Mar 31, 2023
11.4 Terms/Rights attached to equity shares
i) The Company has only one class of share capital,i.e.equity shares having face value of '' 1/- per share. Each holder of equity share is entiltled to one vote per share, The equity shareholders are entitled to receive dividends as and when declared.
ii) In the event of liquidation of the Company, the holders of equity shares will be entiteld to receive remaining assets of the Company,after distribution of all prefrencial amounts.The distribution will be in proportion to the no.of equity shares held by the shareholder.
19 PROVISIONS AND CONTINGENT LIABILITIES
A provision is recognized when the Company has present obligation as a result of past events and it is probable that an outflow of resources will be required to settle such obligation, in respect of which a reliable estimate can be made. Contingent liabilities not provided for in the accounts are disclosed in the account by way of notes specifying the nature and quantum of such liabilities.
Under the Income Tax Act, 1961, assessment of income for the various assessment years have taken place under the Income Tax Act, 1961. As a result a total demand of '' 19.74 Lacs has arisen. Considering the nature of additions made and recent judicial pronouncements, there are good chances that the additions shall be deleted in the appropriate proceedings and therefore no provision in this respect has been made in respect of outstanding demand.
Provision for Gratuity, Leave Encashment and bonus has not been made as none of the employee have completed the minimum qualified period of services.
22 Segment REpoRTING
The Company has only one segment of activity during the year, hance segment wise reporting as defined in accounting standard 17 is not applicable.
As per the Companies Act, 2013, all companies having a net woth of '' 500 crore or more, or a turnover of '' 1000 crore or more or a net profit of '' 5 crore or more during any financial year are required to constiture a CSR Committee of the Board of Director comprising three director. All such companies are requaired to spend at least 2% of the average net profit of their three immediately preceding financial years on CSR-related activities.
25 Balances in the accounts of debtors, creditors and contracts and contractors, certain Bank Accounts are taken subject to confirmation and reconciliation and only upon such confirmation and reconciliation, the entries for discounts, claims and writing off sundry balances etc. will be recorded in the books.
26 In the absence of detailed information from Small Scale and Ancillary Undertaking, included under the head Sundry Creditors dues there from are not ascertained as on the date of Balance Sheet.
i) In the opinion of the management, the current assets and loans & advances are approximately of the value stated, if realised / paid in the ordinary course of business. The provisions for all known liabilities is adequte and is not in excess of amounts considered reasonably necessary.
ii) Balances grouped under non current Liabilities, Current Assets, and Non current assets in certain cases are subject to confirmation and reconcillation from respective parties, impect of the same, if any, shall be accounted as when determined.
during the year the relisation of '' 132.50 lakhs ('' 27.10 lakhs in previous year) from old receiables, hence provision for bad debts has been write back
27B Other information required under part I and Part II of schedule III of Companies Act 2013, are either NIL or NOT Applicable
31 The previous year figures have been regrouped, rearranged wherever necessary.
Mar 31, 2015
NOTE 1: Amalgamation and Reduction
The scheme of Amalgamation under sections 391 to 394 of the Companies
Act 1956, which was approved by the board of directors (the scheme),
between Smart champs IT and Infra Limited (SIIL), the Company and their
respective shareholders and creditors with January 1, 2012 as the
appointed date, has been approved by the Hon'ble High Court of Bombay
vide order dated January 24, 2013. Upon necessary filing with the
Registrar of Companies on February 09, 2013, the scheme became
effective and the effect thereof has been given in these financial
statements. Consequently,
a. The accumulated losses of Rs. 8,55,00,000/- of the Company has been
adjusted against the paid up capital of the Company. Thus the paid up
capital of the Company has been reduced from Rs. 9,00,00,000/- (Rupees
Nine Crores only) divided into 90,00,000 (Ninety Lakhs) shares of Rs.
10/- each to Rs. 45.00.Q0Q/- (Rupees
b. forty five lakhs only) divided into 4,50,000 shares of Rs. 10/-
each.
c. In terms of the scheme, the entire business and the whole of the
undertaking of SIIL, as a going concern, stands transferred to and
vested in the Company with effect from January 1,2012, being the scheme
appointed date.
d. In consideration of the amalgamation of SIIL with the Company, the
Company has issued 2,99,07,750 equity shares of Rs. 10/- each
aggregating to Rs. 29,90,77,500/- in the ratio of 1:1.
e. The amalgamation of SIIL with the Company is accounted for on the
basis of the pooling of interest method as envisaged in the Accounting
Standard (AS)-14 on 'Accounting for Amalgamations' specified in the
Companies (Accounting Standard) Rules 2006. Accordingly, the assets and
liabilities of SIIL have been recorded by the Company at their existing
carrying amounts.
Mar 31, 2014
1: Amalgamation and Reduction
The scheme of Amalgamation under sections 391 to 394 of the Companies
Act 1956, which was approved by the board of directors (the scheme),
between Smartchamps IT and Infra Limited (SUL), the Company and their
respective shareholders and creditors with January 1, 2012 as the
appointed date, has been approved by the Hon''ble High Court of Bombay
vide order dated January 24, 2013. Upon necessary filing with the
Registrar of Companies on February 09, 2013, the scheme became
effective and the effect thereof has been given in these financial
statements. Consequently,
a. The accumulated losses of Rs. 8,55,00,000/- of the Company has been
adjusted against the paid up capital of the Company. Thus the paid up
capital of the Company has been reduced from Rs. 9,00,00,000/- (Rupees
Nine Crores . only) divided into 90,00,000 (Ninety Lakhs) shares of
Rs. 10/- each to Rs. 45,00,000/- (Rupees forty five lakhs only) divided
into 4,50,000 shares of Rs. 10/- each.
b. In terms of the scheme, the entire business and the whole of the
undertaking of SllL, as a going concern, stands transferred to and
vested in the Company with effect from January 1, 2012, being the
scheme appointed date.
c. In consideration of the amalgamation of SIIL with the Company, the
Company has issued 2,99,07,750 equity shares of Rs. 10/- each
aggregating to Rs. 29,90,77,500/- in the ratio of 1:1.
d. The amalgamation of SIIL with the Company is accounted for on the
basis of the pooling of interest method as envisaged in the Accounting
Standard (AS)-14 on ''Accounting for Amalgamations'' specified in the
Companies (Accounting Standard) Rules 2006. Accordingly, the assets and
liabilities of SIIL have been recorded by the Company at their existing
carrying amounts.
e. SIIL was engaged in the business of trading of computer hardware &
software, infrastructure building and leasing of assets.
2: Sub-Division of Shares
The company have undergone a Sub-division of Equity Share of the face
value of Rs.10/- to face value of Re.1/- each on 16th January, 2014.
NOTE 27: Investment in subsidiary companies
Particulars For the Year Ended on For the Year Ended on
March 31,2014 March 31,2013
(Rs> (Rs)
Investment in
Cressanda Solutions
Inc - 10,867,340.00
The company had an investment of Rs. 1,08,67,340/- in equity shares of
Cressanda Solutions Inc. a wholly owned subsidiary of the company. The
subsidiary company is not functional and also the company is trying to
liquidate the company as soon as possible. As there is negligible
chances of actual recovery of any part of the investment, the whole
investment of Rs. 1,08,67,340/- has been written off during the year.
The audited financials of the company couldn''t be made.
Mar 31, 2013
NOTE 1 : Amalgamation and Reduction
The scheme of Amalgamation under sections 391 to 394 of the Companies
Act 1956, which was approved by the board of directors (the scheme),
between Smartchamps IT and Infra Limited (SIIL), the Company and their
respective shareholders and creditors with January 1, 2012 as the
appointed date, has been approved by the Hon''ble High Court of Bombay
vide order dated January 24, 2013. Upon necessary filing with the
Registrar of Companies on February 09, 2013, the scheme became
effective and the effect thereof has been given in these financial
statements. Consequently,
a. The accumulated losses of Rs. 8,55,00,000/- of the Company has been
adjusted against the paid up capital of the Company. Thus the paid up
capital of the Company has been reduced from Rs. 9,00,00,000/- (Rupees
Nine Crores only) divided into 90,00,000 (Ninety Lakhs) shares of Rs.
10/- each to Rs. 45,00,000/- (Rupees forty five lakhs only) divided
into 4,50,000 shares of Rs. 10/- each.
b. In terms of the scheme, the entire business and the whole of the
undertaking of SIIL, as a going concern, stands transferred to and
vested in the Company with effect from January 1, 2012, being the
scheme appointed date.
c. In consideration of the amalgamation of SIIL with the Company, the
Company has issued 2,99,07,750 equity shares of Rs. 10/- each
aggregating to Rs. 29,90,77,500/- in the ratio of 1:1.
d. The amalgamation of SIIL with the Company is accounted for on the
basis of merger method as envisaged in the Accounting Standard (AS)-14
on ÂAccounting for Amalgamations'' specified in the Companies
(Accounting Standard) Rules 2006. Accordingly, the assets and
liabilities of SIIL have been recorded by the Company at their existing
carrying amounts.
e. SIIL was engaged in the business of trading of computer hardware &
software, infrastructure building and leasing of assets.
Mar 31, 2012
(a) Terms / Rights attached to the equity shares
The Company has only one class of equity shares having par value of Rs.
10 per share, fach holder of equity shares is entitled to one vote per
share.
NOTE 1: CORPORATE INFORMATION Cressanda Solution Ltd is a public
company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. The Company was engaged in Software Development
Consultancy Services.
1 SMALL SCALE INDUSTRY:
As at March 31,2012, the Company has no outstanding dues to small-scale
industrial undertakings.
2. ClF VALUE OF IMPORTS
During the financial year 2011-12 CIF value of import of raw material,
components and spare parts and capita! goods is Nil (Financial Year
2010-11 is Nil )
3. EXPENDITURE IN FOREIGN CURRENCY
During the financial year 2011-12. the company has not incurred any
expenditure on traveling in foreign exchange as compared to Rs. NIL
during the previous year 2010-11.
5. DEFERRED TAX
No Deferred Tax Assets has been created, as Company has carried forward
losses from the previous years and in terms of Accounting Standard 22
the company is following the conservative policy.
6. SEGMENTAL REPORTING
The Company had only one Business Segment i.e. information technology
services or software development consultancy services, however the
Company has suspended all its business and services in last two
financial years.
7. STATEMENT PURSUANT TO SECTION 212
The audited financial accounts of the Cressanda Solutions Inc.
(Subsidiary' Company) are not available to us, so Statement pursuant to
Section 212 of the Companies Act, 1956, relating to Subsidiary Company
is not attached.
8. FIXED DEPOSITS
Fixed Deposit of Rs. 45,000/- shown in the Balance Sheet is in the name
of "Adroit Computer Technologies Pvt. Ltd". The above mentioned
Fixed Deposit was acquired as part of merger with Adroit Computer
Technologies Pvt. Ltd, but the registered name of the holder with
Corporation Bank has not been changed till now.
9. EARNINGS PER SHARE
Basic and diluted earnings per share are calculated by dividing 1 he
net Profit/ (loss) after tax for the year attributable to equity
shareholders by the weighted average number of equity shares
outstanding during the year.
10. CONTINGENT LIABILITY
Contingent liability in respect of ESI contribution prior to
registration if any. not ascertainable
11. PREVIOUS YEAR FIGURES
Previous year figures have been regrouped / reclassified wherever
necessary to make them comparable with the current year figures.
Mar 31, 2010
1. MANAGERIAL REMUNERATION
Managerial remuneration paid to the director of the Company during the
financial year 2008-09 was Rs. 9,00,600 as compared to Rs. 6,87,596
paid during the financial year 2009-10 Mr. -Rahul Agarwal; the Managing
Director of the Company does not draw any remuneration from the
Company.
2 SMALL SCALE INDUSTRY:
As at March 31, 2010, the Company has no outstanding dues to
small-scale industrial undertakings (Year ended on March 31,2009-Nil)
3 PART II OF SCHEDULE VI OF THE COMPANIES ACT, 1956
The Company is engaged in development of computer software. The
production and sale of such software cannot be expressed in any generic
unit. Hence, it is not possible to give the quantitative details of
sales and certain information as required under paragraphs 3, 4C and 4D
of part II of Schedule VI to the Companies Act, 1956.
4. CIF VALUE OF IMPORTS
During the financial year 2009-10 CIF value of import of raw material,
components and spare parts and capital goods is Nil (Financial Year
2008-09 is Nil)
5. EXPENDITURE IN FOREIGN CURRENCY
During the financial year 2009-19, the company has not incurred any
expenditure or traveling in foreign exchange as compared to Rs. NIL
during the previous year 2008-09
6. DEFERRED TAX
No Deferred Tax Assets has been created, as Company has carried forward
losses from the previous years and in terms of Accounting Standard 22
the company is following the conservative policy.
7. SEGMENTAL REPORTING
The Board of Directors (the Board) of the Company reviews the
performance of the Company at the enterprise level. The Board relies
primarily on results at the enterprise level for assessing performance
and making decisions about resource allocation and hence the Company
has no reportable segments. The Company has only one Business Segment
i.e. information technology services or software development -
consultancy services.
8. EARNINGS PER SHARE
Basic and diluted earnings per: hare are calculated by dividing the net
Profit/ (loss) after tax for the year attributable to equity
shareholders by the weighted average number of equity shares
outstanding during the year.
9. RELATED PARTY TRANS ACTIONS
a) List of Related Parties
Name Type of Relation
Cressanda Solutions, Inc. Wholly Owned Subsidiary Company
Cressanda Solutions
UK Limited Common Directorship
Global Fintech Pvt. Ltd. Common Directorship
Ecom Concepts India Private
Limited Common Directorship / 49% Shareholding
Mr. Sandeep Talwar Key Management Personnel (Deputy
Managing director)
Mr. Rohit Agarwal Key Management Personnel (Executive
Director)
Mr. Rahul Agarwal Managing Director
Icon Nteractive Pvt. Ltd. Common Directorship
Batlivala & Karani
Securities India Pvt. Ltd Common Directorship
Plus Investments (P) Ltd Common Directorship
Ishi CSL Infosystems (P)
Ltd Common Directorship
IBSN Common Directorship
10. CONTINGENT LIABILITY
a) Contingent liability in respect of ESI contribution prior to
registration , if any, not ascertainable
b) For the Assessment Year 2001-02, Commissioner of Income Tax
(Appeals) XIII, New Delhi, vide order dated 01-02-2005 disallowed
expenditure amounting to Rs. 1,19,43,788. The, company has appealed to
ITAT against the order of Commissioner of Income Tax (Appeals) XIII,
New Delhi. The order of the tribunal is still pending for hearing.
11. PREVIOUS YEAR FIGURES
Previous year figures have been regrouped / reclassified wherever
necessary to make them comparable with the current year figures.
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