Mar 31, 2015
1. Terms / Rights attached to Equity Shares:
a) The Company has only one class of Equity Shares having par value of
Rs 10 each. Each share holder is eligible for one vote per share held.
b) In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
2. Gratuity as per AS-15 has not been provided; it will be accounted
for in the year of payment since no material obligation has been
recognized.
3.amount outstanding due to Micro and Small Enterprises as per MSMED Act,
2006.
4. There is decline in carrying amounts of the long-term investments
in shares of certain Ltd Companies. The above investments being
strategic in nature and diminution in the value of said investments
being temporary in nature, no provision their against is required in
the accounts.
5. The Company's business activity falls within a single primary
business segment i.e. Software business and therefore, the disclosure
requirement of Accounting Standard -17 "Segment Reporting" is not
applicable.
6. In the opinion of the Board and to the best of their knowledge and
belief, Trade Receivables, Loans and Advances have a value of
realization in the ordinary course of business at least equal to the
amount at which they are stated in the Balance Sheet and are subject to
confirmations by the respective parties.
7. Current Tax and Deferred Tax Liability has not been recognized due
to brought forward losses.
Minimum Alternate Tax (MAT) under the provisions of the Income Tax Act,
1961 is recognized as current tax in the statement of profit & loss.
The credit under the Act in respect of MAT paid is recognized as an
asset only when and to the extent there is convincing evidence that the
company will pay normal income tax during the period for which MAT
credit can be carried forward for set-off against the normal tax
liability.
8. Related Parties disclosures
Name of the related parties and related party relationships
i) Subsidiary
Lensel Web Services Pvt. Ltd. Wholly Owned Subsidiary
Rituraj Shares Broking Pvt. Ltd. Wholly Owned Subsidiary
ii) Related parties with whom transactions has taken place during the
year
Relatives of Key Management Personnel / Enterprises owned or
significantly influenced by Key Management Personnel or their relatives
Leena Gupta (Daughter of Promoter Director)
S. M. Gupta & Company
Leena Consultancy
Rituraj Shares & Securities Ltd.
Rituraj Shares & Securities
9. The SAP Partnership fees paid by the company does not come under
the definition of Intangible Assets defined under AS-26. So, the same
is considered as deferred revenue expenditure and amortised over a
period of five years as per Section 35D of the Income Tax Act 1961.
10. Comparative Figures
Figures of the previous year have been regrouped/ reclassified/
rearranged wherever necessary to correspond with those of the current
year's classification/ disclosures.
Mar 31, 2014
1. Terms Rights attached to Equity Shares:
a) The Company has only one class of Equity Shares having par value of
Rs 10 each Each share holder is eligible for one vote per share held
b) In Ihe event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts, if any The distribution
will be in proportion lo the number of equity shares held by the
shareholders
2 The Company, out of the 55774000 equity shares of Rs 10 each,
during the financial year 1990-91, 800000 equity shares had called up
for Rs 0 50 paise each aggregating lo Rs 400000 only allotted for
consideration other than cash
3. Pursuant to order of the Honorable Calcutta High Court, during the
financial year 1999-2000, 5000000 equity shares of Rs 10 each on merger
of Lensel Finance Ltd
4. 16704000 equity shares of Rs 10 each fully paid upto three
amalgamating companies during the financial year 2000-01
5. 29080000 equity shares of Rs 10 each fully paid upto five
amalgamating companies during the financial year 2007-08
6. Contingent liabilities not provided for:
Demand for custom duly on behalf of audit objection amounting to Rs
69,62,065A(earlier years) is not acknowledge as debts being disputed.
7 Gratuity as per AS-15 has not been provided; it will be accounted
for in the year of payment since no obligation had been recognized
8 The company has no outstanding dues as on 31 03 2014 payable to
small-scale units
9 There is decline In carrying amounts of the long-term investments in
shares of certain Ltd Companies, However no provisions
for the resultant amount of decline are made in Profit S Loss a/c as
same is not ascertainable.
10 As the Company is dealing only in software business therefore the
segment reporting as per AS 17 is not required
11 Minimum AHwmste lax (MATJ 3mlor the provisloiia Tax Act 1961 is
recongniszed moogmied as carrcni that in or profit fixed nas Pie credit
urtienheAd In teipirt ni pu.xi 1 in-r/gw-cn as ai1 asset nnly wien and
Id Iheexluni More la :dii. .iung rv.donce lliel the crmTOPy will :ay
iv.tiuiI inner |3X during ihe period tor which VAT credit can co
ceded torwa-d for Ket-OH adHinal Iho normal ta liabilities.
12 Earning per share(EPS)
The Earning per equity share computed as per the requirements of
Accounting Standard-20 "Earnings per Share", is as under
13, Rested Parties diictosiPias as per AS 18 which came into effect in
respect of accounting period commencing on or after 01.Q4.2DU2
It Subsidiary and Associates
Lensel Web Services Pvl Ltd Wholly Owned Subsidiary
Riluraj Shares Broking Pvt Ltd Wholly Owned Subsidiary
Haresh Collections Pvt Ltd Associate
Name of the Key Management Personnel:
ShriSM Gupta Promoter Director
Shri Ajay Agarwal Executive Director
Smt Arpila Gupta Non Executive Director
14 Parties related to the Key Management Personnel where they are
interested as relative/partner/director in the firm/com panics etc.
S M Gupta & Company
Raj Kumari Agarwal, Mahesh Gupta, Neena Gupta, S M Gupta (HUE), Rituraj
Shares & Securities Ltd., Raj Associates,
Rituraj Shares & Securities
15 The SAP Partnership fees paid by the company does not come under the
definition of Intangible Assets defined under AS- 26 So, the same is
considered as deferred revenue expenditure and amortised over a period
of five years as per Section 35D of the Income Tax Act 1961
16 Comparative Figures
Figures of the previous year have been regrouped/ reclassified/
rearranged wherever necessary to correspond with those of the current
year's classification/ disclosures
Mar 31, 2013
1. Fixed Assets:
The Leasehold premises has been disposed off during the year on the
expiry of the lease agreement. The liability of Lease rent has been
written back in the books of accounts. And also the Flat under
construction has been transferred to Advances due to the non-payment of
the balance amount towards it.
2. Contingent liabilities not provided for:
Demand for custom duty on behalf of audit objection amounting to Rs.
69,62,085/-(earlier years) is not acknowledge as debts being disputed.
3. Gratuity as per AS-15 has not been provided; it will be accounted
for in the year of payment since no obligation had been recognized.
4. The company has no outstanding dues as on 31.03.2013 payable to
small-scale units.
5. There is decline in carrying amounts of the long-term investments
in shares of certain Ltd Companies. However no provisions for the
resultant amount of decline are made in Profit & Loss a/c as same is
not ascertainable.
6. The Company has discontinued dealing in shares and now the Company
is dealing only in software business therefore the segment reporting as
per AS 17 is not required.
7. In the opinion of the Board of Directors, Trade Receivables, Loans
and Advances have a value of realization in the ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and are subject to confirmations by the respective
parties.
8. Current Tax and Deferred Tax Liability has not been recognized due
to brought forward losses.
Minimum Alternate Tax (MAT) under the provisions of the Income Tax Act,
1961 is recognized as current tax in the statement of profit & loss.
The credit under the Act in respect of MAT paid is recognized as an
asset only when and to the extent there is convincing evidence that the
company will pay normal income tax during the period for which MAT
credit can be carried forward for set- off against the normal tax
liability.
9. Earning Per Share (EPS)
The earning per equity share computed as per the requirements of
Accounting Standard-20 "Earnings per Share", is as under:
10. Related Parties disclosures as per AS 18 which came into effect in
respect of accounting period commencing on or after 01.04.2002
i) Name of the Key Management Personnel:
Shri S.M. Gupta Promoter Director
Shri Aj ay Agarwal Executive Director
Smt Arpita Gupta Independent Director
ii) Parties related to the Key Management Personnel where they are
interested as relative/partner/director in the firm/companies etc.
S.M Gupta & Company
Raj Kumari Agarwal, Mahesh Gupta
Neena Gupta, S.M. Gupta (HUF), Rituraj Shares & Securities Ltd, Lensel
Web Services Pvt. Ltd., Rituraj Share Broking Pvt. Ltd., Haresh
Collections Pvt. Ltd,
Raj Associates
11. The SAP Partnership fees paid by the company does not come under
the definition of Intangible Assets defined under AS-26. So, the same
is considered as deferred revenue expenditure and amortised over a
period of five years as per Section 35D of the Income Tax Act 1961.
12. Comparative Figures
Figures of the previous year have been regrouped/ reclassified/
rearranged wherever necessary to correspond with those of the current
year''s classification/ disclosure.
Mar 31, 2012
1. Contingent liabilities not provided for:
Demand for custom duty on behalf of audit objection amounting to Rs.
69,62,085/-(earlier years) is not acknowledge as debts being disputed.
2. Provision for gratuity will be accounted for in the year of
payment since no obligation had been recognized.
3. The company has no outstanding dues as on 31.03.2012 payable to
small-scale units.
4. There is decline in carrying amounts of the long-term investments
in shares of certain Ltd Companies. However no provisions for the
resultant amount of decline are made in Profit & Loss a/c as same is
not ascertainable.
5. In the opinion of the Board of Directors, Trade Receivables, Loans
and Advances have a value of realization in the ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and are subject to confirmations by the respective
parties.
6. Current Tax and Deferred Tax Liability has not been recognized due
to brought forward losses.
Minimum Alternate Tax (MAT) under the provisions of the Income Tax Act,
1961 is recognized as current tax in the statement of profit & loss.
The credit under the Act in respect of MAT paid is recognized as an
asset only when and to the extent there is convincing evidence that the
company will pay normal income tax during the period for which MAT
credit can be carried forward for set-off against the normal tax
liability.
7. Pursuant to AS-24, the Company has discontinued / closed the
operations at Bhubneshwar unit, since the license period is over.
8. The SAP Partnership fees paid by the company dosen't come under
the definition of Intangible Assets defined under AS-26. So, the same
is considered as deferred revenue expenditure and amortised over a
period of five years as per Section 35D of the Income Tax Act 1961.
9. Comparative Figures
On applicability of revised Schedule VI from current year, the Group
has reclassified previous year figures to confirm to this year's
classification. The adoption of revised Schedule VI does not impact
recognition and measurement principles followed for preparation of the
Financial Statements. However, it significantly impacts presentation
and disclosures made in the financial statements, particularly
presentation of balance sheet.
Mar 31, 2011
1) Contingent Liabilities not provided for : Counter guarantee given to
Indusind Bank Ltd. in respect of Bank Guarantee of Rs. 3,00,000/-
issued by them in favour of Department of Telecommunication, Govt. of
India.
2) Provision for Gratuity will be accounted for in the year of payment
since no obligation had been recognised.
3) Demand for custom duty on behalf of Audit objection amounting to Rs.
69,62,085/- (earlier year) is not acknowledged as debts, being
disputed.
4) The Company has no outstanding dues as on 31.03.2011 payable to
small scale units.
5) There is decline in carrying amounts of the long term Investments in
shares of certain limited companies. However no provision for the
resultant amount of decline are made in profit & loss a/c as the same
is not ascertainable.
6) In the opinion of the Board of Directors, Current Assets, Loans and
Advances have a value of realisation in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet and are subject to confirmations by the respective parties.
7) Deferred Tax liability has not been recognised due to brought
forward losses.
8) Figures of current year are not strictly comparable with the
figures of previous year in Computer Software Business.
9) Related Parties Disclosures as per AS 18 which came into effect in
respect of accounting period commencing on or after 01.04.2002.
i) Name of the Key Management Personnel :
Shri S. M. Gupta Promoter Director
Shri Ajay Agarwal Executive Director
Smt. Arpita Gupta Independent Director
ii) Parties Related to the Key Management Personnel where they are
interested as relative/partner/director in the firms/companies etc.
S. M. Gupta & Company, Raj Kumari Agarwal
Mahesh Gupta, Neena Gupta
S. M. Gupta (H.U.F.), Rituraj Shares & Securities Ltd.
Lensel Web Services Pvt. Ltd., Rituraj Share Broking Pvt. Ltd.
10) BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE AS
PER PART IV OF SCHEDULE VI TO THE COMPANIES ACT, 1956.
Mar 31, 2010
1) Contingent Liabilities not provided for :
Counter guarantee given to Indusind Bank Ltd. in respect of Bank
Guarantee of Rs. 6,00,000/- issued by them in favour of Department of
Telecommunication, Govt, of India.
2) Provision for Gratuity will be accounted for in the year of payment
since no obligation had been recognised.
3) Demand for custom duty on behalf of Audit objection amounting to Rs.
69,62,085/- (previous year) is not acknowledged as debts, being
disputed.
4) The Company has no outstanding dues as on 31.03.2010 payable to
small scale units.
5) There is decline in carrying amounts of the long term Investments in
shares of certain limited companies. However no provision for the
resultant amount of decline is made in profit & loss a/c as the same is
not ascertainable.
6) As the Company is dealing only in software business at all its
centers, the segment reporting as per AS 17 is not required.
7) In the opinion of Board of Directors, Current Assets, Loans and
Advances have a value of realisation in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet and are subject to confirmations by the respective parties.
8) Deferred Tax liability has not been recognised due to brought
forward losses.
9) Assets at Pune Branch amounting to Rs. 12,783.29/- does not have any
realisable value being obsolete & Rourkela branch amountng to Rs.
53,525.16/- does not have any realizable value being obsolete.
10) Figures of current year are not strictly comparable with the
figures of previous year in Computer Software Business.
11) The disclosures required under Accounting Standard 15 "Employees
Benefits" notified in the Companies (Accounting Standards) Rules 2006,
are given below :
Defined Contribution Plan
Contribution to Defined Contribution Plan, recognized are charged off
for the year are as under :
Contribution to Provident Fund :
Employers Contribution to Provident Fund Rs. 20,436.00
12) Additional information pursuant to the provisions of paragraph 3 &
4 of part II of Schedule VI to the Companies Act. 1956
a) Licensed and installed Capacities
Under the new industrial policy no. specific licence or installed
capacity is necessary for the products manufactured by the company.
13) Related Parties Disclosures as per AS 18 which came into effect in
respect of accounting period commencing on or after 01.04.2002.
i) Name of the Key Management Personnel :
Shri S. M. Gupta Promoter Director
Shri Ajay Agarwal Executive Director
Shri Paresh Agarwal Independent Director (upto 24/10/2009)
Smt. Arpita Gupta Independent Director (From 24/10/2009)
ii) Parties Related to the Key Management Personnel where they are
interested as relative/partner/director in the firms/companies etc.
S.M. Gupta & Company
Raj Kumari Agarwal
Mahesh Gupta
Neena Gupta
S. M.Gupta (H.U.F.)