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Notes to Accounts of Info-Drive Software Ltd.

Mar 31, 2015

1. GENERAL INFORMATION:

Info-Drive Software Limited (the Company) is a juristic person incorporated under the Companies Act, 1956. The address of its Registered Office and principal place of business is Buhari Buildings, No.3, Moores Road, Chennai - 600 006. The principal activities of the Company are development of computer software, business process outsourcing (BPO), hardware and software consultancy services. The Company is a software exporter registered under Software Technology Parks of India (STPI).

2. Equity Shares:

The company has one class of equity shares having a par value of Rs.10/- each. Each share holder is eligible for one vote per share held. In the event of liquidation, the equity share holders are eligible to receive the remaining assets of the company after distribution of all preferential payments, in proportion to their shareholding.

The company has issued 91, 0 coupon Foreign Currency Convertible Bonds (FCCB) of USD 1,00,000 each aggregating to USD 9.1 Million at par on 12.12.2014. These bonds are convertible at the option of bond-holders into equity shares of Re.1/- each fully paid up at the conversion price of Re.1/- per share, subject to the terms of issue, with a fixed rate of exchange of Rs.60.09 equal to USD 1 at any time after 12.12.2014 and prior to the close of business on 12.12.2019.

During the year 18 FCCBs of USD 1,00,000 each aggregating to USD 1.8 Million were converted into 10,81,62,000 equity shares of Re.1/- each. Unless earlier converted, the remaining bonds are redeemable at maturity on 12.12.2019.

3. Quantitative information:

The quantitative information as required to be disclosed under paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956, have not been given pursuant to the exemption given under the notification dated 8th February 2011 issued by the Ministry of Corporate affairs, Government of India.

4. The figures for the current year and previous year have been rounded off to the nearest lac.

5. Previous year figures have been rearranged or regrouped wherever necessary to conform to current year's classification.`


Mar 31, 2014

1. GENERAL INFORMATION

Info-Drive Software Limited (the Company) is a juristic person incorporated under the Companies Act, 1956. The address of its Registered Office and principal place of business is Buhari Buildings, No.3, Moores Road, Chennai - 600 006. The principal activities of the Company are development of computer software, business process outsourcing (BPO), hardware and software consultancy services. The Company is a software exporter registered under Software Technology Parks of India (STPI).

a) Contingent Liabilities:

1. SBLC (stand by letter of credit) renewed in favour of Indian Overseas Bank, Singapore has been pre-maturely invoked resulting in reduction of entire security of fixed deposits. However corporate guarantee (CG) issued would be nullified after settlement of all dues by the subsidiary company in Singapore.

2. The appeal filed by the company with the Commissioner of Income-tax, Appeals III in respect of the disallowance of claim under section 35D (issue expenses) of Rs.4,50,296/- for the assessment year 2004-2005 has not been disposed off as yet; However, there is no demand of tax.

3. The company has preferred an appeal before the Income Tax Appellate Tribunal (ITAT) for the demands raised on account of TDS on international transactions by CIT (A) for AY 2010-11 Rs.33,44,226 and for AY 2011-12 of Rs.165,15,087 respectively. No provision has been made for this contingency on demands as the company is confident of winning the appeal.

4. The company has filed appeal with the Commissioner of Income-tax, Appeals (II) in respect of the assessment year 2010-11 for Rs. 3,01,84,966/- which arose on account of denial of deduction u/s.10B and u/s 115JB for section 80HHC of the Income Tax Act 1961 . In view of confident of winning the appeal no provision has been made in the books of account.

2. QUANTITATIVE INFORMATION

The quantitative information as required to be disclosed under paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956, have not been given pursuant to the exemption given under the notification dated 8th February 2011 issued by the Ministry of Corporate affairs, Government of India.

3. The figures for the current year and previous year have been rounded off to the nearest lac.

4. Previous year figures have been rearranged or regrouped wherever necessary to conform to current year''s classification.


Mar 31, 2013

GENERAL INFORMATION:

Info-Drive Software Limited (the Company) is a juristic person incorporated under the Companies Act, 1956. The address of its Registered Office and principal place of business is Buhari Buildings, No.3, Moores Road, Chennai - 600 006. The principal activities of the Company are development of computer software, business process outsourcing (BPO), hardware and software consultancy services. The Company is a software exporter registered under Software Technology Parks of India (STPI).

1. Quantitative information:

The quantitative information as required to be disclosed under paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956, have not been given pursuant to the exemption given under the notification dated 8th February 2011 issued by the Ministry of Corporate affairs, Government of India.

2. The figures for the current year and previous year have been rounded off to the nearest lac.

3. Previous year figures have been rearranged or regrouped wherever necessary to conform to current year''s classification.


Mar 31, 2012

GENERAL INFORMATION

Info-Drive Software Limited (the Company) is a juristic person incorporated under the Companies Act, 1956. The address of its Registered Office and principal place of business is Buhari Buildings, No. 3, Moores Road, Chennai - 600 006. The principal activities of the Company are development of computer software, business process outsourcing (BPO), hardware and software consultancy services. The Company is a software exporter registered under Software Technology Parks of India (STPI).

1. Quantitative Information

The quantitative information as required to be disclosed under paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956, have not been given pursuant to the exemption given under the notification dated February 8, 2011 issued by the Ministry of Corporate affairs, Government of India.

2. The figures for the current year and previous year have been rounded off to the nearest lac.

3. Previous year figures have been rearranged or regrouped wherever necessary to conform to current year's classification.

 
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