Home  »  Company  »  Info-Drive Softw  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

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.


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 – 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 Company’s 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 year’s classification.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X