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.
Mar 31, 2011
A . Segment reporting
The company operates only in one segment viz. Information Technology.
B . Related Party Disclosures
List of related parties where control exists and other related parties
with whom the company had transactions and their relationship is as
below.
Sl. Name of the Related Party Nature of Relationship
No.
1. Info-Drive Software Inc. USA Subsidiary Companies
2. Info-Drive Software LLC, Dubai
3. Info-Drive Software Pte, Ltd.,
Singapore
4. Info-Drive Systems Sdn Bhd,
Malaysia
5. Info-Drive Software Limited,
Canada
6. Infodrive Mauritius Limited,
Mauritius
7. Technoprism LLC, USA Fellow Subsidiary Company
(Subsidiary of Info-Drive
Software Inc, USA)
8. Info Drive Technologies Co.,
Ltd, Thailand Associate Company
(Associate company of
Info-Drive Software Pte.
Ltd. Singapore)
9. K. Chandrasekaran Key Management personnel
10. K. Shivakumar
11. N.T. Shivkumar
C . Foreign Currency Translation Reserve
Exchange differences on account of fluctuations in foreign currency
rates are treated as under:
i) Exchange difference gain/(loss) recognised in the Profit and Loss
Account relating to exports/services during the year.
ii) Exchange difference gain/(loss) recognised in the Balance Sheet
relating to investments as Foreign Currency Translation Reserve.
D . Contingent Liabilities
Stand By Letter of Credit (SBLC)/Bank Guarantee (BG) is issued by Axis
Bank favouring EFG Bank AG, Singapore, in favour of the beneficiary
being Info-Drive Software Pte. Ltd., wholly owned subsidiary in
Singapore amounting to Rs. 1,370 lakhs (USD 3 Millon) against fully
secured cash margin deposits with Axis Bank Rs. 1,370 lakhs for a
period of one year ending 22.02.2012. (Previous year à Nil).
F . Due to SSI's
As at March 31, 2011 the company has no outstanding dues to Micro
Enterprises, Small Enterprises and Small Scale Industrial Undertakings.
G . Foreign Currency Transactions
Monetary current assets and current liabilities relating to foreign
currency transactions remaining unsettled at the end of the year are
translated at the exchange rates prevailing at the date of balance
sheet.
H . Unclaimed Dividend
For the past three financial years the total unclaimed dividends
amounted to Rs. 8,00,398/- comprising of Rs. 282,299/- (2007- 2008),
Rs. 236,494/- (2008-2009) and Rs. 2,80,605/- (2009-2010) respectively.
I . Confirmations from Sundry Debtors, Creditors, Loans and Advances
Confirmation of balances from Sundry Debtors, Creditors and loans and
advances are yet to be received in some cases though the company has
sent letters for confirmation by them. The balances adopted are as
appearing in the books of accounts of the Company.
J . Pursuant to the resolutions passed at the meeting of the Board of
Directors held on November 11, 2010, 1,58,51,330 equity shares of face
value of Rs.10/- each have been allotted to Qualified Institutional
Buyers (QIB) at a premium of Rs.15/- per share on November 11, 2010
aggregating to Rs. 39,62,83,250/-.
K . The figures for the current year and previous year have been
rounded off to the nearest lac.
L . Previous year figures have been rearranged or regrouped wherever
necessary to conform to current year's classification.
Mar 31, 2010
A) Related Party Disclosures
List of related parties where control exists and other related parties
with whom the company had transactions and their relationship is as
below.
Sl.
No. Name of the related party Nature of relationship
1. Info-Drive Software Inc. USA Subsidiary Companies
2. Info-Drive Software LLC, Dubai
3. Info-Drive Software Pte, Ltd., Singapore
4. Info-Drive Systems Sdn Bhd, Malaysia
5. Info-Drive Software Limited, Canada
6. Precision Infomatics (Madras) Pvt Ltd
7. Precision Techconet Private Limited Fellow Subsidiary
Companies
(Subsidiaries of
Precision Infomatics
8. Legend Systems Pvt.Ltd
(Madras) Private
Limited)
9. Precision Techserve Private Limited
10. Precision Galaxy Private Limited
11. Technoprism LLC, USA Fellow Subsidiary
Company
(Subsidiary of
Info-Drive Software
Inc, USA)
12. K. Chandrasekaran Key Management
personnel
13. K. Shivakumar
14. N.T. Shivkumar
b) Foreign Currency Translation Reserve
Exchange differences on account of fluctuations in foreign currency
rates are treated as under:
i) Exchange difference gain/ (loss) recognised in the Profit and Loss
Account relating to exports/services during the year.
ii) Exchange difference gain/ (loss) recognised in the Balance Sheet
relating to investments as Foreign Currency Translation Reserve.
c) Contingent Liabilities not provided for
1. On guarantees and counter guarantees given to bankers Rs.Nil (March
31, 2009 - Rs.1474 lacs)
2. Bills discounted with CompanyÃs bankers for Rs 486 lacs (Rs Nil on
March 31, 2009)
d) Due to SSIs
As at 31st March 2010 the company has no outstanding dues to Micro
Enterprises, Small Enterprises and Small Scale Industrial Undertakings.
e) Unclaimed Dividend
For the years 2007-2008 and 2008-2009 the total unclaimed dividends
amounted to Rs. 518,793/- comprising of Rs. 282,299/- (2007-2008) and
Rs. 236,494/- (2008-2009) respectively.
f) Sundry Debtors, Creditors, Loans and Advances
Confirmation of balances from Sundry Debtors, Creditors and Deposits
are yet to be received in few cases though the company has sent letters
of confirmation to them. The balances adopted are as appearing in the
books of accounts of the Company.
g) The figures for the current year and previous year have been rounded
off to the nearest lac.
h) Previous year figures have been rearranged or regrouped wherever
necessary to conform with current yearÃs classification.