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Notes to Accounts of Omega Interactive Technologies Ltd.

Mar 31, 2015

1. The company has only one class of shares referred to as equity shares having par value of Rs.10/- each. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion of the number of equity shares held by the shareholders.

2. None of the above shares are reserved for issue under options/contract/commitments for sale of shares or disinvestment.

(v) Shares alloted, as fully paid up, pursuant to contracts without payment being effected in cash / bonus shares / bought back / forfeited / call unpaid in previous five years-NIL.

3. Contingent Liability (Amount in Rs.)

AS AT AS AT 31.03.2015 31.03.2014

Claims against the Company not acknowledged as debts: Income Tax matters disputed in appeal 548,203 548,203

4. Related Party Disclosure:

Description of relationship Names of related parties

Key Management Personnel (KMP) Mr. Krishan Kumar Rathi - Director

Mr. Rajesh Nawathe - Director

Mrs. Subrata Paul - Director

5. Disclosure as required by Accounting Standard - AS 17 "Segment Reporting", issued by the ICAI

The business activity of the company consists of one reportable segment only i.e. software activities which includes Development of Software.

6. Provision for deferred tax

No deferrd tax asset is accounted in books on the brought forward losses as there is no virtual certainity supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.

7. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act,2006 and hence disclosures, if any relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

8. Pursuant to Companies Act, 2013('the Act') being effective from 1st April 2014, the company has revised depreciation rates on tangible fixed assets as per the useful life specified in Part 'C' of schedue II of the Act. As a result of this change, for assets whose useful life is already exhausted as on 1st April, 2014, carrying amount of Rs. 39,198/- has been adjusted in Reserves and Surplus in accordance with the requirements of schedule II of the Act.

9. Previous year figures have been regrouped / rearranged wherever necessary to conform to the current years' presentation.


Mar 31, 2014

1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to received remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the numbers of equity shares held by the shareholders.

2. Contingent Liabilities

As at As at 31st March, 2014 31st March, 2013

Claims against the Company not acknowledged as debts:

Income Tax matters 548,203 548,203

3. Disclosure as required by Accounting Standard - AS 17 "Segment Reporting", issued by the ICAI

The business activity of the company consists of one reportable segment only i.e. software activities which includes Development of Software.

4. Provision for deferred tax

No deferrd tax asset is accounted in books on the brought forward losses as there is no virtual certainity supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.


Mar 31, 2013

The Honorable High Court of Bombay, on 03rd May, 2013, sanctioned the "scheme of amalgamation and arrangement" (the Scheme") under sections 391 to 394 read with sections 100 to 105 of the Companies Act, 1956.In accordance with the Scheme, Mykindasite International Private Limited ("first transferor company") and Malvern Trading Private Limited ("second transferor company") both wholly owned subsidiaries have merged with Omega Interactive Technologies Limited ("the comoanv"1 with effect from 01st October. 2011.

The Amalgamation has been accounted for under the "Pooling of interest" method as prescribed under AS - 14 "Accounting for Amalgamations" issued by The Institute of Chartered Accountants of India. Accordingly the accounting treatment has been qiven as under :

1. The assets, liabilities and debit balance of profit and loss of the transferor companies as at 30th September, 2011 have been incorporated at their book values in the financial statements of the company. Also, the losses of the transferee company as on 30th September, 2011 which were not represented by assets have been reduced from Reserves and Surnlus and Share Premium of the comnanv.

2. The losses of Rs 4,75,01,900/- in respect of the first transferor company were not represented by corresponding assets and the same were adjusted to that extent by reducing the equity share capital. The first transferor company''s subscribed and paid up capital was reduced to such an extent to bring in conformity with investment value as shown in the Balance Sheet of the transferee company.

3. The first transferor company''s issued, subscribed & paid-up capital was reduced by Rs.9/50 per share. Consequent, upon such reduction, the subscribed and paid-up equity share capital was consolidated to make them paid-up to Rs. 10/- each.

4. The losses of Rs. 1,99,94,869/- as on 30th September, 2011 in respect of the transferee company were not represented by corresponding assets and the same was reduced from the Reserves & Surplus and Share Premium to that

5. The losses of Rs. 1,25,62,866/- arising out of amalgamation of the first transferor company and losses of Rs.4,18,02,226/- arising out of amalgamation of the second transferor company were reduced from the Reserves & SurDlus and Share Premium to the extent of Rs 93.65.092/- and from the Daid-uo eauitv share caDital to the extent of

6. Consequent to above reduction the transferee company''s subscribed & paid-up capital was reduced by Rs 9/- per share. Consequent, upon such reduction, the subscribed and paid-up equity share capital was consolidated to make the share Daid-uo to Rs. 10/- each.

7. The extinguishments and reduction of equity share capital as aforesaid did not involve either diminution of liability in respect of unpaid share capital or payment to any member of any paid up share capital and the order of the Court sanctioning the Scheme shall be deemed to be an order under Section 102 of the Act confirming the reduction.


Mar 31, 2012

A) Terms/ rights attached to equity shares

I to Company has only one class of equity shares having a par value of Its 10/- each, t ach holder of equity shares is entitled to one vote ocr share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to received remaining, assets of the Company, after distribution of preferential amounts. I he distribution will be in proportion to the numbers of equity shares held by the shareholders.

Related Party Transactions

Related party disclosures as required by AS - 18, "Related Party Disclosures", are given below "

i) Relationships :

(a) Subsidiaries:

- Malvern Trading Private Limited

- Mykindasite International Private Limited

(b) Key Management Personel:

- Mr. Krishan Kumar Rathi - Director

- Mr. Rajesh Nawathe - Director

- Mrs. Renu Soni - Director

(c) Relative of Director:

- Mrs. Kanchan Soni

1 Contingent Liabilities:

2011-2012 2010-11

Claims against the Company not acknowledged as debts:

Income Tax matters 548,203 548,203

2 Disclosure as required by Accounting Standard - AS 17 "Segment Reporting", issued by the ICAI

3 Provision for tax and differed tax

Company has not made provision for tax as the taxable income shall be Rs Nil after taking set-off of the brought forwarc losses available as per the provisions of The Income Tax Act,1961. Also, no defferd tax asset is accounted in books on the brought forward losses as there is no virtual certainity supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realised.

4 Amalgamation of Mykindasitc International Private Limited and Malvern Trading Private Limited with the company A scheme of amagamation of the subsidiaries i.e. Mykindasite International private Limited and Malvern Trading Private* Limited with Omega Interactive Technologies Limited under the provisiorjsfof Sections 391 to 394 of the Companies Art, 1956 has been filed with the Honourable High Court of Judicature at Booibay. The assets and liabilities of the above said companies shall be transferred to and vested in the Company as a going concern from the appointed date i.e. 1st October, 2011. The said scheme is yet to receive the approval of Honourable High Court and the amalgamation.


Mar 31, 2010

1. CONTINGENT LIABILITIES

A. Estimated amount of Contracts remaining to be executed on capital account not provided for: NIL (Previous year - Rs. NIL)

B. Amounts demanded by Income Tax Authorities contested in appeal Rs. 5,48,203/- (Previous Year - Rs. 5,48,203/-).

2. The Company has not provided interest income on inter-corporate deposits given to various companies. In view of the management, the Inter-Corporate Deposits are good and are hopeful of recovering the amounts due.

3. MANAGERIAL REMUNERATION

i) Managerial remuneration included in the profit and loss account is as under:

Remuneration to Managing and Whole Time Directors

Current Year Previous Year

Salary Rs. NIL NIL

Commission Rs. NIL NIL

Total Rs. NIL NIL

ii) Computation of profit in accordance with Section 198(1) with Companies Act 1956 for calculation of Managerial remuneration

4. Related Party Disclosure :

Related party disclosures, as required by AS-18, "Related Party Disclosure", are given below:

(a) Name of the company with whom transactions have taken place during the year:

Subsidiary Company: Mykindasite International Private Limited

5. Segment Reporting (AS - 17)

The business activity of the company consists of one reportable segment only i.e. software activities which includes Development of Software.

6. Quantitative details:

A. The Company is engaged in the business of rendering Information Technology Services & Development of Software. The production and sale of such software/services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

B. Other information as required is not applicable to the company during the year.

7. Previous year figures have been regrouped and reclassified wherever necessary and possible so as to conform to current year's classification.

 
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