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Notes to Accounts of Goldstone Technologies Ltd.

Mar 31, 2015

1. Contingent Liability:

Outstanding Bank Guarantees - Rs.79.88 Lakhs (Previous year Rs.125.67 Lakhs)

2. Investments:

A) The company acquired 100% holding in M/s Staytop Systems Inc at a total purchase consideration of USD 2,100,000 in the year 2005. Out of the total purchase consideration an amount of USD 2,000,000 was paid up to 2006-07 and for the balance amount of USD 100,000 the company issued 35,918 Equity Shares as fully paid and no new fresh investments during the year.

B) The company has holding of 9900 share @ Rs.10/- of M/s Staytop Systems and Software Pvt Ltd.,

3. Confirmation of balances with sundry debtors and sundry creditors:

Company has taken necessary steps to get the confirmation of balances from the parties.

4. Provision for Income-Tax:

The company has provided provision for Tax of Rs. 30,40,000/- as per the provisions of the Income Tax Act, 1961.

5. Deferred Taxation:

Deferred Tax Liability/Asset is recognized in accordance with Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

6. Fixed Assets :

During the year company has computed Depreciation on Fixed Assets based on the useful life in the manner prescribed in part C of Schedule II of new companies Act 2013. In accordance with the transitional provisions under note 7(b) to Part C of Schedule II of the act, 2,07,85,515/- has been adjusted against retained earnings pertaining to assets whose balance useful life was NIL as at 1st April 2014.

7. Related Party Disclosure:

As per Accounting Standard 18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India, the disclosure of transactions with the related party as defined in the Accounting Standard are given below:

List of related parties with whom transactions have taken place and

Sl. No Name of the related party Relationship

1 Staytop Systems, Inc. Subsidiary

2 Staytop Systems and Software Pvt Ltd Subsidiary

8. Impairment of Assets:

The company reviewed with regard to realizable value of Fixed Asset and found that, the realizable value is more than the book value, hence no provision for impairment of Assets considered necessary.

9. Accounting for Provisions, Contingent Liabilities and Contingent Assets:

Provisions have been recognized by the Company for all present obligations arising from past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made by using a substantial degree of estimation. This is as per the provisions of AS-28 issued by ICAI.

Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an on-going basis and only those having a largely probable outflow of resources are provided for.

Contingent Assets have not been recognized in the financial statements.

10. Prior Period Adjustments:

Prior period adjustment of Rs.14,48,369/- ( Previous year Rs.61,544/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

11. Additional Information required as per Para's 3 & 4 of Part II of Schedule IV to the companies Act,2013:

12. The Company is engaged in Information Technology & Information Technology Enabled Services. The production and sale of such service cannot be expressed in Units, Hence, it is not possible to give the quantitative details and information as required under paragraphs 3,4 of Part II of Schedule VI to the Companies Act, 2013.

13. Inventory:

During the year the company has no Inventories

14. Capital Work in Progress

Capital Work in Progress includes cost of Fixed Assets under installation including Advances given for purchase of Capital Goods, interest on borrowing costs attributable to the assets for the Assets taken on Finance and any un allocated expenditure pertaining there to

15. Short term Borrowings:

Working Capital Facilities from Central Bank of India are secured by:

i). Hypothecation against first charge on receivables of the company both present and future.

ii). Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited & M/s Goldstone Infratech Limited.

iii). Corporate Guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone Infratech Limited for above loan.

iv). Personal guarantee of a promoter director of the company.

v) The said working capital facility has been sanctioned for a period of one year and renewable on a Yearly basis with rate of interest -base rate of the bank plus 3.5% and renewable on a yearly basis.

16. Trade payables:

"The Company has no "Supplier / Vendor" within the meaning of Section 2 (n) of the Micro, Small and Medium Enterprises Development Act, 2006.

17. Figures for the previous year/period are regrouped/ rearranged wherever considered necessary.


Mar 31, 2014

1. Contingent Liability :

Outstanding Bank Guarantees - Rs.125.67 Lakhs (Previous year Rs.163.66 Lakhs)

2. Investments :

A) The company acquired 100% holding in M/s Staytop Systems Inc at a total purchase consideration of USD 2.100.000 in the year 2005. Out of the total purchase consideration an amount of USD 2,000,000 was paid up to 2006- 07 and for the balance amount of USD 100.000 the company issued 35,918 Equity Shares as fully paid and no new fresh investments during the year.

B) The company has holding of 9900 share @ Rs.10/- of M/s Staytop Systems and Software Pvt Ltd.,

3. Confirmation of balances with sundry debtors and sundry creditors: Company has taken necessary steps to get the confirmation of balances from the parties.

4. Provision for Income-Tax :

The company has provided provision for Tax of Rs.6.25 Millions as per the provisions of the Income Tax Act, 1961.

5. Deferred Taxation :

Deferred Tax Liability/Asset is recognized in accordance with Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

6. Related Party Disclosure :

As per Accounting Standard 18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India, the disclosure of transactions with the related party as defined in the Accounting Standard are given below :

8. Segment Reporting :

As per Accounting Standard 17 on Segment Reporting disclosures issued by the Institute of Chartered Accountants of India the disclosures on segment reporting are given below :

Business Segment - In the previous year the company was engaged in the business of Information Technology & Information Technology Enabled Services. The business segment wise details are given

Segment Capital Employed : Segregation of assets, liabilities, depreciation and other non-cash expenses into various primary segments has not been done, as the assets are used interchangeably between segments. Accordingly no disclosure relating to segmental assets and liabilities has been made.

9. Impairment of Assets :

The company reviewed with regard to realizable value of Fixed Asset and found that, the realizable value is more than the book value, hence no provision for impairment of Assets considered necessary.

10.Employee Benefits :

Retirement benefits to employees The Company has made provision based on actuarial valuation in respect of Gratuity and Leave Encashment as per AS 15. The details are as follows :

Accounting for Provisions, Contingent Liabilities and Contingent Assets :

Provisions have been recognized by the Company for all present obligations arising from past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made by using a substantial degree of estimation. This is as per the provisions of AS-29 issued by ICAI.

Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an on-going basis and only those having a largely probable outflow of resources are provided for.

Contingent Assets have not been recognized in the financial statements.

11. Prior Period Adjustments :

Prior period adjustment of Rs. 61,544/- ( Previous year Rs. Nil ) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

12. Additional Information required as per Para''s 3 & 4 of Part II of Schedule VI to the companies Act,1956 :

12.1 The Company is engaged in Information Technology & Information Technology Enabled Services. The production and sale of such service cannot be expressed in Units, Hence, it is not possible to give the quantitative details and information as required under paragraphs 3,4 of Part II of Schedule VI to the Companies Act, 1956.

13. Inventory :

Movie Rights & Colourisation :

Cost of acquisition of Movies and expenditure incurred for restoration, digitalisation and Colourisation has been recognised as capital assets during the current financial year, which has been shown as inventory in the previous year. Further it has been amortized over a period of 5 years commencing in financial year 2013-2014.

14. Capital Work in Progress :

Capital Work in Progress includes cost of Fixed Assets under installation including Advances given for purchase of Capital Goods, interest on borrowing costs attributable to the assets for the Assets taken on Finance and any un allocated expenditure pertaining there to.

15. Short term Borrowings :

Working Capital Facilities from Central Bank of India are secured by :

i) . Hypothecation against first charge on receivables of the company both present and future.

ii) . Equitable Mortgage of immovable property of M/s Goldstone Technologies Limited & M/s Goldstone

Infratech Limited.

iii) . Corporate Guarantee given by M/s Trinity Infraventures Limited & M/s Goldstone Infratech Limited

for above loan

iv) . Personal guarantee of a promoter director of the company.

v) The said working capital facility has been sanctioned for a period of one year and renewable on a yearly basis with rate of interest -base rate of the bank plus 3.5% and renewable on a yearly basis.

vi). During the financial year working capital availed from ICICI Bank has been paid in full and closed.

16. Trade payables :

"The Company has no information as to whether any of its vendors constitute a "Supplier" within the meaning of Section 2 (n) of the Micro, Small and Medium Enterprises Development Act, 2006 as no declarations were received under the said Act from them".

17. Figures for the previous year/period are regrouped/ rearranged wherever considered necessary.


Mar 31, 2013

1. Contingent Liability:

Outstanding Performance Bank Guarantees –Rs.163.66 Lakhs (Previous year Rs.48.61 Lakhs)

2. Investments:

A) The company acquired 100% holding in M/s Staytop Systems Inc at a total purchase consideration of USD 2,100,000 in the year 2005. Out of the total purchase consideration an amount of USD 2,000,000 was paid up to 2006- 07 and for the balance amount of USD 100,000 the company issued 35,918 Equity Shares as fully paid and no new fresh investments during the year. B) The company has holding of 9900 share @ Rs.10/- of M/s Staytop Systems and Software Pvt Ltd.

3. Confirmation of balances with sundry debtors and sundry creditors:

Company has taken necessary steps to get the confirmation of balances from the parties.

4. Provision for Income-Tax:

The company has provided provision for Tax of Rs. 3.87 Millions as per the provisions of the Income Tax Act, 1961. Federal / State tax paid on income of the branch of the company in USA has been accounted for.

5. Deferred Taxation:

Deferred Tax Liability/Asset is recognized in accordance with Accounting Standard 22 – "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

6. Segment Reporting:

As per Accounting Standard 17 on Segment Reporting disclosures issued by the Institute of Chartered Accountants of India the disclosures on segment reporting are given below

Business Segment – In the previous year the company was engaged in the business of Information Technology & Information Technology Enabled Services. The business segment wise details are given below

Accounting for Provisions, Contingent Liabilities and Contingent Assets:

Provisions have been recognized by the Company for all present obligations arising from past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made by using a substantial degree of estimation. This is as per the provisions of AS-28 issued by ICAI.

Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an on-going basis and only those having a largely probable outflow of resources are provided for.

Contingent Assets have not been recognized in the financial statements.

7. Prior Period Adjustments:

Prior period adjustment of Rs. Nil ( Previous year Rs.18,82,786/- ) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

8. Additional Information required as per Para''s 3 & 4 of Part II of Schedule VI to the companies Act,1956:

9.1 The Company is engaged in Information Technology & Information Technology Enabled Services. The production and sale of such service cannot be expressed in Units, Hence, it is not possible to give the quantitative details and information as required under paragraphs 3,4 of Part II of Schedule VI to the Companies Act, 1956.

10. Inventory:

a) Restoration and colorization expenses in respect of the films for which the company has acquired distribution rights are carried as working in progress pending completion of the respective films.

b) Costs incurred for a colorization of movies including the movie rights have been shown in the inventory.

11. Capital Work in Progress

Capital Work in Progress includes cost of Fixed Assets under installation including Advances given for purchase of Capital Goods, interest on borrowing costs attributable to the assets for the Assets taken on Finance and any un allocated expenditure pertaining there to.

12. Figures for the previous year/period are regrouped/ rearranged wherever considered necessary.


Mar 31, 2012

1. Contingent Liability:

Outstanding Bank Guarantees -Rs.48.61 Lakhs (Previous year Rs.10.28 Lakhs) Claims against the company - against disputed income tax demands not provided for about Rs.7.50 Lakhs, pending before Appellate Authority.

2. Investments:

The company acquired 100% holding in M/s Staytop Systems Inc at a total purchase consideration of USD 2,100,000 in the year 2005. Out of the total purchase consideration an amount of USD 2,000,000 was paid upto 2006-07 and for the balance amount of USD 100,000 the company issued 35,918 Equity Shares as fully paid and no new fresh investments during the year.

3. Confirmation of balances with sundry debtors and sundry creditors:

Company has taken necessary steps to get the confirmation of balances from the parties.

4. Provision for Income-Tax:

The company has provided for Minimum Alternative Tax of Rs.1.5 Millions as per the provisions of Section 115JB of the Income Tax Act, 1961. Federal / State tax paid on income of the branch of the company in USA has been accounted for.

5. Deferred Taxation:

Deferred Tax Liability/Asset is recognized in accordance with Accounting Standard 22 - "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. Computation of Deferred Tax Asset/Liability:

6. Related Party Disclosure:

As per Accounting Standard 18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India, the disclosure of transactions with the related party as defined in the Accounting Standard are given below:

7. Segment Reporting:

As per Accounting Standard 17 on Segment Reporting disclosures issued by the Institute of Chartered Accountants of India the disclosures on segment reporting are given below Business Segment

In the previous year the company was engaged in the business of Information Technology & Information Technology Enabled Services. The business segment wise details are given below.

Segment Capital Employed: Segregation of assets, liabilities, depreciation and other non-cash expenses into various primary segments has not been done, as the assets are used Interchangeably between segments. Accordingly no disclosure relating to segmental assets and liabilities has been made.

8. Impairment of Assets:

The company reviewed with regard to realizable value of Fixed Asset and found that, the realizable value is more than the book value, hence no provision for impairment of Assets considered necessary.

Accounting for Provisions, Contingent Liabilities and Contingent Assets:

Provisions have been recognized by the Company for all present obligations arising from past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made by using a substantial degree of estimation. This is as per the provisions of AS-28 issued by Institute of Chartered Accountant of India.

Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an on-going basis and only those having a largely probable outflow of resources are provided for.

Contingent Assets have not been recognized in the financial statements.

9. Prior Period Adjustments:

Prior period adjustment of Rs.18,82,786/- (Previous year 84,340/-) shown in the Profit and Loss account is the net amount of the debits and credits pertaining to previous years, which were not provided during those periods.

10. Additional Information required as per Para's 3 & 4 of Part II of Schedule VI to the companies Act,1956:

11.1 The Company is engaged in Information Technology & Information Technology Enabled Services. The production and sale of such service cannot be expressed in Units, hence, it is not possible to give the quantitative details and information as required under paragraphs 3,4 of Part II of Schedule VI to the Companies Act, 1956.

12. Inventory:

a) Restoration and colorization expenses in respect of the films for which the company has acquired distribution rights are carried as working in progress pending completion of the respective films.

b) Costs incurred for a colorization of movies including the movie rights have been shown in the inventory.

13. Capital Work in Progress

Capital Work in Progress includes cost of Fixed Assets under installation including Advances given for purchase of Capital Goods, interest on borrowing costs attributable to the assets for the Assets taken on Finance and any un allocated expenditure pertaining there to. During the year under review an amount of Rs.17.2 million received on sale of items has been reduced from capital work in process.

14. Figures for the previous year/period are regrouped/ rearranged wherever considered necessary.

 
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