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Notes to Accounts of Omni Ax's Software Ltd.

Mar 31, 2014

A) Other Disclosures

Related Parties

As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosure of transaction with the related parties are given below:

b) Earnings Per Share:

Earning per share is calculated by dividing the profit attributable to the equity shareholders by the number of equity shares outstanding during the year.

c) The company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sale and information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

d) Diminution in value of investments: The Company holds investments in Private Companies and their share value couldn''t be ascertained, hence no Diminution in value of investments is provided for in the Books.

e) Confirmation of balances is respect of certain Debtors, Creditors, HSBC Current A/c & Loans & Advances are not made available. If there be any changes this will have an impact on the Balance Sheet figures.

f) No Provision for taxation has been made as the company had incurred losses.

g) Previous Year''s figures have been regrouped or restated wherever necessary to confirm to the current year''s presentation.


Mar 31, 2013

A) Contingent Liabilities - NIL

b) Expenditure in Foreign Currency – NIL

c) CIF Value of imports – Capital Goods – NIL

d) The company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sale and information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

e) Diminution in value of investments: The Company holds investments in Private Companies and their share value couldn''t be ascertained, hence no Diminution in value of investments is provided for in the Books.

f) Confirmation of balances is respect of certain Debtors, Creditors, HSBC Current A/c & Loans & Advances are not made available. If there be any changes this will have an impact on the Balance Sheet figures.

g) No Provision for taxation has been made as the company had incurred losses.

h) Previous Year''s figures have been regrouped or restated wherever necessary to confirm to the current year''s presentation.


Mar 31, 2012

A) Contingent Liabilities - NIL

b) Expenditure in Foreign Currency - NIL

c) CIF Value of imports - Capital Goods - NIL

d) Earnings Per Share:

Earning per share is calculated by dividing the profit attributable to the equity shareholders by the number of equity shares outstanding during the year.

e) The company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sale and information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

f) Diminution in value of investments: The Company holds investments in Private Companies and their share value couldn't be ascertained, hence no Diminution in value of investments is provided for in the Books.

g) Confirmation of balances is respect of certain Debtors, Creditors, HSBC Current A/c & Loans & Advances are not made available. If there be any changes this will have an impact on the Balance Sheet figures.

h) No Provision for taxation has been made as the company had incurred losses.

i) Previous Year's figures have been regrouped or restated wherever necessary to confirm to the current year's presentation.


Mar 31, 2011

1. Miscellaneous Expenditure represents preliminary expenses amortized over a period of ten years and public issue expenses to be written off over a period of ten years. The Filing fees to ROC in authorized capital which is not considered as revenue expenditure and is amortized over the period of five years.

2. The company is engaged in development of software, which as per Accounting Standard – 17 is considered as the only reportable business.

3. Deferred Tax: In accordance with Accounting Standard 22 (Accounting of Taxes on Income) issued by the Institute of Chartered Accountants of India Deferred Tax liability/ (Asset) attributed to timing difference relating to depreciation has been recognized at (Rs.44,291/-) as on 31.03.2011 (as on 31.03.2010 Rs.44,289 /- Deferred Tax Asset).

4. Short Term employee benefits are charged off to the Profit & loss account in the year of rendering of services. The no. of employees were less than 50 during the year under review and hence it is reported that payment of Contribution/ Benefit Plan are not applicable to this Company.

5. Related Party Disclosure: As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosure of transaction with the related parties are given below:

6. The company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sale and information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

7. Diminution in value of investments: The Company holds investments in Private Companies and their share value couldn't be ascertained, hence no Diminution in value of investments is provided for in the Books.

8. Confirmation of balances is respect of certain Debtors, Creditors, HSBC Current A/c & Loans & Advances are not made available. If there be any changes this will have an impact on the Balance Sheet figures.

9. No Provision for taxation has been made as the company had incurred losses.

10. Previous Year's figures have been regrouped or restated wherever necessary to confirm to the current year's presentation.


Mar 31, 2010

1. Miscellaneous Expenditure represents preliminary expenses amortized over a period of ten years and public issue expenses to be written off over a period of ten years. The Filing fees to ROC in authorized capital which is not considered as revenue expenditure and is amortized over the period of five years.

2. The company is engaged in development of software, which as per Accounting Standard - 17 is considered as the only reportable business

3. Deferred Tax: In accordance with Accounting Standard 22 (Accounting of Taxes on Income) issued by the Institute of Chartered Accountants of India, Deferred Tax liability/ (Asset) attributed to timing difference relating to depreciation has been recognized at (Rs. 44,289/-) as on 31.03.2010 (as on 31.03.2009 Rs.39.227/- Deferred Tax Asset).

Dep as per Books Rs. 2,39,926

Dep as per ITAct Rs. 1,09,625

Tax on the Timing Difference Rs. 44,289 (Net Deferred Tax)

4. Short Term employee benefits are changed off to the Profit & loss account in the year of rendering of services. No. of employees as less than 10 during the year under review and hence it is reported that payment of Contribution/ Benefit Plan are not applicable to this Company.

5. The company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sale and information as required under paragraphs 3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956

6. Diminution in value of investments: Telesys Software Limited no market rates are available and hence no provision for diminution could be determined. In case of non-quoted companies the figures are not available to determine any diminution in value. If there is any drop in the share price below the cost this will have a bearing on the profitability.

7. Confirmation of balances is respect of certain Debtors, Creditors & Loans & Advances are not made available. If there be any changes this will have an impact on the Balance Sheet figures.

8. No Provision for taxation has been made as the company had incurred losses.

9. Previous Years figures have been regrouped or restated wherever necessary to confirm to the current years presentation.