Mar 31, 2015
1) Contingent Liabilities
Contingent Liabilities not provided for :
a) Various labour related matters relating to years 1999-2000 are
pending for judgment at Ghaziabad Labour Court as on 31.03.2015. The
liability is unascertainable.
b) Bonds executed in favour of customs/Excise authorities for Rs.
5,00,00,000/- (Previous year Rs. 5,00,00,000/-) whereby, in the event
of default of relevant provision of these Acts, the authorities may
enforce their rights under the bonds.
c) Bonds executed in favour of the president of India for fulfillment
of export obligation for five years and other terms and conditions
relating thereto. In the event of failure, the company shall be liable
to pay appropriate penalties.
d) Bank Guarantees outstanding-:
i) Rs. 26,25,000/- (Previous Year Rs. 26,25,000/-) ii) Letter of Credit
Nil (Previous Year Rs. Nil )
2) Sundry Creditors
There are no reported Micro, Medium Enterprises as defined in "The
Micro, Small & Medium Enterprises Development Act, 2006" to whom the
company owes dues.
3) Capital work in Progress
Capital work in Progress of Rs. 349.28 lacs (including Rs.237.41 lacs
towards technical fee) in respect of TIN Project at Haldia, where there
is no activity for the last Nine years and no expenses have been
incurred on the project that is of capital nature. In the management
view there is no impairment in the value of the said technical fee as
the same is on exclusive basis and the management is in dialogue with
certain prospective J.V. partners for setting up of the manufacturing
facility.
4) Impairment of Assets
In pursuance of accounting standards (AS-28) on Impairment of Assets
issued by the Institute of Chartered Accountants of India, the company
has reviewed the carrying amount of Fixed Assets & Capital Work in
Progress for the purpose of ascertaining impairment, if any. On such
review as at 31.03.2015, management is of the view that the realizable
value of the fixed assets and capital work in progress is more than the
carrying amount, no provision is required to be made.
5) Loan and Advances
The maximum amount due from Maple eSolutions Ltd., (Wholly owned
Subsidiary Company) during the year is Rs.812.34 lacs (Previous Year
Rs. 817.99 lacs)
6) In the opinion of the management, the current assets, sundry debtors,
loans and advances are expected to realise, at least the amount at which
they are stated, if realised in the ordinary course of business and
provision for all known liabilities have been adequately made in the
accounts. Debtors, creditors, advances and certain balances with
banks in current account and fixed deposits are subject to confirma-
tions/Reconciliation and consquential adjustments, if any.
7) Deferred Tax
No Deferred Tax Asset has been recognised on unabsorbed depreciation/
losses since there is no virtual certainty of its realization in the
near future. The credit available for Minimum Alternate Tax u/s 115 JB
of Income Tax Act, 1961 has not been considered as recoverable asset,
in accounts, keeping consideration of prudence and uncertainity due to
tax exemption available to the company.
8) Investment
Long Term Investments as per the Accounting Policy have to be valued at
cost less any dimunition other than temporary dimunition determined on
individual investment basis. However, the provisions for dimunition in
the value of investments made by the Company in respect of the
following Companies have not been considered/ ascertained and
provided for in these accounts since these investments are of long term
nature.
9) On account of global financial recession the company has not been
getting fresh orders from overseas customers. Hence, Overseas BPO/ Call
centre operations remained suspended from third quarter of financial
year 2008-09. Business from other markets including domestic one is
being moblised. Accordingly, the accounts for the year ended 31st
March, 2015 have been drawn on going concern basis.
10)a The loans accounts with banks have become non performing & the
banks have initiated steps for recovery of their dues. The company had
entered into a compromise arrangement with Bank of India for settlement
of their dues for Rs. 1000 lakhs on 29-06-2011. Accordingly the
property of the company situated at C-1, Sector-57, Noida has been sold
during the year 2011-12 for part payment of dues of the bank under the
said compromise / settlement. The company has defaulted in making the
full payment as per compromise / settlement to the bank. Bank has
revoked the compromise / settlement and has adjusted the payment made
by the company towards interest dues. The bank has filed a original
application ( recovery suit) with DRT, Delhi. The company has filed an
writ before the High Court, Delhi against the rejection of settlement
by the banks and the matter is pending before the DRT & High Court,
Delhi respectively, pending finalisation of compromise / settlement /
court cases, the amount paid by company has been adjusted against the
outstanding dues of the bank ( Balance as per books of company on 31-
03-2015 Rs. 365.80 lacs (previous year Rs. 365.80 lacs).
11)b The balance confirmation of secured loans has not been obtained.
The accounts have become non performing and one of the lenders has
initiated recovery proceedings. In the view of the board no interest
should be provided in the books pending final decision of the recovery
proceedings.
12. The Karnataka bank limited has also taken physical possession of
company property situated at 113, Udyog Vihar, Phase-1, Gurgaon on
14-12-2011 under the SARFAESI Act. The management is making efforts to
reach a compromise / settlement with the said bank. Since the loan
account have been clasified as non performing by the banks, no interest
has been charged / accounted on the outstandings.
13) No provision for Bad & Doubtful Debts in respect of long
outstanding debtors of Rs. 27,96,81,944/-has been made as the
management is hopeful of recovery against such long outstanding debts.
A sum of Rs. 42,27,55,174/- has allready been written off till
31.03.2015 and Rs. 5,95,14,338/- in the current year by the company and
extension of period for recovery of balance dues over one year amount
to Rs, 31,78,81,503/- is yet to be obtained.
14) As per reconcilation of share holder demat account, it is noted
that 10,00,000 equity shares of the company (value not ascertained )
held as collateral security from third party guarantors via demat ac-
count, have been adjusted by the lender. Pending balance confirmation
from the lender and guarantor, the same has not been adjusted so for in
the books of accounts of the company.
15) The company has not deposited FBT Rs. 2,11,000/-for FY 2008-09 due
to financial difficulties & Income Tax dues of Rs. 3,18,714/- for AY
2006-07 due to pending finalisation of tax demand after rectification
application by the company for credit of TDS by Income Tax Assessing
Authority.
16) Income Tax department has raised a demand of Rs. 1,46,75,661/- for
AY 2007-08 against which the company has been granted relief by the
Commissioner of Income Tax Appeals vide their order dated 03-05-2010.
The appeal effect of the order of the CIT appeal is yet to be given by
the Assessing Officer.
17) A demand of Rs. 350800/- has been raised by Income Tax Department
towards penalty for AY 2008-09 against which the company has preferred
an appeal before CIT Appeal.
18) Related party disclosures as required under Accounting Standard on
Related Party Disclosures" issued by the Institute of Chartered
Accountant of India are given below :
a) Relationship
100% Subsidiary Companies
Maple eSolutions Limited
"Companies in which one or more of the Directors of the Company are
interested as Director of that Company""
Kasiram Softech (India) Limited
Alchemist Corporation Limited
Kautilya Infotech Limited
NDR Hospitals Limited
Key Management Personnel
Mr. Sudhish Kumar (Chairman)
Ms. Sheetal Jain (Managing Director )
Ms. Neha Gupta (Company Secretary)
19) Foreign Exchange Fluctuations
Foreign Exchange Fluctuations amounting to Rs.(46,23,948)/- (Previous
Year Rs. 1,84,41,317/- ) has been accounted for as Income
/(expenditure) in accordance with Accounting Policy related to Foreign
Currency Transactions.
20) Depreciation on Revalued Assets
Depreciation on Revalued Assets has been charged to Revaluation Reserve
in accordance with the guidance note on accounting of revaluation of
assets and reserves issued by ICAI.
21) Segment Reporting
The company is predominantly dealing in one segment i.e. IT & ITes
business including IT peripherals. Hence, the segment wise reporting is
not required.
22) The Previous year figures have been adjusted/regrouped wherever
considered necessary.
Mar 31, 2014
1) Contingent Liabilities
Contingent Liabilities not provided far;
a) Various labour related matters relating to years 1999-2000 are
pending for judgment at Ghaziabad Labour Court as on 31.03.2014. The
liability is unascertainablc.
b) Bonds executed in favour of customs/Excise authorities for Es.
5,00,00,000/- (Previous year Rs. 5,00,00,000/-) whereby, in the event
of default of relevant provision of these Acts, the authorities may
enforce their rights under the bonds.
c) Bonds executed in favour of tire president of India for fulfillment
of export obligation for five years and other terms and conditions
relating thereto. In the event of failure, the company shall be liable
to pay appropriate penalties.
d) Bank Guaran tees outs ton ding-:
i) Rs. 26,25,000/- (Previous Year Rs. 28,25,000/-) ii) Letter of Credit
Nil (Previous Year Rs. Nil)
2) Sundry Creditors
There are no reported Micro, Medium Enterprises as defined in "The
Micro, Small & Medium Enterprises Development Act, 2006" to whom the
company owes dues.
3) Capital work in Progress
Capital work in Progress of Rs. 349.28 lacs (including Rs.237.41 lacs
towards technical fee) in respect of TIN Project at Haldia, where there
is no activity for the last Xine years and no expenses have been
incurred on the project that is of capita) nature. In the management
view there is no impairment in the value of the said technical fee as
the same is on exclusive basis and the management is in dialogue with
certain prospective J.V. partners for setting up of the manufacturing
facility.
4) Impairment of Assets
In pursuance of accounting standards (AS-28) on Impairment of Assets
issued by the Institute of Chartered Accounlanls of India, the company
has reviewed the carrying amount of Fixed Assets & Capital Work in
Progress for the purpose of ascertaining impairment, if any. On such
review as at 31.03,2014, management is of the view that the realizable
value of the fixed assets and capital work in progress is more than the
carrying amount, no provision is required to be made.
5) Loans and Advances
The maximum amount due from Maple eSoIutions Ltd., (Wholly owned
Subsidiary Company) during the year is Rs. 817.99 lacs (Previous Year
Rs. 818.32 lacs).
6) In the opinion of the management, the current assets,sundry debtors,
loans and advances arc expected to realise, at least tire amount at
which they are stated, if realised in the ordinary course of business
and provision for all known liabilities have been adequately made in
the accounts. Debtors, creditors, advances and certain balances with
banks in current account and fixed deposits arc subject to
confirmations/Recon cilia don and consquential adjustments, if any.
7) Deferred Tax
No Deferred Tax Asset has been recognised on unabsorbed depreciation/
losses since there is no virtual certainly of its realization in the
near future. The credit available for Minimum Alternate Tax u/s 115 JB
of Income Tax Act, 1961 has not been considered as recoverable asset,
in accounts, keeping consideration of prudence and uncertainly due to
tax exemption available to the company.
8) Investment
Long Term Investments as per the Accounting Policy have to be valued at
cost less any d (munition other than temporary dimunition determined on
individual investment basis. However, the provisions for dimunition in
the value of investments made by the Company in respect of the
following Companies have not been considered/ ascertained and provided
for in these accounts since these investments are of long term nature.
On account of global financial recession the company has not been
getting fresh orders from overseas customers. Hence, Overseas BPO/ Call
centre operations remained suspended from third quarter of financial
year 2008-09. Business from other markets including domestic one is
being moblised. Accordingly, the accounts for the year ended 31 si
March, 2014 have been drawn on going concern basis.
The loans accounts with banks have become non performing & the banks
have intitated steps for recovery of their dues. The company had
entered into a compromise arrangement with Bank of India for settlement
of their dues for Rs. 1000 lakhs on 29-06-2011. Accordingly the
property of the company situated at C-l, Sector-57, Noida has been sold
during the year 2011-12 for part payment of dues of the batik under the
said compromise / settlement. The company has defaulted in making the
full payment as per compromise / settlement to the bank. Bank has
revoked the compromise / settlement and has adjusted the payment made
by the company towards interest dues. The bank has filed a original
application ( recovery suit) with DKT, Delhi. The company has filed an
writ before the High Court, Delhi against the rejection of settlement
by the banks and the matter is pending before the DRT & High Court,
Delhi respectively, pending finalisation of compromise / settlement /
court cases, the amount paid by company has been adjusted against the
outstanding dues of the bank ( Balance as per books of company on
31-03-2014 Rs. 365,80 lacs (previous year Rs, 365.80 lacs)).
9) The balance confirmation of secured loans has noL been obtained.
The accounLs have become non performing and one of the lenders has
initiated recovery proceedings. In the view of the board no interest
should be provided in the books pending final decision of the recovery
proceedings.
10) The Karnataka bank limited has also taken physical possession of
company property situated at 113, Udyog Vihar, Phase-]., Gurgaon on
1.4-12-2011 under the SARFAESI Act. The management is making efforts Lo
reach a compromise / settlement with Lhe said bank. Since the loan
account have been elasified as non performing by the banks, no interest
has been charged / accounted on the- outstandings.
No provision for Bad & Doubtful Debts in respect of long outstanding
debtors of Rs. 34,97,56,918/ -has been made as the management is
hopeful of recovery against such long outstanding debts. A sum of Rs.
42,27,55,174/- has allready been written off till date by the company
and extension of period for recovery of balance dues over one year
amount [o Rs, 31,78,81,503/- is yet to be obtained.
11) As per reooncilation of share holder demat account, it is noted
that 10,00,000 equity shares of the company (value not ascertained )
held as collateral security from third party guarantors via denial
account, have been adjusted by the lender, fending balance confirmation
from the lender and guarantor, the same has not been adjusted so for in
the books of accounts of the company.
12) The company has not deposited TBT Rs. 2,ll,000/-for FY 2008-09 due
to financial difficulties & Income Tax dues of Rs. 3,18,714/- for AY
2006-07 due to pending finalisation of tax demand after rectification
application by the company for credit of TDS by Income Tax Assessing
Authority.
13) Income lax department has raised a demand of Rs. 1,46,75,661/- for
AY 2007-08 against which the company has been granted relief by the
Commissioner of Income Tax Appeals vide their order dated 03-05-2010.
The appeal effect of the order of the QT appeal is yet lo be given by
the Assessing Officer.
A demand of Rs, 350800/- has been raised by Income Tax Department
towards penalty for AY 2008-09 against which the company has preferred
an appeal before CIT Appeal.
20) Related party disclosures as required under Accounting Standard on
Related Party Disclosures" issued by the Institute of Chartered
Accountant of India are given below : a) Relationship 100% Subsidiary
Companies Maple eSoiutions Limited Westtalk Corporate Limited Companies
in which one Or more of the Directors of the Company are interested as
Director of that Company
Kasiram Softeeh (India) Limited
Alchemist Corporation Limited
Kautilya Infotech Limited
N7DR Hospitals Limited
Key Management Personnel
Mr. Sudhish Kumar (Chairman)
Ms. Sheetal Jain (Managing Director)
Ms. Rakhi Singh (Company Secretary) (Since resigned)
Ms. Neha Gupta (Company Secretary) (w.e.f. 16-05-2014)
14) Foreign Exchage Fluctuations
Foreign Exchage Fluctuations amounting to Rs.1,84,41,317/- (Previous
Year Rs. 18,43,193/-) has been accounted for as Income /(expenditure)
in accordance with Accounting Policy related to Foreign Currency
Transactions.
15) Depreciation on Revalued Assets
Depreciation on Revalued Assets has been charged to Revaluation Reserve
in accordance with the guidance note on accounting of revaluaion of
assets and reserves issued by ICAI.
16) SegmentReporting
The company is predominantly dealing in one segment i.e. FT & ITes
business including IT peripherals. Hence, the segmentwise reporting is
not required.
17) The Previous year figures have been adjusted/ regrouped wherever
considered necessary.
Mar 31, 2013
1) Contingent Liabilities
Contingent Liabilities not provided for :
a) Various labour related matters relating to years 1999-2000 are
pending for judgment at Ghaziabad Labour Court as on 31.03.2012. The
liability is unascertainable.
b) Bonds executed in favour of customs/Excise authorities for Rs.
5,00,00,000/- (Previous year Rs. 5,00,00,000/-) whereby, in the event
of default of relevant provision of these Acts, the authorities may
enforce their rights under the bonds.
c) Bonds executed in favour of the president of India for fulfillment
of export obligation for five years and other terms and conditions
relating thereto. In the event of failure, the company shall be liable
to pay appropriate penalties.
d) Bank Guarantees outstanding-:
1) Rs. 28,25,000/- (Previous Year Rs. 28,75,000/-) ii) Letter of Credit
Nil (Previous Year Rs. Nil )
2) Capital Commitments (Rs. In Lakhs)
Current Year Previous Year
Estimated amounts of contracts remaining to be
executed on Capital Accounts(Net of Advances) 0.00 0.00
3) Sundry Creditors
There are no reported Micro, Medium Enterprises as defined in "The
Micro, Small & Medium Enterprises Development Act, 2006" to whom the
company owes dues.
4) Capital work in Progress
Capital work in Progress of Rs. 349.28 lacs (including Rs.237.41 lacs
towards technical fee) in respect of TIN Project at Haldia, where there
is no activity or the last Eight years and no expenses have been
incurred on the project that is of capital nature. 1r. the management
view there is no impairment in the value of the said technical fee as
the same is on exclusive basis and the management is in dialogue with
certain prospective J.V. partners for setting up of the manufacturing
facility.
5) Impairment of Assets
In pursuance of accounting standards (AS-28) on Impairment of Assets
issued by the Institute of Chartered Accountants of India, the company
has reviewed the carrying amount of Fixed Assets & Capital Work in
Progress for the purpose of ascertaining impairment, if any. On such
review as at 31.03.2012, management is of the view that the realizable
value of the fixed assets and capital work in progress is more than the
carrying amount, no provision is required to be made.
6) Loans and Advances
The maximum amount due from Maple eSoIutions Ltd., (Wholly owned
Subsidiary Company) during the year is Rs. 818.32 lacs (Previous Year
Rs. 825.72 lacs).
7) In the opinion of the management, the current assets,sundry debtors,
loans and advances are expected to realise, at least the amount at
which they are stated, if realised in the ordinary course of business
and provision for all known liabilities have been adequately made in
the accounts. Debtors, creditors, advances and certain balances with
banks in current account and fixed deposits are subject to
confirmations/Reconciliation and consquential adjustments, if any.
8) Deferred Tax
No Deferred Tax Asset has been recognised on unabsorbed depreciation/
losses since there is no virtual certainty of its realization in the
near future. The credit available for Minimum Alternate Tax u/s 115 JB
of Income Tax Act, 1961 has not been considered as recoverable asset,
in accounts, keeping consideration of prudence and uncertainity due to
tax exemption available to the company.
9) Investment
Long Term Investments as per the Accounting Policy have to be valued at
cost less any dimunition other than temporary dimunition determined on
individual investment basis. However, the provisions for dimunition in
the value of investments made by the Company in respect of the
following Companies have not been considered/ ascertained and provided
for in these accounts since these investments are of long term nature.
On account of global financial recession the company has not been
getting fresh orders from overseas customers. Hence, Overseas BPO/ Call
centre operations remained suspended from third quarter of financial
year 2008-09. Business from other markets including domestic one is
being moblised.
Accordingly, the accounts for the year ended 31st March, 2012 have been
drawn on going concern basis.
10)a ioans accounts with banks have become non performing & the banks
have intitated steps for recovery of their dues. The company had
entered into a compromise arrangement with Bank of India for settlement
of their dues for Rs. 1000 lakhs on 29-06-2011. Accordingly the
property of the company situated at C-l, Sector-57, Noida has been sold
during the year 2011-12 for part payment of dues of the bank under the
said compromise / settlement. The company has defaulted in making the
full payment as per compromise / settlement to the bank. Bank has
revoked the compromise / settlement and has adjusted the payment made
by the company towards interest dues. The bank has filed a original
application ( recovery suit) with DRT, Delhi. The company has filed an
writ before the High Court, Delhi against the rejection of settlement
by the banks and the matter is pending before the DRT & High Court,
Delhi respectively, pending finalisation of compromise / settlement /
court cases, the amount paid by company has been adjusted against the
outstanding dues of the bank ( Balance as per books of company on
31-03-2013 Rs. 365.80 lacs (previous year Rs. 365.80 lacs)).
10)b
The balance confirmation of secured loans has not been obtained.
The''accounts have become non performing and one of the lenders has
initiated recovery proceedings. In the view of the board no interest
should be provided in the books pending final decision of the recovery
proceedings.
11)
The Karnataka bank limited has also taken physical possession of
company property situated at 113,
Udyog Vihar, Phase-1, Gurgaon cm 14-12-2011 under the SARFAHS1 Act. The
management is making efforts to reach a compromise / settlement with
the said bank. Since the loan account have been clasified as non
performing by the banks, no interest has been charged / accounted on
the outstandings.
No provision for Bad & Doubtful Debts in respect of long outstanding
debtors of Rs. 30,22,69,037/-has been made as the management is hopeful
of recovery against such long outstanding debts. A sum of Rs.
41,68,16,864/- has allready been written off till date by the company
and extension of period for recovery of balance dues over one year
amount to Rs, 27,03,93,622/- is yet to be obtained.
12)
As per reconcilation of share holder demat account, it is noted that
10,00,000 equity shares of the company (value not ascertained ) held as
collateral security from third party guarantors via demat account, have
been adjusted by the lender. Pending balance confirmation from the
lender and guarantor, the same has not been adjusted so for in the
books of accounts of the company.
13) The company has not deposited FBT Rs. 2,11,000/-for FY 2008-09 due
to financial difficulties & Income Tax dues of Rs. 3,18,714/- for AY
2006-07 due to pending finalisation of tax demand after rectification
application by the company for credit of TDS by Income Tax Assessing
Authority.
14) Income Tax department has raised a demand of Rs. 1,46,75,661/- for
AY 2007-08 against which the company has been granted relief by the
Comfnissioner of Income Tax Appeals vide their order dated 03-05-2010.
The appeal effect of the order of the CIT appeal is yet to be given by
the Assessing Officer.
A demand of Rs. 350800/- has been raised by Income Tax Department
towards penalty for AY 2008-09 against which the company has preferred
an appeal before CIT Appeal.
15) Related party disclosures as required under Accounting Standard on
Related Party Disclosures" issued bv the Institute of Chartered
Accountant of India are given below : a) Relationship
100/o Subsidiary Companies Maple eSolutioris Limited Westtalk
Corporate Limited Companies in which one or more of the Directors of
the Company are interested as Director of that Company
Kasiram Softech (India) Limited Alchemist Corporation Limited Kautilya
Infotech Limited NDR Hospitals Limited Key Management Personnel Mr.
Sudhish Kumar (Chairman)
Mr. K. C. Gupta (Managing Director ) (Since resigned)
Ms. Sheetal Jain (Managing Director ) ( w.e.f. 12-04-2012)
Ms. Pooja Sharma (Company Secretary) (Since resigned)
Mrs. Surbhi Bansal (Company Secretary! ( w.e.f. 15-09-2012) (Since
resigned)
Ms. Rakhi Singh (Company Secretary) ( w.e.f. 01-03-2013)
16) Depreciation on Revalued Assets
Depreciation on Revalued Assets has been charged to Revaluation Reserve
in accordance with the guidance note on accounting of revaluaion of
assets and reserves issued by ICAI.
17) Segment Reporting
The company is predominantly dealing in one segment i.e. IT & ITes
business including IT peripherals. Hence, the segmentwise reporting is
not required.
18) The Previous year figures have been adjusted/regrouped wherever
considered necessary.
Mar 31, 2010
1) Contingent Liabilities
Contingent Liabilities not provided for :
a) Various labour related matters relating to years 1999-2000 are
pending for judgment at Ghaziabad Labour Court as on 31.03.2010. The
liability is unascertainable.
b) Bonds executed in favour of customs/Excise authorities for Rs.
5,00,00,000/- (Previous year Rs. 5,00,00,000/-) whereby, in the event
of default of relevant provision of these Acts, the authorities may
enforce their rights under the bonds.
c) Bonds executed in favour of the president of India for fulfillment
of export obligation for five years and other terms and conditions
relating thereto. In the event of failure, the company shall be liable
to pay appropriate penalties.
d) Bank Guarantees outstanding-:
i) Rs. 50,65,000/- (Previous Year Rs. 50,65,000/-)
ii) Letter of Credit Nil (Previous Year Rs. Nil )
2) Sundry Creditors
There are no reported Micro, Medium Enterprises as defined in "The
Micro, Small & Medium Enterprises Development Act, 2006" to whom the
company owes dues.
3) Capital work in Progress
Capital work in Progress of Rs. 349.28 lacs (including Rs.237.41 lacs
towards technical fee) in respect of TIN Project at Haldia, where there
is no activity for the last five years and no expenses have been
incurred on the project that is of capital nature. In the management
view there is no impairment in the value of the said technical fee as
the same is on exclusive basis and the management is in dialogue with
certain prospective J.V. partners for setting up of the manufacturing
facility.
4) Impairment of Assets
In pursuance of accounting standards (AS-28) on Impairment of Assets
issued by the Institute of Chartered Accountants of India, the company
has reviewed the carrying amount of Fixed Assets & Capital Work in
Progress for the purpose of ascertaining impairment, if any. On such
review as at 31.03.2010, management is of the view that the realizable
value of the fixed assets and capital work in progress is more than the
carrying amount, no provision is required to be made.
5) Loans and Advances
The maximum amount due from Maple eSolutions Ltd., (Wholly owned
Subsidiary Company) during the year is Rs. 851.65 lacs (Previous Year
Rs. 999.58 lacs).
6) In the opinion of the management, the current assets, loans and
advances are expected to realise, at least the amount at which they are
stated, if realised in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
Debtors, creditors, advances and certain balances with banks in current
account and fixed deposits are subject to confirmations/Reconciliation
and consquential adjustments, if any.
7) Deferred Tax
No Deferred Tax Asset has been recognised on unabsorbed depreciation/
losses since there is no virtual certainty of its realization in the
near future. The credit available for Minimum Alternate Tax u/s 115 JB
of Income Tax Act, 1961 has not been considered as recoverable asset,
in accounts, keeping consideration of prudence and uncertainity due to
tax exemption available to the company.
8) On account of global financial recession the company has not been
getting fresh orders from overseas customers. Hence, Overseas BPO/ Call
centre operations remained suspended from third quarter of last
financial year. Business from other markets including domestic one is
being moblised. Accordingly, the accounts for the year ended 31st
March, 2010 have been drawn on going concern basis.
9)a As per the decision taken by the board on 25th March, 2009, the
company has treated long outstandings from foreign debtors as bad debts
amounting to Rs. 236124466/- and the same has been claimed as bad debts
in filing the Income Tax Return for the financial year 2007-08 as the
decision was taken before the filing of Income Tax Return. Consequently
the provision for taxation amounting Rs. 2,83,14,716/- made in the said
financial year has been written back during the year. The necessary
application for getting approval from Reserve Bank of India for the
said write off is in the process of submission through authorised
dealer (Bank).
10) b Bad & doubtful debts of Rs. 7,65,81,710/- on M/s Sapphire global
Ltd. ( Debtors & Advance to
Suppliers) has been written off during the year on the basis of Company
Voluntary Arrangement entered by the said company. The necessary
application for getting approval from Reserve Bank of India for the
said write off is in the process of submission through authorised
dealer (Bank).
11)a The balance confirmation of secured loans has not been obtained.
The interest payable Rs 36,14,779/- on the outstanding balance has been
estimated on the basis of contractual rates. The accounts have become
non performing and one of the lenders has initiated recovery
proceedings. In the view of the board no interest should be provided in
the books pending final decision of the recovery proceedings.
12) b As per reconcilation of share holder demat account, it is noted
that 10,00,000 equity shares of the company (value not ascertained )
held as collateral security from third party guarantors via demat
account, have been adjusted by the lender. Pending balance
confirmation from the lender and guarantor, the same has not been
adjusted so for in the books of accounts of the company.
13) The company has not deposited FBT Rs. 2,11,000/-for FY 2008-09 due
to financial difficulties & Income Tax dues of Rs. 3,18,714/- for AY
2006-07 due to pending finalisation of tax demand after rectification
application by the company for credit of TDS by Income Tax Assessing
Authority.
14) Income Tax department has raised a demand of Rs. 1,46,75,661/- for
AY 2007-08 against which the company has been granted relief by the
Commissioner of Income Tax Appeals vide their order dated 03-05-2010.
The appeal effect of the order of the CIT appeal is yet to be given by
the Assessing Officer.
15) Related party disclosures as required under Accounting Standard on
Related Party Disclosures" issued by the Institute of Chartered
Accountant of India are given below :
a) Relationship
100% Subsidiary Companies
Maple eSolutions Limited
Westtalk Corporate Limited
Companies in which one or more of the Directors of the Company are
interested as Director of that Company
Kasiram Softech (India) Limited
Alchemist Corporation Limited
Kautilya Infotech Limited
NDR Hospitals Limited
Key Management Personnel
Mr. K. C. Gupta (Managing Director)
Ms. Sheetal Jain (CEO)
Mrs. Tapasya Mittal Jain (Company Secretary)
16) Foreign Exchage Fluctuations
Foreign Exchage Fluctuations amounting to Rs.1,31,08,706 (Previous Year
Rs. 3,92,65,705 ) has been accounted for as expenditure in accordance
with Accounting Policy related to Foreign Currency Transactions. Till
last year Exchange Fluctuations on account of sales were adjusted in
the amount of Sales.
17) Depreciation on Revalued Assets
Depreciation on Revalued Assets has been charged to Revaluation Reserve
in accordance with the guidance note on accounting of revaluation of
assets and reserves issued by ICAI.
18) Segment Reporting
The company is predominantly dealing in one segment i.e. IT & ITes
business including IT peripherals. Hence, the segmentwise reporting is
not required.
19) The Previous year figures have been adjusted/regrouped wherever
considered necessary.