bodhtree Solutions PTE Limited

Associates : Pressmart Media Limited

: Learnsmart (India) Private Limited

Key Management Personnel : Mr. Pal Natarajan, Managing Director (Upto 24-01-2015)

Enterprises controlled or significantly influenced by individual / relatives: :

Mr. L.N.Ramakrishna, Managing Director (Wef 24-01-2015)

10. Previous year figures have been regrouped / re arranged / re-classified wherever considered necessary to conform to the classification of the current year.


Mar 31, 2014

1. In the opinion of the management, the Current Assets, Loans and Advances are expected to realise at least the amount at which they are stated, if realised in the ordinary course of business and provision for all known liabilities have been adequately made in the accounts.

2. Disclosure of Sundry creditors under trade payables has been determined to the extent such parties could be identified on the basis of the information available with the Company regarding the status of suppliers underthe Micro, Small and Medium Enterprises DevelopmentAct,2006 and relied upon by theAuditors.

3. Contingent liabilities and commitments to for : Nil(PreviousYear:Nil) the extent not provided

4. Auditors''remuneration (net of service tax) comprises of:

As Auditors - Statutory Audit 1,50,000 (Previous Year: 1,00,000) -TaxAudit 1,00,000 (Previous Year: 1,00,000) - For Other Services 50,000 (Previous Year: 23,835)

5. The balance shown in Sundry Debtors, Sundry Creditors, advances are subject to confirmation from the respective parties.

6. The details of related party transactions in terms of Accounting Standard (AS 18) are as follows:

Names of Related Parties and Description of Relationship:

Nature of Relation __ Names of the Parties

Holding Company __ Bodhtree Solutions Inc.

Associate Companies -- Pressmart Media Limited Learnsmart (India) Private Limited

Wholly owned Subsidiary -- -

Employees Benefit Plan of -- BCL Employees Benefit Trust Bodhtree Key Manage ment Personnel -- Palaniappan Natarajan - Managing Director

7. Employee Benefits:

7.1. Defined contribution plans I. Provident Fund:

The Company makes provident fund contributions which are defined contribution retirement benefit plans for qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. These contributions are made to the Fund administered and managed by the Government of India. The monthly contributions are charged to the Statement of Profit and Loss in the period they are incurred. Total expenditure recognized during the year aggregated Rs 1,31,85,663 (2012-13 - Rs.74,16,526).

ii. Employees State insurance:

The Company makes contributions which are defined contribution benefit plans forqualifying employees. Underthe scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. These contributions are made to the Fund administered and managed by the Government of India. The monthly contributions are charged to the Statement of Profit and Loss in the period they are incurred. Total expenditure recognized during the year aggregated Rs. 3,39,347 (2012-13-Rs.4,71,167).

7.2. Defined Benefit Plans i. Gratuity:

Gratuity expense for the Group for the year ended March 31,2014 isRs. 26,18,126 (2012-13-Rs.9,72,018).

In accordance with the ''Payment of Gratuity Act, 1972'' of India, the Company provides for gratuity, a defined retirement benefit plan (the ''Gratuity Plan'') covering eligible employees. Liabilities with regard to such gratuity plan are determined by an independent actuarial valuation and are charged to the Statement of Profit and Loss in the period determined.

8. Previous year figures have been regrouped / re arranged / re-classified wherever considered necessary to conform to the classification of the current year.

As per our report of even date For and on behalf of the Board of Directors


Mar 31, 2013

1. Leases

Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased asset are classified as operating leases. All leases are operating leases. Operating lease charges are recognized as an expense in the profit and loss account over the lease term.

2. Segment Information

The company has only one identifiable reporting segment i.e. software development services.

3. Earnings PerShare

The earnings considered in ascertaining the Company''s EPS comprises the net profit after tax attributable to equity shareholders. The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

During the financial year there are no securities outstanding which are dilutive in nature.

4. Taxation

Income tax comprises current tax and deferred tax. Deferred tax assets and liabilities are recognized for the future tax consequences of timing differences, subject to the consideration of prudence. Deferred tax assets and liabilities are measured using the tax rates enacted or substantively enacted by the Balance Sheet date.

The Net timing difference is resulting in Deferred Tax Asset, however taking a conservative view Asset is not recognised in the balance sheet. Deferred tax liability of Rs. 46, 18, 370/- has been reversed during the year.

5. Joint Ventures

Listof JointVentures

(A)

Name of Joint Venture : Learnsmart (India) Private Limited

Description of Interest : Jointly Controlled Entity

Country of Incorporation : India

Percentage of Interest : 41.00%

(B)

Name of Joint Venture : Pressmart Media Limited

Description of Interest : Company with substantial interest

Country of Incorporation : India

Percentage of Interest : 32.99%

6. Provisions & Contingencies

The company creates a provision when there is a present obligation as a result of an obligating event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the outflow. A disclosure of contingent liability will be made when there is a possible obligation or a present obligation that may, but probably will not, require outflow of resources. No disclosure will be made if the possibility of outflow is remote.

7. Impairment

At each Balance Sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that those assets suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of impairment loss. Recoverable amount is determined:

a) In case of individual asset, at the higher of an asset''s net selling price and value in use.

b) In case of a cash generating unit, a group of assets that generates identified and independent cash flows; at higher of the CGU''s net selling price and the value in use.

Reversal of impairment loss is recognized immediately as income in the profit and loss account. Value in use is determined at the present value of estimated future cash flows from continuing use of an asset and from its disposal of its value in use.

During the financial year an Impairment Loss of Rs. 38,62,684/- has been recognised.

8. Value of Exports & Income in foreign Currency

During the financial year the company has exported softwareservices Rs. 25,34,17,981/- 22. Previous Year Figures

Previous Year Figures have been regrouped wherever necessary.


Mar 31, 2012

1. Secured Loans

Loans equivalent to Rs. 6,256,361/- are secured by hypothecation of vehicles financed by HDFC Bank Limited, Reliance Capital Limited and BMW Financial Services.

2. Foreign Currency Transactions

1.01 An amount of Rs. 1,48,65,111/- shown as Exchange Fluctuation Gain is on account of the following:

(i) Rs. 46,954/- Difference (gain) arising out of difference in the time of transaction and time of payment.

(ii) Rs. 97,251/- Difference (gain) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs. 1,47,20,906/- Difference (gain) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

1.02 An amount of Rs.74,52,561/- shown as Exchange Fluctuation Loss is on account of the following:

(i) Rs. 38,342/- Difference (loss) arising out of difference in the time of transaction and time of payment.

(ii) Rs.2,34,355/- Difference (loss) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs. 71,79,864/- Difference (loss) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

3. Retirement Benefits

The liability for gratuity and PL encashment has been provided for as per actuarial valuation.

4. Impairment Loss

The company has tested individual assets for impairment and there is no loss on account of impairment.

5. Segment Information

The company has only one identifiable reporting segment i.e. software development services.

6. Party Confirmations

Balances outstanding in debtors, creditors and other advance accounts are yet to be confirmed. However it is certified that all debtors and advances accounts are good and recoverable.

7. Managerial Remuneration (Figures in Rs.)

Remuneration to Managing Director - Mr. Pal Natarajan

8. Related Party Disclosures as required by Accounting Standard 18 (a) List of Related Parties

Learnsmart (India) Private Limited Bodhtree Solutions Private Limited Pressmart Media Limited

Pressmart Media Inc, a wholly owned subsidiary of Pressmart Media Limited

Mr. Pal Natarajan, Managing Director

Mr. Srinath Reddy Lingamdinne, EVP - Operations

BCL Employees Benefit Trust

Bodhtree Solutions Inc.

9. Deferred Tax

Deferred tax liability (net) to the extent of Rs. 78,31,852 was reversed on account of tax effect on timing differences.

10. Disclosures in respect of Joint Ventures as required by AS 27

(a) List of Joint Ventures

Name of Joint Venture : Learnsmart (India) Private Limited

Description of Interest : Jointly Controlled Entity

Country of Incorporation : India

Name of Joint Venture : Pressmart Media Limited

Description of Interest : Company with substantial interest

Country of Incorporation : India

11. There are no outstanding dues to micro, small & medium enterprises.

12. Previous Year Figures

The previous year figures have been regrouped wherever necessary


Mar 31, 2010

1. Secured Loans

Loans equivalent to Rs. 5,432,010/- are secured by hypothecation of vehicles financed by HDFC Bank Limited and Reliance Capital Limited.

2. Foreign Currency Transactions

2.01 An amount of Rs. 2,220,904/- shown as Exchange Fluctuation Gain is on account of the following:

(i) Rs. 262,659/- Difference (gain) arising out of difference in the time of transaction and time of payment.

(ii) Rs. 10,000/- Difference (gain) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs.1,948,245/- Difference (gain) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

2.02 An amount of Rs. 8,686,040/- shown as Exchange Fluctuation Loss is on account of the following:

(i) Rs. 294,780/- Difference (loss) arising out of difference in the time of transaction and time of payment.

(ii) Rs. 80,000/- Difference (loss) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs. 8,311,260/- Difference (loss) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

3. Retirement Benefits

The liability for gratuity has been provided for to the tune of Rs. 1,266,884/-.

4. Prior Period Items

Prior period items includes Rs. 1,694,398/- towards providing depreciation on fixed assets in the earlier years.

5. Segment Information

The company has only one identifiable reporting segment i.e. software development services.

6. Party Confirmations

Balances outstanding in debtors, creditors and other advance accounts are yet to be confirmed. However it is certified that all debtors and advances accounts are good and recoverable.

7. Managerial Remuneration (Figures in Rs.)

8. Related Party Disclosures as required by Accounting Standard 18 (a) List of Related Parties

Subsidiaries

Pressman Media Limited

Pressman Media Inc, a wholly owned subsidiary of Pressman Media Limited

Joint Ventures

Learnsmart (India) Private Limited

Key Managerial Personnel

Dr. Akila Jaikumar Mr. H.Natarajan

Others

Mr. Sanjiv Gupta - Promoter & Chairman

BCL Employees Benefit Trust

9. Deferred Tax

Deferred tax liability (net) to the extent of Rs. 1,279,529 was recognized on account of tax effect on timing differences.

10. Particulars in respect of Loans & Advances in the nature of loans where no interest is charged as required by the listing agreement

11. Disclosures in respect of Joint Ventures

12. Auditors Remuneration

13. Earnings Per Share

14. There are no outstanding dues to micro, small & medium enterprises.

15. Previous Year Figures

The previous year figures have been regrouped wherever necessary.


Mar 31, 2009

1. Secured Loans

Loans equivalent to Rs. 6,780,713 are secured by hypothecation of vehicles financed by HDFC Bank Ltd. and Reliance Capital Ltd.

2. Foreign Currency Transactions

2.01 An amount of Rs.5,080,791/- shown as Exchange Fluctuation Income is on account of the following:

(i) Rs.364,728/- Difference (gain) arising out of difference in the time of transaction and time of payment.

(ii) Rs. 1,000,203/- Difference (gain) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs.3,715,860/- Difference (gain) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

2.02 An amount of Rs.3,689,704/- shown as Exchange Fluctuation Loss is on account of the following:

(i) Rs. 1,805,444/- Difference (loss) arising out of difference in the time of transaction and time of payment.

(ii) Rs.61,886/- Difference (loss) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs. 1,822,374/- Difference (gain) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

3. Retirement Benefits

The liability for gratuity and leave encashment has been provided for to the tune of Rs 104,230 and Rs. 634,709 respectively.

4. Prior Period Adjustment

Prior period adjustment includes Rs.2,420,530/- towards reversal of excess depreciation charged on some of the fixed assets in earlier years.

5. Segment Information

The company has only one identifiable reporting segment i.e. software development services.

6. Party Confirmations

Balances outstanding in debtors, creditors and other advance accounts are yet to be confirmed. However it is certified by the management that all debtors and advances accounts are good and recoverable.

7. Related Party Disclosures (a) List of Related Parties

Subsidiaries

Pressmart Media Ltd.

Pressmart Media Inc, a wholly owned subsidiary of Pressmart Media Ltd.

Joint Ventures

Learnsmart (India) Pvt. Ltd.

Key Managerial Personnel

Mr. Sanjiv Gupta Dr. Akila Jaikumar Mr. H.Natarajan

Others

BCL Employees Benefit Trust

8. Deferred Tax

Deferred tax liability (net) to the extent of Rs. 6,552,323 was recognized on account of tax effect on timing differences.

9. There is no outstanding dues to micro, small & medium enterprises.

10. Previous Year Figures

The previous year figures have been regrouped wherever necessary.


Mar 31, 2005

1. Foreign Currency Transactions:

An amount of Rs. 211,079/- shown as Exchange Fluctuation Loss is on account of the following:

(i) Rs.25,618/- - Difference (Loss) arising out of difference in the time of transaction and time of payment.

(ii) Rs.565/- Difference (gain) arising as a result of conversion of Closing EEFC A/c (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

(iii) Rs. 186,026/- Difference (Loss) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

2. Retirement Benefits:

The Future liability of gratuity in respect of employees is not provided for in the books, since the amount is not significant. It is proposed to provide for the liability on an actual basis during the current financial year.

3. Investments:

All Investments are long term Investments. Investments have been valued at cost, in accordance with AS-13 issued by the Institute of Chartered Accountants of India.

4. Party Confirmations:

Balances outstanding in debtors, creditors and other advance accounts are yet to be confirmed. However it is certified that all debtors and advances accounts are good and recoverable.

5. Previous Year Figures:

The previous year figures are regrouped wherever necessary.


Mar 31, 2004

1. Foreign Currency Transactions:

An amount of Rs. 15,81,887 shown as Exchange Fluctuation Loss is on account of the following:

(i) Rs.1,283 - Difference (Loss) arising out of difference in the time of transaction and time of payment.

(ii) Rs.24,382 - Loss on a/c of Conversion of USD lying in EFC a/c to INR during the year

(iii) Rs. 15,56,222 Difference (Loss) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

2. Retirement Benefits:

The. Future liability of gratuity in respect of employees is not provided for in the books, since none of the employees has put in the required minimum tenure of service.

3. Investments:

All Investments are long term Investments. Investments have been valued at cost, in accordance with AS-13 issued by the Institute of Chartered Accountants of India. Depletion in long-term investment is written off to the extent of depletion as per the judgement of the Directors.

4. Party Confirmations:

Balances outstanding in debtors, creditors and other advance accounts are yet to be confirmed. However it is certified that all debtors and advances accounts are good and recoverable.

8. Previous Year Figures:

The previous year figures are regrouped wherever necessary.


Mar 31, 2003

1. Foreign Currency Transactions:

An amount of Rs. 906,492 shown as Exchange Fluctuation Loss is on account of the following:

(i) Rs.4,775 - Gain on a/c of Conversion of USD held in EEFC a/c to INR on the Balance Sheet Date.

(ii) Rs.49,582 - Difference (Loss) arising out of difference in the time of transaction and time of payment.

(iii) Rs.7,220 - Loss on a/c of Conversion of USD lying in EFC a/c to INR during the year

(iv) Rs.854,465 Difference (Loss) arising as a result of conversion of Closing Debtors (denominated in Foreign Currency) at the rate prevailing on the Balance Sheet Date.

2. Retirement Benefits:

The Future liability of gratuity in respect of employees is not provided for in the books, since none of the employees has put in the required minimum tenure of service.

3. Investments:

The Investments held in the equity shares of Hypersoft Technologies Ltd. has been shown at cost of acquisition and in Immenso.com has been shown at 5% of cost of acquisition. There is no market quotation for shares in Hypersoft and information about the assets and liabilities of Immenso.com.

4. Party Confirmations:

Balances outstanding in debtors, creditors and other advance accounts are yet to be confirmed. However it is certified that all debtors and advances accounts are good and recoverable.

4. Previous Year Figures:

The previous year figures are regrouped wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!