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Notes to Accounts of PS IT Infrastructure & Services Ltd.

Mar 31, 2018

1. Corporate Information

PS IT Infrastructure & Services Limited has incorporated on 17th May, 1982 at Mumbai, India vide CIN:L72900MH1982PLC027146 having registered at office no. 612, Shivai Plaza, Near Marol Industrial Co- Op Society, Marol, Andheri (E), Mumbai- 400 059. It is a Public limited company by its shares.

PS IT Infrastructure & Services Limited engages in trading computer hardware and software products in India. It also deals in shares and other securities. The company was formerly known as Parag Shilpa Investments Limited and changed its name to PS IT Infrastructure & Services Limited in August 2014

2 Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with the Ind AS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and disclosures as at date of the financial statements and the reported amounts of the revenues and expenses for the years presented. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates under different assumptions and conditions.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical Judgements

In the process of applying the Company‘s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements:

Contingencies and commitments

In the normal course of business, contingent liabilities may arise from litigations and other claims against the Company. Where the potential liabilities have a low probability of crystallizing or are very difficult to quantify reliably, we treat them as contingent liabilities. Such liabilities are disclosed in the notes but are not provided for in the financial statements. Although there can be no assurance regarding the final outcome of the legal proceedings, we do not expect them to have a materially adverse impact on our financial position or profitability.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Useful lives of property, plant and equipment

As described in notes of accounts. , the Company reviews the estimated useful lives and residual values of property, plant and equipment at the end of each reporting period. During the current financial year, the management determined that there were no changes to the useful lives and residual values of the property, plant and equipment.

Allowances for doubtful debts

The Company makes allowances for doubtful debts based on an assessment of the recoverability of trade and other receivables. The identification of doubtful debts requires use of judgement and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of the trade and other receivables and doubtful debts expenses in the period in which such estimate has been changed. Allowances for inventories

Management reviews the inventory age listing on a periodic basis. This review involves comparison of the carrying value of the aged inventory items with the respective net realizable value. The purpose is to ascertain whether an allowance is required to be made in the financial statements for any obsolete and slow- moving items. Management is satisfied that adequate allowance for obsolete and slow-moving inventories has been made in the financial statements.

3 First Time adoption of Ind AS

For all periods up to and including the year ended March 31, 2016, the Company had prepared its financial statements in accordance with the accounting standards notified under Section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 (‘Previous GAAP’). This note explains the principal adjustments made by the Company in restating its financial statements prepared under Previous GAAP for the following :

a) Balance Sheet as at April 1, 2016 (Transition date);

b) Balance Sheet as at March 31, 2017;

c) Statement of Profit and Loss for the year ended March 31, 2017; and

d) Statement of Cash flows for the year ended March 31, 2017.

Exemptions Availed:

Ind AS 101- First-time adoption of Indian Accounting Standards, allows first-time adopters, exemptions from the retrospective application and exemption from application of certain requirements of other Ind AS. The Company has availed the following exemptions as per Ind AS 101:

i) The Company has elected not to apply Ind AS 103- Business Combinations, retrospectively to past business combinations that occurred before April 1, 2016. Consequent to use of this exemption from retrospective application:

a) the carrying amount of assets and liabilities acquired pursuant to past business combinations are recognised in the financial statements. Also there is no change in classification of such assets and liabilities ;prepared under Previous GAAP, are considered to be the deemed cost under Ind AS, on the date of acquisition. After the date of acquisition, measurement of such assets and liabilities is in accordance with respective Ind AS. Also, there is no change in classification of such assets and liabilities;

b) the company has not recognised assets and liabilities that neither were recognised in the financial statements prepared under Previous GAAP nor qualify for recognition under Ind AS in the Balance Sheet of the acquiree;

c) the company has excluded from its opening Ind AS Balance Sheet (as at April 1, 2016), those assets and liabilities which were recognised in accordance with Previous GAAP but do not qualify for recognition as an asset or liability under Ind AS; and

d) use of these exemption from retrospective application of Ind AS 103 - Business Combinations requires that the carrying amount of goodwill as per financial statements prepared under Previous GAAP should be recognised in the opening Ind AS Balance Sheet after adjusting for impairment, if any.

ii) For financial instruments, wherein fair market values are not available (viz. interest free and below market rate security deposits or loans) the Company has elected to adopt fair value recognition prospectively to transactions entered after the date of transition.

iii) The Company has elected to consider the carrying value of all its items of property, plant and equipment and intangible assets recognised in the financial statements prepared under Previous GAAP and use the same as deemed cost in the opening Ind AS Balance Sheet.

iv) The carrying amounts of the Company’s investments in its subsidiary and associate companies as per the financial statements of the Company prepared under Previous GAAP, are considered as deemed cost for measuring such investments in the opening Ind AS Balance Sheet.


Mar 31, 2016

1. Notes to Accounts:

(a) In the opinion of the management, current assets, loans and advances and other receivables have realizable value of at least the amounts at which they are stated in accounts.

Previous year figure have been restated to conform to the classification of the current year.

Balances of Sundry Debtors, Unsecured Loans, and Sundry Creditors and Loans & Advances are subject to reconciliation, since confirmations have not been received from them. Necessary entries will be passed on receipt of the same if required.

(d) Contingent Liabilities not provided for Rs. Nil

(e) Sundry Debtors and Creditors are subject to confirmation and reconciliation.

(f) There were no foreign exchange transactions during the year.

(g) Disclosure in accordance with section 22 of Micro, Small and Medium Enterprises Development Act 2006 is not applicable for the Company.

(h) Previous Year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2015

(a) In the opinion of the board, the current assets, loans and advance appearing in the company’s books have a value on realization in the ordinary course of business at least equal to the amounts stated therein. The provision for all known liabilities is adequate and not in excess of the amounts considered reasonable and necessary.

(b) Contingent Liabilities not provided for Rs. Nil

(c) Information in respect of Audit remuneration is as follows :

2014-2015 (Rs.)

Statutory Audit Fees 20,000/-

Tax Audit Fees 10,000/-

(d) Related Party Disclosure As Required By As -18

(i) Details of related party:

Name of the Related Party Relation

Sajjan Kedia Director

Joharpal Singh Director

Pradeep Pushkarmal Gupta Director

Kashi Prasad Bajaj Director

(ii) Related Party Transaction During the Year:

Name of the Related Party Nature of transaction Amount

Sajjan Kedia Director Remuneration Rs.1,20,000/-

(e) Sundry Debtors and Creditors are subject to confirmation and reconciliation.

(f) There were no foreign exchange transactions during the year.

Disclosure in accordance with section 22 of Micro, Small and Medium Enterprises Development Act 2006 is not applicable for the Company.

(g) Previous Year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2014

(a) In the opinion of the board, the current assets, loans and advance appearing in the company's books have a value on realization in the ordinary course of business at least equal to the amounts stated therein. The provision for all known liabilities is adequate and not in excess of the amounts considered reasonable and necessary.

(b) Contingent Liabilities not provided for Rs. Nil

(c) There were no foreign exchange transactions during the year.

Related Party Transaction during the Year: - There were no transactions with the related party during the year.

(d) The balances in respect of Sundry Debtors, Sundry Creditors and other Loans &Advances and reconciliation in respect of some of the credit/debit balances are subject to confirmation and verification. The effect if any of the same which are likely to be material will be adjusted at the time of confirmation/reconciliation.

(e) Disclosure in accordance with section 22 of Micro, Small and Medium Enterprises Development Act 2006 is not applicable for the Company.

(f) These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956.

(g) Previous Year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2013

(a) In the opinion of the board'' the current assets'' loans and advance appearing in the company''s books have a value on realization in the ordinary course of business at least equal to the amounts stated therein. The provision for all known liabilities is adequate and not in excess of the amounts considered reasonable and necessary.

(b) Contingent Liabilities not provided for Rs. Nil

(c) There were no foreign exchange transactions during the year.

(d) The balances in respect of Sundry Debtors'' Sundry Creditors and other Loans & Advances and reconciliation in respect of some of the credit/debit balances are subject to confirmation and verification. The effect if any of the same which are likely to be material will be adjusted at the time of confirmation/reconciliation.

(e) Disclosure in accordance with section 22 of Micro'' Small and Medium Enterprises Development Act 2006 is not applicable for the Company.

(f) These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act'' 1956.

(h) Amalgamation:

1) Pursuant to the scheme of Amalgamation (the scheme) approved by the shareholders and sanctioned by Hon''ble High Court at Mumbai on 03 May 2013 under the provision of Companies Act'' 1956 (''The Act”) of which the certified order copy received on 30th May 2013'' the entire undertaking of Crescent Digital Technologies Limited (CDTL) and Swift IT Infrastructure & Services Limited (SIISL)'' the transferor companies'' has been transferred to the Company as a going concern with effect from 31st July 2012 (the appointed date). Effect of the amalgamation is given in the accounts. According to the said scheme with effect from the appointed date'' CDTL and SIISL have carried out all the business and activities in trust for the company.

2) In accordance with the scheme 4''25''20''000 Equity Shares of Rs.10/- each fully paid up and ranking in pari-passu with the existing Equity Shares are to be issued by the company to the equity share holders of Crescent Digital Technologies Limited and Swift IT Infrastructure & Services Limited in the ratio of 1:1 i.e. 1 new equity share of Rs.10/- each in the transferee company credited as fully paid up for 1 equity share of Rs.10/- each in the capital of transferor company.

3) All assets and liabilities of CDTL and SIISL as on the date immediately preceding the ‘Appointed Date'' have been incorporated in the books of the Company at their respective book values.

4) The accounting treatment as set out in the aforesaid scheme is in keeping with Pooling of interest method as per Accounting Standard (AS)-14 on ‘Accounting for Amalgamations'' prescribed under the Act.

5) Crescent Digital Technologies Limited was engaged in consultancy related to implementation of IT Infrastructure'' Software and Hardware related consultancy and Swift IT Infrastructure & Services Limited was engaged in the business of trading of computer hardware & software.

6) In view of the aforesaid scheme of amalgamation the figures for the current year are not comparable to those of the previous year.

(g) Previous Year figures have been regrouped and/or rearranged wherever necessary.


Mar 31, 2011

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