Mar 31, 2018
1. Contingent Liabilities:
(a) Claims against the Company not acknowledged as debts
(i) Claims against the company not acknowledged as debts represent demands from the Indian Income Tax Authorities for the payment of additional tax including interest of Rs, 14.10 Mn (March 31, 2017 Rs, 14.10 Mn), net of taxes paid to an extent of Rs, 48.82 Mn (March 31, 2017 Rs, 48.82 Mn) upon completion of their tax review for Assessment Year 2005-06, AY 2006-07, AY 2007-08, AY 2010-11, AY 2011-12, AY 2012-13, AY 2013-14, AY 2014-15 & AY 2015-16.
The income tax demands for the above referred AY 2005-06 to AY 2007-08 and from AY 2010-11 to AY 2012-13 are mainly on account of disallowance of in-house product development expenses and disallowance U/s. 14A.
For the AY 2006-07 to AY 2012-13, the appeal is pending before Honorable High Court of Judicature at Madras. For the AY 2014-15 & AY 2015-16, the appeal is pending before Commissioner of Income Tax (Appeals), Chennai.
(ii) The Company has received a revised order for the AYs 2002-03 and 2003-04 from Assistant Commissioner of Income Tax disallowing the software product expenses claimed by the Company as revenue expenditure and instead allowing the same as a capital expenditure and thereby reducing the benefit of carrying forward of losses by Rs, 23.69 Mn to the subsequent assessment years. However, no demand has been raised for the said assessment year.
The Company has filed an appeal with the Honorable High Court of Judicature at Madras against the order of ACIT. The Management believes that the ultimate outcome of the proceeding will not have a material adverse effect on the Company''s financial position and results of operation and hence, no adjustment has been made to the financial statements for the year ended March 31, 2018 and March 31, 2017.
(b) Outstanding bank guarantee * as at March 31, 2018 is Rs, 235 Mn (March 31, 2017 Rs, 235 Mn)
* Outstanding bank guarantee includes a sum of Rs, 225 Mn (March 31, 2017 Rs, 225 Mn) given on the basis of the pronouncement of Honorable High Court of Delhi on the BSNL Legal Case. The Management does not expect any outflow of economic resources in respect of the above and therefore no provision is made in respect thereof.
The Company operates a gratuity plan covering qualifying employees. The benefit payable is the greater of the amount calculated as per the Payment of Gratuity Act, 1972 or the Company scheme applicable to the employee.
These plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. When there is a deep market Investment risk for such bonds; if the return on plan asset is below this rate, it will create a plan deficit. Currently, for these plans,
investments are made in government securities, debt instruments, Short term debt instruments, Equity instruments and Asset Backed, Trust Structured securities as per notification of Ministry of Finance.
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan''s investments.
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality Longevity risk of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.
Salar risk The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.
In respect of the above plans, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2018 by a member firm of the Institute of Actuaries of India. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.
Related Party Disclosure
Related Party Disclosure for the year ended March 31, 2018 List of Related Parties Holding Company
TAKE Solutions Pte Ltd, Singapore
Subsidiaries (held directly)
1. APA Engineering Private Limited, India
2. Ecron Acunova Limited, India
3. TAKE Solutions Global Holdings Pte Ltd, Singapore
4. TAKE Solutions Limited ESOP Trust, India
5. Navitas LLP, India Subsidiaries (held indirectly)
6. APA Engineering Pte Ltd, Singapore
7. APA Engineering Inc., USA
8. Towell TAKE Investments LLC, Muscat (Ceased w.e.f. March 28, 2018)
9. Towell TAKE Solutions LLC, Muscat (Ceased w.e.f. March 28, 2018)
10. TAKE Solutions MEA Limited, UAE (Ceased w.e.f. March 28, 2018)
11. Mirnah Technology Systems Limited, Saudi Arabia (Ceased w.e.f. March 28, 2018)
12. TAKE Enterprise Services Inc., USA
13. TAKE Solutions Information Systems Pte Ltd, Singapore
14. Navitas, Inc., USA
15. Navitas Lifesciences S.A.S., Colombia (Added during the year)
16. TAKE Supply Chain De Mexico S De RI Cv, Mexico
17. Navitas Life Sciences Holdings Limited, UK
18. Navitas Life Sciences Limited, UK
19. Navitas Life Sciences, Inc., USA
20. TAKE Synergies Inc., USA
21. TAKE Dataworks Inc., USA
22. Intelent Inc., USA
23. Astus Technologies Inc., USA
24. Million Star Technologies Limited, Mauritius
25. TAKE Innovations Inc., USA
26. Acunova Life Science Inc., USA
27. Acunova Life Sciences Limited, UK
28. Navitas Life Sciences Gmbh, Germany (Formerly known as Ecron Acunova Gmbh)
29. Ecron Acunova Sdn. Bhd., Malaysia
30. Navitas Life Sciences Company Limited, Thailand (Formerly known as Ecron Acunova Company Limited)
31. Ecron Acunova Sp.Z.O.O. Poland
32. Ecron Acunova Limited, UK
33. Ecron LLC, Ukraine
34. Ecron Acunova LLC, Russia
35. Navitas Life Sciences A/S, Denmark (Formerly known as Ecron Acunova A/S)
36. Navitas Life Sciences Pte Ltd, Singapore (Formerly known as Ecron Acunova Pte Ltd)
Key Management Personnel
1. Mr. Srinivasan H.R. - Vice Chairman and Managing Director
2. Mr. D.V. Ravi - Non - Executive Director
3. Mr. Ram Yeleswarapu - Non - Executive Director
4. Ms. N.S. Shobana - Executive Director
5. Ms. Subhasri Sriram - Executive Director & Chief Financial Officer
6. Mr. Avaneesh Singh - Company Secretary Other Related Party
Asia Global Trading Chennai Private Limited, India - Enterprise over which KMP has significant influence
2. Leases
The Company''s significant leasing agreements are in respect of operating lease for computers and premises (office, godown, etc.) and the aggregate lease rentals payable are charged as rent. The total lease payments (including cancellable lease) accounted for the year ended March 31, 2018 is ''11.00 Mn (March 31, 2017 is ''11.36 Mn).
3. Subsequent Events
There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the Balance Sheet date.
4. Financial Instruments
(a) Capital Management
The Company''s capital management is intended to maximise the return to shareholders for meeting the long-term and short-term goals of the Company through the optimisation of the debt and equity balance.
The Company determines the amount of capital required on the basis of annual and long-term operating plans and strategic investment plans. The funding requirements are met through equity and long-term/short-term borrowings. The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profile of the overall debt portfolio of the Company.
For the purpose of the capital management, capital include issued equity capital, securities premium, all other reserves attributable to the equity shareholders and non-controlling interest of the Company. Net debt includes all the long-term and short-term borrowings as reduced by cash and cash equivalents.
v) Adjustments to Statement of Cash Flows for the year ended March 31, 2017
There were no material differences between the Statement of Cash Flows presented under IGAAP and those prepared under Ind AS.
5.Segment Reporting
The Company operates in the business segment of offering supply chain management and hence there is only one business segment. The Company is primarily operating in India, which is considered as single geographical segment.
Mar 31, 2016
(Note 2.23 in the Notes forming part of the annual standalone financial statements).
9. During the year, the Company has acquired Manipal Acunova Limited, a Life Sciences Services company for a purchase consideration of Rs, 11 50 Mn and has sold its entire equity investments in TAKE Business Cloud Pvt Ltd for a sum of Rs, 550 Mn resulting in a profit on sale of investments ofRs, 50.90 Mn.
Mr. D.A.Prasanna resigned from the Board on April 16, 201 5 The Company Secretary is the Secretary of the Audit Committee.
Mar 31, 2015
1. Company overview
TAKE Solutions Limited (referred to as 'TAKE' or 'the Company') and its
subsidiaries provide a wide range of information technology and
consultancy services specifically in two of its major business
verticals namely Life Sciences (LS) and Supply Chain Management (SCM).
With its Global Headquarters in Chennai, India and its US headquarters
in Princeton, NJ, USA, it has presence across 8 countries. TAKE offers
its clients in the Life Sciences space, unique IP based offerings as
services & solutions. In the Supply Chain domain, TAKE focuses on
mobility and collaboration requirements of customers including
e-business solutions, integrating their supply chains with that of its
distributors, suppliers and contract manufacturers.
As of March 31, 2015, TAKE Solutions Pte Ltd owned 57.89% of the
Company's equity share capital and has the ability to control its
operating and financial policies.
The abridged financial statements have been prepared pursuant to first
proviso to sub-section (1) of Section 136 of the Act and Rule 10 of
Companies (Accounts) Rules, 2014 and are based on the annual accounts
for the year ended March 31,2015.
2. Notes forming part of the Abridged Financial Statements
Amounts in the abridged financial statements are presented in Rs. Mn,
except for per share data and as otherwise stated.
Explanation to the abridged financial statements
(a) The previous year figures have been regrouped/reclassified,
wherever necessary, to conform to the current presentation.
(b) The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises of
mandatory Accounting Standards as prescribed U/s. 133 of the Companies
Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules,
2014, the provisions of the Act (to the extent notified and applicable)
and guidelines issued by the Securities and Exchange Board of India
(SEBI). Accounting policies have been consistently applied by the
Company and are consistent with those used during the previous year.
(Note 1.1 in the Notes forming part of the annual standalone financial
statements).
3. Contingent Liabilities
As at As at
Particulars March 31,2015 March 31,2014
Corporate guarantee given by the
Company to its direct and indirect
subsidiaries -
a) APA Engineering Private Limited, Rs. 20.00 Mn Rs. 20.00 Mn
India
b) Navitas Life Sciences Holdings UK USD 21.50 Mn USD 21.50 Mn
Limited,(formerly known as TAKE
Global Limited, UK)
c) TAKE Solutions Global Holdings USD 43.75 Mn USD 43.75 Mn
Pte Ltd, Singapore
Corporate guarantee given by the Company
to its Limited Liability Partnership -
Navitas LLP Rs. 60.00 Mn Rs.60.00 Mn
and and
(formerly known as TAKE Solutions USD 2.00 Mn USD 2.00 Mn
Global LLP)
Claims against the Company, not Rs. 18.62 Mn Rs.116.74 Mn
acknowledged as debts
Outstanding Bank Guarantees Rs. 10.00 Mn Rs. 10.00 Mn
Claims against the company not acknowledge as debts
(i) Claims against the company not acknowledged as debts represent
demands from the Indian Income Tax Authorities for the payment of
additional tax including interest of Rs. 18.62 Mn (Rs. 116.74 Mn), net
of taxes paid to an extent of Rs. 44.74 Mn upon completion of their tax
review for Assessment Years 2005-06 to 2007-08, AY 2009-10 and AY
2011-12.
The income tax demands for the above referred AYs 2005-06 to 2011-12
are mainly on account of disallowance of in-house product development
expenses and disallowance U/s. 14A. For the AY 2007-08, the demand is
also on account of disallowance of deduction claimed U/s. 10A.
For the AY 2007-08 the appeal is pending before Commissioner of Income
Tax (Appeals), Chennai and in Honorable High Court of Judicature at
Madras. For the AY 2006-07, the matter is pending before Honorable High
Court of Judicature at Madras and Income Tax Appellate Tribunal,
Chennai. For the AYs 2009-10 & AY 2011-12, the appeal is pending before
Commissioner of Income Tax (Appeals), Chennai.
The Company is contesting the demand and the Management including its
tax advisors believes that its position will likely be upheld in the
appellate process concerned. The management believes that the ultimate
outcome of these proceedings will not have a material adverse effect on
the Company's financial position and results of operations.
(ii) The Company has received a revised order for the AYs 2002-03 and
2003-04 from Assistant Commissioner of Income Tax disallowing the
software product expenses claimed by the Company as revenue expenditure
and instead allowing the same as a capital expenditure with
consequential depreciation and thereby reducing the benefit of carrying
forward of losses by Rs. 23.69 Mn to the subsequent assessment years.
However, no demand has been raised for the said assessment year.
The Company has filed an appeal with the Honorable High Court of
Judicature at Madras against the order of ACIT.
The Management believes that the ultimate outcome of the proceeding
will not have a material adverse effect on the Company's financial
position and results of operation and hence, no adjustment has been
made to the financial statements for the year ended March 31,2015.
(Note 2.28 in the Notes forming part of the annual standalone financial
statements).
4. Dividend
The Board, at its meeting on November 12, 2014, declared an interim
dividend of Rs. 0.30 per equity share and on February 06, 2015
declared second interim dividend of Rs. 0.30 per equity share. Further
the Board at its meeting on May 15, 2015, recommended a final dividend
of Rs. 0.40 per equity share. The proposal is subject to the approval
of shareholders at the ensuing Annual General Meeting.
The total amount appropriated for the same, for the year ended March
31, 2015 is Rs. 144.28 Mn (Rs. 140.43 Mn) including corporate
dividend tax of Rs. 24.65 Mn (Rs. 20.80 Mn).
(Note 2.2 in the Notes forming part of the annual standalone financial
statements).
5. Related Party Disclosure & Transactions
(a) List of related parties
Related Party Disclosure for the year ended March 31, 2015
List of Related Parties
Holding Company
TAKE Solutions Pte Ltd, Singapore
Subsidiaries (held directly)
1. APA Engineering Private Limited, India
2. TAKE Business Cloud Private Limited, India
3. TAKE Solutions Global Holdings Pte Ltd, Singapore
Subsidiaries (held indirectly)
4. RPC Power India Private Limited, India
5. APA Engineering Pte Ltd, Singapore (added during the year)
6. Towell TAKE Investments LLC, Sultanate of Oman
7. Towell TAKE Solutions LLC, Sultanate of Oman
8. TAKE Solutions MEA Limited, UAE
9. Mirnah Technology Systems Limited, Saudi Arabia
10. Applied Clinical Intelligence LLC, USA
11. TAKE Enterprise Services Inc., USA
12. TAKE Intellectual Properties Management Inc., USA (merged with
Navitas,Inc. w.e.f. 15th July 2014)
13. TAKE Solutions Information Systems Pte Ltd, Singapore
14. Navitas, Inc, USA (formerly known as TAKE Solutions Inc., USA)
15. TAKE Supply Chain De Mexico S De RI Cv, Mexico
16. Navitas Life Sciences Holdings Limited, UK (formerly known as TAKE
Global Limited, UK)
17. Navitas Life Sciences Limited, UK (formerly known as WCI
Consulting Limited, UK )
18. Navitas Life Sciences, Inc., USA (formerly known as WCI Consulting
Limited, USA)
19. TAKE 10 Solutions Private Limited, India (ceased w.e.f. 31stMarch
2015)
20. Million Star Technologies Limited, Mauritius
21. TAKE Innovations Inc., USA (added during the year)
Partner in Limited Liability Partnership
22. Navitas LLP (formerly known as TAKE Solutions Global LLP, India)
Key Management Personnel and Independent Directors
1. Mr. N. Kumar Chairman and Independent Director
2. Mr. Srinivasan H.R., Vice Chairman and Managing Director
3. Mr. D.V. Ravi, Non - Executive Director
4. Mr. N. Rangachary - Independent Director
5. Mr. S. Krishnamurthy - Independent Director
6. Mr. D. A. Prasanna - Independent Director - resigned w.e.f. 16th
April 2015
7. Mr. R. Sundararajan - Independent Director
8. Prof. G. Raghuram - Independent Director
9. Ms. Uma Ratnam Krishnan - Independent Director w.e.f. 12th November
2014
10. Mr. Ram Yeleswarapu - Chief Executive Officer
11. Mr. N.S. Nanda Kishore - Non- Executive Director
12. Mr. S. Srinivasan - Non- Executive Director
13. Ms. N. S. Shobana - Chief Financial Officer
14. Ms. C.M. Lakshmi - Company Secretary
Other Related Parties
1.TAKE Solutions Limited ESOP Trust, India- the trust is effectively
controlled by the company.
2.Shriram Value Services Private Limited - Enterprise with common
Director
6. Dues to Micro, Small and Medium enterprises
The Company has no dues to micro, small and medium enterprises as at
March 31,2015 and March 31,2014.
(Note 2.26 in the Notes forming part of the annual standalone financial
statements).
7. Segment Reporting
The Company has identified Business Segment as its Primary segment and
Geographic segment as its Secondary segment. The Company has identified
Software Services and Products and Sale of IT Infrastructure and
Support Services as the reportable business segment of the Company for
the year. Geographical segment information is disclosed based on the
location of customers.
Revenues and Expenses that are directly identifiable with the Segments
have been disclosed accordingly. Certain Income and Expenses which are
not specifically allocable to individual segments have been disclosed
as "Unallocated Corporate Income" and "Unallocated Corporate Expenses"
respectively.
8. The Company has revised depreciation rate on fixed assets as per the
useful life specified in Schedule II of the Companies Act, 2013. Based
on the current estimates, Depreciation & Amortisation for the year
includes a sum of Rs. 4.86 Mn charged on the assets whose useful life
is exhausted as on April 01, 2014 as per Schedule II of the Companies
Act, 2013. The said amount has been adjusted against Retained Earnings
along with the corresponding deferred tax liability reversal of Rs.
1.58 Mn. Further, a sum of Rs. 3.62 Mn has been adjusted against the
retained earnings for the partner's share of the depreciation
adjustment carried out by Navitas LLP. Had there not been any change in
useful life of assets, depreciation for the year would have been higher
by Rs. 1.28 Mn.
Mar 31, 2014
1. Company overview
TAKE Solutions Limited (referred to as ''TAKE'' or ''the Company'') and its
subsidiaries provide a wide range of information technology and
consultancy services specifically in two of its major business
verticals namely Life Sciences (LS) and Supply Chain Management (SCM).
The Company has accelerated its software product development life
cycles along with other services in the LS Segment and also offers a
unique combination of services including E- Business solutions in the
SCM segment.
As of March 31, 2014, TAKE Solutions Pte. Ltd, owned 57.89% of the
Company''s equity share capital and has the ability to control its
operating and financial policies. The Company''s registered office is in
Chennai and it has 20 subsidiaries across the globe.
The abridged financial statements have been prepared pursuant to Rule
7A of the Companies (Central Government''s) General Rules and Forms,
1956 and are based on the annual accounts for the year ended March
31,2014.
2. Notes forming part of the Abridged Financial Statements
Amounts in the abridged financial statements are presented in Rs. Mn,
except for per share data and as otherwise stated.
Explanation to the abridged financial statements
(a) The previous year figures have been regrouped/reclassified,
wherever necessary, to confirm to the current presentation.
(b) The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
Accounting Standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 1956 read
with General Circular No.15/2013 dated 13th September 2013, issued by
the Ministry of Corporate Affairs, in respect of Section 133 of the
Companies Act, 2013 and guidelines issued by the Securities and
Exchange Board of India (SEBI). Accounting policies have been
consistently applied by the Company and are consistent with those used
during the previous year.
(Note 1.1 in the Notes forming part of the annual standalone financial
statements).
3. Contingent Liabilities
As at As at
Particulars March 31, 2014 March 31, 2013
Corporate guarantee given by the
Company to its direct and
indirect subsidiaries -
a)APA Engineering Private Limited, Rs.20.00 Mn Rs. 20.00 Mn
India
b)TAKE Global Ltd, UK USD 21.50 Mn USD 23.50 Mn
c)CMNK Computer Systems Pte Ltd, USD Nil USD 2.20 Mn
Singapore
d)TAKE Global Holdings Pte Ltd, USD 43.75 Mn USD 43.75 Mn
Singapore
Corporate guarantee given by the Rs.60.00 Mn & Rs.200.00 Mn &
Company to its Limited Liability
Partnership -
TAKE Solutions Global LLP USD 2.00 Mn USD 2.00 Mn
Claims against the Company, Rs. 116.74 Mn Rs. 34.85 Mn
not acknowledged as debts.
Outstanding Bank Guarantees Rs. 10.00 Mn Rs. 10.00 Mn
Claims against the company not acknowledge as debts
(i) Claims against the company not acknowledged as debts represent
demands from the Indian Income Tax Authorities for the payment of
additional tax of Rs. 116.74 Mn ( Rs. 34.85 Mn), including interest of
Rs. 87.59 Mn upon completion of their tax review for Assessment Years
2005-06 to 2011- 12. These income tax demands are mainly on account of
disallowance of in-house product development expenses for the AYs
2005-06 to 2010- 11 and also on account of disallowance of deduction
claimed U/s. 10A for the AYs 2006-07 and 2007-08. Further for AY
2006-07 demand was also raised on account of including the profits
earned by foreign subsidiaries in the Company''s taxable profits. For
the AYs 2006-07 and 2007-08, the appeal is pending before Commissioner
of Income Tax (Appeals), Chennai and in Honorable High Court of
Judicature at Madras. For the AY 2008-09, the matter is pending before
Honorable High Court of Judicature at Madras. For the AYs 2009-10 and
2010-11, the appeal is pending before Commissioner of Income Tax
(Appeals), Chennai. The Company is contesting the demand and the
Management including its tax advisors believes that its position will
likely be upheld in the appellate process concerned. The management
believes that the ultimate outcome of these proceedings will not have a
material adverse effect on the Company''s financial position and results
of operations.
(ii) The Company has received a revised order for the AYs 2002-03 and
2003-04 from Assistant Commissioner of Income Tax disallowing the
software product expenses claimed by the Company as revenue expenditure
and instead allowing the same as a capital expenditure with
consequential depreciation and thereby reducing the benefit of carrying
forward of losses by Rs. 23.69 Mn to the subsequent assessment years.
However, no demand has been raised for the said assessment year. The
Company has filed an appeal with the Honorable High Court of Judicature
at Madras against the order of ACIT. The Management believes that the
ultimate outcome of the proceeding will not have a material adverse
effect on the Company''s financial position and results of operation and
hence, no adjustment has been made to the financial statements for the
year ended March 31,2014.
(Note 2.30 in the Notes forming part of the annual standalone financial
statements).
4. Dividend
The Board, in its meeting on November 11, 2013, declared an interim
dividend of Rs. 0.30 per equity share and on January 31 2014 declared
second interim dividend of Rs. 0.30 per equity share. Further the Board
in its meeting on May 20, 2014, proposed a final dividend of Rs. 0.40
per equity share. The proposal is subject to the approval of
shareholders at the ensuing Annual General Meeting. The total amount
appropriated for the same for the year ended March 31,2014 is Rs.
140.43 Mn ( Rs. 139.49 Mn) including corporate dividend tax of Rs.
20.80 Mn ( Rs. 19.86 Mn).
5. Dues to Micro, Small and Medium Enterprises
The Company has no dues to micro, small and medium enterprises as at
March 31,2014 and March 31,2013.
(Note 2.28 in the Notes forming part of the annual standalone financial
statements).
6. Segment Reporting
The Company has identified Business Segment as its Primary segment and
Geographic segment as its Secondary segment. The Company has identified
Software Services & Products and Sale of IT Infrastructure & Support
Services as the reportable business segment of the Company for the
year. Geographical segment information is disclosed based on the
location of customers.
Revenues and Expenses that are directly identifiable with the Segments
have been disclosed accordingly. Certain Income and Expenses which are
not specifically allocable to individual segments have been disclosed
as "Unallocated Corporate Income" and "Unallocated Corporate Expenses"
respectively.
Mar 31, 2013
1. Company overview
TAKE Solutions Limited (referred to as ''TAKE'' or ''the Company'') and its
subsidiaries provide a wide range of information technology and
consultancy services specifically in two of its major business
verticals namely Life Sciences (LS) and Supply Chain Management (SCM).
The Company has accelerated its software product development life
cycles along with other services in the LS Segment and also offers a
unique combination of services including E- Business solutions in the
SCM segment.
As of March 31, 2013, TAKE Solutions Pte. Ltd. owned 57.89% of the
Company''s equity share capital and has the ability to control its
operating and financial policies. The Company''s registered office is in
Chennai and it has 22 subsidiaries across the globe.
The abridged financial statements have been prepared pursuant to Rule
7A of the Companies (Central Government''s) General Rules and Forms,
1956 and are based on the annual accounts for the year ended March 31,
2013.
2. Notes forming part of the Abridged Financial Statements
Amounts in the abridged financial statements are presented in Rs. Mn,
except for per share data and as otherwise stated.
Explanation to the abridged financial statements
(a) The previous year figures have been regrouped/reclassified,
wherever necessary, to conform to the current presentation.
(b) The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
Accounting Standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 1956 and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accounting policies have been consistently applied by the Company and
are consistent with those used during the previous year.
(Note 1.1 in the Notes forming part of the annual standalone financial
statements).
Claims against the Company not acknowledged as debts is in respect to
demand from Indian Income Tax Authorities for payment of additional tax
of Rs. 34.05 Mn (Rs. 54.63 Mn) upon completion of their tax review for the
Assessment Years 2006-07 , 2007-08 and 2008-09. The tax demand is
mainly on account of disallowance of Software Product Development
expenses claimed by the Company as revenue expenditure and instead
allowing the same as a capital expenditure with consequential
depreciation. The matter is pending before the Income Tax Appellate
Tribunal (ITAT), Chennai.
Another Claims against the Company not acknowledged as debts is in
respect to demand from Indian Income Tax Authorities for payment of
additional tax of Rs. 0.80 Mn (Rs. Nil) has been received upon completion
of their tax review for the assessment year 2009-10. The Company
subsequent to the financial year has preferred an appeal against the
Order and the matter is pending before the Commissioner of Income Tax
Appeals, Chennai.
On May 23, 2008 the Company has received an order for the Assessment
Year 2003-04 from Income Tax Appellate Tribunal (ITAT) disallowing the
Software Product expenses claimed by the Company as revenue expenditure
and instead allowing the same as a capital expenditure with
consequential depreciation and thereby reducing the benefit of carrying
forward of losses by Rs. 15.91 Mn to the subsequent Assessment Years.
However, no demand has been raised for the said Assessment Year. The
Company has filed an appeal with the Honorable High Court of Tamil Nadu
against the order of ITAT.
The Company is contesting the demands and the Management, including its
tax advisors, believes that its position will likely be upheld in the
appellate process. No tax expense has been accrued in the financial
statements for the tax demand raised. The Management believes that the
ultimate outcome of this proceeding will not have a material adverse
effect on the Company''s financial position and results of its
operations.
(Note 2.30 in the Notes forming part of the annual standalone financial
statements).
3. Dividend
The Board, in its meeting on November 09, 2012, declared an interim
dividend of Rs. 0.30 per equity share and on February 14, 2013 declared
another interim dividend of Rs. 0.30 per equity share. Further the Board
in its meeting on May 24, 2013, proposed a final dividend Rs. 0.40 per
equity share. The proposal is subject to the approval of shareholders
at the ensuing Annual General Meeting.
The total amount appropriated for the same for the year ended March 31,
2013 is Rs. 139.49 Mn (Rs. 139.49 Mn) including corporate dividend tax of Rs.
19.86 Mn (Rs. 19.86 Mn).
(Note 2.2 in the Notes forming part of the annual standalone financial
statements).
4. Dues to Micro, small and medium enterprises
The Company has no dues to micro, small and medium enterprises as at
March 31, 2013 and March 31, 2012. (Note 2.28 in the Notes forming
part of the annual standalone financial statements).
5. Segment Reporting
The Company has identified Business Segment as its Primary segment and
Geographic segment as its Secondary segment. The Company has identified
Software Services & Products and Sale of IT Infrastructure & Support
Services as the reportable business segment of the Company for the
year. Geographical segment information is disclosed based on the
location of customers.
Revenues and Expenses that are directly identifiable with the Segments
have been disclosed accordingly. Certain Income and Expenses which are
not specifically allocable to individual segments have been disclosed
as "Unallocated Corporate Income" and "Unallocated Corporate Expenses"
respectively.
Mar 31, 2012
1. Company overview
TAKE Solutions Limited(referred to as 'TAKE' or 'the Company') ano its
subsidiaries provide a wide range of information technology ano
consultancy services specifically in two of its major business
verticals namely Life Sciences (LS) and Supply Chain Management (SCM).
The Company has accelerated its software product development life
cycles along with other services in the LS Segment and also offers a
unique combination of services including E- Business solutions in the
SCM segment.
As of March 31, 2012, TAKE Solutions Pte Limited owned 57.89% of the
Company's equity share capital and has the ability to control its
operating and financial policies. The Company's registered office is in
Chennai and it has 22 subsidiaries across the globe.
The abridged financial statements have been prepared pursuant to Rule
7A of the Companies (Central Government's) General Rules and Forms,
1956 and are based on the annual accounts for the year ended March 31,
2012.
(Note 1 in the Notes forming part of the annual standalone financial
statements)
2. Notes forming part of the Financial Statements
Amounts in the abridged financial statements are presented in Rs. Mn,
except for per share data and as otherwise stated.
Explanation to the Abridged Financial Statement
(a) Assets and Liabilities include balances which are both current and
non-current in nature.
(b) The previous year figures have been regrouped/reclassified,
wherever necessary, to conform to the current presentation.
(c) The Financial Statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
Accounting Standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 1956 and
guidelines issued by the Securities and Exchange Board of India (SEBI).
Accounting policies have been consistently applied by the Company and
are consistent with those used during the previous year.
3. Contingent Liabilities Rs. n Mn
Particulars Year ended Year ended
March 31, 2012 March 31, 2011
Corporate guarantee gien by the
Company to its direct and indirect
subsidiaries.
a) APA Engineering
Private Limited, India 20.00 20.00
b) TAKE Global Ltd, UK 1107.46 976.06
c) CMNK Computer Systems
Pte Limited, Singapore 114.58 NIL
d) TAKE Global Holdings
Pte Ltd, Singapore 2278.50 NIL
Corporate guarantee given by
the Company to its Limited Liability
Partnership
TAKE Solutions Global LLP 193.01 215.00
Claims against the Company,
not acknowledged as debts 54.62 54.62
Claims against the Company not acknowledged as debts is in respect to
demand from Indian Income Tax Authorities for payment of additional tax
of Rs. 54.62 Mn (Rs. 54.62 Mn) upon completion of their tax review for the
Assessment Years 2006-07, 2007-08 and 2008-09. The tax demand is
mainly on account of disallowance of Software Product Development
expenses claimed by the Company as revenue expenditure and instead
allowing the same as a capital expenditure with consequential
depreciation. The matter is pending before the Commissioner of Income
Tax (Appeals), Chennai.
On May 23, 2008 the Company has received an order for the Assessment
Year 2003-04 from Income Tax Appellate Tribunal (ITAT) disallowing the
Software Product expenses claimed by the Company as revenue expenditure
and instead allowing the same as a capital expenditure with
consequential depreciation and thereby reducing the benefit of carrying
forward of losses by Rs. 15.91 Mn to the subsequent Assessment Years.
However, no demand has been raised for the said Assessment Year. The
Company has filed an appeal with the Honorable High Court of Tamil Nadu
against the order of ITAT. The Management believes that the ultimate
outcome of the proceeding will not have a material adverse effect on
the Company's financial position and results of operation and hence, no
adjustment has been made to the Financial Statements for the year ended
March 31, 2012.
The Company is contesting the demands and the Management, including its
tax advisors, believes that its position will likely be upheld in the
appellate process. No tax expense has been accrued in the Financial
Statements for the tax demand raised. The Management believes that the
ultimate outcome of this proceeding will not have a material adverse
effect on the Company's financial position and results of its
operations.
(Note no. 2.30 in the Notes forming part of the annual standalone
Financial Statements).
4. Quantitative details.
The Company is primarily engaged in the development and maintenance of
computer software. The production and sale of such software cannot be
expressed in any generic unit. Hence, it is not possible to give the
quantitative details of sales and certain information as required under
paragraphs 5(viii)(c ) of genera instructions for preparation of the
Statement of Profit and Loss as per revised Schedule VI to the
Companies Act,1956.
5. Related Party Disclosure & Transactions
(a) List of related parties Holding Company
TAKE Solutions Pte. Limited, Singapore
Subsidiaries (held directly)
1. APA Engineering Private Limited, India
2. TAKE Business Cloud Pvt Limited, India ( Formerly known as CMNK
Consultancy & Services Private Limited, India)
3. TAKE Solutions Global Holdings Pte. Limited, Singapore Subsidiaries
(held indirectly)
4. RPC Power India Private Limited, India (by virtue of control over
composition of Board of Directors)
5. TOWELL - TAKE Investments LLC, Sultanate of Oman
6. TOWELL-TAKE Solutions LLC, Sultanate of Oman
7. TAKE Solutions MEA Limited, UAE
8. Mirnah Technology Systems Limited, Saudi Arabia
9. Applied Clinical Intelligence, LLC, USA
10. TAKE Enterprise Services Inc, USA
11. TAKE Intellectual Properties Management Inc, USA
12. TAKE Solutions Information Systems Pte. Limited, Singapore
13. TAKE Solutions Inc, USA
14. TAKE Supply Chain DeMexicoS De RI Cv, Mexico (Added during the
year)
15. CMNK Computer Systems Pte. Limited, Singapore
16. TAKE Global Limited, UK
17. WCI Consulting Group Limited, UK
18. WCI Consulting Limited, UK
19. WCI Consulting Limited, USA
20. TAKE 10 Solutions Private Limited, India (Added during the year)
21. Million Star Technologies Limited, Mauritius (Added during the
year)
Partner in Limited Liability Partnership
1. TAKE Solutions Global LLP, India.
Key Management Personnel
1. Mr. S. Sridharan, Managing Director
2. Mr. Srinivasan H.R., Vice Chairman & Non - Executive Director
3. Mr. D.V. Ravi, Non - Executive Director
Enterprises over which Key Management Personnel and their relatives
exercise significant influence with whom transactions have taken place
during the year
1. Aakanksha Management Consultancy & Holdings Private Limited, India
2. Shriram Capital Limited, India Other Related Party
1. TAKE Solutions Limited ESOP Trust, India- the trust is effectively
controlled by the company.
2. W J Towell& Co. LLC, Sultanate of Oman , Joint Venture Partner
6. Investments
(a) During the year, the Company has further invested Rs. 1,809.35 Mn
[44,099,100 Equity Shares of Singapore $ one each] at face value in its
wholly owned subsidiary TAKE Solutions Globa Holdings Pte. Limited.,
Singapore.
(b) During the year, as part of the internal restructuring process, the
Company had sold its entire holdings in TAKE Solutions Inc, USA and in
Towell TAKE Investments LLC, Sultanate of Oman, for a total
consideration of Rs. 501.13Mn and Rs. 60.81 Mn respectively to one of its
wholly owned subsidiaries TAKE Solutions Global Holdings Pte. Ltd.,
Singapore at cost. As a result, no profit or loss has been recognized
during the year in the Profit and Loss Account.
(Refer to Note no. 2.12 in the Notes forming part of the annual
standalone Financial Statements).
7. Dues to Micro, small and medium enterprises
The Company has no dues to micro, small and medium enterprises as at
March 31, 2012 and March 31, 2011.
(Refer to Note no. 2.28 in the Notes forming part of the annua
standalone Financial Statements).
8. Segment Reporting
The Company has identified Business Segment as its Primary segment and
Geographic segment as its Secondary segment. The Company has identified
Software Services & Products and Sale of IT Infrastructure & Support
Services as the reportable business segment of the Company for the
year. Geographical segment information is disclosed based on the
location of customers.
Revenues and Expenses that are directly identifiable with the Segments
have been disclosed accordingly. Certain Income and Expenses which are
not specifically allocable to individual segments have been disclosed
as "Unallocated Corporate Income" and "Unallocated Corporate Expenses"
respectively.
The assets of the Company are used interchangeably between segments and
the management believes that it is currently not practical to provide
segment disclosures relating to total assets and liabilities since a
meaningful segregation is not possible.
Mar 31, 2011
1.Contingent liabilities
Amount in Rs. '000s
Particulars Year ended Year ended
31-03-2011 31-03-2010
Corporate guarantee given by the
Company to its direct and indirect
subsidiaries
a) APA Engineering
Private Limited 20,000 20,000
b)TAKE Global Ltd, UK 976,057 NIL
Corporate guaratee
given by the Company
to its Limited Liability
Partnership
TAKE Solutions Global LLP 215,000 NIL
Claims against the Company, 46,543 27,876
not acknowledged as debts [Net of
amount paid to statutory
authoritiesRs.8,081]
Outstanding Bank NIL 14,000
Guarantee
Claims against the Company not acknowledged as debts is in respect to
demand from Indian Income tax authorities for payment of additional tax
of Rs. 465.43 lakhs (Rs. 278.76 Lakhs) upon completion of their tax
review for the assessment years 2006 07, 2007 08 and 2008 09. The tax
demand is mainly on account of disallowance of software product
development expenses claimed by the company as revenue expenditure and
instead allowing the same as a capital expenditure with consequential
depreciation. The matter is pending before the Commissioner of Income
tax (Appeals), Chennai.
On May 23, 2008 the company has received an order for the Assessment
Year 2003 04 from Income Tax Appellate Tribunal (ITAT) disallowing the
software product expenses claimed by the company as revenue expenditure
and instead allowing the same as a capital expenditure with
consequential depreciation and thereby reducing the benefit of carrying
forward of losses by Rs. 159.14 lacs to the subsequent assessment
years. However, no demand has been raised for the said assessment year.
The company has filed an appeal with the Honorable High Court of Tamil
Nadu against the order of ITAT. The management believes that the
ultimate outcome of the proceeding will not have a material adverse
effect on the company's financial position and results of operation and
hence, no adjustment has been made to the financial statements for the
year ended March 31, 2011.
The Company is contesting the demands and the Management, including its
tax advisors, believes that its position will likely be upheld in the
appellate process. No tax expense has been accrued in the financial
statements for the tax demand raised. The Management believes that the
ultimate outcome of this proceeding will not have a material adverse
effect on the Company's financial position and results of its
operations.
(Refer to Schedule 12, 1, AS 29 (a), (b), (c), (d) & (e) in the
Significant Accounting Policies and Notes to Accounts of the annual
standalone Financial Statements).
2. Quantitative details
The Company is primarily engaged in the development and maintenance of
computer software. The production and sale of such software cannot be
expressed in any generic unit. Hence, it is not possible to give the
quantitative details of sales and certain information as required under
paragraphs 3,4C and 4D of part II of schedule VI to the Companies Act,
1956.
(Refer to schedule 12, 2 ( c )in the Significant Accounting Policies
and Notes to Accounts of the annual standalone financial statements).
3. Related party Disclosure & transactions
Related party Disclosure for the year ended March 31, 2011
List of Related parties
Holding Company
TAKE Solutions Pte. Limited, Singapore
Subsidiaries (held directly)
1. APA Engineering Private Limited, India
2. TOWELL TAKE Investments LLC, Muscat
3. TAKE Solutions Inc., USA
4. CMNK Consultancy & Services Private Limited, India
5. TAKE Solutions Global Holdings Pte. Ltd., Singapore (Added during
the year)
Subsidiaries (held indirectly)
6. RPC Power India Private Limited, India (by virtue of control over
composition of Board of Directors)
7. TOWELL TAKE Solutions LLC, Muscat
8. TAKE Solutions MEA Limited, Dubai
9. Mirnah Technology Systems Limited, Saudi Arabia
10. Applied Clinical Intelligence, LLC, USA
11. Clear Orbit Inc, USA (Merged with TAKE solutions Inc., USA w.e.f
30 Sept 10)
12. TAKE Solutions GMBH, Switzerland (Divested w.e.f 22 Feb 11)
13. TAKE Enterprise Services Inc, USA
14. TAKE Intellectual Properties Management Inc, USA
15. CMNK Services Private Limited, India (Divested w.e.f 10 Feb 11)
16. TAKE Solutions Information Systems Pte. Ltd. Singapore ( Added
during the year)
17. CMNK Computer Systems Pte. Ltd., Singapore ( Added during the
year)
18. TAKE Global Ltd., UK ( Added during the year)
19. WCI Consulting Group Ltd., UK (Added during the year)
20. WCI Consulting Ltd., UK (Added during the year)
21. WCI Consulting Ltd., USA (Added during the year)
Partner in Partnership Firm
1. TAKE Solutions Global LLP, India
Key Management Personnel
1. Mr. S. Sridharan, Managing Director
2. Mr. Srinivasan H.R., Vice Chairman & Non Executive Director
3. Mr. D.V. Ravi, Non Executive Director
4. Mr. Ram Yeleswarapu, Non Executive Director
5. Mr. Bala Latupalli, Non Executive Director
Enterprises over which Key Management Personnel and their relatives
exercise significant influence with whom transactions have taken place
during the year
1. Aakanksha Management Consultancy & Holdings Private Limited, India.
2. Shriram Capital Limited, India
Other Related Parties
1. TAKE Solutions Limited ESOP Trust, India the trust is effectively
controlled by the company
2. WJ. Towell & Co, LLC, Muscat Joint Venture Partner.
(1) During the year, the Company has invested Rs 348,785 [10,000 Equity
Shares of Sing $ one each] representing 100% stake in TAKE Solutions
Global Holdings Pte. Ltd., Singapore.
(2) During the year, the Company has made additional investment in
TOWELL TAKE Investments LLC amounting to Rs. 4,792,980 [39,219 Equity
Shares of OMR one each] and Rs. 47,411,640 [392,190 Equity Shares of
OMR one each] against Share Application Money remitted in the Previous
Year(s).
(Refer to Schedule 12, 1, AS 13, (d), (e) in the Significant Accounting
Policies and Notes to Accounts of the annual standalone Financial
Statements)
6.Dues to micro, small and medium enterprises
The Company has no dues to micro, small and medium enterprises as at
March 31, 2011 and March 31, 2010.
(Refer to Schedule 12, 2 (j) in the Significant Accounting Policies and
Notes on accounts of the annual standalone Financial Statements).
Mar 31, 2010
1.Amounts in the abridged financial statements are presented in Rupees in
thousands except as otherwise stated. The previous year figures have
been regrouped/ reclassified, wherever necessary, to conform to the
current presentation.
The financial statements are prepared in accordance with Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments which are measured at fair values. GAAP comprises mandatory
accounting standards as prescribed by the Companies (Accounting
Standards) Rules, 2006, the provisions of the Companies Act, 1956 and
guidelines issued by the Securities and Exchange Board of India
(SEBI).Accounting policies have been consistently applied by the
Company and are consistent with those used during the previous year.
(Refer to Schedule -12, 1 & 2 (k) in the Significant Accounting
Policies and Notes to Accounts of the annual standalone financial
statements).
2.Contingent liabilities
Amount in Rs. 000
Particulars Year ended Year ended
31-03-2010 31-03-2009
Corporate 20,000 50,000
guarantee given
by the Company
to one of its
subsidiaries
APA Engineering
Private Limited
Claims against
the Company, 27,876 18,039
not acknowledged
as debts [Net of
amount paid to
statutory
authorities
Rs.8,081]
Outstanding Bank 14,000 NIL
Guarantee
Claims against the Company not acknowledged as debts is in respect to
demand from Indian Income tax authorities for payment of additional tax
of Rs. 278.76 lakhs (Rs. 180.39 Lakhs) upon completion of their tax
review for the assessment years 2006-07 & 2007-08 respectively. The
tax demand is mainly on account of disallowance of software product
development expenses claimed by the company as revenue expenditure and
instead allowing the same as a capital expenditure with consequential
depreciation. The matter is pending before the Commissioner of Income
tax (Appeals), Chennai.
On May 23, 2008 the company has received an order for the Assessment
Year 2003-04 from Income Tax Appellate Tribunal (ITAT) disallowing the
software product expenses claimed by the company as revenue expenditure
and instead allowing the same as a capital expenditure with
consequential depreciation and thereby reducing the benefit of carrying
forward of losses by Rs. 159.14 lacs to the subsequent assessment
years. However, no demand has been raised for the said assessment year.
The company has filed an appeal with the Honorable High Court of Tamil
Nadu against the order of ITAT. The management believes that the
ultimate outcome of the proceeding will not have a material adverse
effect on the companys financial position and results of operation and
hence, no adjustment has been made to the financial statements for the
year ended March 31, 2010
The Company is contesting the demands and the Management, including its
tax advisors, believes that its position will likely be upheld in the
appellate process. No tax expense has been accrued in the financial
statements for the tax demand raised. The Management believes that the
ultimate outcome of this proceeding will not have a material adverse
effect on the Companys financial position and results of its
operations.
(Refer to schedule - 12, 1, AS - 29 (a), (b), (c) in the Significant
Accounting Policies and Notes to Accounts of the annual standalone
financial statements).
3. Quantitative details
The Company is primarily engaged in the development and maintenance of
computer software. The production and sale of such software cannot be
expressed in any generic unit. Hence, it is not possible to give the
quantitative details of sales and certain information as required under
paragraphs 3,4C and 4D of part II of schedule VI to the Companies Act,
1956.
(Refer to schedule - 12, 2 ( c )in the Significant Accounting Policies
and Notes to Accounts of the annual standalone financial statements).
4. Related party Disclosure & transactions
Related party Disclosure for the year ended March 31, 2010 List of
Related parties Holding Company
TAKE Solutions Pte. Limited, Singapore
Subsidiaries
1. TAKE United Sdn. Bhd., Malaysia (Ceased w.e.f .01.11.2009)
2. APA Engineering Private Limited, India (formerly known as
Autopartsasia Private Ltd)
3. TOWELL-TAKE Investments LLC, Muscat
4. TAKE Solutions Inc., USA
5. CMNK Consultancy & Services Private Limited, India
6. TAKE Solutions Global LLP, India (Incorporated and added during the
year)
Step Subsidiaries
7. TOWELL-TAKE Solutions LLC, Muscat
8. TAKE Solutions MEA Limited, Dubai
9. Applied Clinical Intelligence, LLC, USA
10. Clear Orbit Inc, USA
11. TAKE Solutions GMBH, Switzerland
12. CMNK Services Private Limited, India
13. TAKE Enterprises Solutions Inc, USA
14. TAKE Intellectual Properties Management Inc, USA
15. Mirnah Technology Systems Limited, Saudi Arabia (added during the
year)
16. RPC Power India Private Limited, India. (considered during the
year by virtue of control over composition of board of directors)
Key Management Personnel
1. Mr. S. Sridharan, Managing Director
2. Mr. R. Seshadri, Executive & Whole-time Director (Ceased w.e.f
30.01.2010)
3. Mr. T.K. Wong, Chairman (Ceased w.e.f 22.05.2009)
4. Mr. Srinivasan H.R., Vice Chairman & Non - Executive Director
5. Mr. D.V. Ravi, Non - Executive Director
6. Mr. Ram Yeleswarapu, Non - Executive Director
7. Mr. Bala Latupalli, Non - Executive Director (Appointed on
30.01.2010)
Enterprises over which Key Management Personnel and their relatives
exercise significant influence with whom transactions have taken place
during the year
1. Aakanksha Management Consultancy & Holdings Private Limited, India.
Other Related Parties
1. TAKE Solutions Limited ESOP Trust, India - the trust is effectively
controlled by the company
2. WJ. Towell & Co, LLC, Muscat - Joint Venture Partner.
(Refer to schedule 12, AS - 18, in the Significant Accounting Policies
and Notes on accounts of the annual standalone financial statements).
(1) During the year, the Company has invested Rs. 99,000 representing
99% stake in TAKE Solutions Global LLP.
(2) During the year, the Company has sold its entire holding in TAKE
United Sdn.Bhd for a total consideration of Rs. 288.75 Lakhs and the
profit on disposal of investments recognized thereon is Rs. 23.86
Lakhs.
(Refer to schedule - 12, 1, AS - 13, (d), (e) in the Significant
Accounting Policies and Notes to Accounts of the annual standalone
financial statements).
5.Transactions with Key Management personnel
Particulars of remuneration and other benefits paid to Whole Time
Directors, Non-Executive Directors and independent Directors for the
years ended March 31, 2010 and March 31, 2009 are as follows:
The above excludes gratuity and leave encashment payable which cannot
be separately identified from the composite amount advised by the
actuary.
(Refer to Schedule - 12, 2 (b) in the Significant Accounting Policies
and Notes on accounts of the annual standalone financial statements).
6.Dues to Micro, small and medium enterprises
The Company has no dues to micro, small and medium enterprises as at
March 31, 2010 and March 31, 2009.
(Refer to schedule - 12, 2 (j) in the Significant Accounting Policies
and Notes on accounts of the annual standalone financial statements).