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Notes to Accounts of Shyama Infosys Ltd.

Mar 31, 2014

1. There is no Small Scale Industrial undertaking to whom the company owes which is outstanding for more than 30 days at the balance sheet date.

2. No Provision has been made in respect of current assets which has become bad or doubtful and/or not realizable in full or part. The amount of such unrealizable have not yet been ascertained by the management.

3. Provision for gratuity under the Payment of Gratuity Act, 1972 is not applicable to the Company.

4. The Company operates in a solitary business segment i.e. providing IT services. Accordingly no further financial information for business segments is required to be given and accordingly no further financial information for geographical segments is required to be given.

5. The Company has not entered into any transaction with the related parties during the year.

6. The basic and diluted earnings per share are :-

2013-2014 2012-2013

Net Loss for the period after Tax (a) (310.00) (23,660.00)

Weighted average number of Equity Shares Outstanding (b) 10064400 10064400

Basic & Diluted EPS (a)/(b) — —

Nominal Value of Shares :- 10,064,400 nos equity shares nominal value Rs. 10/- each.

7. Investment are made in shares of Private Limited Companies or in unquoted shares have been valued at cost.

8. The company has made investment in shares in different companies in contravention of section 372 of the Companies Act, 1956.

9. Previous year figures have been re-grouped and re-arranged wherever found necessary.

10. Employee Benefit AS 15. The undiscounted amount of short term benefits expected to be exchanged of services rendered by the employees is recognised on actual basis in the Profit & Loss account in the year in which employee actually rendered service.

11. Post employees benefit. No post employees benefit payable to any employees.

12. Impairment Loss if any recognised in accordance with Accounting Standard 28.

13. Income Tax Authority made certain addition of income for Asst. year 2004-05 & 2005-06 consequently raised demand of Rs. 2,636,528/- (Asst. year 04-05) and Rs. 496,135/- (Asst. year 05-06) for which the company has preferred appeal before Commissioner of Income Tax (appeal). The matter is still pending.

14. The Company maintains large amount of cash balance which is detrimental to the internal control procedure.


Mar 31, 2013

1. There is no Small Scale Industrial undertaking to whom the company owes which is outstanding for more than 30 days at the balance sheet date.

2. No Provision has been made in respect of current assets which has become bad or doubtful and/or not realizable in full or part. The amount of such unrealizable have not yet been ascertained by the management.

3. Provision for gratuity under the Payment of Gratuity Act, 1972 is not applicable to the Company.

4. The Company operates in a solitary business segment i.e. providing IT services. Accordingly no further financial information for business segments is required to be given and accordingly no further financial information for geographical segments is required to be given.

5. The Company has not entered into any transaction with the related parties during the year.

6. Investment are made in shares of Private Limited Companies or in unquoted shares have been valued at cost.

7. The company has made investment in shares in different companies in contravention of section 372 of the Companies Act, 1956.

8. Previous year figures have been re-grouped and re-arranged wherever found necessary.

9. Employee Benefit AS 15. The undiscounted amount of short term benefits expected to be exchanged of services rendered by the employees is recognized on actual basis in the Profit & Loss account in the year in which employee actually rendered service.

10. Post employees benefit. No post employees benefit payable to any employees.

11. Impairment Loss if any recognized in accordance with Accounting Standard 28.

12. Income Tax Authority made certain addition of income for Asst year 2004-05 & 2005-06 consequently raised demand of Rs. 2,636,528/- (Asst year 04-05) and Rs. 496,135/- (Asst year 05-06) for which the company has preferred appeal before Commissioner of Income Tax (appeal). The matter is still pending.

13. The Company has not filed the required annual compliance forms to Registrar of Companies for the period 2011-12 resulting attraction of penalty as well as prosecution.

14. The Company maintains large amount of cash balance which is detrimental to the internal control procedure.


Mar 31, 2009

(A) The Figures of the previous year have been regrouped / rearranged wherever considered necessary.

(B) No Provision has been made in respect of current assets which has become bad and doubtful and / or may not realisable in full or part. The amount of such unrealisable assets have not yet been ascertained by the Management.

(C) In accordance with AS-22 for taxes on Income tax issued by The Institue of Chartered Accountants of India the deferred tax liability recognised in this account on timing difference & Carry forward losses calculated present rate of tax.

(D) The Company has not made any transaction with" Related Party" as stated in AS-18.

(E) Since the companys nature of operation is not attract to the provision od AS-17 (Segmental Reporting) no disclosure in this report has been made.

(F) Investments are made in shares of private limited company or in the shares of unquoted limited company have been valued at cost, (market value is not available)

(G) Since the Company has not carried out any trading or Manufacturing activity during the year no disclosure has been made regarding information as required paragraph 3,4C & 4D of Para 11 Schedual VI of the Companies Act, 1956. (only provided service)

(H) Employee Benefits (AS-15):

a) Short Term Employee Benefits

The undiscounted amount of short term employee benefits expected to be exchange of services rendered by the employee is recognised on actual basis in the Profit & Loss Account in the year in which employee actually renders services.

b) Post Employment Benefits

No post employment benefits are payable to any employee.

(H) Impairment of Assets:

Impairment loss, if any are recognised in accordance with Accounting Standard - 28.

(I) The Company has made investment in shares of different companies in contravention of Section 372 of the Companies Act, 1956.

(J) Income tax authority made certain addition in assessing the income for the Asst. year 2004-05 & 2005- 06 and raised demand of tax Rs. 26,36,528/- for Asst. year 2004-05 & Rs. 4,96,135/- for Asst. year 2005-06 for which the Company has preferred appeal before Commissioner of Income Tax (Appeal). The matter is still pending to be decided.

 
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