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Notes to Accounts of PS IT Infrastructure & Services Ltd.

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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