Mar 31, 2013
1. CORPORATE INFORMATION
Valuemart Info Technologies Limited (formerly known as GDR Software Limited) was incorporated on October 31, 1997 and commenced business in Bangalore in October 22, 1998. The Company primarily focuses on select segments across the IT and BPO industry and offers specialised and customised solutions to address the mid to large size enterprise market. It offers contemporary Business Process Management (BPM) based solutions and frameworks. Valuemart has further consolidated its position and has added several new clients in this space.
2. CONTINGENT LIABILITIES
The Company has recognised the following contingent liabilities:
(i) Suit filed by one of the former employee of the Company pending resolution with the court Rs. 1,00,000/-. The Company is negotiating for a settlement; hence no provision has been made in the accounts.
(ii) Liabilities, if any, towards interest and penalty on delayed payments of statutory dues not ascertained and hence not provided for.
3. EMPLOYEE RETIREMENT BENEFITS:
In respect of provisioning for terminal benefits like gratuity and leave salary, the Company had no employee on roll as at the end of the Financial Year 31-03-2013. Hence no liability is recognised.
4. SUNDRY DEBTORS, LOANS AND ADVANCES :
Loans and Advances: Represents advances made to vendors in the normal course of business and is not due for more than six months. Hence, no provision is required to be made for the same.
Sundry Debtors: An amount of Rs. 1,29,14,516/- is outstanding from clients for a period exceeding 180 days. This includes an amount of Rs. 98,91,939/- due from parties outside India. The company is approaching RBI to seek extension in time limit for recovery. The Company is confident of recovering the remaining amounts due. Hence, no provision has been made for the same. Confirmation of balances has been called for from all parties and is awaited.
5. MANAGERIAL REMUNERATION:
Period ended as on 31-3-2013 31-03-2012 Salaries & Allowances
- Managing Director Rs. 12,00,000/- Rs. 9,00,000/-
- Director Rs.4,80,000/- Rs. 4,80,000/-
6. Confirmation of balances under advances, deposits, receivables and payables were called for and pending receipt reliance is placed on the book balances. Management is of the opinion that the amounts exhibited will be realised / payable in full in the normal course of business.
7. Notional Taxes, if any, which would accrue, are accounted and provisions made.
8. There were no delays in payment to Micro, Small & Medium Enterprises (MSME) and there were no outstanding dues to MSME based on information available about the status of suppliers.
9. During the year under review, the Company has paid Rs. 45,00,000/- (Rupees Forty Five Lakhs only) towards Income Tax. The Management has taken steps to liquidate the outstanding statutory liabilities in 2013-14. The following statutory dues were outstanding for more than 6 months as on 31-03-2013.
a) Professional Tax: Rs. 47,450/- (2007-08 Rs. 9,250/-; 2008-09 Rs. 18,600/-; 2009-10 Rs. 4,000/-; 2010-11 Rs. 4,800/- and 2011-12 Rs. 6,800/-)
b) Income Tax : Rs. 1,36,75,467/- (2001-02 Rs. 4,22,351/-; 2007 Â 08 Rs. 16,50,000/- 2008-09 Rs. 8,45,000/-; 2009-10 Rs. 28,97,015/-; 2010-11 Rs. 6,661,101/- and 2011-12 Rs. 28,00,000/-)
10. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.