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Notes to Accounts of Frontier Informatics Ltd.

Mar 31, 2013

CORPORATE INFORMATION

Frontier Informatics Limited has been operating in the spears of Software Product Development, Training and Software Services since its incorporation in the year 1986. The company made its IPO in the year 1995 and is traded on BSE The company achieved sizable operations during the years 1994 to 2004. The company has been suffering losses continuously since 2002.

The company changed its name to FRONTIER INFORMATICS LIMITER from its previous name of Frontier Information Technologies Limited , vide''fresh Certificate issued by the Registrar of Companies, Hyderabad dated 14.10.2011.

1. In the opinion of Management, there are no small scale industrial undertaking(s). ''. creditors, to whom company owes a sum exceeding Rupees One Lakh which is outstanding for more than 30 days and hence details in respect of outstanding dues to small scale industrial undertakihg(s) are not furnished as required, as per the notification no GSR 129 (E) dated February 22. 1999 issued by Department of Company Affairs.

2. Balances of Sundry Debtors. Sundry Creditors. Loans & Advances are subject to Confirmation.

3. Foreign Exchange earnings and outgo: (On receipt basis and excluding transactions in overseas branches).

4. Prpvident Fund Dues :

The company had cleared off all dues relating to earlier year Provident Fund dues. Further dues are pursuant to demand raised by PF Department to pay interest and incidental charges on the arrears which are outstanding as at the end of the year to the extent of Rs 7.80.687 /-.

5. Contingent Liabilities (to the extent not provided for) :

i) Disputed Income tax demands relating to Asst Years 2001.02 & 2002.03

Amounting to Rs 32 16 lakhs. The issues are under appeal before appropriate Appellate Authorities and as per the opinion of the company''s tax advisers; the possibility of crystallization of liability is fairly unlikely.

ii) Interest payable on Dividend Distribution Tax amounting to Rs 10.91 lakhs is not Provided for which the company has sought waiver of interest.

6. Related Party Transactions

Related party disclosures, as required by Accounting Standard - AS 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

A. Name of the related party and nature of relationship where control exists

I .Associates

a) Frontier Life Sciences Limited

There are no transactions with the companies during the year.

b) Knowledge ware Technologies Limited

There are no transactions with the companies during the year.

7. Taxation

Pursuant to the Accounting Standard AS22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has to recognize any deferred tax or liability in its books of account. Accordingly the company has evaluated the various elements of tax computation to determine whether any tax asset or liability needs to be recognized TheCompany has incurred substantial losses and it is not considered prudent to identify deferred tax assets.

8. Roundingoff& Regrouping:

The previous year''s figures have been regrouped where necessary to correspond with current year''s figures. The figures are rounded off to the nearest rupee.

9. Taxation

Pursuant to the Accounting Standard AS22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has to recognize any deferred tax or liability in its books of account. Accordingly the company has evaluated the various elements of tax computation to determine whether any tax asset or liability needs to be recognized TheCompany has incurred substantial losses and it is not considered prudent to identify deferred tax assets.

10. Rounding off & Regrouping:

The previous year''s figures have been regrouped where necessary to correspond with current year''s figures. The figures are rounded off to the nearest rupee.


Mar 31, 2012

NOTE 1: CORPORATE INFORMATION

Frontier Informatics Limited has been operating in the spears of Software Product Development, Training and Software Services since its incorporation in the year 1986. The company made its IPO in the year 1996 and is actively traded on BSE. The company achieved sizable operations during the years 1994 to 2004. The company has been suffering losses continuously since 2002.

The company changed its name to FRONTIER INFORMATICS LIMITED, from its previous name of Frontier Information Technologies Limited, vided fresh Certificate issued by the Registrar of Companies, Hyderabad dated 14.10.2011.

1. In the opinion of Management, there are no small scale industrial undertaking), creditors, to whom company owes a sum exceeding Rupees One Lakh which is outstanding for more than 30 days and hence details in respect of outstanding dues to small scale industrial undertaking(s) are not furnished as required, as per the notification no GSR 129 (E) dated February 22,1999 issued by Department of Company Affairs.

2. Balances of Sundry Debtors, Sundry Creditors, Loans & Advances are subject to Confirmation.

Foreign Exchange earnings and outgo: (On receipt basis and excluding transactions in overseas branches).

Foreign Exchange inflow : Rs Nil (P.Y. Rs. 3.67 lakhs)

(Towards Inward remittances)

Foreign Exchange outgo : Rs. Nil (P.Y. Rs. Nil)

3. Provident Fund Dues:

The company had cleared off all dues relating to earlier year Provident Fund dues. Further dues are pursuant to demand raised by PF Department to pay interest and incidental charges on the arrears, which are outstanding as at the end of the year to the extent of Rs 10,03,999/-.

Contingent Liabilities (to the extent not provided for):

i) Disputed Income tax demands relating to Asst Years 2001.02 & 2002.03

Amounting to Rs 32.16 lakhs. The issues are under appeal before appropriate Appellate Authorities and as per the opinion of the company's tax advisers; the possibility of crystallization of liability is fairly unlikely,

ii) Interest payable on Dividend Distribution Tax amounting to Rs 10.91 lakhs is not provided for which the company has sought waiver of interest.

4. Write Backs

The company has written back on certain liabilities not payable being Director Remuneration payable and Salaries Payable relating to financial years 2002.03 to 2004.05. Further some items of advances which are found not receivable are also written off. The net amount so written back to the extent of Rs 21.49 lakhs is reflected under the head other incomes.

5. Taxation

Pursuant to the Accounting Standard AS22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has to recognize any deferred tax or liability in its books of account. Accordingly the company has evaluated the various elements of tax computation to determine whether any tax asset or liability needs to be recognized The Company has incurred substantial losses and it is not considered prudent to identify deferred tax assets.

6. Rounding off & Re grouping:

The previous year's figures have been regrouped where necessary to correspond with current year's figures. The figures are rounded off to the nearest rupee.

The Revised Schedule VI effective from lsf April 2011 for preparation of financial statements has significant impact on the disclosures and presentations made in the financial statements. There are, however, no material issues requiring presentation of specific reconciliation statements.


Mar 31, 2010

1. Secured Loans

a) Working Capital Term Loan of Rs. 2,25,98,693 from Bank of India, Hyderabad Overseas Branch, Hitec City, Madhapur, Hyderabad secured by Hypothecation of book debts, computers, peripherals, machinery, office equipment, air conditioners, turniture & fixtures, vehicles etc. and also by equitable mortgage by deposit of title deeds of Companys Land and Buildings, has been closed by repayment during the year.

b) The company received sanction of One time Settlement dated 28.04.2008 granted by the said bank for Rs 2, 30, 00,000/-. The loan amount has been repaid in July 2009 as per OTS sanctioned by the bank.

2 Balances of Sundry Debtors, Sundry Creditors, Loans & Advances are subject to Confirmation.

3 Provision has been made towards the liability for payment of gratuity for the Eligible employees as per the provisions of the Payment of Gratuity Act, 1972.

4 The company is engaged in the business of development of computer software and other related services. The production and sale of such software is not capable of being expressed in any generic unit and, hence, is not possible to give the quantitative details of sales and the information as required under paragraph 3, 4C and 4D of Part II of schedule VT of the Companies Act, 3956.

5. in the opinion of Management, there are no small scale industrial undertaking(s), creditors, to whom company owes a sum exceeding Rupees One Lakh which is outstanding for more than 30 days and hence details in respect of outstanding dues to small scale industrial underiaking(s) are not furnished as required, as per the notification no GSR 129 (E) dated February 22, 1999 issued by Department of Company Affairs.

6 Foreign Exchange earnings and outgo: (On receipt basis and excluding transactions in overseas branches).

Foreign Exchange inflow : Rs 6.06 Lakhs ( P. Y. Rs. 10.67 lakhs) (Towards Inward remittances)

Foreign Exchange outgo : Rs. Nil ( P.Y. Rs. Nil)

7. Contingent Liabilities :

i) Disputed Income tax demands relating to Asst Years 2001.02 & 2002.03

amounting to Rs 13.40 lakhs. The issues are under appeal before appropriate Appellate Authorities and as per the opinion of the companys tax advisers the possibility of crystallization of liability is fairly unlikely.

8. Segment Information

In terms of AS 17 issued by The Institute of Chartered Accountants of India on Segment Reporting, The Company operates in a single business segment i.e., software services. The services are provided based on geographical location is as under:

United states of America

(Through Branch operations) : Rs 150.32 lakhs

India : Rs 3.80 lakhs

9. Related Party Transactions

Related party disclosures, as required by Accounting Standard - AS 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

A. Name of the related party and nature of relationship where control exists1 .Associates

a) Frontier Life Sciences Limited

There are no transactions with these companies during the year.

b) Knowledge ware Technologies Limited

There are no transactions with these companies during the year.

2. Key Management

Personnel a) V.K. Premchand - Managing Director

C. The information given above, has been reckoned on the basis of information Available with the Company.

10. Earaiags per share

Earning per share / Loss per share is calculated by dividing the profit/loss attributable to equity shareholders by the average number of shares outstanding during the year.

l. Loss as per Profit & Loss A/c Rs. 334,60,014

2. Number of shares (nos) 1,33,10,400

3. Loss Per share (Rs.) (2.51)

4. Face value per share (Rs.) 10.00

11. Taxation

Pursuant to the Accounting Standard AS22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has to recognize any deferred tax or liability in its books of account. Accordingly the company has evaluated the various elements of tax computation to determine whether any tax asset or liability needs to be recognized The Company has incurred substantial losses and it is not considered prudent to identify deferred tax assets.

12. Rounding off & Regrouping:

The previous years figures have been regrouped where necessary to correspond with current years figures. The figures are rounded off to the nearest rupee.


Mar 31, 2009

1. Secured Loans

a. Working Capital Term Loan of Rs. 2,25,98,693 (Previous year Rs. 2,89,00,393) from Bank of India, Hyderabad Overseas Branch, Hitec City, Madhapur, Hyderabad is secured by Hypothecation of book debts, computers, peripherals, machinery, office equipment, air conditioners, furniture & fixtures, vehicles etc. and also by equitable mortgage by deposit of title deeds of Companys Land and Buildings.

b. The company received sanction of One time Settlement dated 28.04.2008 granted by the said bank for Rs 2, 30, 00,000/-. The loan amount has since been repaid in July 2009 as per OTS sanctioned by the bank. The excess liability amounting to Rs 35,26,800/- is therefore written back to the profit & Loss a/c during the current year to set up the outstanding loan amount to match the out standing liability as at the end of the year.

2 Balances of Sundry Debtors, Sundry Creditors, Loans & Advances are subject to Confirmation.

3 Provision has been made towards the liability for payment of gratuity for the eligible employees as per the provisions of the Payment of Gratuity Act, 1972.

4 The company is engaged in the business of development of computer software and other related services. The production and sale of such software is not capable of being expressed in any generic unit and, hence, is not possible to give the quantitative details of sales and the information as required under paragraph 3, 4C and 4D of Part II of schedule VI of the Companies Act, 1956.

5. In the opinion of Management, there are no small scale industrial undertaking(s), creditors, to whom company owes a sum exceeding Rupees One Lakh which is outstanding for more than 30 days and hence details in respect of outstanding dues to small scale industrial undertaking(s) are not furnished as required, as per the notification no GSR 129 (E) dated February 22, 1999 issued by Department of Company Affairs.

6. Contingent Liabilities:

i) Disputed Income tax demands relating to Asst Years 2001.02 & 2002.03

amounting to Rs 13.40 lakhs. The issues are under appeal before appropriate Appellate Authorities and as per the opinion of the companys tax advisers the possibility of crystallization of liability is fairly unlikely.

7. Related Party Transactions

Related party disclosures, as required by Accounting Standard - AS 18 "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:

A. Name of the related party and nature of relationship where control exists

1. Associates

a. Frontier Life Sciences Limited

There are no transactions with this company during the year.

b. Knowledgeware Technologies Limited

There are no transactions with this company during the year.

2. Key Management

Personnel V.K. Premchand - Chairman and Managing Director

8. Taxation

Pursuant to the Accounting Standard AS22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India the company has to recognize any deferred tax or liability in its books of account. Accordingly the company has evaluated the various elements of tax computation to determine whether any tax asset or liability needs to be recognized The Company has incurred substantial losses and it is not considered prudent to identify deferred tax assets.

9. Rounding off & Regrouping :

The previous years figures have been regrouped where necessary to correspond with current years figures. The figures are rounded off to the nearest rupee.

 
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