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Notes to Accounts of CG-VAK Software & Exports Ltd.

Mar 31, 2014

1 Depreciation has been provided on straight line method as per the rates specified under Schedule XIV of the Companies Act, 1956. Pro rata depreciation has been charged on additions during the year.

During the year Assets which were determined to be impaired to the extent of Rs. 79.82 Lakhs have been reduced from the cost of assets and depreciation.

2 Quantitative details are not furnished as the company is engaged in the development of computer software, providing services in IT and ITES.

3 No provision has been made on a Claim for gratuity amounting to Rs.2,88,461 prefered by a former Managing Director of the company filed before the Asst Commissioner of labour. This petition was dismissed in favour of the company vide order ofthe Asst Commissioner dated 7th November 2012. The Complainant has preferred an appeal against the order ofthe Asst Commissioner and the Appeal is pending.

4 No provision has been made on a claim for gratuity amounting to Rs.8,82,000 preferred by a former director of the company filed before the Asst Commissioner of labour. The company has disputed the claim and the case is pending.

5 No provision has been made on a claim for gratuity amounting to Rs.7,05,000 preferred by a former employee of the company before the Asst Commissioner of Labour. The Company has disputed the claim and the case is pending.

6 No provision has been made on a claim for non-payment of fixed deposit amounting to Rs.10,55,691 by 6 complainants before the High Court, the company has disputed the claim and the case is pending.

7 No provision has been made on a penalty amounting to Rs. 3 lakhs imposed by the Adjudicating officer in response to a Show Cause Notice issued against the company by SEBI. The Company has appealed against the order before the SEBI Securities Appellate Tribunal. The SEBI SAT has upheld the penalty after March 2014 and the same will be considered in the next financial year.

8 The accounts of the wholly owned subsidiary - CG-VAK Software USA Inc are compiled by a CPA in accordance with the generally accepted accounting principles prevalent in the United States of America. The audit of the subsidiary is not mandated as per the prevailing rules and regulations in United States of America. The consolidated financial statements have been prepared based on this compiled financials.

9 Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21. The subsidiary considered in the consolidated financial statement is the wholly owned subsidiary CG-VAK Software USA Inc.

10 There are no amounts due to Small and Medium Enterprises due for more than 30 days as identified by the company.

11 Previous year figures have been regrouped/reclassified wherever found necessary.

12 Figures have been rounded off to the nearest rupee.


Mar 31, 2013

1.01 Depreciation has been provided on straight line method as per the rates specified under Schedule XIV of the companies act, 1956. Pro rata depreciation has been charged on additions during the year

1.02 Quantitative details are not furnished as the company is engaged in the development of computer software, providing services in IT and ITES.

1.03 Income tax assessments have been completed upto Asst Year 2010-2011

1.04. Disclosure in respect of Related parties in pursuant to Accounting Standard 18:

(a) List of Related Parties over which control exists:

1. Wholly Owned Subsidiary CG-VAK Software USA Inc.

2. Other enterprises Sindhu&Gowtham Securities & Investments (P) Ltd

3. Key managerial personnel Mr.G. Suresh, Managing Director

Mr. C. Ganapathy, Executive Chairman

4. Relatives of key managerial personnel Mrs.G Saraswathy

Mrs.S Latha Ms. S Sruthi Mr. S Gowtham

1.05 A Claim for gratuity amounting to Rs.2,88,461 preferred by a former Managing Director of the company filed before the Asst Commissioner of Labour. This petition was dismissed in favour of the company vide order dated 7th November 2012

1.06 A claim for gratuity amounting to Rs.8,82,000 preferred by a former director for the company filed before the Asst Commissioner of Labour. The company has disputed the claim and the claim is pending

1.07 On the issue of a claim for non-payment of fixed deposit amounting to Rs.10,55,691 by 6 complainants before the High Court, the company has disputed the claim.

1.08 There are no amounts due to Small and Medium Enterprises due for more than 30 days as identified by the company.

1.09 Previous year figures have been regrouped/reclassified wherever found necessary

1.10 Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21. The subsidiary considered in the consolidated financial statement is the wholly owned subsidiary CGVAK Software USA Inc.


Mar 31, 2012

1.01 Long Term Borrowings:-

i Hypothecation of assets acquired out of bank finance and second charge on the current assets

ii Second charge over current assets to cover term loan exposure

iii Personal Guarantee of The Managing Director & Executive Chairman

iv Loan has not been fully availed as on the date of the balance sheet.

v Extension of Equitable mortgage over land and building as collateral

vi Interest paid @ 14.25% p.a.

vii Total No of Instalments - 60; repayment commencing April 2012

viii There is no continuing default in respect of this loan

1.02 Trade Receivables - Unsecured -Considered Good

iv Provision for Doubtful Debts

The Company evaluates all customer dues for collectability. The need for provisions is assessed based on various factors including collectability, present market indicators pertaining to the relevant country which could affect the ability to settle. Provisions are made for debtor dues exceeding one year or longer from the date of invoice as at the date of the balance sheet. The company pursues all recovery of dues irrespective of provisions made.

2.01 Depreciation has been provided on straight line method as per the rates specified under Schedule XIV of the Companies Act, 1956. Pro rata depreciation has been charged on additions during the year.

2.02 Quantitative details are not furnished as the company is engaged in the development of computer software, providing services in IT and ITES.

2.03 Income tax assessments have been completed upto Asst Year 2010-2011.

2.04. Disclosure in respect of Related parties in pursuant to Accounting Standard 18:

(a) List of Related Parties over which control exists:

1. Wholly Owned Subsidiary CG-VAK Software USA Inc.

2. Other enterprises Sindhu Gowtham Securities & Investments (P) Ltd

3. Key managerial personnel Mr.G. Suresh, Managing Director Mr. C. Ganapathy, Executive Chairman

4. Relatives of key managerial Mrs.G Saraswathy personnel Mrs.S Latha Ms. S Sruthi Minor S Gowtham

2.05 On the issue of a claim for non-payment of fixed deposits amounting to Rs.3,25,900/-the company had disputed the claim. The Company Law Board has ruled in favour of the company vide its order dated 30th June, 2011

2.06 No Provision has been made for the following

(a) A Claim for gratuity amounting to Rs.288461 prefered by a former Managing Director of the company filed before the Asst Commissioner of Labour. The company has disputed the claim and the claim is pending

(b) A claim for gratuity amounting to Rs.882000 preferred by a former director of the company filed before the Asst Commissioner of Labour. The company has disputed the claim and the claim is pending

2.07 There are no amounts due to Small and Medium Enterprises due for more than 30 days as identified by the Company

2.08 Previous year figures have been regrouped/reclassified wherever found necessary.

2.09 Consolidated Financial Statements have been prepared in accordance with Accounting Standard 21. The subsidiary considered in the consolidated financial statement is the wholly owned subsidiary CGVAK Software USA Inc


Mar 31, 2011

1. Depreciation has been charged on straight-line method as per the rates specified under schedule XIV of The Companies Act,1956. Depreciation has been calculated on prorata basis on additions during the year.

2. The term loans from state bank of India are secured against fixed assets and second charge over current assets and personal guarantee of Mr.C.Ganapathy, Executive Chairman and Mr.G.Suresh, Managing Director. The working capital facilities are secured against hypothecation of receivables and other current assets of the company.

3. Quantitative Details: The Company is mainly engaged in development of Computer software. This is not capable of being expressed in generic units. Hence it is not possible to give quantitative details and information required under paragraphs 3, 4C of Part II of Schedule VI of the Companies Act,1956.

4. Detail of Remuneration paid to Directors Mr. C. Ganapathy, Executive Chairman and Mr. G. Suresh , Managing Director have waived the Commission due to them at 1% on Net Profits.

5. Income Tax Assessments upto Assessment Year 2009-2010 have been completed.

6. Disclosure in respect of Related parties in pursuant to Accounting Standard 18:

(a) List of Related Parties over which control exists:

Wholly Owned Subsidiary CG-VAK Software USA Inc. Other enterprises Sindhu Gowtham Securities & Investments (P) Ltd

Relatives of key managerial personnel Mrs.G Saraswathy Mrs.S Latha Mrs.C Lakshmi Master S Gowtham Ms. S Sruthi Mrs.L Radhamani

(b) Other related Parties with whom the company has entered into transactions during the year:

Key Managerial Personnel (KMP):

Mr.G.Suresh Managing Director

Mr.C.Ganapathy Executive Chairman

7. The company does not have a Company Secretary as required u/s 383 A of the Companies Act 1956. Thus there was no Company Secretary.

8. No provision has been made against

(A) A claim for non payment of fixed deposit amounting to Rs.3,25,900. The company has disputed the same before the company law board and orders are awaited.

(B) A claim for gratuity amounting to Rs.2,88,461 filed before the Asst Commissioner of Labour. The company has di sputed the claim and the petition is pending.

9. The Bombay Stock Exchange vide its order dated 17th May 2011 has suspended trading of the company's shares in the stock exchange for a period of 5 days from 25th May 2011 to 31st May 2011 for non compliance of certain clauses of the Listing Agreement. Steps are being taken to ensure better compliance in future.

10. There are no amounts due to Small Scale Industrial undertakings outstanding for more than 30 days as identified by the Company

11. Previous Year figures have been regrouped and reclassified wherever found necessary. Figures have been rounded off to the nearest rupee.

12. The Consolidated Financial Statements are prepared in accordance with the Accounting standard 21.The subsidiary considered in the Consolidated Financial Statements is the Wholly Owned Subsidiary CGVAK Software USA Inc.,


Mar 31, 2010

1 Depreciation has been charged on straight-line method as per the rates specified under schedule XIV of The Companies Act, 1956. Depreciation has been calculated on prorata basis on additions during the year.

2 The Term Loans from State Bank Of India are secured against specific Machinery and other assets and equitable mortgage of the Companys Land & Building.

3 The Working Capital facilities are secured against the hypothecation of receivables and other current assets of the company.

4 Income Tax Assessments upto Assessment Year 2007-2008 have been completed.

5 Disclosure in respect of Related parties in pursuant to Accounting Standard 18:

(a) List of Related Parties over which control exists:

CG-VAK Software USA inc. Wholly Owned Subsidiary

S. Latha Lessor

(b) Other related Parties with whom the company has entered into transactions during the year:

Key Managerial Personnel (KMP) ::

Mr.G.Suresh Managing Director

Mr.C.Ganapathy Executive Chairman



6 There are no amounts due to small enterprises and micro enterprises outstanding for more than 30 days as identified by the Company.

7 Previous Year figures have been regrouped and reclassified wherever found necessary. Figures have been rounded off to the nearest rupee.

8 The Consolidated Financial Statements are prepared in accordance with the Accounting Standard 21 The subsidiary considered in the Consolidated Financial Statements is the fully owned subsidiary CG-VAK Software USA Inc.,







 
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