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Notes to Accounts of Triton Corp Ltd.

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.

 
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