Mar 31, 2018
1.0 CORPORATE INFORMATION:
RAMINFO Limited ("The Company) was incorporated on 20-05-1994 and the CIN being L72200TG1194PLC017598. The company is engaged in the business of IT enabled services/Software development.
Explanation of Key components:
a) Remeasurement cost of net defined benefit liability: The remeasurement cost arising primarily due to change in actuarial assumptions has been recognised in Other Comprehensive Income (OCI) under Ind AS compare to Statement of Profit and Loss under previous GAAP.
b) Amortised cost for Financial Assets and Financial Liabilities: The Company has valued certain Financial Assets and Financial Liabilities at amortised cost. Impact as on transition date is recognised in opening reserves and changes thereafter are recognised in Statement of Profit and Loss.
There were no significant reconciliation items between cash flows prepared under Indian GAAP and those under Indian AS.
HDFC Loan: Vehicle loan from HDFC bank is secured against hypothecation of Vehicle.
Overdraft - Punjab National Bank: Primary Security is hypothecation of Book Debts of the company, both present and future. This facility is guaranteed by RRAS Technologies Pvt Ltd (Promoter Company), Managing Director of the Company and his relative. This facility is also secured by the immovable properties of other parties.
c. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10/- per share. Voting right is upon show of hands, every member is entitled to one vote only irrespective of number of shares such member is holding and upon a poll, each holder of equity shares is entitled to one vote per share. In event of liquidation of the company,the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all the preferential liabilities. The distribution will be in proportion to the number of equity shares held by the share holders.
Previous year figure are regrouped / reclassified wherever necessary to correspond with the current years classification / disclosure
The accompanying notes are an integral part of the Standalone financial statements.
Mar 31, 2015
1. CORPORATE INFORMATION:
RAMINFO Limited (Formerly Known as RAM Informatics Limited) ("The
Company") was incorporated on 20-05-1994 and the CIN being
L72200TG1994PLC017598. The company is engaged in the business of
Software development, e-governance etc.,
2. Terms/Rights attached to Equity Shares:
The Company has only one class of equity shares having a par value of
Rs.10/- per share. Voting right is upon show of hands, every member is
entitled to one vote only irrespective of number of shares such member
is holding and upon a poll, each holder of equity shares is entitled to
one vote per share. In event of liquidation of the company, the holders
of equity shares will be entitled to receive remaining assets of the
company, after distribution of all the preferential liabilities. The
distribution will be in proportion to the number of equity shares held
by the share holders.
HDFC Loan: Vehicle loan from HDFC Bank is secured against the
hypothecation of the vehicle. EMI's due in the ensuing financial year
are considered as current liabilities
Overdraft - Punjab National Bank: Primary security is hypothecation of
Book Debts of the company, both present and future. This facility is
guaranteed by RRAS Technologies Pvt. Ltd (Promoter Company), Managing
Director of the company and his relative. This facility is also secured
by the immovable properties of other parties.
ICD of Rs.10.61 Lacs accepted from Coingen Tech Solutions Pvt. Ltd and
repayable with in 3 years with interest @12% per annum.
3. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR):
Particulars As at 31 As at 31
March, 2015 March, 2014
Rs.In Rs.In
Thousands Thousands
Contingent liabilities
1. Bank Guarantees : Margin money deposit
of Rs. 6.90 lacs kept with the bank -
Including accrued Interest 3086 3580
2. Provident Fund : The demand from PF
Authorities for Rs.39.06 lacs is
disputable and not provided. The
Company has filed appeal with the
Honorable High Court of
Andhra Pradesh vide WP No. 717/2012
dated 06.01.2012 3765 3906
3. Provident Fund : The Show Cause notice
from PF Authorities for Rs.63.71 lacs
for levying of damages and interest
U/s 14B of EPF & MP Act, 1952 is
disputable and not provided. The
Company is contesting
before the concerned authorities. 6371 -
4. Service Tax : Service Tax Liability
as per the Order dt 20.09.2011 of
Hyderabad II Commissionerate, Hyderabad
vide OR.No. 62/2010 which includes Service
Tax Liability Rs. 83.91 lacs and penality
of Rs.87.65 lacs. The Company preferred an
appeal before the Appellate Authority,
Banglore. 17156 17156
TOTAL 30378 24642
4. EMPLOYEES BENEFITS:
a. Contribution to provident fund is made as per provisions of
Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
charged to Profit and Loss Account.
b. The company has an obligation towards Gratuity, a defined benefit
retirement plan covering eligible employees. The plan provides for a
lump sum payment to vested employees on retirement, death while in
employment or on termination of employment in an amount equivalent to
15 days salary payable for each completed year of service. Vesting
occurs upon completion of five years of service. The Company has
subscribed Policy with LIC of India to meet its obligations.
c. The company has an obligation towards leave encashment, a defined
benefit retirement plan covering eligible employees. The Company has
subscribed Policy with LIC of India to meet its obligations.
5. RELATED PARTY DISCLOSURES:
Related Party Disclosures for the year ended 31st March 2015 in
accordance with Accounting Standard - 18 Issued by the Institute of
Chartered Accountant of India.
List of related parties:
Name of the Party Relationship
Mr.L.Srinath Reddy Key Management
Mr.PS.Raman Director
Mr.R.Jagadeeswara Rao Director
6. As per Accounting Standards referred to in section 133 of The
Companies Act 2013, the company has to carry out the assessment of
impairment of assets. Loss of Rs.16.84 lacs on disposal of assets
includes loss identified on carrying out the impairment of assets.
7. The company has entered in to operating lease agreement for its
office premises for a period of 36 months renewable at the option of
the lessor and lessee. Total lease payment for the period charged to
the Statement of the Profit & Loss is Rs16.19 lacs (Previous year
Rs.14.14 lacs)
8. During the year the company has identified the bad debts and
Rs.187.76 lacs was written off as bad debts, hence excess provision in
bad & doubtful debts of Rs. 86.35 lacs (Net) reversed.
9. As regards the disclosure of particulars of amounts owed by the
Company to small scale industrial undertakings that are required to be
disclosed in the Balance sheet in pursuance of amendment to Schedule
III of the Companies Act, 2013, the Company is not in possession of any
information as to the business/industrial status of its creditors whose
particulars are to be disclosed. The Company is making efforts to
obtain the same.
Mar 31, 2014
The previous year figures have been re-grouped/re-classified, wherever
necessary to confirm to the current year presentation
1. The scheme for re-structuring of capital is approved by Hon''ble High
Court of Andhra Pradesh and became effective upon filing of the court
order with Registrar of Companies, Andhra Pradesh on 25/02/2013. Upon
effecting of the scheme, face value of each equity share has been
reduced from Rs.10/- (Rupees Ten Only) to Re1/- (Rupee One Only) and
further consolidated to face value of Rs.10/- each (Rupees Ten Only)
consequently the no. of equity shares are reduced from 1,12,41,400 (One
Crore Twelve Lakhs Fortyone Thousand Four Hundred Only) to 11,24,140
(Eleven Lakhs Twentyfour Thousand One Hundred and Forty Only) equity
shares.
2. In pursuance of the scheme sanctioned by Hon''ble High Court of
Andhra Pradesh 26,56,500 equity shares of Rs. 10/- each were issued to
un-secured creditors due to conversion of their un-secured loans into
equity shares.
3. The Scheme also provides for issue of another 25,00,000 equity
shares of Rs. 10/- each on preferential allotment basis and in view of
the same shares were issued to M/s. RRAS Ventures Private Limited
(5,00,000 equity shares), M/s. Jayachakra Ventures Private Limited
(2,50,000 equity shares), M/s. Coingen Tech Solutions Private Limited
(15,00,000 equity shares) and Mr.Nitin Bhaskar Khapre (2,50,000 equity
shares).
4. Terms/Rights attached to Equity Shares
The Company has only one class of equity shares having a par value of
Rs.10/- per share. Voting right is upon show of hands, every member is
entitled to one vote only irrespective of number of shares such member
is holding and upon a poll, each holder of equity shares is entitled to
one vote per share. In event of liquidation of the company,the holders
of equity shares will be entitled to receive remaining assets of the
company, after distribution of all the preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the share holders.
5. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR):
Particulars As at As at
31 March, 2014 31 March, 2013
Rs. In Rs. In
Thousands Thousands
Contingent liabilities
Bank Guarantees: Margin money deposit
kept with the bank - Rs.35.80 lacs -
Including accrued Interest 3580 3317
Provident Fund: The demand from PF
Authorities for Rs.39.06 lacs is
disputable and not provided. The
Company has filed appeal with the
Honorable High Court of Andhra
Pradesh vide WP No. 717/2012 dated
06.01.2012 3906 4050
Service Tax: Service Tax Liability as
per the Order dt 20.09.2011 of
Hyderabad II Commissionerate,
Hyderabad vide OR.No. 62/2010 which
includes Service Tax Liability
Rs. 83.91 lakhs and penality of
Rs.87.65 lakhs)
The Company is preferring an appeal
before the appellate authority,
Banglore. 17156 -
TOTAL 24642 7367
6. In the absence of virtual certainty that the sufficient further
taxable income will be available against which deferred tax asset can
be realized, the same has not been recognised in the books of accounts
in line with Accounting Standard dealing with Accounting for Income
Taxes''.
7. EMPLOYEES BENEFITS:
a. Contribution to provident fund is made as per provisions of
Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
charged to Profit and Loss Account.
b. The company has an obligation towards Gratuity, a defined benefit
retirement plan covering eligible employees. The plan provides for a
lump sum payment to vested employees on retirement, death while in
employment or on termination of employment in an amount equivalent to
15 days salary payable for each completed year of service. Vesting
occurs upon completion of five years of service. The Company has
subscribed Policy with LIC of India to meet its obligations.
c. The company has an obligation towards leave encashment, a defined
benefit retirement plan covering eligible employees. The Company has
subscribed Policy with LIC of India to meet its obligations.
8. As per Accounting Standards referred to in section 211(3C), the
company has to carry out the assessment of impairment of assets.
However, the company has not carried out the physical verification of
fixed assets as well as its impairment there of.
9. There is no additional provision for doubtful debts made for the
year end 31.03.2014. The provision carried over from last year are
related to debtors due for more than 365 days old.
10 As regards the disclosure of particulars of amounts owed by the
Company to small scale industrial undertakings that are required to be
disclosed in the Balance sheet in pursuance of amendment to Schedule VI
of the Companies Act, 1956 vide Notification No.GSR 129(E), dated
22-02-1999 issued by the Department of Company Affairs, the Company is
not in possession of any information as to the business/industrial
status of its creditors whose particulars are to be disclosed. The
Company is making efforts to obtain the same.
11. Provision for service tax as on 31st March 2013 stands at Rs.39.23
lacs including for provision for the 2013-14. There were arrears of
service tax in previous years unpaid due to difficult financial
position of the company. The returns were filed for years upto 2012-13.
On account of interpretation issue related to IT service, provision
related to previous years has to be reworked and regularised.
Mar 31, 2013
1.0 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED
FOR)
Particulars As at 31 March, 2013 As at 31 March, 2012
'' In Thousands '' In Thousands
Contingent liabilities
Bank guarantees (1) 3317 3000
Provident fund (2) 4050 4050
1) Margin money deposit
kept with the bank -
Rs.33.17 lacs - Including
accrued Interest (2)
The demand from PF Aut
horities for Rs.40.50 lacs
is disputable and not
provided
TOTAL 7367 7050
2.0 In the absence of virtual certainty that the sufficient further
taxable income will be available against which deferred tax asset can
be realized, the same has not been recognized in the books of accounts
in line with Accounting Standard dealing with Accounting for Income
Taxes''.
3.0 EMPLOYEES BENEFITS:
a. Contribution to provident fund is made as per provisions of
Employees Provident Fund and Miscellaneous Provisions Act, 1952 and
charged to Profit and Loss Account.
b. The company has an obligation towards Gratuity, a defined benefit
retirement plan covering eligible employees. The plan provides for a
lump sum payment to vested employees on retirement, death while in
employment or on termination of employment in an amount equivalent to
15 days salary payable for each completed year of service. Vesting
occurs upon completion of five years of service. The Gratuity plans of
the entity are an unfunded plan. The company accounts for the liability
for future Gratuity benefits on the basis of an independent actuarial
valuation
c. Liability for leave encashment is provided on the basis of the
actual encashable leave outstanding at the year-end.
4.0 RELATED PARTY DISCLOSURES
Related Party Disclosures for the year ended 31st March 2013 in
accordance with Accounting Standard - 18 Issued by the institute of
Chartered Accountant of India.
5.0 Additional information pursuant to the provisions of para 3, 4C
and 4D of Part II of Schedule VI to the Companies Act, 1956 (to the
extent applicable)
6.0 As per Accounting Standards referred to in section 211(3C), the
company has to carry out the assessment of impairment of assets.
However, the company has not carried out the physical verification of
fixed assets as well as its impairment thereof.
7.0 There is no additional provision for doubtful debts made for the
year end 31.03.2013. The provision carried over from last year are
related to debtors due for more than 365 days old.
8.0 A total sum of Rs.8.53 lacs( Extra Ordinary Items) has been
written off from the loans and advances given to parties etc., which
are considered no longer recoverable due to comprehensive capital
restructure plan proposal and approved by Hon''ble High Court of Andhra
Pradesh.
9.0 As regards the disclosure of particulars of amounts owed by the
Company to small scale industrial undertakings that are required to be
disclosed in the Balance sheet in pursuance of amendment to Schedule VI
of the Companies Act, 1956 vide Notification No.GSR 129(E), dated
22-02-1999 issued by the Department of Company Affairs, the Company is
not in possession of any information as to the business/industrial
status of its creditors whose particulars are to be disclosed. The
Company is making efforts to obtain the same.
10.0 Provision for service tax as on 31st March 2013 stands at Rs.32.39
lacs including for provision for the 2012-13. There were arrears of
service tax in previous years unpaid due to difficult financial
position of the company. The returns were filed for years up to 2008 -
09. On account of interpretation issue related to IT service, provision
related to previous years has to be reworked and regularized.
Mar 31, 2012
The previous year figures have been re-grouped/re-classified' wherever
necessary to confirm to the current yearpresentation.
1.1 Terms/Rights attached to Equity Shares: The Company has only one
class of equity shares having a par value of Rs.10/- per share. Voting
right is upon show of hands every member is entitled to one vote only
irrespective of number of shares such member is holding and upon a poll
each holder of equity shares is entitled to one vote per share. In
event of liquidation of the company' the holders of equity shares will
be entitled to receive remaining assets of the company after
distribution of all the preferential amounts. The distribution will be
in proportion to the number of equity shares held by the share holders.
2.1 In the absence of virtual certainty that the sufficient further
taxable income will be available against which deferred tax asset can
be realized' the same has not been recognised in the books of accounts
in line with Accounting Standard 22' dealing with Accounting For Taxes
on Income.
3.0 EMPLOYEES BENEFITS:
1. Contribution to provident fund is made as per provisions of
Employees Provident Fund and Miscellaneous Provisions Act' 1952 and
charged to Profit and Loss Account.
2. Liability for gratuity is provided for on the basis of actuarial
valuation.
3. Liability for leave encashment is provided on the basis of the
actual encashable leave outstanding at the year-end.
4. Contribution to Regional Provident Fund Authority charged to
Statement of Profit and Loss during the year ended 31st March'2012 is
14.48 thousands (31st March' 2011: 95.04 thousands)
4.0 RETIREMENT BENEFITS:
a) Contribution to Provident Fund is recognised as an expenditure on
accrual basis.
b) The company has an obligation towards Gratuity' a defined benefit
retirement plan covering eligible employees. The plan provides for a
lump sum payment to vested employees on retirement' death while in
employment or on termination of employment in an amount equivalent to
15 days salary payable for each completed year of service. Vesting
occurs upon completion of five years of service. The Gratuity plans of
the entity are an unfunded plan. The company accounts for the liability
for future Gratuity benefits on the basis of an independent actuarial
valuation.
c) Leave encashment is not categorised as a retirement benefit as the
company is in the practice of paying the leave encashment benefit every
year.
5.0 RELATED PARTY DISCLOSURES:
5.1 Related Party Disclosures for the year ended 31st March 2012 in
accordance with Accounting Standard - 18 Issued by The Institute of
Chartered Accountants of India.
As required by Accounting Standard (AS-28) "Impairment of Assets"
issued by The Institute of Chartered Accountants of India' the company
has carried out the assessment of impairment of assets. There has been
no impairment loss during the year.
5.2 The amounts provided as doubtful debts are more than 365 days old.
Dues from eSeva project through the consortium partners i.e. CMS and
CCS (Rs. 157.47 lakhs) are also under dispute against which Arbitration
proceedings are pending. Also these are considered doubtful and
provided for. The Vizag APSRTC project dues (Rs. 28.22 lakhs) are
provided for on termination of contract and under dispute. Hence
considered as doubtful. B1 project provision relates to transaction
rate differential estimated and provided (Rs.15 lakhs)
5.3 The company has written off a sum of Rs.132.06 lakhs as loss on
physical verification of assets. This represents value of items
scrapped and not having realisable value as certified by the
Management.
5.4 A total sum of Rs.406.86 lakhs(Extra Ordinary Items) has been
written back from liabilities due to employees' creditors etc.' which
are considered no longer required due to comprehensive capital
restructure plan proposal and approved by Board. Applications are being
filed for the necessary regulatory approvals of the scheme. Some of
acceptance letters from the parties have been obtained.
5.5 Disputes' if any' arising in the future out of the sum of Rs.
406.86 lakhs written back are not identifiable and to the extent will
affect the Profitability of the company in the future.
5.6 The Company has written off the sum of Rs.149.71 lakhs of the
inventory of software stock 'since the same has become obsolete.
5.7 Previous YearÃs figures are given in brackets and the same have
been regrouped/rearranged wherever necessary.
Mar 31, 2010
1. Disclosure as required under Accounting Standard (AS) 15:
Consequent to the application of Accounting Standard AS-15" Employee
Benefits" notified by the Companies (Accounting Standards) Rule,2006,
all employee benefits were determined in accordance with the Standard
in the preparation of financial statements for the year 2009-10:
2. The Company has recognized following deferred assets and
liabilities determined on account of timing differences in accordance
with Accounting Standard - 22 Accounting of Taxes on Income" issued by
the Institute of Chartered Accountants of India
3. Related Party Disclosure:
a) Related parties: Wholly Owned Subsidiary M/s Aravali Technologies
Inc., California, USA.
Members of the Board : Mr. RS. Raman, Mr. P.S. Venkateswaran, Mr. R.
Jagadeeswara Rao, Mr. K. Kumar Raja, Mr. Haragopal, Mr. S.K. Mathur &
Mr. Khushwant Singh.
Key Management Personnel: Mr. RS. Raman, Mr. RS. Venkateswaran, Mr. R.
Jagadeeswara Rao
b) Summary of transactions with the related parties:
c) Loans/advances in the nature of Loans and investments in its own
shares by the company, its subsidiary, associates etc:
(i) The company has not given any loans and advances in the nature of
loans to its subsidiary and/or associates.
(ii) Investment by the loanee in the shares of the company: Not
applicable.
4. There are no dues in respect of amounts mentioned under Section
205 C of the Companies Act, 1956 that are required to be credited to
the Investor Education and Protection Fund as at 31st March 2010.
5. Figures for the previous year have been regrouped and reclassified
wherever necessary to be in conformity with the current year figures.