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Notes to Accounts of TechNVision Ventures Ltd.

Mar 31, 2015

(A). RELATED PARTY DISCLOSURES

As per Accounting Standard on "Related Party Disclosures" Accounting Standards AS-18 issued by the Institute of Chartered Accountants of India, the related parties of the Company are as follows:

b. Segment Reporting

Software Development services, Information technology enabled services and products are considered as its business segment. The Company is primarily engaged in the said business, the activities as such are governed by the same sets of risk and return. Therefore they have been grouped as single segment as per Accounting Standards AS - 17. Therefore they have been grouped as single segment as per Accounting Standards AS - 17 dealing with segment reporting. All the assets of the Company are located in India and hence secondary segment reporting is based on geographical location of the customers.

c. Taxation

Current tax is reckoned based on the current year's income and tax payable in accordance with the prevailing tax laws.

In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Liability amounting to Rs, 313,463/- (Previous Year - Deferred Tax Asset Rs, 192,095/-) on account of timing difference in relation to depreciation as per books vis.a.vis Tax Laws.

d. Dues to Micro and Small Enterprises

The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

e. Leases

Operating Lease: The Company has operating lease for office premises. These lease arrangements operate for a period from one year to three years. The said leases are renewable for further period on mutually agreeable terms and also includes escalation Clause.

f. Previous Year Figures

Previous year fgures have been regrouped wherever necessary.


Mar 31, 2013

1. General Information

TechNVision Ventures Limited is engaged in the business of providing a broad range of Information Technology Products and Services that help Enterprises to create and manage information more efectively and economically.

a. Segment Reporting

Software Development services, Information technology enabled services and products are considered as its business segment. The Company is primarily engaged in the said business, the activities as such are governed by the same sets of risk and return. Therefore they have been grouped as single segment as per Accounting Standards AS - 17. Therefore they have been grouped as single segment as per Accounting Standards AS - 17 dealing with segment reporting. All the assets of the Company are located in India and hence secondary segment reporting is based on geographical location of the customers.

b. Taxation

Current tax is reckoned based on the current year''s income and tax payable in accordance with the prevailing tax laws.

In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Liablity amounting to Rs. 60,922/- on account of timing diference in relation to depreciation as per books vis.a.vis Tax Laws.

c. Dues to Micro and Small Enterprises

The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identifed on the basis of information available with the company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

b. Leases

Operating Lease: The Company has operating lease for ofce premises. These lease arrangements operate for a period from one year to three years. The said leases are renewable for further period on mutually agreeable terms and also includes escalation clause.

Finance Lease: The company has no fnance leases.

e. Previous Year Figures

The fnancial statements for the year ended 31st March, 2012 have been prepared as per the applicable, Schedule VI to the Companies Act, 1956.


Mar 31, 2012

1. GENERAL INFORMATION

Solix Technologies Limited (the "Company" or "Solix") is engaged in the business of providing a broad range of Information Technology Products and Services that help Enterprises to create and manage information more effectively and economically.

Note: Expenditure for research activities undertaken with the prospect of gaining technical knowledge and understanding is recognized in profit or loss when the expense is incurred.

Expenditure for development activities, whereby resources are applied to a plan or design for the production of new or substantially improved products and processes, is capitalized if the product or process is technically and commercially feasible and the company has intention and sufficient resources to complete development and it is probable that the asset would generate future economic benefit. The capitalized expenditure comprises the costs of materials, direct labor and an appropriate portion of overhead. Other development expenditure is recognized in profit or loss when the expense is incurred. The carrying value of capitalized development expenditure is reviewed at each Balance Sheet date and adjusted for any changes to the estimated economic life of the product. Capitalized development expenditure is stated at cost less accumulated amortization.

Note: Gratuity - in accordance with the applicable provisions of the Gratuity Act, 1972, an amount of < 146,000/- has been provided towards Gratuity liability for the current year.

a. Segment Reporting

Software Development services, Information technology enabled services and products are considered as its business segment. The Company is primarily engaged in the said business, the activities as such are governed by the same sets of risk and return. Therefore they have been grouped as single segment as per Accounting Standards AS- 17. Therefore they have been grouped as single segment as per Accounting Standards AS- 17 dealing with segment reporting. All the assets of the Company are located in India and hence secondary segment reporting is based on geographical location of the customers.

b. Taxation

current tax is reckoned based on the current year's income and tax payable in accordance with the prevailing tax laws.

In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Asset amounting to ' 80,531/- on account of timing difference in relation to depreciation as per books vis-a-vis tax Laws.

The income tax department has raised a tax demand of Rs 3,768,906/- (including Interest) for the Assessment Year 2002-03. The Company filed an Appeal before the Hon'ble Income Tax Appellate Tribunal, Mumbai. Pending disposal of the said Appeal, the Company has paid the entire amount of Rs 3,768,906/- under protest.

The Company, aggrieved by the Assessment Order for AY 2004-05 has filed an Appeal with the Hon'ble CIT(Appeals), Mumbai. The Hon'ble CIT(Appeals), Mumbai has pronounced his Orders. The Order giving effect to the Hon'ble CIT(Appeals), Mumbai by the Assessing Officer is yet to be received by the Company.

The Company, aggrieved by the Assessment Order for AY 2006-07 has filed an Appeal with the Hon'ble CIT(Appeals), Mumbai. The Hon'ble CIT(Appeals), Mumbai has pronounced his Orders. Based on the Order giving effect to the Hon'ble CIT(Appeals), Mumbai by the Assessing Officer an amount of Rs 347,072/- is payable by the Company.

The Company, aggrieved by the Assessment Order for AY 2008-09 has filed an Appeal with the Hon'ble CIT(Appeals), Mumbai. The Hon'ble CIT(Appeals), Mumbai has pronounced his Orders. The Order giving effect to the Hon'ble CIT(Appeals), Mumbai by the Assessing Officer is yet to be received by the Company. In addition, the Income Tax Department has raised U/s 271, a tax demand of Rs 200,000/- for the year under consideration.

The income tax department has also raised a tax demand of Rs 1,319,744/- for the Assessment Year 2009-10. An appeal has been filed with the Hon'ble CIT (Appeals), Mumbai.

c. Dues to Micro and Small Enterprises

The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. There are no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

d. Leases

Operating Lease: The Company has operating lease for office premises. These lease arrangements operate for a period from one year to three years. the said leases are renewable for further period on mutually agreeable terms and also includes escalation clause.

e. previous Year Figures

The financial statements for the year ended March 31, 2012 have been prepared as per the applicable, Schedule VI to the Companies Act, 1956. Consequent to the notification for Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified/re-grouped to conform the current year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements except for accounting disclosure.


Mar 31, 2010

1.1 CONTINGENT LIABILITIES

There are no contngent liabilites as on the date of the Balance Sheet.

1.2 RELATED PARTY DISCLOSURES

As per Accounting Standard on "Related Party Disclosures" (AS-18) issued by the Insttute of Chartered Accountants of India, the related partes of the Company are as follows:

A) LIST OF RELATED PARTIES

Holding Company

Tiebeam Technologies India Private Ltd (formerly Solix Systems Pvt. Ltd.)

Subsidiary Companies

1. Sit Corporaton Inc., USA

2. AccelForce Pte Ltd., Singapore

Step Down Subsidiaries of AccelForce Pte Ltd., Singapore

1. Solix Technologies Inc., USA

2. Emagia Corporaton, USA

3. Emagia India Private Limited , India (Subsidiary of Emagia Corporaton USA)

Note: One of our subsidiary company, viz., AccelForce Sdn.Bhd., Malaysia was dissolved during the year and another subsidiary company of Solix Technologies Inc., USA viz. AccelForce Inc., USA was dissolved during the year.

Associate Companies

1. Tiebeam Ventures Inc., USA (formerly Solix Systems Inc.)

2. Digiprise India Pvt Ltd., India

3. Digiprise Inc.,USA

4. Tiebeam Pte Ltd., Singapore (formerly Solix Technologies Asia Pacific Pte Ltd)

Key management personnel and the relatives

1. Mr. G.Parmeswara Rao

2. Mrs. G.P.Premalata

3. Mr. Sai Gundavelli

4. Mr. T.M.Rao

5. Mrs. T.Geetanjali

6. Mr. Srinath Gundavelli

1.3 DUES TO SMALL SCALE INDUSTRIES

There are no Small Scale Industrial undertakings to whom amount is outstanding for more than 30 days as at the Balance Sheet date.

There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding as at the Balance Sheet date. The Information has been determined to the extent such partes have been identified on the basis of Information available with the Company. This has been relied upon by the auditors.

1.4 TAXES ON INCOME

Current tax is the amount payable on the taxable income for the year in accordance with the provisions of the Income Tax Act, 1961.

1.5 DEFERRED TAX

Deferred tax is recognized, as the difference between the taxable income and the Accounting income that originate at one period and capable of reversal in one or more subsequent periods.

1.6 INCOME TAX

The Income tax department has raised a tax demand of Rs. 37,68,906/-(including interest) for the Assessment year 2002- 2003. The Company filed Appeal before the ITAT and pending disposal of the said appeal by the Honble IT Appellate

Tribunal, Mumbai, the company has paid the entre amount of Rs. 37 lakhs under protest. The decision of the tribunal is awaited.

The Income tax department has also raised a tax demand of Rs.99,80,358/- dated 21/12/2006 (inclusive of interest) for the Assessment year 2004-2005. Pending disposal of our appeal by CIT (Appeals), Mumbai, the company paid an amount of Rs. 26.29 lakhs tll 29th June 2008. However, the income tax department afer considering the further set-of of previous year losses, the tax demand was revised to Rs.41,32,246 by an Order U/s 154 of the Income Tax 1961. Further, the Company made an Application for rectfcaton of the assessment order to allow credit on account of TDS & self assessment tax paid, as a result of which the tax demand could be reduced to Rs.35,57,129/-.

The Income Tax department has also raised a tax demand of Rs.9,23,013/- dated 22.12.2008 for the Assessment Year 2006-2007 disallowing the claim for deduction U/s 10A. An appeal has been filed with the Honble CIT (Appeals), Mumbai.

Most of Solix operations are conducted through Sofware Technology Park ("STPs") Income from STPs is tax exempt for the earlier of 10 years commencing from the fiscal year in which the unit commences commercial operations, or March 31st, 2011.

1.7 SEGMENT REPORTING

a) Sofware development Services, Information Technology enabled services and products are considered as its business segment. The Company is primarily engaged in the said business, the actvites as such are governed by the same sets of risk and return. Therefore they have been grouped as single segment as per AS-17 dealing with segment reportng. All the assets of the company are located in India and hence secondary segment reportng is based on geographical locaton of the customers.

1.8 FOREIGN EXCHANGE INFLOW / OUTFLOW:

a) Earning in foreign currency : Rs.394.69/- Lakhs ( Pr year Rs 366.58/- Lakhs)

b) Expenditure in foreign currency : Rs.17.38/- Lakhs (Pr. Year Rs. 3.43/- Lakhs)

1.9 SUNDRY DEBTORS:

Though the amount of Rs.688.54 Lakhs is due from the debtors which are more than six months, the management of the Company is of view that the amounts are recoverable in full. Accordingly, the Company made an Application to the Exchange Control authorites of Reserve Bank of India for extension of time and the approval is awaited.

1.10. Previous year figures have been regrouped / reclassified to confirm to current year classification.


Jun 30, 2002

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