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Notes to Accounts of Fintech Communication Ltd.

Mar 31, 2012

1 The Company has disclosed the turnover as net of total excise duty (excluding difference of excise duty on closing stock and opening stock). The excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered is recognised separately in cost of raw materials consumed in the Statement of Profit and Loss Account. The same is in accordance with the Accounting Standard Interpretation 14 (Revised), "Disclosure of Revenue from Sales Transactions" issued by the Council of The Institute of Chartered Accountants of India.

2 Related Party Disclosures

a) Names of related parties and nature of relationship

(i) Parties which have substantial interest in Voting Power of the Company

None

(ii) Subsidiary of the Company

None

(iii) Joint Venture

None

(iv) Other Related Parties with whom transactions have taken place during the year

(v) Key Management Personnel ( Directors )

Ms. Nivedita Sen Mr. Sunil Shah Mr. Deepak Gawade

3 Segment Reporting:

The Business Segment has been considered as the primary segment for disclosure. The categories included in each of the reported business segments are as follows:

(i) Paper

The above business segment has been identified considering:

(i) The nature of the product

(ii) The deferring risk and returns

(iii) The internal financial reporting systems

Revenue and expenses has been accounted for based on the basis of their relationship to the operating activities of the segment. Revenue and expenses, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, have been included under "Unallocable Expenses". Assets and Liabilities, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, have been included under "Unallocable Assets/ Liabilities". Inter-segment transfers are accounted for at competitive market prices charged to unaffiliated customers for similar goods.

4 Operating Lease

The Company has significant operating leases for premises. These lease arrangements range for a period between 11 months and 10 years, which include both cancellable and noncancellable leases. Most of the leases are renewable for further period on mutually agreeable terms and also include escalation clauses.

5 The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year''s classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2010

1. In the absence of taxable income provision for tax has not been made, and company has also carry forward losses of the earlier years.

2. In the opinion of the Board, the current assets including loans and advances, deposits are good and will fetch the same value as stated in the accounts, if realised in the ordinary course of business and adequate provision has been made for current liabilities.

3. In the absence of declaration by the Sundry Creditors with regard to their status as Small Scale Undertaking wherever appropriate, it is not possible to determine, the amount if any payable to the Sundry Creditors falling within the meaning of Small Scale Industrial Undertaking.

4. The Company is engaged in the business of development of computer software and is capable or being expressed in any generic unit. Hence, it is not possible to give the quantitative details of such sale and the information required under paragraph 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

5. CIF value of imports: Not Applicable 9. Provision for Taxation :

(i) Provision for current tax is calculated on the basis of assessable profits as determined under the income tax act,1961.

(ii) Deferred Taxation : In terms of Accounting Standard - 22, Deferred Tax Assets (net) of Rs. 1,19,84,110/- has been recognized in the accounts up to 31st March 2010. There is carried forward unabsorbed depreciation and business losses as on the balance sheet date. In view of the board of directors and based on the future profitability projections, the company is certain that there would be sufficient taxable income in the future, to claim the above tax credit.

6. Statutory records as required as per the requirements of the Companies Act, 1956 are maintained by the company.

7. Additional information pursuant to part IV Of schedule VI to the companies Act. 1956 regarding Balance Sheet Abstract and Company''s general business profile is given in Annexure ''A''.

8. Previous year figures are regrouped, rearranged wherever considered necessary.


Mar 31, 2009

1. No provision for taxation has been made, as the Company has incurred the losses and also has a carry forward losses of the earlier years.

2. In the opinion of the Board, the current assets including loans and advances, deposits are good and will fetch the same value as stated in the accounts, if realised in the ordinary course of business and adequate provision has been made for current liabilities.

3. In the absence of declaration by the Sundry Creditors with regard to their status as Small Scale Undertaking wherever appropriate, it is not possible to determine, the amount if any payable to the Sundry Creditors falling within the meaning of Small Scale Industrial Undertaking.

4. The Company is engaged in the business of development of computer software and is capable or being expressed in any generic unit. Hence, it is not possible to give the quantitative details of such sale and the information required under paragraph 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

5. CIF value of imports: Not Applicable

6. Provision for Taxation :

(i) Provision for current tax is calculated on the basis of assessable profits as determined under the income tax act,1961. Provision for fringe benefit tax has been made in accordance with the FBT act.

(ii) Deferred Taxation : In terms of Accounting Standard - 22, Deferred Tax Assets (net) of Rs. 1,68,69,330/- has been recognized in the accounts up to 31st March 2009. There is carried forward unabsorbed depreciation and business losses as on the balance sheet date. In view of the board of directors and based on the future profitability projections, the company is certain that there would be sufficient taxable income in the future, to claim the above tax credit.

7. RELATED PARTY DISCLOSURES:

Information given in accordance with the requirements of Accounting Standard 18 on "Related Party Disclosures" by ICAI.

8. Statutory records as required as per the requirements of the Companies Act, 1956 are maintained by the company.

9. Additional information pursuant to part IV Of schedule VI to the companies Act. 1956 regarding Balance Sheet Abstract and Company''s general business profile is given in Annexure ''A''.

10. Previous year figures are regrouped, rearranged wherever considered necessary.

 
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