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Notes to Accounts of Genesys International Corporation Ltd.

Mar 31, 2015

1. Company's Background

Genesys International Corporation Limited is engaged in providing Geographical Information Services comprising of photogrammetry, remote sensing, cartography, data conversion, state of the art terrestrial and 3D geo-content including location and other computer based related services.

The company is a public limited company incorporated and domiciled in India and has its registered office at Mumbai, Maharashtra.

The company has its primary listing on Bombay Stock Exchange and National Stock Exchange.

2. Employee Benefits:

The disclosure in accordance with the requirements of Accounting Standard -15 (Revised 2005) Employee Benefits are provided below -

Defined Contribution Plans –

In respect of defined contribution plans, an amount of Rs. 82,13,616 (Previous Year: Rs. 11,815,767) has been recognized in the Statement of Profit and Loss for the year towards employer share of Provident Fund Contribution.

Defined Benefit Plans –

(i) The liability in respect of gratuity is determined as per actuarial valuation carried out as at Balance Sheet date. The present value of the obligation under such plan is determined using the projected unit credit method. Actuarial gains and losses are recognized in the statement of profit & loss for the period in which they occur.

3. RELATED PARTY TRANSACTIONS:

a. Associate Enterprises –

i. M/s Genesys Enterprises Inc., USA

ii. M/s GI Engineering Solutions Limited

iii. M/s Ventura Securities Limited

iv. M/s A.N. Virtual World Tech Limited, Cyprus

v. M/s Genesys Virtual World Limited

4. As per "AS – 17 on Segment reporting", segment information is given below:

i. The Company operates only in one Primary Segment i.e. GIS based services for the purpose of Accounting Standard – 17 Segmental reporting.

ii. The disclosure requirement for Secondary Segment as per the Accounting Standard - 17 is as under:

5. Exchange Differences

During the year, realized and unrealized exchange gain (net) amounting to Rs. 11,620,016/- (Previous Year: exchange gain of Rs. 10,627,531/-) is included in the financial statements. There are no forward exchange contracts/options outstanding as on 31st March, 2015.

6. Figures for previous year have been re-grouped/re-classified wherever necessary to conform to current year's presentation.


Mar 31, 2014

1. Commitments:

(i). Contingent Liabilities

PARTICULARS As at As at MARCH 31, 2014 MARCH 31, 2013

Contingent Liabilities

Bank Guarantees* 14,684,366 4,589,034

Estimated amount of claims against the Company not acknowledged as debts in respect of:

Disputed Income Tax Matters 5,790,516 32,959,712

*Bank Guarantees are secured by Fixed Deposits worth 5,733,728 (Previous year: Rs. 3,016,332).

2. During the year under review, in view of the long term growth plans of the Company, it was resolved by the members to raise funds through preferential issue of Convertible Warrants to non promoter investors. Accordingly, 4,000,000 Warrants convertible into 4,000,000 Equity Shares of Rs. 5/- each at a premium of Rs. 95/- per Equity Share were allotted on preferential basis to the investors on October 11, 2013. Amount paid up per equity share warrant is Rs. 50 and remaining amount is receivable within a period of 18 months from the date of allotment upon conversion of equity share warrant.

3. Employee Benefits:

The disclosure in accordance with the requirements of Accounting Standard - 15 (Revised 2005) Employee Benefits are provided below -

Defined Contribution Plans –

In respect of defined contribution plans, an amount of Rs. 11,815,767 (Previous Year: Rs. 15,728,881) has been recognized in the Statement of Profit and Loss for the year towards employer share of Provident Fund Contribution.

Defined Benefit Plans –

(i) The liability in respect of gratuity is determined as per actuarial valuation carried out as at Balance Sheet date. The present value of the obligation under such plan is determined using the projected unit credit method. Actuarial gains and losses are recognized in the statement of profit & loss for the period in which they occur.

4. RELATED PARTY TRANSACTIONS:

a. Associate Enterprises –

i. M/s Genesys Enterprises Inc., USA

ii. M/s GI Engineering Solutions Limited

iii. M/s Ventura Securities Limited

iv. M/s A.N. Virtual World Tech Limited, Cyprus

v. M/s Genesys Virtual World Limited

b. Key Management Personnel

Name of Personnel Designation

Mr. Sajid Malik Chairman & Managing Director

Mrs. Saroja Malik Whole-time Director

Mr. Sohel Malik Executive Director

Col. J. Jacob President – Photogrammetry and GIS

5. As per "AS – 17 on Segment reporting", segment information is given below:

i. The Company operates only in single Primary Segment i.e. GIS based services for the purpose of Accounting Standard – 17 Segmental reporting.

ii. The disclosure requirement for Secondary Segment as per the Accounting Standard - 17 is as under:

6. Exchange Differences

During the year, realized and unrealized exchange gain (net) amounting to Rs. 10,627,532/- (Previous Year: exchange gain of Rs. 31,900,982/-) is included in the financial statements. There are no forward exchange contracts/options outstanding as on 31st March, 2014.

7. Figures for previous year have been re-grouped/re-classified wherever necessary to conform to current year''s presentation.


Mar 31, 2013

1. Company''s Background

Genesys International Corporation Limited is engaged in providing Geographical Information Services comprising of photogrammetry'' remote sensing'' cartography'' data conversion'' state of the art terrestrial and 3D geo-content including location and other computer based related services.

2. Commitments:

(i). Contingent Liabilities

PARTICULARS As at MARCH 31'' 2013 MARCH 31'' 2012

Contingent Liabilities

Bank Guarantees* 4''589''034 6''101''391

Estimated amount of claims against the Company not acknowledged as debts in respect of:

Disputed Income Tax Matters 32''959''712 67''064''248

*The guarantees are secured by Fixed Deposits worth Rs. 3''016''332

(Previous year: Rs. 1''961''878).

(ii) Capital Commitment :

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 16''741''570 (Previous Year: Rs. Nil).

3. During the year the Company has remitted Rs. 162''820''700 (Previous Year: Rs. Nil) as share application money towards investment in Optionally Convertible Preference Shares (OCPS) of A. N. Virtual World Tech Limited'' Cyprus. The Company has further remitted Rs. 202''713''166 subsequent to the balance sheet date and the same is pending allotment.

4. Employee Benefits: The disclosure in accordance with the requirements of Accounting Standard -15 (Revised 2005) Employee Benefits are provided below -

Defined Contribution Plans –

In respect of defined contribution plans'' an amount of Rs. 15''728''881 (Previous Year: Rs. 11''059''984) has been recognized in the Statement of Profit and Loss for the year towards employer share of Provident Fund Contribution.

Defined Benefit Plans –

(i) The liability in respect of gratuity is determined as per actuarial valuation carried out as at Balance Sheet date. The present value of the obligation under such plan is determined using the projected unit credit method. Actuarial gains and losses are recognized in the Statement of Profit and Loss for the period in which they occur.

5. RELATED PARTY TRANSACTIONS :

a. Parties where control exists:

Associate Enterprises –

i. M/s Genesys Enterprises Inc.'' USA

ii. M/s GI Engineering Solutions Limited'' India

iii. M/s Ventura Securities Limited'' India

iv. M/s A.N. Virtual World Tech Limited'' Cyprus

6. As per "AS – 17 on Segment reporting"'' segment information is given below:

i. The Company operates only in single Primary Segment i.e. GIS based services for the purpose of Accounting Standard – 17 Segmental reporting.

ii. The disclosure requirement for Secondary Segment as per the Accounting Standard 17 is as under:

7. EXCHANGE DIFFERENCES

During the year'' realized and unrealized exchange gain (net) amounting to Rs. 31''900''982/- (Previous Year: exchange gain of Rs. 78''525''159/-) is included in the financial statements. There are no forward exchange contracts/options outstanding as on 31st March'' 2013.

8. Figures for previous year have been re-grouped/re-classified wherever necessary to conform to current year''s presentation.


Mar 31, 2012

1. Company's Background

Genesys International Corporation Ltd. is engaged in providing Geographical Information Services comprising of Photogrammetry, Remote Sensing, Cartography, Data Conversion, state of the art terrestrial and 3d geo- content including location based and other Computer based related services.

There is no change in the number of equity shares outstanding as at the beginning and at the end of the year.

The Company has only one class of shares referred to as equity shares having a par value of Rs.5/-. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.

The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended March 31, 2012 the amount of per share dividend recognized as distributions to equity shareholders was Rs.1.25 per share. The total dividend appropriation for the year ended March 31, 2012 amounted to Rs. 43,361,906 including corporate dividend tax.

Vehicle loans under vehicle finance from financial institutions and banks amount to Rs. 25,398,501 ( Previous Year Rs. 19,234,098) carrying interest rate ranging from 9.25% to 11.75% p.a. is repayable in EMI's & fully secured by hypothecation of vehicle acquired by utilising the said loan.

Current maturities of the above loans upto 31.03.2013 have been grouped under "Current maturities of long term debt" (refer note no. 8).

Amount due to Micro, Small and Medium Enterprises :

(a) Trade payables includes (i) Rs. Nil (Previous year Rs. Nil) due to micro and small enterprises registered under the Micro, Small and Medium Enterprises Develompment Act, 2006 (MSME); and (ii) Rs. 34,030,042 (Previous year Rs. 8,327,375) due to other parties.

(b) No interest is paid/payable during the year to any enterprise registered under the MSME.

(c ) The above information has been determined to the extent such parties could be identified on the basis of the information available with the company regarding the status of suppliers under the MSME.

(a) During the year the Company has sold its entire investment in its wholly owned subsidiary M/s. Genesys International (UK) Limited, UK resulting in a loss of Rs. 60,514,987.

(b) During the year the Company has sold its holding of 16.67% in Image Intelligence Inc., USA, resulting in a loss of Rs. 66,834,063. The Company has already provided for diminution of Rs. 69,618,068, the entire amount of investment in previous years.

2. Commitments :

(i) Contingent Liabilities (in Rs.)

PARTICULARS As at MARCH 31, 2012 MARCH 31, 2011

Contingent Liabilities

Bank Guarantees* 6,101,391 23,999,627

Letter of Credit - 742,050

Estimated amount of claims against the company not acknowledged as debts in respect of :

Disputed Income Tax Matters 67,064,248 44,305,764

*The guarantees are secured by Fixed Deposits worth Rs. 1,961,878 (Previous year Rs. 19,779,644).

(ii) Other Commitments :

The Company has purchase commitment of Rs. 5,367,622 towards investment in equity shares of A.N. Virtual World Tech Limited, Cyprus.

3. During the year the Company has sold its entire investment in its wholly owned subsidiary M/s. Genesys International (UK) Limited, UK. Accordingly as on March 31, 2012 the company has no subsidiary and only standalone financial statements are prepared.

4. During the year the company has invested Rs. 607,458,893 in equity instruments of A. N. Virtual World Tech Limited, Cyprus. The amount so invested is shown as share application money pending allotment as on March 31, 2012. The company has further invested Rs. 5,367,622 subsequent to balance sheet date. On May 7, 2012 the Company has been allotted 597,394 equity shares of 1 euro each at a premium of 15 euro per equity share by A. N. Virtual World Tech Limited, Cyprus.

5. The Company has obtained sanction for Post Shipment line of credit from State Bank of India. As on March 31, 2012 outstanding amount is Rs. NIL. (Previous Year Rs. Nil).

Post Shipment line of credit facility is secured by hypothecation of entire current assets of the company present & future, export bills and further secured by:

- Hypothecation charge over all movable assets , equipments, fixtures of the company located at the Company's offices at Bangalore and at 73, 73A, 75B, 77A & 77C SDF-III, Seepz, Andheri (East), Mumbai.

- Lien on Term Deposit Receipt of Rs. 10,105,429 (Previous year Rs. 9,385,851).

- Personal guarantees of Whole-time Director, Managing Director and Executive Director of the Company.

- Pledge of Promoters' shares having a market value of Rs. 101,046,213/- (Previous year Rs. 143,296,186) as on March 31, 2012.

6. Employee Benefits : The disclosure in accordance with the requirements of Accounting Standard -15 (Revised 2005) Employee Benefits are provided below -

Defined Contribution Plans -

In respect of defined contribution plans, an amount of Rs. 11,059,984 (Previous Year Rs. 7,551,906) has been recognized in the statement of profit & loss for the year towards employer share of PF Contribution.

Defined Benefit Plans -

(i) The liability in respect of gratuity is determined as per actuarial valuation carried out as at Balance Sheet date. The present value of the obligation under such plan is determined using the projected unit credit method. Actuarial gains and losses are recognized in the statement of profit & loss for the period in which they occur.

7. RELATED PARTY TRANSACTIONS :

a. Parties where control exists:

Subsidiary Companies -

i. Genesys International (UK) Limited, UK - since ceased to be subsidiary

ii. Geodc Limited, UK - since ceased to be subsidiary Associate Enterprises -

i. M/s Genesys Enterprises Inc., USA

ii. M/s GI Engineering Solutions Ltd., India

iii. M/s Ventura Securities Limited, India

8. EXCHANGE DIFFERENCES

During the year, realized and unrealized exchange gain (net) amounting to Rs. 78,525,159/- (Previous Year exchange loss of Rs. 5,511,597/-) is included in the financial statements. There are no forward exchange contracts/options outstanding as on March 31, 2012.

9. The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of the financial statements. This has significantly impacted the disclosures and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classifications / disclosures.

 
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