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Notes to Accounts of SPS International Ltd.

Mar 31, 2014

A) TERMS/RIGHT ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having par value of Rs101- per share. Each holder of equity shares is entitled one vote per Equity share.

B) DETAILS OF SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY information pursuant to provision to paragrapn 3 ana 4(C) or part n or acneau e vi to tne companies act, to tne 29 extent applicable:

a) The Company Is IT Company and is engaged in the business of sale/purchase of Optical Mark Readers, Image Scanners, Insight Scanners, and Computers and other allied peripherals and equipments, OMR Application/ Registration forms and Answer sheets along with other necessary stationery. The company is also providing support services to its customers for the hardware sold by it and for that purpose sale of spare parts, indigenous as well as imported, is also affected. The company is also engaged in design and development of software for data capturing through Optical Mark Reading System/ Image Scanners/ Insight Scanners, Scanning of OMR Application forms/ Registration forms and Answer sheets and preparation of result for its customers. For the purpose of providing services, the company has installed its own hardware comprising of Optical Mark Reading System/ Image Scanners/ Insight Scanners and other computers etc. It requires stationery, computer stationery, floppies and tapes for the purpose of storing the data which are not treated as raw material and instead termed as stores. The answer sheets are traded as per drawing and design of the customers. These OMR Sheets are purchased from outside. The company does not require any industrial license and the capacity of machines also can not be quantified because of variety of uses of the same. The company uses its own updated software in this process:

In the opinion of the management, the value on realisation of current assets, loans and Advances in the ordinary course or business would be less than the amount at which they are stated in the balance Sheet and Provisions for all the known liabilities has been made.

2 Disclosures under Accounting Standard 11 - Effects Of Changes In Foreign Exchange Rates

During the year company has recognised as per AS-11- Effects of changes in Foreign Exchange Rates the Loss arising from Froreign Exchange Fluctuation amounting to Rs.468879/- in the profit & Loss Account.

3 Disclosures under Accounting Standard 15-Employee Benefit

DEFINED BENEFIT PLAN:

The employees'' gratuity fund scheme managed by LIC is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

4 In the opinion of the management, the value on realisation of current assets, loans and Advances in the ordinary course or business would not be less than the amount at which they are stated in the balance Sheet and Provisions for all the known

5 All amounts in the finanacial statements are rounded off to the nearest Rupee, except as otherwise stated.

6 Notes 1-44 are annexed to and form an integral part of the Balance Sheet as at 31.03.2014 and statement of Profit & Loss for the year ended as on that date.

The group is primarily engaged in business of sale and purchase of scanners and providing services of Repair and Maintenance of Scanners and Annual Maintenance on Contract Basis. The Group has identified Primary business Segments on the basis of Geographical areas, namely Delhi and Faridabad which in the context of Accounting Satndard-17 on "Segment Reporting" constitute reportable segments.


Mar 31, 2013

1. CORPORATE INFORMATION

SPS International Ltd. is a Limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956 on 18.01.1993 which was originally incorporated under the name of SPS Data Products Private Limited with the main object to act as consultant and advisors for all kinds of accounts, Finance, Issue of Shares, Company Secreterial Work and to undertake all the above and allied jobs on assignment. Consequently upon name change it was registered under the name of SPS Data Products Limited on 22.05.1995. The company is currently engaged in sale and purchase of scanners and providing services of Repair and Maintenance of Scanners and Annual Maintenance Contract Basis. The company is also engaged in data processing of various universities and Government Recruitment Agencies.

2. BASIS OF ACCOUNTING

The Financial statement have been prepared under the historical cost convention, on a going concern basis and in accordance with the generally accepted accounting principles and the provisions of companies Act, 1956, as adopted consistently by the company. The company generally follows mercantile system of accounting and recognizes significant items of Income and expenditure on accrual basis.

3 USE OF ESTIMATES

In preparing the Company''s financial statements in conformity with accounting principles generally accepted in India, management- i& required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period, actual results could differ from those estimates.

4 Information pursuant to provision to paragraph 3 and 4(c) of Part II of Schedule VI to the Companies Act, 1956 to the extent applicable:

a) The Company is IT Company and is engaged in the business of sale/purchase of Optical Mark Readers, Image Scanners, Insight Scanners, and Computers and other allied peripherals and equipments, OMR Application/ Registration forms and Answer sheets along with other necessary stationery. The company is also providing support services to its customers for the hardware sold by it and for that purpose sale of spare parts, indigenous as well as imported, is also affected. The company is also engaged in design and development of software for data capturing through Optical Mark Reading System/ Image Scanners/ Insight Scanners, Scanning of OMR Application forms/ Registration forms and Answer sheets and preparation of result for its customers. For the purpose of providing services, the company has installed its own hardware comprising of Optical Mark Reading System/ Image Scanners/ Insight Scanners and other computers etc. It requires stationery, computer stationery, floppies and tapes for the purpose of storing the data which are not treated as raw material and instead termed as stores. The answer sheets are traded as per drawing and design of the customers. These OMR Sheets are purchased from outside. The company does not require any industrial license and the capacity of machines also can not be quantified because of variety of uses of the same. The company uses its own updated software in this process .

In the opinion of the management, the value on realisation of current assets, loans and Advances in the ordinary course or business would be less than the amount at which they are stated in the balance Sheet and Provisions for all the known liabilities has been made.

Contingent liabilities and commitments (to the

As at As at extent not provided for) 31 March 2013 31 March 2012

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(b) Guarantees 21.29 1153

(c) Other money for which the company is contingently liable 21.29 11.53

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

(b) Uncalled liability on shares andd other investments partly paid

(c) Other commitments (specify nature)

DEFINED BENEFIT PLAN:

The employees'' gratuity fund scheme managed by LIC is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

5 In the opinion of the management, the value on realisation of current assets, loans and Advances in the ordinary course or business would not be less than the amount at which they are stated in the balance Sheet and Provisions for all the known liabilities has been made.

6 All amounts in the finanacial statements are rounded off to the nearest Rupee, except as otherwise stated.

7 Notes 1 -46 are annexed to and form an integral part of the Balance Sheet as at 31.03.2013 and statement of Profit & Loss for the year ended as on that date.


Mar 31, 2012

1. CORPORATE INFORMATION

SPS International Ltd. is a Limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956 on 18.01.1993 which was originally, incorporated under the name of SPS Data Products Private Limited with the main object to act as consultant and advisors for all kinds of accounts, Finance, Issue of Shares, Company Secreterial Work and to undertake all the above and allied jobs on assignment. Consequently upon name change it was registered under the name of SPS Data Products Limited on 22.05.1995. The company is currently engaged in sale and purchase of scanners and providing services of Repair and Maintenance of Scanners and Annual Maintenance Contract Basis. The company is also engaged in data processing of various universities and Government Recruitment Agencies.

2. BASIS OF ACCOUNTING

The Financial statement have been prepared under the historical cost convention, on a going concern basis and in accordance with the generally accepted accounting principles and the provisions of companies Act, 1956, as adopted consistently by the company. The company generally follows mercantile system of accounting and recognizes significant items of Income and expenditure on accrual basis.

3 USE OF ESTIMATES

In preparing the Company's financial statements in conformity with accounting principles generally accepted in India, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses during the reporting period, actual results could differ from those estimates.

a) The Company is IT Company and is engaged in the business of sale/purchase of Optical Mark Readers, Image Scanners, Insight Scanners, and Computers and other allied peripherals and equipments, OMR Application/ Registration forms and Answer sheets along with other necessary stationery The company is also providing support services to its customers for the hardware sold by it and for that purpose sale of spare parts, indigenous as well as imported, is also affected. The company is also engaged in design and development of software for data capturing through Optical Mark Reading System/ Image Scanners/ Insight Scanners, Scanning of OMR Application forms/ Registration forms and Answer sheets and preparation of result for its customers. For the purpose of providing services, the company has installed its own hardware comprising of Optical Mark Reading System/ Image Scanners/ Insight Scanners and other computers etc. It requires stationery, computer stationery, floppies and tapes for the purpose of storing the data which are not treated as raw material and instead termed as stores. The answer sheets are traded as per drawing and design of the customers. These OMR Sheets are purchased from outside. The company does not require any industrial license and the capacity of machines also can not be quantified because of variety of uses of the same. The company uses its own updated software in this process:

In the opinion of the management, the value on realisation of current assets, loans and Advances in the ordinary course or business would be less than the amount at which they are stated in the balance Sheet and Provisions for all the known liabilities has been made.

4 In the opinion of the management, the value on realisation of current assets, loans and Advances in the ordinary course or business would not be less than the amount at which they are stated in the balance Sheet and Provisions for all the known liabilities has been made

5 Till the year, ended 31 march 2011, the company was using pre-revised Schedule VI to the Companies Act1956, for the prepartion and presentation of its financial statements. During the year ended 31 March,2012, the Revised Schedule Vl notified under the Companies Act, 1956 has become applicable to the Company. The company has reclassified previous year figure to confirm to this year's classification

6 All amounts in the finanacial statements are rounded off to the nearest Rupee, except as otherwise stated.

7 Notes 1-46 are annexed to and form an integral part of the Balance Sheet as at 31.03.2012 and statement of Profit & Loss for the year ended as on that date.


Mar 31, 2010

1 The company has not received any information from suppliers or service providers, whether they are covered under the "Micro, Small and Medium Enterprises (Development) Act, 2006". Therefore it is not possible to provide the information required under the Act.

2 In compliance to the provisions of Accounting Standard-22 "Accounting for Taxation of Income", the company has accounted for the deferred tax liability amounting to Rs Nil during the year.

3. The figures have been rounded off to the nearest of rupees.

4. Contingent liability on account of bank guarantee given to customers 18.95 Lacs (P.Y. 17.49 Lac)

5. Personal accounts are subject to the confirmation of the respective parties.

6. As per accounting standard 15 "Employee Benefits", the disclosures of employee benefits as defined in the accounting standard are given below.

DEFINED BENEFIT PLAN:

The employees gratuity fund scheme managed by LIC is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encasement is recognized in the same manner as gratuity.

Since the company makes the payment of unveiled leaves within 1st Qtr of the succeeding year, none of the earned and unavailed leave is carried forward to the next year. As a result no long term liability arises on account of leave encashment, which require actuarial certification. The short term liability as on 31st March on account of leave encashment has been duly provided.

Information pursuant to provision to paragraph 3 and 4(c) of Part II of Schedule VI to the Companies Act, 1956 to the extent applicable.

a) The Company is an IT Company and is engaged in the business of sale/purchase of Optical Mark Readers,

Image Scanners, Insight Scanners, Computers and other allied peripherals and equipments, OMR Application/ Registration forms and Answer sheets along with other necessary stationery. The company is also providing support services to its customers for the hardware sold by it and for that purpose sale of spare parts, indigenous as well as imported, is also affected. The company is also engaged in design and development of software for data capturing through Optical Mark Reading System/ Image Scanners/ Insight Scanners, Scanning of OMR Application forms/ Registration forms and Answer sheets and preparation of result for its customers. For the purpose of providing services, the company has installed its own hardware comprising of Optical Mark Reading System/ Image Scanners/ Insight Scanners and other computers etc. It requires stationery, computer stationery, floppies and tapes for the purpose of storing the data which are not treated as raw material and instead termed as stores. The answer sheets are traded as per drawing and design of the customers. These OMR Sheets are purchased from outside. The company does not require any industrial license and the capacity of machines also can not be quantified because of variety of uses of the same. The company uses its own updated software in this process.

 
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