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Notes to Accounts of Virinchi Ltd.

Mar 31, 2015

The Company is engaged in the development of Computer Software and Services. The Production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales.

1. Investments

Investments are stated at cost i.e. cost of acquisition, inclusive of expenses incidental to acquisition wherever applicable. Provision for diminution in the value of investments is not created as it is not a permanent decline.

2. Earning per Share:

The earning considered in ascertaining the companies earning per share comprise net profit after tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year.

3. Foreign Currency Outflow during the year of Rs 7743 Lakhs spent during the year.

4. Operational revenue received in foreign currency during the year is Rs. 7838 Lakhs

5. There are no dues to SSI Units outstanding for more than 45 days.

6. Confirmations were not obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

7. During the year company entered into a forward contract for USD 500000 per months. Company blocked the Dollar average rate of Rs. 63.50. Unexpired portion of forward contract is USD 7 Millions from the end of Financial Year.

8. Related Party Transactions.

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of Company at large.

Related Party Disclosures

The followings are the list of related parties:

a) Subsidiary Companies:

1. Qfund Technologies Pvt. Ltd.

2. KSoft Systems Inc

3. Virinchi Media & Entertainment Pvt. Ltd

4. Virinchi Learning Pvt. Ltd.

5. Tyohar Foods Pvt Ltd

6. Virinchi Infra & Realty Pvt Ltd

7. Virinchi Health Care Pvt Ltd

8. Asclepius Consulting and Technologies Pvt. Ltd.

b) Key Management Personnel:

S.NO NAME Designation

1 M. SANTI PRIYA CFO & Whole Time Director

2 K. SRI KALYAN Whole Time Director

3 K. RAVINDRANATH TAGORE Company Secretary

c) Other Related Party: l.Vivo Bio Tech Ltd

9. Details of contingent liabilities:

Claims against the company not acknowledged as debts include:

1. Demand of Rs. 5,20,290/- raised by Income Tax Dept for the FY 2009-10.

10. Previous year's figures have been regrouped wherever necessary.

11. The figures have been rounded off to the nearest rupee.


Mar 31, 2014

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975: NIL

2. Directors Remuneration

Current Year Rs. 24,62,000/- Previous Year Rs. 63,60,000/-

3. Auditors Remuneration (Incl. Service Tax for Statutory and tax matters)

Current Year Rs. 8,81,470/- Previous Year Rs. 6,60,000/-

4. The Company is engaged in the development of Computer Software and Services. The Production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

5. Investments are stated at cost i.e. cost of acquisition, inclusive of expenses incidental to acquisition wherever applicable. Provision for diminution in the value of investments is not created as it is not a permanent decline.

6. Earning per Share:

The earning considered in ascertaining the companies earning per share comprise net profit after tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year.

7. Foreign Currency Outflow during the year of Rs. 1547.78Lacs spent towards foreign travel of office executives.

8. Operational revenue received in foreign currency during the year is Rs. 6187.64 Lacs.

9. There are no dues to SSI Units outstanding for more than 45 days.

10. Confirmations were not obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

11. During the year company entered into a forward contract for USD 500000 per months. Company blocked the Dollar average rate of Rs. 61.99/$. Unexpired portion of forward contract is 5 months from the end of Financial Year.

12. Previous year''s figures have been regrouped wherever necessary.

13. The figures have been rounded off to the nearest rupee.


Mar 31, 2013

NOTE 1

Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975: NIL

NOTE 2

Directors Remuneration

Current Year Rs. 33,00,000/- Previous Year Rs. 63,60,000/-

NOTE 3

Auditors Remuneration (Incl. Service Tax for Statutory and tax matters) Current Year (Rs.) 6,60,000/- Previous Year (Rs) 1,68,540/-

NOTE 4

The Company is engaged in the development of Computer Software and Services. The Production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

NOTE 5 : Investments

Investments are stated at cost i.e. cost of acquisition, inclusive of expenses incidental to acquisition wherever applicable. Provision for diminution in the value of investments is not created as it is not a permanent decline.

NOTE 6: Earning per Share:

The earning considered in ascertaining the companies earning per share comprise net proft after tax. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year.

NOTE 7:

Foreign Currency Outfow during the year of Rs. 69.80 Lacs spent towards foreign travel of offce executives.

NOTE 8:

Operational revenue received in foreign currency during the year is Rs. 4537.96 Lacs.

NOTE 9:

There are no dues to SSI Units outstanding for more than 30 days.

NOTE 10:

Confrmations were not obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

NOTE 11:

Previous year''s fgures have been regrouped wherever necessary.

NOTE 12:

The fgures have been rounded off to the nearest rupee.


Mar 31, 2012

NOTE 1

Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975: NIL

NOTE 2 Directors Remuneration

Current Year (Rs.) 63,60,000/- Previous Year (Rs.) 55,43,333/-

NOTE 3 Auditors Remuneration(Incl. Service Tax for Statutory and Tax matters)

Current Year (Rs.) 1,68,540/- Previous Year (Rs) 1,65,450/-

NOTE 4

The Company is engaged in the development of Computer Software and Services. The Production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

NOTE 5

The Cash Credit is secured by hypothecation of machinery such as Computers, Furniture& Fixtures, Office Equipments and Air conditioners and personal guarantee of the Director of the Company. Vehicle loans are secured by hypothecation of vehicles. Term Loans are secured against the Fixed Assets - Land, Building, Computers & Interiors etc. of the proposed campus at Shamirpet and personal guarantee of the Directors

NOTE 6

Foreign Currency Outflow during the year of Rs. 58.78 Lacs spent towards foreign travel of office executives.

NOTE 7

Operational revenue received in foreign currency during the year is Rs. 3393.45 Lacs.

NOTE 8

There are no dues to SSI Units outstanding for more than 30 days.

NOTE 9

Confirmations were not obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

NOTE 10

Previous years figures have been regrouped wherever necessary.

NOTE 11

The figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 - Mentioned in Directors Report.

2. The Company is engaged in the development of Computer Software and Services. The Production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

3. The Cash Credit is secured by hypothecation of machinery such as Computers, Furniture& Fixtures, Office Equipments and Air conditioners and personal guarantee of the Director of the Company. Vehicle loans are secured by hypothecation of vehicles. Term Loans are secured against the Fixed Assets - Land, Building, Computers & Interiors etc. of the Office cum Development Centre Hakimpet and personal guarantee of the Directors

4. The Company has given a portion of the building at Hakimpet on lease, at prevailing market rates.

5. Expenditure in Foreign Currency Current Year(Rs.) Foreign Traveling 265.58 Lacs

6. Earnings in Foreign Exchange as reported by the Company to Government of India and as certified by Management.

Current Year(Rs.)

Foreign Exchange Inflow 3,368 Lacs

7. There are not dues to SSI Units outstanding for more than 30 days.

8. Confirmations were not obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

9. In accordance with Accounting Standard 22(AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax Provision for the current year amounts to Rs. 5,161,123 /- towards deferred income tax Asset. (Previous year Rs. 37,80,756 /-)

10. Previous years figures have been regrouped wherever necessary.

11. The figures have been rounded off to the nearest rupee.

 
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