Home  »  Company  »  Cressanda Solutions  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Cressanda Solutions Ltd.

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 ‘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.


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.