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Notes to Accounts of Odyssey Technologies Ltd.

Mar 31, 2015

1 Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

There is no change in the holding pattern of the Share Capital during the year 2014-15.

2 Rights, Preferences and restrictions

The company has only one class of equity shares having a par value of Rs.10/- per share. Each member is entitled to one vote by show of hands and while on poll, every shareholder is entitled to vote in proportion to their holdings.

3 Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

Company has not received any information from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures relating to amount unpaid as at the year end as required under that Act have been stated as 'NIL'. Howerver, no interest has been paid / payable on such outstanding if any, during the year.

4 Employee Benefits

The employee's gratuity fund scheme managed by a Trust (OTL Employees Group Gratuity Trust) is a defined plan. The Company contributed to a Gratuity Fund for which it has taken a group policy under NGGCA Plan with Life Insurance Corporation of India, for future payments of gratuities to retiring employees. The premium thereon has been so adjusted as to cover the liability under the scheme in respect of the employees at the end of their future anticipated service with the company.

5 Previous year's figures

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


Mar 31, 2014

1. SHARE CAPITAL

a. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

There is no change in the holding pattern of the Share Capital during the year 2013-14.

b. Rights, Preferences and restrictions

The company has only one class of equity shares having a par value of Rs.10/- per share. Each member is entitled to one vote by show of hands and while on poll, every shareholder is entitled to vote in proportion to their holdings.

c. Shareholding of shareholders holding more than 5% of shares

Mr.B.Robert Raja 499955 shares as at 31-03-2014 (380700 shares as at 31/03/2013)

2.SHORT TERM BORROWING

* Part of the product maintenance revenue billed but recognizable over the contract period that falls beyond the FY 2013-14

3. Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

Company has not received any information from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures relating to amount unpaid as at the year end as required under that Act have been stated as ''NIL''. Howerver, no interest has been paid/payable on such outstanding if any, during the year.

4. Employee Benefits

The employee''s gratuity fund scheme managed by a Trust (OTL Employees Group Gratuity Trust) is a defined plan. The Company contributed to a Gratuity Fund for which it has taken a group policy under NGGCA Plan with Life Insurance Corporation of India, for future payments of gratuities to retiring employees. The premium thereon has been so adjusted as to cover the liability under the scheme in respect of the employees at the end of their future anticipated service with the Company.

5. ESOP

Under ESOP 2006, the final vesting and exercise period was over during the FY 2012-13 and hence no relevant entries are required to be passed in the year under review

6. Previous year''s figures

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


Mar 31, 2013

Note 1: Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006

Company has not received any information from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, dislclosures relating to amount unpaid as at the year end as required under that Act have been stated as ''NIL''. Howerver, no interest has been paid / payable on such outstanding if any, during the year.

Note 2: ESOP

Under ESOP 2006 issue, out of 331,300 options granted to the employees, 16,436 options were vested and lapsed during the year and hence written back as ESOP compensation expenses.

Note 3: Previous year''s figures

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


Mar 31, 2012

Note 1: Share Capital

(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period.

There is no change in the holding pattern of the Share Capital during the year 2011-12.

(b) Rights, Preferences and restrictions

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each member is entitled to one vote by show of hands and while on poll, every shareholder is entitled to vote in proportion to their holdings.

(c) Shareholding of shareholders holding more than 5% of shares 'NIL' for the FY 2011-12 and FY 2010-11

Note 2: Disclosure under the Micro Small and Medium Enterprises Development Act, 2006

Company has not received any information from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures relating to amount unpaid as at the year end as required under that Act have been stated as 'NIL'. However, no interest has been paid/payable on such outstanding if any, during the year.

Note 3: ESOP

Under ESOP 2006 issue, out of 331,300 options granted to the employees, 32,874 options were vested but 16,438 stands lapsed since not exercised as on March 31, 2012 and hence written off as ESOP compensation expenses. Further, 1000 options were written off as ESOP compensation expenses due to resignation in the year under review.

Note 4: Previous year's figures

Preparation of financial statements as per revised Schedule VI 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. ESOP

Under ESOP 2004 issue, 2,10,000 options granted to the employees, 13,500 options were in force as on March 31, 2010.

Out of the 3,31,300 options granted in ESOP 2006 to the employees, 36,602 options were vested but not exercised and 18,297 options were yet to be vested as on March 31, 2010. One fourth of 73,200 outstanding options were written off as ESOP Compensation expenses and 6,000 options were written off due to resignation in the year under review.

2. Investments in subsidiary company

There was no change in the investments position of subsidiary companies during the year. The companys investments in Odyssey Secure Commerce Pte Ltd, Singapore has been provided in full in view of the erosion of the entire net worth in the subsidiary company which is under liquidation process.

3. Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence, disclosures if any, relating to amount unpaid as at the year end as required under that Act have not been furnished. However, no interest has been paid/payable on such outstanding if any, during the year.

4.There was a contingent liability arising out of the counter guarantee provided for the Bank Guarantee amounting to Rs.85,40,000/- as on the balance sheet date. Fixed deposit of Rs.19,78,000/- has been made in Tamilnad Mercantile Bank Ltd towards margin money for this Bank Guarantee.

 
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