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Notes to Accounts of WEP Solutions Ltd.

Mar 31, 2015

All figures are reported in Rupees, except data relating to number of Equity Shares or unless stated otherwise The Previous period figures have been regrouped/reclassified, wherever necessary, to conform to the currentperiod presentation.

1. Rights, Preferences and Restrictions attached to Equity Shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is entitled to one vote per equity share. The shareholders are entitled to dividend declared on proportionate basis. On liquidation of the Company, the equity shareholders would be eligible to receive the remaining assets of the Company after distribution of all preferential amount in proportion to their shareholding.

2. Change in Accounting Policy for Depreciation

In accordance with Schedule II of the Companies Act 2013, the company has reviewed the useful life of all its fixed assets as on April 1,2014

a) In case of assets where there is a reduction in useful life, the incremental depreciation arising out of the reduced life as calculated upto March 31,2014 has been adjusted in the retained earnings; the consequent adjustment to the retained earnings(net of deferred tax) is Rs. 94.3Lakhs

b) In case of assets where there is an increase in useful life, the written down value of assets as on April 1, 2014 has been charged off over the revised remaining useful life of the assets. Consequently, charge of depreciation to the Profit and Loss account is lower by Rs.50.8 Lakhs for the year ended March31,2015

3. Contingent Liabilities In Respect of:

a) Letters of Credits opened by Banks for purchases of Spares and Consumables Rs. NIL (March 2015), Rs. 2,975,445(March 2014).

b) Disputed demand for Excise, Customs, Income Tax, VAT and other matters Rs. 5,091,761 (March 2015), Rs. 5,517,452 (March 2014).

4. Segment Reporting

The company's operation predominantly relate to Printer Business and Managed Printing Solutions (MPS) Business. Accordingly the revenue from the said business comprise the primary basis of segment information setout in this financial statement. The accounting principles consistently used for the preparation of financial statements are also applied to record income and expenditure in individual segment. These are set out on the note on significant accounting policies. Fixed Assets used in companies business and liabilities contracted have been identified to the reportable segments.

5. Employee Benefit Plans

The Company provides to its employees following retirement benefits:

i) Gratuity

ii) Leave Accrual

Gratuity: The Company provides gratuity benefit to the employees which is the defined benefit plan and the obligation of the company is calculated on the basis of actuarial valuation.

Leave Accrual: The Company allows accumulation/encashment of leave. Such accumulation can be utilized by obtaining leave in the subsequent period employment or encashment at the time of separation. The obligation as on the balance sheet date is provided on the basis of actuarial valuation.

6. Disclosures of dues / payments to Micro, Small and Medium enterprises to the extent such enterprises are identified by the company:

The Company has not received any intimation from the suppliers regarding the status under the Micro, Small and Medium Enterprises development Act, 2006 (the Act), hence disclosure regarding:

a. Amount due an account of suppliers as at the end of the accounting year

b. Interest Paid during the year;

c. Interest payable at the end of the year;

d. Interest accrued and unpaid at the end of the accounting year; has not been provided.

The Company is making efforts to get the confirmation from the suppliers regarding their status under the Act.


Mar 31, 2014

Company Overview

WeP Solutions Limited is the pioneer of Managed Printing Solutions in India. With our extensive network and expertise in the business we have grown over the period and manage close to 18000 printers / copiers across 1500 locations for 600 customers.

We are the first Indian company to provide pan India printing solutions and set organization free from hassle of managing printers to focus better on their core business. Besides reducing printing cost to Organization, MPS contributes to environmental objectives of WeP Solutions Limited.

The Printers Business comprises of Research & Development, Manufacturing, Sales, Service and Maintenance of High Speed Impact Printers. The customers of this business include many nationalised and private banks, Insurance and financial institutions, Public sector companies spread across India.

Assets and Liabilities are bifurcated into current and non current based on 12 months period from the balance sheet date, as operating cycle of the company is determined less than 1 year.

All figures are reported in Rupees, except data relating to number of Equity Shares or unless stated otherwise

The Previous period figures have been regrouped / reclassified, wherever necessary, to conform to the current period presentation.

2.1.2 Rights, Preferences and Restrictions attached to Equity Shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is entitled to one vote per equity share. The shareholders are entitled to dividend declared on paripassu basis. On liquidation of the Company, the equity shareholders would be eligible to receive the remaining assets of the Company after distribution of all preferential amount in proportion to their shareholding.

2.2 Contingent liabilities in respect of:

a) Letters of Credits opened by Banks for purchases of Spares and Consumables Rs. 2,975,445 (March 2014), Rs. 2,075,513 (March 2013).

b) Disputed demand for Excise, Customs, Income Tax, VAT and other matters Rs. 5,517,452 (March 2014), Nil (March 2013).

2.1 Segment reporting

The company''s operation predominantly relate to Printer Business and Managed Printing Solutions (MPS) Business. Accordingly the revenue from the said business comprise the primary basis of segment information setout in this financial statement. The accounting principles consistently used for the preparation of financial statements are also applied to record income and expenditure in individual segment. These are set out on the note on significant accounting policies. Fixed Assets used in companies business and liabilities contracted have been identified to the reportable segments.

Segment Reporting for the year ended 31st March, 2014.

2.2 Employee benefit plans

The Company provides to its employees following retirement benefits:

i) Gratuity

ii) Leave Accrual

Gratuity: The Company provides gratuity benefit to the employees which is the defined benefit plan and the obligation of the company is calculated on the basis of actuarial valuation. The company does not have any plan assets as the gratuity liability is not funded.

Leave Accrual: The Company allows accumulation / encashment of leave. Such accumulation can be utilized by obtaining leave in the subsequent period employment or encashment at the time of separation. The obligation as on the balance sheet date is provided on the basis of actuarial valuation.

2.3 Disclosures of dues / payments to Micro, Small and Medium enterprises to the extent such enterprises are identified by the company:

The Company has not received any intimation from the suppliers regarding the status under the Micro, Small and Medium Enterprises development Act, 2006 (the Act), hence disclosure regarding:

a. Amount due an account of suppliers as at the end of the accounting year;

b. Interest Paid during the year;

c. Interest payable at the end of the year;

d. Interest accrued and unpaid at the end of the accounting year; has not been provided.

The Company is making efforts to get the confirmation from the suppliers regarding their status under the Act.


Mar 31, 2013

Company Overview

WeP Solutions Limited is the pioneer of Managed Printing Solutions in India. With our extensive network and expertise in the business we have grown over the period and manage close to 18000 printers / copiers across 1500 locations for 600 customers.

We are the first Indian company to provide pan India printing solutions and set organization free from hassle of managing printers to focus better on their core business. Besides reducing printing cost to Organization, MPS contributes to environmental objectives of organizations.

During the year, the company has acquired Printers Business of M/s WeP Peripherals Limited with effect from April 1, 2012. The Printers Business comprises of Research & Development, Manufacturing, Sales, Service and Maintenance of High Speed Impact Printers. The customers of this business include many nationalised and private banks, Insurance and financial institutions, Public sector companies spread across India.

Assets and Liabilities are bifurcated into current and non current based on 12 months period from the balance sheet date, as operating cycle of the company is determined less than 1 year.

1.1 Contingent liabilities in respect of:

a) Letters of Credits opened by Banks for purchases of Spares and Consumables Rs. 2,075,513 (Mar 2013), Rs. 19,278,624 (Mar 2012).

1.2 Segment reporting

The company''s operation predominantly relate to Printer Business and Managed Printing Solutions (MPS) Business. Accordingly the revenue from the said business comprise the primary basis of segment information setout in this financial statement. The accounting principles consistently used for the preparation of financial statements are also applied to record income and expenditure in individual segment. These are setout on the note as significant accounting policies. Fixed Assets used in companies business and liabilities contracted have been identified to the reportable segments

1.3 Employee benefit plans

The company provides to its employees following retirement benefits:

i) Gratuity

ii) Leave Accrual

Gratuity: The Company provides gratuity benefit to the employees which is the defined benefit plan and the obligation of the company is calculated on the basis of actuarial valuation. The company does not have any plan assets as the gratuity liability is not funded.

Leave Accrual: The company allows accumulation / encashment of leave. Such accumulation can be utilized by obtaining leave in the subsequent period employment or encashment at the time of separation. The obligation as on the balance sheet date is provided on the basis of actuarial valuation.

Disclosure envisaged in revised AS 15 in respect of gratuity are given below:

1.4 Disclosures of dues / payments to Micro, Small and Medium enterprises to the extent such enterprises are identified by the company:

The company has not received any intimation from the suppliers regarding the status under the Micro, Small and Medium Enterprises Development Act 2006 (the Act) and hence disclosure regarding:

a. Amount due an account of suppliers as at the end of the accounting year

b. Interest Paid during the year

c. Interest payable at the end of the year

d. Interest accrued and unpaid at the end of the accounting year; has not been provided.

The Company is making efforts to get the confirmations from the suppliers as regarding their status under the Act.


Mar 31, 2012

Company Overview

WeP Solutions Limited (formerly known as Datanet Systems Limited) is the pioneer of Managed Printing Solutions in India. With our extensive network and expertise in the business we have grown over the period and manage close to 19000 printers/copiers across 1500 locations for 600 customers.

We are the first Indian company to provide pan India printing solutions and set organization free from hassle of managing printers to focus better on their core business. Besides reducing printing cost to Organization, MPS contributes to environmental objectives of organizations.

"The presentation of the accounts is based on the Revised Schedule VI of the Companies Act 1956, applicable from the current financial year. Accordingly previous year figures are realigned to make it comparable with current year. Assets and Liabilities are bifurcated into current and non current based on 12 months period from the balance sheet date, as operating" cycle of the company is determined less than 1 year."

All figures are reported in Rupees, except data relating to number of Equity Shares or unless stated otherwise

The previous period figures have been regrouped/reclassified, wherever necessary to conform to the current period presentation

1.1 Contingent Liabilities in respect of:

Letters of Credits opened by Banks for purchases of Spares and Consumables Rs. 19,278,624 (Mar 2012), Rs. Nil (Mar 2011)

1.2. The company was hitherto following a policy of charging off spares issued to the field over a period of 9 months.From the current year the spares issued for assets after depreciated life are capitalised and depreciated over a period of two years and other spares are charged off on issue. Due to this change, loss before tax is higher by Rs. 8,559,841.

1.3 Segment Reporting

As the Company's activities falls within a single business segment, viz "Managed Printing Solutions", the disclosure requirements of Accounting Standard 17 on "Segment Reporting" notified by the Companies(Accounting Standard) Rules 2006, are not applicable.

1.4 Employee Benefit Plans

The company provides to its employees following retirement benefits:

I) Gratuity

ii) Leave Accrual

Gratuity: The Company provides gratuity benefit to the employees for which the fund is maintained with LIC. This is the defined benefit plan and the obligation of the company is calculated on the basis of actuarial valuation.

Leave Accrual: The company allows accumulation / encashment of leave. Such accumulation can be utilized by obtaining leave in the subsequent period employment or encashment at the time of separation. The obligation as on the balance sheet date is provided on the basis of actuarial valuation.

1.5 Disclosures of dues/payments to Micro, Small And Medium Enterprises to the extent such enterprises are identified by the Company:

The company has not received any intimation from the suppliers regarding the status under the Micro, Small and Medium Enterprises Development Act 2006 (the Act) and hence disclosure regarding:

a. Amount due an account of suppliers as at the end of the accounting year;

b. Interest Paid during the year;

c. Interest payable at the end of the year;

d. Interest accrued and unpaid at the end of the accounting year; has not been provided.

The Company is making efforts to get the confirmations from the suppliers as regarding their status under the Act.

1.6 Additional Information pursuant to the provisions of Part II of Schedule VI to the Companies Act 1956.

a.In the absence of a homogenous unit, it is not practicable to give quantity details of Purchases, Sales and Closing Stock.

1.7 As per Scheme of Arrangement u/s 391 to 394 of Companies Act 1956, Printer division of WeP Peripherals Limited is proposed to be demerged into the Company w.e.f. April 1, 2012 by way of issue of equity shares of the Company. The Scheme has been approved by the Shareholders and the Creditors of the Company and approval is pending with the Hon'ble High Court of Karnataka.


Mar 31, 2010

1. As implementation under Phase ii of the employees stock Option scheme of 1999-2000 ( ESOS) , 156,000 options were vested as on 31st March 2010 out of granted options of 300,000 ( previous year 156,000). Options exercised during the year nil ( previous year nil ) and options lapsed during the year ended 31st March 2010 nil ( previous year nil ). Options available for further vesting as on 31st March 2010 - 476,400 (previous year 476,400)

2. Estimated amount of contracts remaining to be executed on capital account (net of advance) is Rs. Nil (previous year Rs. Nil)

3. a) There is no income tax liability for the year as per the normal / Section 115JB computation under the provisions of the income tax act, 1961

b) No provision for wealth tax has been made, as there is no taxable wealth under the provisions of the wealth tax act, 1957.

4. Service income includes income from software services, customisation and annual maintenance contracts.

5. Sundry debtors, sundry creditors and Loans & advances of certain parties balances are subject to confirmation.

6. The company is engaged in the development of computer software solutions and rendering related services. Hence quantitative information as required under paragraphs 3 and 4C of Part ii of schedule VI to the Companies act, 1956 is not furnished.

7. The companys operations presently are predominantly in Financial service segment. Hence reporting of segment details does not arise.

8. The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts , or to amounts and classification of liabilities that may be necessary if the company is unable to continue as a going concern.

9. Loans and advances include rs.7,364,000/- ( towards 736,400 option @ Rs. 10/- ) being loan given to Datanet employees welfare trust (trust) , formed for the benefit of its employees, for purchase of equity shares in the company (Previous year Rs. 7,364,000/-).

The advance amount is represented by balance number of equity shares originally allotted to the trust at par value.

As on 31/03/2010, 476,400 options are available for further vesting in future and for recovery of the loan against exercise .in addition, 260,000 options which were vested and in force with the employees as on 31/03/2010, upon exercise of which the loan is recoverable from such employees.

Recorded amounts of other assets reasonably represent their fair value.

10. The company has taken leased premises under cancelable operating leases. the rental expenditure in respect of operating leases was rs.309,000/- (previous year Rs. 899,428/-) Contingent rents recognized in the Profit and Loss account is Rs. Nil (previous year Rs. Nil

11. Additional information required to be disclosed pursuant to Part ii of schedule VI of the Companies act, 1956 to the extent applicable.

 
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