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Notes to Accounts of Lee & Nee Softwares (Exports) Ltd.

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.)