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Notes to Accounts of Dynacons Systems & Solutions Ltd.

Mar 31, 2015

1. Segment Information

The company operates in the single segment of System Integration and Services.

2. Lease Commitments

Operating Lease

The company has taken office premises on lease under cancelable operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Rental payments under such leases are Rs. 19.26 lakhs (Previous year Rs. 14.23 lakhs).

3. Foreign Exchange Exposure:

The company has not entered in any forward contract for hedging or otherwise in respect of foreign currencies during the year, and there are no such contracts outstanding at the end of the year.

As of the Balance Sheet date, the Company has net foreign currency exposure that are not hedged by a derivative instrument or otherwise, amounting to Rs.25.55 lakhs (Previous year Rs. 24.57 lakhs).

4. Other Notes

a) In the opinion of the Board of Directors, Current Assets, Loans and Advance have the value at which these are stated in the Balance Sheet, if realised in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

b) Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

1. Company Overview

Dynacons Systems & Solutions Ltd. is an IT solutions company with global perspectives and is engaged in providing a comprehensive range of end-to-end solutions to customers. Dynacons has the technical expertise and the service delivery infrastructure to serve Customers at a level of quality consistent with their expectations. Dynacons helps in the selection of the right technology and application that will yield the greatest return and build a business case for implementation based on lower Total cost of ownership and higher performance.

2. As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents the both legal and beneficial ownership of shares.

3. The company has only one class of equity shares having a par value of 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amount. The distribution will be in proportionate to the number of equity shares held by the shareholders.

4. No bonus shares have been issued to equity share holders in last five years

5. No equity share shares been bought back in last five years.

6. Term loans from banks are Secured by way of first mortgage / charge on the Plant & Machinery of the Company

7. Term loans from Other Parties are Secured by way of first mortgage / charge on the Vehicles of the Company

8. Contingent Liabilities

a) Claims against the Company not acknowledged as debts: Nil

b) Guarantees given by the company’s bankers 473.83/- (previous year 258.48)

9. Segment Information

The company operates in the single segment of System Integration and Services.

10. Lease Commitments

Operating Lease

The company has taken office premises on lease under cancelable operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Rental payments under such leases are Rs. 14.23 (Previous year Rs. 12.74 ).

11. Foreign Exchange Exposure:

The company has not entered in any forward contract for hedging or otherwise in respect of foreign currencies during the year, and there are no such contracts outstanding at the end of the year.

As of the Balance Sheet date, the Company has net foreign currency exposure that are not hedged by a derivative instrument or otherwise, amounting to 24.57 (Previous year Rs. 22.30).

12. Other Notes

a) In the opinion of the Board of Directors, Current Assets, Loans and Advance have the value at which these are stated in the Balance Sheet, if realised in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

b) Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

Company Overview

Dynacons Systems & Solutions Ltd. is an IT solutions company with global perspectives and is engaged in providing a comprehensive range of end-to-end solutions to customers. Dynacons has the technical expertise and the service delivery infrastructure to serve Customers at a level of quality consistent with their expectations. Dynacons helps in the selection of the right technology and application that will yield the greatest return and build a business case for implementation based on lower Total cost of ownership and higher performance.

1.1 Contingent Liabilities

a) Claims against the Company not acknowledged as debts: Nil

b) Guarantees given by the company''s bankers Rs. 258.48/- (previous year Rs. 252.04)

1.2 Segment Information

The company operates in the single segment of System Integration and Services.

1.3 Lease Commitments Operating Lease

The company has taken office premises on lease under cancelable operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Rental payments under such leases are Rs. 12.74 (Previous year Rs. 7.34).

1.4 Foreign Exchange Exposure:

The company has not entered in any forward contract for hedging or otherwise in respect of foreign currencies during the year, and there are no such contracts outstanding at the end of the year.

As of the Balance Sheet date, the Company has net foreign currency exposure that are not hedged by a derivative instrument or otherwise, amounting to Rs. 22.30 (Previous year Rs. 22.25).

1.5 Other Notes

a) In the opinion of the Board of Directors, Current Assets, Loans and Advance have the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

b) Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

Company Overview

Dynacons Systems & Solutions Ltd. is an IT solutions company with global perspectives and is engaged in providing a comprehensive range of end-to-end solutions to customers. Dynacons has the technical expertise and the service delivery infrastructure to serve Customers at a level of quality consistent with their expectations. Dynacons helps in the selection of the right technology and application that will yield the greatest return and build a business case for implementation based on lower Total cost of ownership and higher performance.

Pursuant to the Scheme of Arrangement (the Scheme) entered into by the Company with Dynacons Technologies Limited (DTL), the Marketing and Distribution Business and Manufacturing Business of the Company was transferred to DTL with effect from 1st April, 2009, the Appointed Date.

1. SHARE CAPITAL

1.1 Pursuant to the Scheme of Arrangement the Equity Share Capital of the Company has been reorganised in the year 2010-11

1.2 The face value of equity shares of the company has been consolidated from Rs. 1 each to Rs. 10 each

1.3 As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents the both legal and beneficial ownership of shares.

1.4 The company has only one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held.

1.5 No bonus shares have been issued to equity share holders in last five years

1.6 No equity share shares been bought back in last five years.

2. LONG TERM BORROWINGS

2.1 Term loans from banks are Secured by way of first mortgage/charge on the Plant & Machinery of the Company

2.2 Term loans from Other Parties are Secured by way of first mortgage/charge on the Vehicles of the Company

3. Short Term Borrowings

2.1 Working capital loans are secured by hypothecation of present and future stock, book debts, outstanding monies, receivables, claims, bills, material in transit and Fixed Assets.

4. Additional Information to the financial statements

4.1 Contingent Liabilities

a) Claims against the Company not acknowledged as debts: Nil

b) Guarantees given by the company's bankers Rs. 252.04/- (previous year Rs. 219.82)

4.2 Segment Information

The company operates in the single segment of System Integration and Services.

4.3 Related Party Disclosures

a. The names of related parties and the nature of relationship are as under:

S. P. Corporation Firm in which Wholetime Directors have substantial interest.

Shirish M. Anjaria Chairman and Managing Director

Parag J. Dalal Wholetime Director

Dharmesh S. Anjaria Wholetime Director

Trigem Infosolutions Limited Company in which Wholetime Directors have substantial interest

Dynacons Technologies Limited Company in which Directors have substantial interest

4.4 Lease Commitments

Operating Lease

The company has taken office premises on lease under cancelable operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Rental payments under such leases are Rs. 7.34 (Previous year Rs. 3.15).

4.5 Foreign Exchange Exposure:

The company has not entered in any forward contract for hedging or otherwise in respect of foreign currencies during the year, and there are no such contracts outstanding at the end of the year.

As of the Balance Sheet date, the Company has net foreign currency exposure that are not hedged by a derivative instrument or otherwise, amounting to Rs. 22.25 (Previous year Rs. 8.24).

4.6 Other Notes

a) In the opinion of the Board of Directors, Current Assets, Loans and Advance have the value at which these are stated in the Balance Sheet, if realised in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

b) The Revised Schedule VI has become 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.


Mar 31, 2011

Company Overview

Dynacons Systems & Solutions Ltd. is an IT solutions company with global perspectives and is engaged in providing a comprehensive range of end-to-end solutions to customers. Dynacons has the technical expertise and the service delivery infrastructure to serve Customers at a level of quality consistent with their expectations. Dynacons helps in the selection of the right technology and application that will yield the greatest return and build a business case for implementation based on lower Total cost of ownership and higher performance.

1. Contingent Liabilities

a) Claims against the Company not acknowledged as debts: NIL

b) Guarantees given by the company's bankers Rs. 2,19,82,406/- (previous year Rs 38,86,462/-)

2. SCHEME OF ARRANGEMENT

Pursuant to the Scheme of Arrangement (the Scheme) entered into by the Company with Dynacons Technologies Limited (DTL), the Marketing and Distribution Business and Manufacturing Business of the Company was transferred to DTL with effect from 1st April, 2009, the Appointed Date.

The said Scheme, under section 391 to 394 of the Companies Act, 1956, has been approved by the Hon'ble High Court of Judicature of Bombay, vide its Order dated 15th October, 2010.

The Scheme provides that it shall become effective upon satisfaction of the conditions set out in the Scheme therein, including receipt of necessary approvals from Government Authorities. Accordingly, upon receipt of the requisite approvals, as aforesaid, the Effective Date of the Scheme was December 20, 2010.

In accordance with the terms of the Scheme of Arrangement an aggregate of 44,432,100 equity shares of Re 1 each of DTL were issued as fully paid up, to the members of DSSL whose names are recorded in the register of members on the record date, in the ratio of 3(three) equity shares in DTL of face value of Re 1 each for every 10(ten) equity shares of Rs 2 each held by such member in DSSL.

Pursuant to the Scheme, the equity capital of the company stands reorganised in a manner that each shareholder of the company whose name appeared in the Register of members of the company on the Record Date shall receive 4 fully paid Equity Shares of the face value of Re 1 each of the company in lieu of every 10 equity shares of the face value of Rs 2 each held.

In accordance with the Scheme, the following effects have been given in the books of account of the Company:

3. Segment Information

The company operates in the single segment of System Integration and Services.

4. Related Party Disclosures

a. The names of related parties and the nature of relationship are as under:

S. P. Corporation Firm in which Wholetime Directors have substantial interest.

Shirish M. Anjaria Chairman and Managing Director

Parag J. Dalal Wholetime Director

Dharmesh S. Anjaria Wholetime Director

Trigem Infosolutions Limited Company in which Wholetime Directors have substantial interest

Dynacons Technologies Limited Company in which Directors have substantial interest

5. Lease Commitments

Operating Lease

The company has taken office premises on lease under cancelable operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Rental payments under such leases are Rs. 315,200/- (Previous year Rs. 287,285/-).

6. Retirement Benefit Plans

Defined benefit plan

Gratuity Plan

The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method with actuarial valuations being carried out at the balance sheet date.

7. Foreign Exchange Exposure:

The company has not entered in any forward contract for hedging or otherwise in respect of foreign currencies during the year, and there are no such contracts outstanding at the end of the year.

As of the Balance Sheet date, the Company has net foreign currency exposure that are not hedged by a derivative instrument or otherwise, amounting to Rs.1,824,639/- (Previous year Rs. 1,905,062/-).

8. Other Notes

a) In the opinion of the Board of Directors, Current Assets, Loans and Advance have the value at which these are stated in the Balance Sheet, if realised in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

b) Previous year's figures have been regrouped or rearranged or reclassified wherever necessary to confirm to those of the current year.


Mar 31, 2010

Company Overview

Dynacons Systems & Solutions Ltd. is an IT solutions company with global perspectives and is engaged in providing a comprehensive range of end-to-end solutions to customers. Dynacons has the technical expertise and the service delivery infrastructure to serve Customers at a level of quality consistent with their expectations. Dynacons helps in the selection of the right technology and application that will yield the greatest return and build a business case for implementation based on lower Total cost of ownership and higher performance.

1. Contingent Liabilities

a) Claims against the Company not acknowledged as debts:

Income Tax demands Rs. 686,491/- (previous year Rs 686,491/-). Against this, the Company has deposited a sum of Rs 60,000 under protest. No provision is necessary since the Company expects favourable decisions.

b) Guarantees given by the companys bankers Rs. 38,86,462/- (previous year Rs 34,74,285/-)

2. Disclosures as per Micro, Medium and Small Enterprises Development Act, 2006 (MSMED)

Particulars 2010 2009 Amount (Rs.) Amount (Rs.)

a. Amounts payable to suppliers under MSMED

(suppliers) as on March 31, 2010

- Principal NIL NIL

- Interest due thereon NIL NIL



b. Payments made to suppliers beyond the appointed day during the year

- Principal NIL NIL

- Interest due thereon NIL NiL

c. Amount of interest due and payable for delay in payment (which have been paid but beyond the appointed day during the year)

but without adding the interest under MSMED NIL NIL

d. Amount of interest accrued and remaining unpaid as on 31 March, 2010 NIL NIL

e. Amount of interest remaining due and payable to suppliers disallowable as deductible expenditure under Income Tax Act, 1961

NIL NIL

Note: The information has been given in respect of such vendors to the extent they could be identified as micro and small enterprises as per MSMED on the basis of information available with the Company.

3. Segment Information

The company operates in the single segment of System Integration and Services.

4. Related Party Disclosures

a. The names of related parties and the nature of relationship are as under:

S. P. Corporation Firm in which Wholetime Directors have substantial interest.

Shirish M. Anjaria Chairman and Managing Director Parag J. Dalai Wholetime Director

Dharmesh S. Anjaria Wholetime Director.

Trigem Infosolutions Limited Company in which Wholetime Directors have substantial interest

Dynacons Technologies Limited Subsidiary

5. Lease Commitments

Operating Lease

The company has taken office premises on lease under cancelable operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Rental payments under such leases are Rs. 348,299/- (Previous year Rs. 198,580/-).

Defined benefit plan

Gratuity Plan

The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method with actuarial valuations being carried out at the balance sheet date.

The following tables set out the status of the gratuity plan and amounts recognized in the Companys financial statements as at March 31,2010:

6. Foreign Exchange Exposure:

The company has not entered in any forward contract for hedging or otherwise in respect of foreign currencies during the year, and there are no such contracts outstanding at the end of the year.

As of the Balance Sheet date, the Company has net foreign currency exposure that are not hedged by a derivative instrument or otherwise, amounting to Rs.l,905,062/-(Previous year Rs. 1,747,226/-).

7. Scheme of Arrangement:

A scheme of Arrangement has been presented under Section 391 to 394 of the Act for transfer and vesting of Marketing & Distribution Business and Manufacturing Business of Dynacons Systems & Solutions Limited into Dynacons Technologies Limited. The approval of the shareholders of both the companies has been obtained and the petition for the same has been admitted to the High Court for approval. The effect of the scheme shall be given in the accounts on sanctioning of the scheme by the High Court.

8. Other Notes

a) In the opinion of the Board of Directors, Current Assets, Loans and Advance have the value at which these are stated in the Balance Sheet, if realised in the ordinary course of business and the provisions for all known liabilities is adequate and not in excess of or less than the amount reasonably necessary.

b) Previous years figures have been regrouped or rearranged or reclassified wherever necessary.



 
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