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Notes to Accounts of Palsoft Infosystems Ltd.

Mar 31, 2014

(i) Accounting for taxes on income:

Deferred Tax Assets are not recognized in respect of unabsorbed depreciation and carry forward of losses under tax laws as there is no convincing evidence to support that the sufficient future taxable income will be available against which such deferred tax assets can be realized.

(ii) Balances of Trade receivables and Trade payables are subject to confirmation.

(iii) The company is in the process of obtaining the information of the registration status of suppliers as required under the Micro, Small and Medium Enterprises Development Act, 2006. Hence the information required under the said Act could not be compiled and disclosed.

(iv) Company has surrendered certificate of registration as Non Banking Financial Company to Reserve Bank of India on 15.12.2000. During the year no new business of NBFC''s carried by company.

(v) Previous year figures have been regrouped and rearranged wherever found necessary.


Mar 31, 2013

(i) There was no contingent liability as on 31.03.2013

(ii) Establishment of the company is in the premises of Autolite (India) Limited. The expenditure incurred for the purpose of company''s work has been reimbursed to that company. These are debited as follows:

(iii) Accounting for taxes on income:

Deferred Tax Assets are not recognized in respect of unabsorbed depreciation and carry forward of losses under tax laws as there is no convincing evidence to support that the sufficient future taxable income will be available against which such deferred tax assets can be realized.

(iv) Balances of Trade receivables and Trade payables are subject to confirmation.

(v) The company is in the process of obtaining the information of the registration status of suppliers as required under the Micro, Small and Medium Enterprises Development Act, 2006. Hence, the information required under the said Act could not be compiled and disclosed.

(vi) Company has surrendered certificate of registration as Non Banking Financial Company to Reserve Bank of India on 15.12.2000. During the year no new business of NBFC''s carried by company.

(vii) Previous year figures have been regrouped and rearranged wherever found necessary.


Mar 31, 2012

Company Overview

Palsoft Infosy stems Limited is the IT Arm of the Autopal Group which is India's leading Automotive Component Manufacturer. The Company provides "Engineering and Design Services along with software development consulting and Project Management. The Company is listed in the Bombay Stock Exchange and its corporate headquarters is in Jaipur (Rajasthan).

1.1 Accounting for taxes on income:

Deferred Tax Assets are not recognized in respect of unabsorbed depreciation and carry forward of losses under tax laws as there is no convincing evidence to support that the sufficient future taxable income will be available against which such deferred tax assets can be realized.

1.2 Balances of debtors and creditors are subject to confirmation.

1.3 The company is in the process of obtaining the information of the registration status of suppliers as required under the Micro, Small and Medium Enterprises Development Act, 2006. Hence the information required under the said Act could not be compiled and disclosed.

1.4 Company has surrendered certificate of registration as Non Banking Financial Company to Reserve Bank of India on 15.12.2000. During the year no new business of NBFC's carried by company.


Mar 31, 2011

1. CONTINGENT LIABILITIES AS ON

31/03/2011 31/03/2010

Disputed Sales Tax Demand 1,59,307 1,59,307

2. ACCOUNTING FOR TAXES ON INCOME

Deferred Tax Assets are not recognised in respect of unabsorbed depreciation and carry forward of losses under tax laws as there is no convincing evidence to support that the sufficient future taxable income will be available against which such deferred tax assets can be realised.

3. Balances of debtors and creditors are subject to confirmation.

4. The Company is in the process of obtaining the information of the registration status of suppliers as required under the Micro, Small and Medium Enterprises Development Act, 2006. Hence the information required under the said Act could not be complied and disclosed.

5. Company has surrendered certificate of registration as Non Banking Financial Company to Reserve Bank of India on 15.12.2000. During the year no new business of NBFC's carried by company.

6. Figures of previous year reworked, regrouped & rearranged wherever found necessary.

7. Managerial remuneration paid to managing director Rs. 612,000 and other director Rs. 360,000.

8. Other information or details required by schedule VI Part I and Part II are either Nil or not applicable.

9. Balance Sheet Abstract and Company's General Business Profile is annexed with Notes on Accounts.


Mar 31, 2010

1. CONTINGENT LIABILITIES AS ON

31/03/2010 31/03/2009

Disputed Sales Tax Demand 1,59,307 1,59,307

2. ACCOUNTING FOR TAXES ON INCOME :

Deferred Tax Assets are not recognised in respect of unabsorbed depreciation and carry forward of losses under tax laws as there is no convincing evidence to support that the sufficient future taxable income will be available against which such deferred tax assets can be realised.

3. Balances of debtors and creditors are subject to confirmation.

4. The Company is in the process of obtaining the information of the registration status of suppliers as required under the Micro, Small and Medium Enterprises Development Act, 2006. Hence the information required under the said Act could not be complied and disclosed.

5. Company has surrendered certificate of registration as Non Banking Financial Company to Reserve Bank of India on 15.12.2000. During the year no new business of NBFCs carried by company.

6. Figures of previous year reworked, regrouped & rearranged wherever found necessary.

7. The company has identified all the related parties transaction during the year as per details given below, in respect of the outstanding balance recoverable/payable as at 31st March, 2010. No provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such parties.

8. Advances includes Rs. NIL from Directors with Maximum Debit Balance of Rs. 1015931 (Previous year NIL)

9. Managerial Remuneration paid to Managing Director Rs. 153000 and other Director Rs. 90000.

10. Other information or details required by schedule VI Part I and Part II are either Nil or not applicable.

11. Balance Sheet Abstract and Companys General Business Profile is annexed with Notes on Accounts.

 
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