Mar 31, 2018
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 various 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 FIRST-TIME ADOPTION OF INDIAN ACCOUNTING STANDARD (IND AS)
These standalone financial statements of Bodhtree Consulting Limited for the year ended 31st March, 2018 have been prepared in accordance with Ind AS. For the purpose of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101-First time adoption of Indian Accounting Standards, with April 1, 2016 as the transition date and IGAAP as the previous GAAP.
The transition to Ind AS has resulted in changes in the presentation ofthe standalone financial statements, disclosures in the notes thereto and accounting policies and principles. The accounting policies set out in Note 2 have been applied in preparing the standalone financial statements for the year ended 31st March, 2018 and the comparative information. An explanation of how the transition from previous GAAP to Ind AS has affected the standalone Balance Sheet and Statement of Profit and Loss, is set out in notes given below.
Rights, Preferences and Restrictions attached to Shares:
Equity Shares
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 if any 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.
Note: 3
Earnings per Share:
The following is computation of earnings per share and a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share.
Note: 4
Balances of Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation and reconciliations, if any.
Note: 5
Segment Reporting
Based on the internal reporting provided to the Chief Operating Decision Maker, the standalone financial results relates to âSoftware and related productsâ as the only reportable primary segment of the Company.
Note: 6
Employee Benefits
(i) Defined benefit plans
The Company provides for gratuity, a defined benefit plan to its employees. The gratuity plan provides a lump sum payment to eligible employees at retirement or termination of employment ba sed o n the respective e m ployees la st d rawn salary and years of employment with the Company as governed by the Payment of Gratuity Act, 1972 .
(ii) In respect of Defined contribution plan (Provident Fund), an amount of Rs.7,120,240 (31 March 2017: Rs.6,801,424) has been recognised in the Statement of Profit and Loss.
Note: 7
The Company has taken various premises under cancellable operating lease agreements. Company intends to renew such leases in the normal course of business. Total rental expenses under cancellable operating leases amounted to Rs.1,18,46,377 (previous year: Rs. 1,22,92,454). The same are grouped under Rent in other expenses in the Statement of Profit and Loss. The Company has no non-cancellable operating leases during the year ended 31 March 2018.
Note: 8
Transition to Ind AS
These financial statements, for the year ended March 31, 2018, are the Companyâs first financial statements prepared in accordance with Ind AS. The accounting policies set out in Note 2 have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in preparation ofan opening Ind AS balance sheet at April 1, 2016 (the Companyâs date of transition).
In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provision of The Companies Act. (Previous GAAP or Indian GAAP).
This note provides an explanation of the how transition from previous GAAP to Ind AS has affected the companyâs financial position as on 1st April 2016 and 31st Mar 2017 and financial performance for the year ended 31st March 2017.
Note: 9
Related Party Disclosures
Holding Company : Bodhtree Solutions Inc (Upto 29/05/2016)
Subsidiary Company : Bodhtree Human Capital Pvt Limited
Fellow Subsidiaries : Bodhtree Solutions Pte Limited (Upto 29/05/2016)
Associate Company : Pressmart Media Limited
Learnsmart (India) Private Limited
Key Management Personnel : Mr. L.N.Ramakrishna, Managing Director
Enterprises controlled or significantly influenced by individual / relatives: : Kepler Information Systems Pvt Ltd
Sreeven Infocom Ltd Skyline Ventures India Ltd
Note: 10
Previous year figures have been regrouped / re arranged / re-classified wherever considered necessary to conform to the classification/disclosure of the current year.
Mar 31, 2017
1. Balances of Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation and reconciliations, if any.
2. The Company is engaged in only one Business Segment i.e. Software and related products. The geographical break up of sales for the period (Gross) - Inland Rs.61,49,15,655/- and export Rs. 17,27,00,735/- (P.Y. Inland Rs. 18,64,85,132/- and export Rs.27,56,52,048/-).
3. Employee Benefits
4. Defined benefit plans
The Company provides for gratuity, a defined benefit plan to its employees. The gratuity plan provides a lump sum payment to eligible employees at retirement or termination of employment based on the respective employees last drawn salary and years of employment with the Company.
5. The Company has made provision for tax on the basis of provision u/s 115JBofthe Income Tax Act, 1961. The same is taken in books as it can be adjusted against the normal tax liability during the specified period. In accordance with the guidance note issued by ICAI, the company will review the same at each balance sheet date and write down the carrying amount of MAT Credit entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal income tax during the specified period.
6. The Company has taken various premises under cancellable operating lease agreements. Company intends to renew such leases in the normal course of business. Total rental expenses under cancellable operating leases amounted to Rs. 1,16,17,559 (previous year: Rs. 1,22,92,454). The same are grouped under Rent in other expenses in the Statement of Profit and Loss. The Company has no non-cancellable operating leases during the year ended 31 March 2017.
7. Previous year figures have been regrouped / re arranged / re-classified wherever considered necessary to conform to the classification of the current year.
Mar 31, 2016
Note: 1
Earnings per Share:
The following is computation of earnings per share and a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share._
Note: 2
Balances of Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation and reconciliations, if any.
Note: 3
The Company is engaged in only one Business Segment i.e. Software and related products. The geographical break up of sales for the period (Gross) - Inland
Rs.18,64,85,132/- and export Rs. 27,56,52,048/- (Inland P.Y. 15,89,79,791/- and export Rs.26,92,34,510/-).
Note: 4
Employee Benefits
5. Defined benefit plans
The Company provides for gratuity, a defined benefit pl an to its employee s . The gratuity plan provides a lump sum payment to eligible employees at retirement or termination of employment based on t he respective employees last drawn salary and years of employment with the Company.
Note: 6
The Company has made provision for tax on the basis of provision u/s 115JB of the Income Tax Act, 1961. The same is taken in books as it can be adjusted against the normal tax liability during the specified period. In accordance with the guidance note issued by ICAI, the company will review the same at each balance sheet date and write down the carrying amount of MAT Credit entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal income tax during the specified period.
Note: 7
The Company has taken various premises under cancellable operating lease agreements. Company intends to renew such leases in the normal course of business. Total rental expenses under cancellable operating leases amounted to Rs. 12,292,454 (previous year: Rs. 17,271,731). The same are grouped under Rent in other expenses in the Statement of Profit and Loss. The Company has no non-cancellable operating leases during the year ended 31 March 2016.
Note: 8
Previous year figures have been regrouped / re arranged / re-classified wherever considered necessary to conform to the classification of the current year.
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, 2006
1. Foreign Currency Transactions:
An amount of Rs. 850,683/- shown as Exchange Fluctuation Income is on
account of the following:
(i) Rs.86,701/Ã Difference (Loss) arising out of difference in the time
of transaction and time of payment.
(ii) Rs. 10,078/- 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.927,306/- 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. Retirement Benefits:
The liability for gratuity has been provided for on the basis of the
maximum liability as at the year end in the event of all employees
eligible for gratuity retiring on that date.
3. Investments:
Loss on investments represent the difference between the cost and
amount receivable as consideration for shares held in Perigon LLC,
which has been acquired. Out of this consideration, an amount of US$
229,190 equivalent Rs. 101,80,620 has been retained by the US party as
withholding tax. The Company has been advised that the withholding tax
is recoverable on completion of certain formalities under the US Tax
Laws.
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, 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.