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Notes to Accounts of Cosyn Ltd.

Mar 31, 2015

1. Corporate information

CSS TECHNERGY LIMITED was incorporated in April, 1994 for carrying out the activities of offering a full range of software outsourcing services from end to end development of new software and web solutions, Enterprise Application Services, re-engineering and enhancement of legacy applications, application integration and maintenance, BPO / ITES services for Utilities, E-Governance, BFSI, Retail and DMS. The Company is carrying its activities from its registered office situated at # 6-1-85/10, Opp Telephone Bhavan, Saifabad, Hyderabad - 500 004.

2 Adjustment of Depreciation

Depreciation on transition to Schedule II of the Companies Act, 2013 on tangible Fixed Assets with NIL remaining useful life.

3 Share Warrants Money

During the financial year 2012-13, 10,23,460 Share Warrants were allotted on preferential basis to promoters of the company, vide resolution dated 22.12.2012. Each holder of the said share warrant is entitled to subscribe equivalent number of equity share of Rs 10/-each at a premium of Rs 11.50 each. Out of above Share Warrants of 9,45,000 Share Warrants of Rs 10/- each were converted in to equal no.of equity shares of Rs 10/- each during the earlier years. During the current year balance 78,460 Share Warrants were converted in to equal no.of equity share of Rs 10/-each.

4 - Long Term Borrowings

During the financial year 2013-14, State Bank of India, Balanagar branch has sanctioned Term Loan for Rs 80 Lakhs. Out of the Sanctioned loan of Rs 80 Lakhs, Company utilised an amount of Rs. 44.67 Lakhs during the year.

During the year, Company utilised Term Loan from State Bank of India, Balanagar Branch, Hyderabad. The said loan is repayable in 20 monthly equal installment of Rs 1,87,790/-.

The said loan is secured by equitable mortgage of land belongs to the Directors and Others situated at Krithika Layout at Madhapur, Hyderabad.

The said loans are further secured by Personal guarantee of Ravi Vishnu and A. Bhopal Reddy, Directors of the company.

Current maturies of long term borrowings have been disclosed under the head other current liabilities.

5 Cash Credit from State Bank of India

The Company has availed working capital loan from SBI for an amount of Rs. 2,00,00,000/-. Out of the working capital loan availed, the company utilised an amount of Rs. 1,97,53,270/- as at 31st March, 2015. The said loan is secured by equitable mortgage of land belongs to the Directors & others situated at Krithika Layout at Madhapur, Hyderabad

The said loans are further secured by Personal guarantee of Ravi Vishnu and A. Bhopal Reddy, Directors of the company.

6 Un Secured Loan from Others

During the year Company has taken unsecured loan Rs 18,50,000/- from RRK Enterprise Private Limited, an associate company. The said loan is repayable on demand.

7 Deferred Revenue Expenditure

During the Financial Year 2013-14, Company incurred an amount of Rs.1,28,90,136/-for development of a software in order to facilitate and execute Online Billing to the consumers of Punjab State Power Corporation Limited(PSPCL).

The said project with PSPCL is spread over a period of 4 years and the software developed can be used for a period of 4 years. The expenditure of Rs.1,28,90,136/-incurred for development of software is deferred and will be written off over a period of 4 years from the Financial year 2013-14.

Accordingly this being the Second year, Company has written off an amount of Rs.32,22,534/- being 1/4th of the total deferred revenue expenditure incurred.

8 (a) Cash and Cash Equivalents

Out of the above Cash and Bank balances, Cash and Cash Equivalents that meet the definition of cash flow statement is Rs 32,36,327/- (Previous year Rs 28,71,960/-).

9 Contingent Liabilities not acknowledged as Debt:

2014-15 2013-14 Rs Rs

a) Bank Guarantees 2,46,55,404 1,35,72,629

10 Related Party Transactions :

A. Related Parties and their Relationship (As identified and certified by the Management)

I. Associate Company : RRK ENTERPRISE PRIVATE LIMITED

II. Key Managerial Personnel (KMP) : Ravi Vishnu : Chairman & Managing Director

III. Relatives of KMP : R. Sri Hari

11 Segment Details

The Company is engaged in providing Information Technology Services which in the context of Accounting Standard - 17 issued by ICAI are considered to constitute one single segment

12 Dues to Micro, Small and Medium Enterprises:

The Company is seeking confirmation from its suppliers whether they fall under the category of micro, small and medium enterprises as mentioned under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Based on confirmations received till date, the company believes that it does not have any outstanding dues towards Micro Small and Medium Enterprises. Further the company has not paid/accrued any interest under this MSMED Act.

13 Confirmations are not received in respect of the amounts relating to trade receivable, trade payables, loan & advances..

14 Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure. Figures rounded off to the nearest rupee.

15 Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be NIL as on April,1 2014 and has adjusted an amount of Rs 1,60,16,739/- against the opening surplus balance in the statement of Profit and Loss under Reserves and Surplus.

The depreciation expenses in the statement of profit and loss for the year higher by Rs 57,10,627/- consequent to the change in the useful life of the Asset.


Mar 31, 2014

1. Corporate information

CSS TECHNERGY LIMITED is incorporated in April, 1994 for carrying out the activities of offering a full range of software outsourcing services from end to end development of new software and web solutions, Enterprise Application Services, re-engineering and enhancement of legacy applications, application integration and maintenance, BPO / ITES services for Utilities, E-Governance, BFSI, Retail and DMS. The Company is carrying its activities from its registered office situated at # 6-1-85/10, Opp Telephone Bhavan, Saifabad, Hyderabad - 500 004.

2. Share Warrants Money

During the financial year 2012-13 10,23,460 Share Warrants were allotted on preferential basis to promoters of the company, vide resolution dated 22.12.2012. Each holder of the said share warrant is entitled to subscribe equivalent number of equity share of Rs 10/-each at a premium of Rs 11.50 each. Out of above Share Warrants of 10,23,460, 2,85,000 Share Warrants of Rs 10/- each were converted during the financial year 2012-2013 each in to equal no.of equity shares of Rs 10/- each. During the current year, 6,60,000 Share Warrants were converted in to equal no.of equity share of Rs 10/-each.

During the current year, Company has received an amount of Rs 5,35,475/- towards 25% of balance 78,460 share warrants and the same is accounted as money received against Share Warrants.

3. - Long Term Borrowings

During the year, State bank of india, Balanagar branch has sanctioned Term Loan for an amount of Rs 80 Lakhs. The said Term Loan will be repayable in 36 monthly installments of Rs 2.22 lakh each commencing from 30.04.2014. The said loan is secured by equitable mortgage of 500 Sq.yds of land belonging to the Company and equitable mortgage of 500 Sq.yds of land belonging to Associate Company Granada Engineers Limited. Out of the sanctioned amount, an amount of Rs 33.32 Lakhs disbursed during the FY 2013-14.

The said loans are further secured by way of corporate guarantee of Associate Company Granada Engineers Limited and Personal guarantee of Ravi Vishnu and A.Bhopal Reddy Directors of the company.

4. Cash Credit from State Bank of India

The Company has availed working capital loan from SBI for an amount of Rs. 2,00,00,000/-. Out of the working capital loan availed the company utilised an amount of Rs. 1,95,06,677/- as at 31 st March, 2014. The said loans are secured by equitable mortgage of 500 Sq.yds of land belonging to the Company and equitable mortgage of 500 Sq.yds of land belonging to Associate Company Granada Engineers Limited.

The said loans are further secured by way of corporate guarantee of Associate Company Granada Engineers Limited and Personal guarantee of Ravi Vishnu and A. Bhopal Reddy Directors of the company.

5. Un Secured Loan From Others

The Company has taken unsecured loan for an amount of Rs.10,00,000 from R.Sri Hari, a relative of Managing Director of the Company.

The Company has taken unsecured loan from Bhanu Hotels and Proprietors Pvt Ltd for an amount of Rs 20,00,000.

The said loans are repayable on demand.

6. Deferred Revenue Expenditure

During the current year, Company incurred an amount of Rs.1,28,90,136/- for development of a software in order to facilitate and execute online billing to the consumers of Punjab State Power Corporation Limited(PSPCL).

The said project with PSPCL is spread over a period of 4 years and the software developed can be used for a period of 4 years. The expenditure of Rs. 1,28,90,136/- incurred for development of software is deferred and will be written off over a period of 4years from the year in which it is incurred.

During the current year, Company written off an amount of Rs.32,22,534/- being 1/4th of the total deferred revenue expenditure incurred.

7. (a) Cash and cash equivalents

Out of the above Cash and Bank balances, Cash and cash equivalents that meet the definition of cash flow statement is Rs 28,71,960/- Previous year Rs 12,69,601/-.

8. Loans and Advances includes an amount of Rs.1,00,000 loan given to M/s.Granada Engineers Limited, a related party.

9. Contingent Liabilities not acknowledged as debt:

2013-14 2012-13 Rs Rs

a) Bank Guarantees 1,35,72,629 1,55,98,729

10. Segment Details

The Company is engaged in providing Information Technology Services which in the context of Accounting Standard - 17 issued by ICAI are considered to constitute one single segment

11. Dues to Micro, Small and Medium Enterprises:

The Company is seeking confirmation from its suppliers whether they fall under the category of micro, small and medium enterprises as mentioned under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Based on confirmations received till date, the company believes that it does not have any outstanding dues towards Micro Small and Medium Enterprises. Further the company has not paid/accrued any interest under this MSMED Act.

12. Confirmations are not received in respect of the amounts relating to trade receivable, trade payables, loan & advances..

13. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Figures rounded off to the nearest rupee.


Mar 31, 2013

1. Corporate information

CSS TECHNERGY LIMITED is incorporated in April, 1994 for carrying out the activities of offering a full range of software outsourcing services from end to end development of new software and web solutions, Enterprise Application Services, re- engineering and enhancement of legacy applications, application integration and maintenance, BPO / ITES services for Utilities, E-Governance, BFSI, Retail and DMS. The Company is carrying its activities from its registered office situated at # 6-1-85/10, Opp Telephone Bhavan, Saifabad, Hyderabad – 500 004.

2. Contingent Liabilities not acknowledged as debt:

2012-13 2011-12 Rs Rs

a) Bank Guarantees 1,55,98,729 1,58,80,152

29. Related Party Transactions:

A. Related Parties and their Relationship

(As identified and certified by the Management)

I. Associate Company : Granada Engineers Limited

II. Key Managerial Personnel :

Ravi Vishnu : Chairman & Managing Director

Summary of the Transactions with the above Related Parties are as follows:

3. Segment Details

The Company is engaged in providing Information Technology Services which in the context of Accounting Standard – 17 issued by ICAI are considered to constitute one single segment

4. Dues to Micro, Small and Medium Enterprises:

The Company is seeking confirmation from its suppliers whether they fall under the category of micro, small and medium enterprises as mentioned under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Based on confirmations received till date, the company believes that it does not have any outstanding dues towards Micro, Small and Medium Enterprises. Further the company has not paid/accrued any interest under the MSMED Act.

5. Confirmations are not received in respect of the amounts relating to trade receivable, trade payables, loan & advances.

6. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Figures rounded off to the nearest rupee.


Mar 31, 2012

1. Corporate information

CSS TECHNERGY LIMITED is incorporated in April, 1994 for carrying out a full range of software outsourcing services from end to end development of new software and web solutions, Enterprise Application Services, re-engineering and enhancement of legacy applications, application integration and maintenance, BPO / ITES services for Utilities, E-Governance, BFSI, Retail and DMS. The Company is carrying its activities from its registered office situated at # 6-1-85/10, Opp Telephone Bhavan, Saifabad, Hyderabad - 500 004.

2. Share Warrants Money

During the year, 5,65,000 share warrants issued to promoters and their relatives on preferential basis were converted into equal number of equity shares of Rs. 10/-each

During the Financial Year 2009-10 the company has taken Vehicle loan from HDFC Bank for an amount of Rs. 7,85,000/-. The Said loan is repayable in 48 Monthly equal installments of Rs. 19,390/- each. The company has paid 25 installments as at 31st March, 2012. The said loan is secured by way of Hypothecation of same asset on which loan is taken.

The Company has availed working capital loan from SBI for an amount of Rs. 2,00,00,000/. Out of the working capital loan availed the company utilised an amount of Rs. 1,99,26,953/- as at 31 st March, 2012. The said loans are secured by equitable mortgage of 500 Sq.yds of land belonging to the Company and equitable mortgage of 500 Sq.yds of land belonging to associate company Granada Engineers Limited.

The said loans are further secured by way of corporate guarantee of associate company Granada Engineers Limited and Personal guarantee of Ravi Vishnu and A. Bhopal Reddy Directors of the company.

4.1 Out of the above, the balances to meet the definition of cash and cash equivalents is Rs. 71,97,318/-. (As at 31 st March 2011 Rs 84,15,356/-)

5. Contingent Liabilities not acknowledged as debt:

2011-12 2010-11 Rs Rs

a) Bank Guarantees 1,58,80,152 1,23,36,768

6. Segment Details

The Company is engaged in providing Information Technology Services which in the context of Accounting Standard -17 issued by ICAI are considered to constitute one single segment

7. Dues to Micro, Small and Medium Enterprises:

The Company is seeking confirmation from its suppliers whether they fall under the category of micro, small and medium enterprises as mentioned under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Based on confirmations received till date, the company believes that it does not have any outstanding dues towards Micro, Small and Medium Enterprises. Further the company has not paid/accrued any interest under the MSMED Act.

8. Confirmations are not received in respect of the amounts relating to trade receivable, trade payables, loan & advances.

9. The revised schedule VI has became effective from 1 April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. Figures rounded off to the nearest rupee.


Mar 31, 2010

1. Contingent Liabilities not provided for 2009-10 2008-09 Rs Rs

a) Bank Guarantees 1,81,46,419 1,35,99,370

2. Secured Loans

a) State Bank of India is continuing to support the working capital requirements of the company byway of cash credit facility, which they have sanctioned in March 2008, and term loan to the company. The said loans are secured by hypothecation of all current assets and pledge of fixed assets of the company. The said loans are further secured by equitable mortgage of 500 Sq.yds of land belonging to the Company and equitable mortgage of 500 Sq.yds of land belonging to Granada Engineers Limited.

The said loans are further secured by the corporate guarantee of Granada Engineers Ltd and Personal guarantee of Ravi Vishnu and A. Bhopal Reddy.

b) ICICI Bank and Kotak Mahindra Bank have sanctioned equipment I vehicle loan and the said loan is secured by the hypothecation of the assets so purchased and personal guarantee of Ravi Vishnu and A. Bhopal Reddy.

3. Dues to Micro, Small and Medium Enterprises:

The company has put in place a suitable system for identifying the vendors coming under the preview of the Micro, Small and Medium Enterprises Development Act, 2006. Since the company has not received any information, in this regard, from the vendors, disclosure relating to amounts unpaid as at the last year end together with interest paid / payable underthisAct could not be ascertained.

4. Managerial Remuneration

5. Related Party Disclosures (As identified and certified by the Management)

a) Associate Company Granada Engineers Limited

b) Key Managerial Personnel

i) Ravi Vishnu Chairman & Managing Director

ii) A. Bhopal Reddy Whole Time Director

6. Segment Reporting:

The company engaged in providing Information Technology Enabled Services, which in the context of Accounting Standard-17 issued by ICAI are considered to constitute one single segment.

7. The sundry debtors outstanding for more than Six months include an amount of Rs. 18,37,65,466 outstanding for more than 2 years, the recovery of which may be doubtful. However, the management is confident of recovering the same and opined that no provision is required and most of them are Government and reputed organizations.

8. In accordance with AS 22 Accounting for Taxes on Income, the deferred tax liability as at 31 st March, 2010 comprises the following:

9. Earnings Per Share

10. Account balances of sundry debtors / creditors, Loans and Advances are subject to confirmation.

11. Additional information pursuant to the provisions of Paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956 are not applicable to the Company.

12. Previous year figures have been regrouped and reclassified wherever necessary to conform to current years classification. Figures have been rounded off to the nearest rupee.

 
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