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Notes to Accounts of Secure Earth Technologies Ltd.

Mar 31, 2015

A The company is engaged in the business of Software Consultancy Services to Overseas Clients,

b Regards Interim Financial Reporting

In accordance with the listing agreement entered into with The Stock Exchange, Mumbai, the Company is publishing the quarterly audited / unaudited financial results in the news papers, both in English and the regional language Marathi, as the Company is registered in Mumbai.

Further, the wholly owned subsidiary BT System and Service Limited holds 100% of the shareholding in Realtime Techsolutions Private Limited and Gee Softech India Private Limited.

In accordance with the Consolidation procedure, the excess of the cost to the Company over the equity of the above subsidiaries is shown as Goodwill in the consolidated financial statements.

c In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business, at least equal to the sum amount at which they are stated in the Balance Sheet.

d The Company is in the process of identifying and compiling information required under Micro, Small and Medium Enterprises Development Act, 2006. Consequently, the relevant information has not been given in the accounts for the current year

e No provision has been made in the books for diminution in the value of investment of Sigma Soft Pte Ltd. as the required information for arriving at the amount in question is unavailable and unascertainable.


Mar 31, 2013

A The Company is engaged in the business of information technology which covers under its ambit a whole gamut of services, including but not restricted to, ''BankServe'' business, bank payment, SAP consulting, social media and education domain, among others. During the financial year, the ''BankServe'' business undertaking of the Company comprising all the business in respect of the same including all the assets as well as the liabilities was sold as a going concern on slump sale business to (vision (India) Private Limited for a consideration equal to the net book value on the date of such transfer. The object of the said slump sale as per the management, disclosed to the

Bombay Stock Exchange Limited, where the equity shares of the Company are listed, is to enable to the Company to focus on the growth opportunities In other businesses apart from ''BankServe'' business, with independent and focused management teams and strategies for each of them and to enable the businesses to seek capital independently. In view of the said objectives and future plans of the management, although a more than substantial part of fixed assets, entirely pertaining to the ''BankServe'' business, have been disposed off during the subject financial year, yet the going concern status of the Company is not affected by the same.

b Regards Interim Financial Reporting

In accordance with the listing agreement entered into with The Stock Exchange, Mumbai, the Company is publishing the quarterly audited / unaudited financial results in the news papers, both in English and the regional language Marathi, as the Company is registered in Mumbai.

c Regards Consolidated Financial Statements

Further, the wholly owned subsidiary BT System and Service Limited holds 100% of the shareholding in Realtime Techsolutions Private Limited and Gee Softech India Private Limited.

!n accordance with the Consolidation procedure under the Accounting Standards 21, the excess of the cost to the Company over the equity of the above subsidiaries is shown as Goodwill in the consolidated financial statements.

d In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business, at least equal to the sum amount at which they are stated in the Balance Sheet.

e The Company is in the process of identifying and compiling information required under Micro, Small and Medium Enterprises Development Act, 2006. Consequently, the relevant information has not been given in the accounts for the current year.

1.1 - Advance of Rs. 134.72 Lakhs reflected above has been made to a party which was related to the company during the year, but is not related to the company as at the balance sheet date.

2.1 The Company reports basic Earnings per Share in accordance with Accounting Standard 20 on Earnings per Share, notified by the Companies (Accounting Standards) Rules, 2006. Basic Earnings per share is computed by dividing the net profit or loss after tax for the year available for equity shareholders by the weighted average number of equity shares outstanding during the year. The Company does not have any dilutive potential equity shares and, hence, Dilued EPS may be as- sumed to be the same as Basic EPS.

The Financial statements have been prepared in accordance with the requirement of Section 209(3)(b) of the Companies Act, 1956.


Mar 31, 2012

A In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business, atleast equal to the sum amount at which they are stated in the Balance Sheet.

b Disclosure of information under applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India:

i Related Party Transaction: (AS - 18) -

Key Managerial Personnel: Bikram Dasgupta - Chairman

The Enterprise over which the Key Management Personnel has significant influence are :

Globsyn Technologies Limited

BDG Global Private Limited

Romit Leasing and Finance Private Limited

Global Synergies Limited

Globsyn Innoventures Private Limited

Infinity Infotech Parks Limited

Globsyn Skills Development Limited

Subsidiary Companies :

Synergy Information Technology Inc. Synergy Log-in Systems Sdn. Bhd. Globsyn Technologies Inc.

ii Interim Financial Reporting: (AS - 25) -

In accordance with the listing agreement entered into with The Stock Exchange Mumbai, the Company is publishing the quarterly audited / unaudited financial results in the news papers both in English and the regional language Marathi as the Company was registered in Mumbai.

iii Contingent Liability (AS - 29) -

The following demands from income tax authorities are pending at various appellate bodies. The Company is contesting the demands.


Mar 31, 2011

1. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business, atleast equal to the sum amount at which they are stated in the Balance Sheet.

2. Disclosure of information under applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India:

II. Related Party Transaction: (AS -18) Key Managerial Personnel: Mr.Bikram Dasgupta - Chairman - Rahul Dasgupta - Director - Romit Dasgupta - Director

The Enterprise over which the Key Management Personnel has significant influence are.

Globsyn Technologies Limited BDG Global Private Limited Romit Leasing and Finance Private Limited Global Synergies Limited Globsyn Innoventures Private Limited Infinity Infotech Parks Limited Ivision Inc

V. Consolidated Financial Statement: (AS-21)

In accordance with the Consolidation procedure under the Accounting Standards 21, the excess of the cost to the Company over the equity of the above subsidiaries is shown as Goodwill in the consolidated financial statements.

VI. Interim Financial Reporting: (AS - 25)

In accordance with the listing agreement entered into with The Stock Exchange Mumbai, the Company is publishing the quarterly audited / unaudited financial results in the news papers both in English and the regional language Marathi as the Company was registered in Mumbai.

3. Contingent Liability

F.Y. A.Y. Name of Statute Nature of dues

1997-98 1998-99 Income Tax Act, 1961 TDS on salaries

1994-95 1995-96 Income Tax Act, 1961 Assessment dues

1996-97 1997-98 Income Tax Act, 1961 Assessment dues

1997-98 1998-99 Income Tax Act, 1961 Assessment dues

2000-01 2001-02 Income Tax Act, 1961 Assessment dues

2001-02 2002-03 Income Tax Act, 1961 Assessment dues

2002-03 2003-04 Income Tax Act, 1961 Assessmentdues

2003-04 2004-05 Income Tax Act, 1961 Assessmentdues

2006-07 2007-08 Income Tax Act, 1961 Assessmentdues

Name of Statute Amounts in appeal FORUM

Income Tax Act, 1961 994,000 Bombay High court

Income Tax Act, 1961 1,06,67,679 Bombay High court

Income Tax Act, 1961 10,37,801 Bombay High court

Income Tax Act, 1961 1,81,05,053 ITAT

Income Tax Act, 1961 1,09,41,501 ITAT

Income Tax Act, 1961 2,62,22,055 ITAT

Income Tax Act, 1961 12,327,217 ITAT

Income Tax Act, 1961 4,278,515 ITAT

Income Tax Act, 1961 3,117,354 CIT(A)

4. The General Reserve arising on Capital Reduction has been utilized for writing off unrecoverable receivables and the amount shown in the Balance Sheet is after adjusted unrecoverable receivables. The summary is given belowl.

5. Previous Year's figures have been regrouped and reclassified wherever necessary.

6. Accounts presented here are for 12 months.

7. Information required by Part IV of Schedule VI to the Companies Act, 1956 is enclosed as an Annexure.


Mar 31, 2010

1. In the opinion of management, current assets, loans and advances have a value on realization in the ordinary course of business, atleast equal to the sum amount at which they are stated in the Balance Sheet.

2. Disclosure of information under applicable Accounting Standards (AS) issued by the Institute of Chartered Accountants of India:

II. Related Party Transaction: (AS -18)

Key Managerial Personnel: Mr.Bikram Dasgupta-Chairman

The Companys transaction during the year with the above persons and the following Enterprises over which Mr. Bikram Dasgupta exercises significant influence were insignificant.

Globsyn Technologies Limited

BDG Global Private Limited

Romit Leasing and Finance Private Limited

Global Synergies Limited

Globsyn Innoventures Private Limited

Infinity Infotech Parks Limited

VI. Interim Financial Reporting: (AS -25)

In accordance with the listing agreement entered into with The Stock Exchange Mumbai, the Company is publishing the quarterly audited / unaudited financial results in the news papers both in English and the regionaI language Marathi as the Company was registered in Mumbai.

3. Contingent Liability

F.Y. A.Y. Name of Statute Nature of dues

1997-98

& 1998-99 Income Tax Act, 1961 TDS on salaries

1994-95 1995-96 Income Tax Act, 1961 Assessment dues

1996-97 1997-98 Income Tax Act, 1961 Assessment dues

1997-98 1998-99 Income Tax Act, 1961 Assessment dues

2000-01 2001-02 Income Tax Act, 1961 Assessment dues

2001-02 2002-03 Income Tax Act, 1961 Assessment dues

2002-03 2003-04 Income Tax Act, 1961 Assessment dues

2003-04 2004-05 Income Tax Act, 1961 Assessment dues

2006-07 2007-08 Income Tax Act, 1961 Assessment dues



F.Y. Amounts in appeal Forum

1994-95 10,667,679 Bombay High court

1996-97 1,037,801 Bombay High court

1997-98 18,105,053 ITAT

2000-01 10,941,501 ITAT

2001-02 26,222,055 ITAT

2002-03 - 12,327,217 ITAT

2003-04 4,278,515 ITAT

2006-07 3,117,354 CIT (A)



4. - Events occurring after balance sheet date

The Bombay High Court, Calcutta High Court and Registrar of Companies, have approved the demerger of Corporate Training Division of Globsyn Technologies Limited and with Globsyn Infotech Limited.

Further Globsyn Infotech Limited has also applied for reduction and reorganization of capital.

5. Previous Years figures have been regrouped and reclassified wherever necessary.

6. Accounts presented here are for 12 months. As previous years figures were for 9 months the same is not comparable with this years figures.

7. Information required by Part IV of Schedule VI to the Companies Act, 1956 is enclosed as an Annexure.

 
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