Mar 31, 2010
a) Figures have been rounded off to the nearest rupee
b) Previous year figures have been regrouped, reclassified and rearranged wherever necessary to confirm to current years classification.
2. Employees Retirement Benefits:
Companys Contribution to Provident Fund is made at the pre- determined rate, to the appropriate authorities and is charged to revenue expenditure. As per Accounting Standard 15 issued by The Institute of Chartered Accountants of India, the Company is required to provide for liability in respect of earned Leave Encashment and Gratuity on accrual basis. The Company has provided liability in respect of Gratuity payable to the employees on the basis of such estimated liability.
3. The Company has during the financial year pledged 3,28,93,000 Equity shares of Vishal Information Technologies Limited with a leading financial institution as security, for the loan availed by its group Company. The Company has issued a corporate guarantee to the financial institution equivalent to the amount of loan availed by the group Company.