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Notes to Accounts of CAT Technologies Ltd.

Mar 31, 2014

1. General Information

CAT Technologies Limited (the "Company" or "CAT") is engaged in the business of Medical Transcription, Training, Software Development and Consulting Services.

2. Consolidated Contingent Liabilities

There are no contingent liabilities.

3. Capital and other commitments

There are no capital and other commitments as on the date of Balance Sheet.

4. Taxation

Current tax is reckoned based on the current year''s income and tax payable in accordance with the prevailing tax laws.

In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Asset amounting to Rs.6,86,917/- on account of timing difference in relation to depreciation as per books vis-a-vis Tax Laws.

5. Leases

Operating Lease: The Company has no Operating leases.

Finance Lease: The Company has no finance leases.

6. Dues to Micro and Small Enterprises

The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

7. Previous Year Figures

The financial statements for the year ended March 31, 2014 have been prepared as per the applicable Schedule VI to the Companies Act, 1956.


Mar 31, 2013

1. General Information

CAT Technologies Limited (the "Company" or "CAT") is engaged in the business of Medical Transcription, Training, Software Development and Consulting Services.

2. Consolidated Contingent Liabilities

There are no contingent liabilities.

3. Capital and other commitments

There are no capital and other commitments as on the date of Balance Sheet.

a. Goodwill

During the previous year’s goodwill was considered under Miscellaneous expenditure not written off, where as in the current year as per the revised schedule VI goodwill is grouped under intangible assets. As per the decision of the Management, Goodwill is not being written off.

b. Segment Reporting

The Company’s exclusive business is Medical Transcription, Training Software Development and Consulting Services as such this is the only reportable segment as per Accounting Standard - 17 on Segment Reporting issued by the Institute of Chartered Accountants of India. As the Company consider whole of India as a-single geographical segment, the disclosures related to secondary segments are not relevant for the Company.

c. Related Party Disclosures

Related Party Relationships have been identified by the Management and relied upon by the Auditors

a) Associates: CAT Degree College

CAT Technology Inc

CAT Technology FZE

Espirit Technologies Pvt Ltd

Veteran Typewriting Institute & Xerox Centre

b) Key Managerial Personnel Mr.Dhiraj Kumar Jaiswal - Managing Director

Mr. C.K.M. Prasad - Wholetime Director

c) List of related parties with whom transactions have taken place during the year:

d. Taxation

Current tax is reckoned based on the current year’s income and tax payable in accordance with the prevailing tax laws.

In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Asset amounting to Rs.98,588/- on account of timing difference in relation to depreciation as per books vis-a-vis Tax Laws.

e. Leases

Operating Lease: The Company has no Operating leases.

Finance Lease: The Company has no finance leases.

f. Dues to Micro and Small Enterprises

The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

g. Previous Year Figures

The financial statements for the year ended March 31, 2013 have been prepared as per the then applicable, Schedule VI to the Companies Act, 1956. Consequent to the notification for Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended on March 31, 2013 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified/re- grouped to confirm the current year’s classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements except for accounting disclosure.


Mar 31, 2012

1. General Information

CAT Technologies Limited (the "Company" or "CAT") is engaged in the business of Medical Transcription, Training, Software Development and consulting services.

(a) Rights attached to Shares

Equity Shares: The Company has one class of equity shares having a par value of Rs. 10/- per share. Each Shareholder is eligible for one vote per share held.

(b) GDR issue details

(i) In the Financial Year 2007-08 43,04,348 No''s GDR equivalent to 2,58,26,088 Equity Shares of Rs. 10/- each have been issued as 1 GDR is equivalent to 6 Equity Shares

(ii) In the Financial Year 2009-10 15,95,333 No''s GDR equivalent to 4,78,59,990 Equity Shares of Rs. 10/- each have been issued as 1 GDR is equivalent to 30 Equity Shares

Note:

(a) Nature of Security and terms of repayment for Secured Borrowings Nature of Security

Vehicle loan from HDFC amounting to Rs. NIL /- (March 31,2011: Rs 1.67 Lakhs) is secured by way of Hypothecation of Vehicle.

Terms of Repayment

Repayable in 11 equal monthly instalments of Rs. 15,850/- each

(b) Unsecured Loans are repayable as and when the Lender serves the intimation to the Company. As such there are no Terms for repayment of these unsecured loans.

(c) The above loan from Mr.Dinesh Kumar Jaiswal (Director) is repayable on demand.

Note: In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Asset amounting to Rs.8.75 Lacs on account of timing difference in relation to depreciation as per books vis.a.vis Tax Laws.

Note:

(a) Overdraft Loans from banks are secured by first charge on Land & Building at 404, 4th floor, Chandralok Complex, Paradise, Secunderabad belonging to the director of the company.

(b) Vehicle loan from HDFC amounting to Rs. 166,497/- (March 31,2011: Rs 2.90 Lakhs) is secured by way of Hypothecation of vehcile.

2. Contingent Liabilities

There are no contingent liabilities.

3. Capital and other commitments

There are no capital and other commitments as on the date of Balance Sheet.

a. Goodwill

During the previous year''s goodwill was considered under Miscellaneous expenditure not written off, where as in the current year as per the revised schedule VI goodwill is grouped under intangible assets. As per the decision of the Management, Goodwill is not being written off.

b. Segment Reporting

The Company''s exclusive business is Medical Transcription, Training Software Development and Consulting Services as such this is the only reportable segment as per Accounting Standard - 17 on Segment Reporting issued by the Institute of Chartered Accountants of India. As the Company consider whole of India as a-single geographical segment, the disclosures related to secondary segments are not relevant for the Company.

c. Related Party Disclosures

List of related parties with whom transactions have taken place during the year:

a) Associates: CAT Degree College

CAT Technology Inc

CAT Technology FZE

Espirit Technologies Pvt Ltd

Veteran Typewriting Institute & Xerox Centre

b) Relatives of Directors Mrs.Nisha Jaiswal

Mrs.Namrita Jaiswal Mrs.Muneerosmani

c) Key Managerial Personnel Mr.Dhiraj Kumar Jaiswal-Managing Director

Mr. C.K.M. Prasad - Wholetime Director

d. Taxation

Current tax is reckoned based on the current year''s income and tax payable in accordance with the prevailing tax laws. Further income tax paid for the Asst Year 2009-2010 amounting to Rs. 4.55 lakhs is included in the current years tax.

In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Asset amounting to Rs.7,93,396/- on account of timing difference in relation to depreciation as per books vis-a-vis Tax Laws.

e. Leases

Operating Lease: The Company has significant operating lease for premises at sites. These lease arrangements operate for a period between 1 year to 10 years. The said leases are renewable for further period on mutually agreeable terms and also include escalation clause.

f. Dues to Micro and Small Enterprises

The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

g. Previous Year Figures

The financial statements for the year ended March 31, 2012 have been prepared as per the then applicable, Schedule VI to the Companies Act, 1956. Consequent to the notification for Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified/re-grouped to confirm the current year''s classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements except for accounting disclosure.


Mar 31, 2010

1. GRATUITY

Liability in respect of gratuity and leave encashment benefit on retirement is accounted for as and when paid.

2. DETAILS ABOUT SMALL SCALE INDUSTRIES

The Company has no amount due to Small Scale Industries exceeding Rs.1,00,000/-

3. GENERAL

1. Revenue for the period is generated mainly from Information Technology Services.

2. Previous Year figures have been regrouped and/or reclassified wherever necessary.

3. Balance of Debtors/Creditors are subject to confirmation and reconciliation if any, they are taken as per Books.

4. Buildings are not yet registered in the name of the Company.

5. The interest income earned outside India has been considered. Hence the financial statements are revised.

4. CONTINGENT LIABILITIES - NIL

5. SEGMENT REPORTING

The Company''s exclusive business is Medical Transcription, Training Software Development and Consulting Services as such this is the only reportable segment as per Accounting Standard - 17 on Segment Reporting issued by the Institute of Chartered Accountants of India. As the Company consider whole of India as a-single geographical segment, the disclosures related to secondary segments are not relevant for the Company.

6. RELATED PARTY DISCLOSURES

List of related parties with whom transactions have taken place during the year:

a) Associates : CAT Degree College

CAT Technology Inc

CAT Technology FZE

Espirit Technologies Pvt Ltd

Veteran Typewriting Institute & Xerox Centre

b) Relatives of Directors : Mrs.Nisha Jaiswal

Mrs.Namrita Jaiswal

Mrs.Muneerosmani

c) Key Managerial Personnel : Mr.Dhiraj Kumar Jaiswal - Managing Director

Mr. C.K.M. Prasad - Wholetime Director

d) Related Party Relationships have been identified by the Management and relied upon by the Auditors.

7. DEFERRED TAXATION

Tax Liability (Including Fringe Benefit Tax) of the Company has been estimated considering the provisions of The Income Tax Act, 1961.

The Company has recognized Deferred Tax Liability as per Accounting Standard - 22 issued by the Institute of Chartered Accountants of India. The amount of the deferred tax liability has been reflected in the financial statements of the company.

8. The value of Exports realized during the year in different currencies and converted to Indian Rupees is Rs.851.19 lakhs and Expenditure incurred in Foreign Currencies converted to Indian Rs.4.71 lakhs

9. Some Assets of which the Company is the beneficial owner are pending for transfer in the name of the Company and for which necessary steps are being taken.

10. As stipulated in AS-28, the Company assessed potential generation of economic benefits from its Business units and is of the view that Assets employed in continuing business are capable of generating adequate returns over the useful lives in the usual course of business. There is no indication to the contrary and accordingly the Management is of the view that no impairment provision is called for in these accounts.

 
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