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Notes to Accounts of Nu Tek India Ltd.

Mar 31, 2015

1. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

There is no Micro, small and Medium Enterprises to whom the company owes dues, which are outstanding for more than 45 days as at 31st March 2015. This information is disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has been determined to the extent such parties have been identified on the basis of information called for by the Company.

2. Employee benefit plans

a. Defined contribution plans

The Company makes Contribution of Provident Fund as per the provisions of Employees' Provident Funds and Miscellaneous Act ,1952 to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 50.37/- Lakhs (Year ended 31 March, 2014 Rs. 50.05 /- Lakhs) for Provident Fund contributions in the statement of profit & loss account.

b. Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

i. Gratuity

ii. Leave encashment

3. Disclosures under Accounting Standards

The company's operations relate to Telecom Infrastructure services and Trading of Telecom Equipments and commodities.Accordingly ,revenues represented along industries served constitute the primary basis of the segmental information set out above. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and Liabilities in the company's business are not identified to any of the reportable segments ,as these are used interchangeably between segments.Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since the meaningful segregation of the available data is onerous.

4. Nu Tek India Limited has been carrying on operations through site offices all over India. The site office expenses have been incorporated in the books of head office at Gurgaon.

5. Un —paid Dividend for the Financial year 2008-2009 of the amount of Rs.98,175 is outstanding as on 31 March, 2015

6. Consolidated financial statements forming part of the accounts with the Auditors report thereon are attached herewith.

7. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.






Mar 31, 2014

Note 1 Additional information to the financial statement

(Rs.in Lakhs)

Particulars As at 31 March, 2014 As at 31 March, 2013

Contingent liabilities (to the extent not provided for) Guarantees

(i) State Bank of India 92 101

(ii) IMCBL 115 196

Total 207 296

Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

There is no Micro, small and Medium Enterprises to whom the company owes dues, which are outstanding for more than 45 days as at 31st March 2014. This information is disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has been determined to the extent such parties have been identified on the basis of information called for by the Company.

Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Defined contribution plans

The Company makes Contribution of Provident Fund as per the provisions of Employees'' Provident Funds and Miscellaneous Act ,1952 to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.50.05/- Lakhs (Year ended 31 March, 2013 Rs.53.99 /- Lakhs) for Provident Fund contributions in the statement of profit & loss account.

Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

i. Gratuity

ii. Leave encashment

The company''s operations relate to Telecom Infrastructure services and Trading of Telecom Equipments and commodities.Accordingly ,revenues represented along industries served constitute the primary basis of the segmental information set out above. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and Liabilities in the company''s business are not identified to any of the reportable segments ,as these are used interchangeably between segments.Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since the meaningful segregation of the available data is onerous.

Related party transactions

Details of related parties:

Description of relationship

Subsidiaries

Associates

Key Management Personnel (KMP)

Names of related parties

Nutek HK Pvt Ltd,Ketun Energy Pvt Ltd,Nutek Europe SRO.

Oriental Stich Pvt Ltd

Mr.Inder Sharma,Mr.Vineet Sirpaul

Note: Related parties have been identified by the Management.

Details of related party transactions during the year ended 31 March, 2014 and balances outstanding as at 31 March, 2014:

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax .

2 Nu Tek India Limited has been carrying on operations through site offices all over India. The site office expenses have been incorporated in the books of head office at Gurgaon. During the year the Company has revenue from its Nepal branch as well, which has been incorporated in results.

3 Un -paid Dividend for the Financial year 2008-2009 of the amount of Rs.98,175 is outstanding as on 31 March, 2014

4. Consolidated financial statements forming part of the accounts with the Auditors report thereon are attached herewith.

5. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1.1 : Monies received against share warrants

25% money have been received in the financial year 2010-2011 against issue of 15 Lacs Preferential warrant convertible into equity amounting to Rs 225 Lakhs. The amount has been forfeited in the financial year 20112012 and is clubbed with reserve and surplus as the promoter declined to exercise the right to convert the warrant to equity.

1.2 : Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

There is no Micro, small and Medium Enterprises to whom the company owes dues, which are outstanding for more than 45 days as at 31st March 2013. This information is disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has been determined to the extent such parties have been identified on the basis of information called for by the Company.

1.3 : Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Note 2 : Employee benefit plans

2.a : Defined contribution plans

The Company makes Contribution of Provident Fund as per the provisions of Employees'' Provident Funds and Miscellaneous Act, 1952 to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 53.99/- Lakhs (Year ended 31 March, 2012 Rs. 46.63 /- Lakhs) for Provident Fund contributions in the statement of profit & loss account.

2.b : Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

i. Gratuity

ii. Leave encashment

Note 3 : Disclosures under Accounting Standards

The company''s operations relate to Telecom Infrastructure services and Trading of Telecom Equipments and commodities. Accordingly ,revenues represented along industries served constitute the primary basis of the segmental information set out above. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallowable expenses. Assets and Liabilities in the company''s business are not identified to any of the reportable segments ,as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since the meaningful segregation of the available data is onerous.

Note 4 : Disclosures pursuant to Accounting Standard 18 transaction with related parties

Related party transactions Details of related parties:

Note: Related parties have been identified by the Management.

The Company has recognized deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax.

Note 5 : Disclosure pursuant to Accounting Standard 29 Provisions ,Contingent Liabilities and Contingent Assets

Details of provisions

Note: - Figures in brackets relate to the previous year.

6. Nu Tek India Limited has been carrying on operations through site offices all over India. The site office expenses have been incorporated in the books of head office at Gurgaon.

7. Un -paid Dividend for the Financial year 2008-2009 of the amount of Rs.98,175 is outstanding as on 31 March, 2013

8. Consolidated financial statements forming part of the accounts with the Auditors report thereon are attached herewith.

9. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

1.1 : Monies received against share warrants

25% money have been received in the financial year 2010-2011 against issue of 15 Lacs Preferential warrant convertible into equity amounting to Rs 225 Lakhs. The amount has been forfeited in the financial year 2011-2012 and is clubbed with reserve and surplus as the promoter declined to exercise the right to convert the warrant to equity.

1.2 : Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

There is no Micro, small and Medium Enterprises to whom the company owes dues, which are outstanding for more than 45 days as at 31st March 2012. This information is disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has been determined to the extent such parties have been identified on the basis of information called for by the Company.

1.3 : Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Note 2 : Employee benefit plans

2.a : Defined contribution plans

The Company makes Contribution of Provident Fund as per the provisions of Employees' Provident Funds and Miscellaneous Act ,1952 to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised ' 46.63/- Lakhs (Year ended 31 March, 2011 ' 57.97 /- Lakhs) for Provident Fund contributions in the statement of profit & loss account.

2.b : Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

i. Gratuity

ii. Leave encashment

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:

Note 3 : Segment information

The company's operations relate to Telecom Infrastructure services and Trading of Telecom Equipments and commodities. Accordingly ,revenues represented along industries served constitute the primary basis of the segmental information set out above. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and Liabilities in the company's business are not identified to any of the reportable segments ,as these are used interchangeably between segments.Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since the meaningful segregation of the available data is onerous.

Note 4 : Disclosure pursuant to Accounting Standard 29 Provisions ,Contingent Liabilities and Contingent Assets Details of provisions

The Company has made provision for various contractual obligations and disputed liabilities based on its assessment of the amount it estimates to incur to meet such obligations, details of which are given below:

5. Nu Tek India Limited has been carrying on operations through site offices all over India. The site office expenses have been incorporated in the books of head office at Gurgaon.

6. Un -paid Dividend for the Financial year 2008-2009 of the amount of Rs.98,250 is outstanding as on 31 March, 2012.

7. Consolidated financial statements forming part of the accounts with the Auditors report thereon are attached herewith.

8. Previous year's figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2010

1. Contingent Liabilities

Bank Guarantees have been given to the extent of Rs.10, 26, 54,132/- (Previous Year: Rs 10, 11, 75,534/-) to various parties in the ordinary course of business.

2. Value of Current Assets, Loans and Advances

In the opinion of the management, the "Current Assets, Loans and Advances" have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in Balance Sheet .However, balance of sundry debtors, loans and advances are subject to confirmation. The company has sent letter for confirmation of balances and responses received are awaited.

3. The company has been recognizing value of projects under progress (inventory for the company) on the basis of milestone achieved at project sites. The management has identified specific projects which are not been approved by the client due to malfunctioning (defects in design) amounting Rs 2,38,37,189/- (Rupees Two crores Thirty Eight Lacs Thirty Seven Thousand One Hundred And Eighty Nine only). The management has done all their efforts to make these sites operational and has decided to derecognize this revenue since it is non realizable, although earlier considered in revenue the same has now been written off.

4. The sundry debtors included a sum of Rs 52, 08,335/- (Rupees Fifty Two Lacs Eight Thousand Three Hundred and Thirty Five only) as receivable from various customers of the company. This amount is considered as non realizable inspite of all efforts made by the company and the amount has been written off as bad debts.

In addition, a further sum of Rs 13, 03,954/- (Rupees Thirteen Lacs Three Thousand Nine Hundred and Fifty Four only) has been written off from the other creditors as advance given to them are considered bad for recovery.

5. An amount of Rs.70, 91,335/- (Rupees Seventy Lacs Ninety One Thousand Three Hundred and Thirty Five only) has been written back in the books on account of renegotiation with the vendors in relation to job charges, legal Charges and Equipment Hire charges. The same are no longer required to be paid and have been written back.

6 . Pursuant to the approval of the shareholders of the Company in an EGM held on 14th May 2007, the Company has issued and allotted through Initial Public Offer (IPO) 35 lakhs fresh equity shares of Rs. 10 each at a premium of Rs. 182 per share along with an offer for sale of Rs 10 lakh shares of Rs 10 each to one of the existing shareholders, viz Yamini Supplier (P) Ltd at the same price. The issue has been made in accordance with the Companys Red Herring Prospectus dated 17th July, 2008.

7. Issue of warrants

During the period under consideration the company has issued 15, 00,000 warrants convertible into equity on prefer- ential basis to the Promoter Mr. Inder Sharma @ Rs.60 per warrant under the provisions of SEBI (ICDR) Regulation, 2009 based on the shareholders approval vide their resolution dated 30th September, 2009. The Company has received Rs.2.25 crores against the issue of warrants. Remaining Rs.6.75 Crores will be received before conversion of the warrants into equity. At the time of said approval the face value per equity share was Rs.10 each. As per the aforesaid resolution the allottee was entitled to get 15, 00,000 equity share of Rs.10 each. However the shareholder approved the split (sub-division) in the face value of equity share from Rs.10 each to two equity share of Rs.5 each vide their resolution dated 20th November, 2009. The shareholders while approving the split have also approved that the allottee of warrants would be entitled to get 30, 00,000 equity shares of Rs.5 each.

8. Split (sub-division) in the face value of Shares

During the period under consideration the shareholders of the Company vide their resolution dated 20th November, 2009 have approved the split (sub-division) in the face value of the equity share of Rs.10 each to two equity shares of Rs.5 each. Based upon the said resolution the company has sub-divided the face value of equity shares from Rs.10 each to Rs.5 each with effect from 24th December, 2009.

9. Incorporation of step down Subsidiary

During the period under consideration Nu Tek Latin America SA has been set up as wholly owned subsidiary of Nu Tek (HK) Private Limited. The Company holds 100% of the equity in the Nu Tek (HK) Private Limited.

10. Disinvestment in Nu Tek Turkey

During the period under consideration the Company has disinvested its capital investment in its subsidiary at Turkey at the fair market value/book value to its local partner. The company was having 75% in the total capital of the said subsidiary. The total amount of consideration was Rs 1, 39, 34,908 /- out of which till 31st March, 2010 the company has received Rs 1,09,48,245/- and Rs 29,86,663 /- is due from the local partner.

11. Micro, Small and Medium Enterprises as per MSMED Act, 2006

There is no Micro, small and Medium Enterprises to whom the company owes dues, which are outstanding for more than 45 days as at 31st March 2010. This information is disclosed under the Micro, Small and Medium Enterprises Development Act 2006 and has been determined to the extent such parties have been identified on the basis of information called for by the Company.

12. Employee benefits

Disclosure in respect of employee benefits under Accounting Standard (AS) - 15 (Revised)"Employee Benefits" prescribed by the Companies (Accounting Standards) Rules, 2006.

B. General description of gratuity plan (Defined benefit plan) :

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 days basic salary (includes dearness allowance) last drawn for each completed year of service. The same is payable on termi- nation of service, or retirement, or death whichever is earlier. The benefits vests after five years of continuous service. The Company has set a limit of Rs. 350,000 per employee.

C. Policy for Leave Encashment

The company has adopted a policy for awarding for Leave Encashment to its employees. The provision is made on the basis of actuarial valuation.

13. Some of the additional information as required by Part II of Schedule VI are not applicable, as the Company is not manufacturing any goods.

14. Nu Tek India Limited has been carrying on operations from site/branch offices at Mumbai, Gurgaon and Jammu & Kashmir. The site office expenses have been incorporated in the books of head office at Gurgaon.

15. Previous year figures have been regrouped/ recast / restated wherever considered necessary to make them compa- rable with those of the current year.

16. Dividend for the Financial year 2008-2009 of the amount of Rs 98250/- is outstanding as on 31st March, 2010

17. Consolidated financial statements forming part of the accounts with the Auditors report thereon are attached herewith. As per our separate report of even date attached

 
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