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Notes to Accounts of Wisec Global Ltd.

Mar 31, 2015

1. SHARE CAPITAL

a. Terms/Rights attached to Equity Shares

The company has only one class of equity shares having the par value of Rs. 10/- each. Each holders of equity share is entitled to one vote per share.

b. Aggregate number of bonus shares issued, Shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date.

The company has neither issued any bonus share nor any share for consideration other than cash in the immediately proceeding last five years.

2. Leases

The company has taken leased office space under cancellable operating leases. The lease rental expenses recognized in the statement of Profit & Loss account for the year in respect of such leases is Rs 6,90,000/- (previous year Rs 6,00,000/-).

3. Legal & Professional Charges

Legal & Professional charges include the following payments to Auditors (exclusive of service tax and out of pocket expenses);

4. Balances appearing in debtors and creditors account, whether debit or credit, are subject to confirmation.




Mar 31, 2014

Net Deffered Tax Liability

Deffered tax asset/liability are recognized for all timing differences. The carrying amount of Deffered tax asset are reviewed at each reporting date. The Deffered tax asset are recognized only to the extent that there is reasonable certainity that suffcient furure taxable income will be available against which such asset can be realized.

1.1 As per the information available with the Company, it has no outstanding dues in respect to the Micro, Small and Medium Enterprises at the year end therefore, no disclosure is required under the Micro, Small and Medium Enterprises Development Act, 2006.

2. Leases

The company leases office space under cancellable operating leases. The lease rental expenses recognized in the statement of Profit & Loss account for the year in respect of such leases is Rs 6,00,000/- (previous year Rs 7,65,000/-).

3. Legal & Professional Charges % .

Legal & Professional charges include the following payments to Auditors (exclusive of service tax and out of pocket expenses);

4. Balances appearing in debtors and creditors account, whether debit or credit, are subject to confirmation.

5. The revised schedule VI has become effective from 1st April, 2011 for the preparation of Financial Statements. This has significantly impacted the disclosures and presentations made in the Financial Statements. Previous period figures have been regrouped/reclassified, wherever necessary to confirm current years classification.


Mar 31, 2013

Contingent Liability :

Bank Guarantees issued are Rs 17.50 lacs of 100% margin.

1 The margin for bank guarantees is shown by the company under the head Fixed Deposits.

2 As per approval received from RBI and as per the Technology Transfer Agreement Technical know how fees was payable of Rs. 493.22 lac by the company in previous year and shown as capital work in progress.

Against this a sum of Rs. 169.83 lac is still payable. The company has received a letter from M/s Biocore Medical Technologies, Inc. waiving off the payable amount. The Company has informed RBI on the matter and is waiting for their response to write back the liability.

In view of the letter obtained by the company from M/s Biocore Medical Technologies, Inc. the retainable value of the technology is higher them its book value as the technology is being used in India and Abroad.

3 As per the legal advise obtained by the Company most of unsecured loans in the form of fixed deposits and bonds are overdue and barred by limitation hence provision of interest is not made.

4 Some of the balances appearing under Sundry Debtors are subject to confirmation and reconciliation and.consequent adjustments arising out there from would be done in the year of reconciliation.

5 Previous year figures have been reclassified and regrouped wherever considered Necessary.

6 Additional information pursuant to part (3) & (4) of part II of Schedule VI of Companies Act, 1956 is given below:

7 In view of Accounting Standard -22 ''Accounting for Taxes on Income'' issued by the Institute of Chartered Accountants of India, the Company has accounted for deferred tax as follow:


Mar 31, 2012

Contingent Liability :

Bank Guarantees issued are Rs 17.50 lacs of 100% margin.

1 The margin for bank guarantees is shown by the company under the head Fixed Deposits.

2 As per approval received from RBI and as per the Technology Transfer Agreement Technical know how fees was payable of Rs. 493.22 lac by the company in previous year and shown as capital work in progress.

Against this a sum of Rs. 169.83 lac is still payable. The company has received a letter from M/s Biocore Medical Technologies, Inc. waiving off the payable amount. The company intends to intimate RBI on the matter and only then write back the liability.

In view of the letter obtained by the company from M/s Biocore Medical Technologies, Inc. the retainable value of the technology is higher them its book value as the technology is being used in India and Abroad.

3 As per the legal advise obtained by the Company most of unsecured loans in the form of fixed deposits and bonds are overdue and barred by limitation hence provision of interest is not made.

4 Some of the balances appearing under Sundry Debtors are subject to confirmation and reconciliation and consequent adjustments arising out there from would be done in the year of reconciliation. - '

5 Previous year figures have been reclassified and regrouped wherever considered Necessary.

6 Additional information pursuant to part (3) & (4) of part II of Schedule VI of Companies Act, 1956 is given below:

7 (a) Segment report is based on business segments. These business segments are: 1. Biotech Division 2. IT Enabled Services 3. Others. There are no geographical segments.

(b) Segment accounting policies are the same as those used in the preparation of the financial statements.

The segments revenue and segment expenses are directly attributable to the segments. The assets are not classified into the segments owing to the nature of activities.


Mar 31, 2009

Contingent Liability:

Bank Guarantees issued are Rs 13.99 lacs less margin Rs. 5.12 lacs amounting to Rs 8.87 lacs.

1 As per approval received from RBI and as per technology transfer agreement, Technical know how fees of RS 483.23 lacs are paid by the Company in previous years which are shown as capital work in progress as the project is yet to commence and against this a sum of Rs 169.83 lacs is still outstanding. The Company has got extension from RIICO for implementing the project by paying fees of RS 3.40 lacs which are capitalized in the cost of land.

The advance for machinery of US $ 1,00,000 have been received back during the year as the supplier could not provide the Machinery.

2 During the year the company has sold the subsidiaries Jalpradeep Securities Ltd and Envy International Private Limited . Loss on the sale of these investments to the extent not provided for is charged to the Profit and Loss account.

3 Investments include Rs.60.00 lacs which represent investment by the Company in its subsidiary Money Management Consultants (India) Pvt Ltd in pervious year. The subsidiary in the Current year sold off its property during the year. However as in the view of the management there is no permanent dimunition in the value of investment and hence the same is not provided for.

4 As per the legal advise obtained by the Company most of the unsecured loans in the form of fixed deposits and bonds are overdue and barred by limitation hence provision of interest is not made.

5 Some of the balances appearing under Loans & Advances, Sundry Debtors and Investment are subject to confirmation and reconciliation and consequent adjustments arising out therefrom would be done in the year of reconciliation.

6 Previous year figures have been reclassified and regrouped wherever considered Necessary.

7 (a) Segment report is based on business segments. These business segments are:

1. Biotech Division

2. IT Enabled Services

3. Others. There are no geographical segments.

(b) Segment accounting policies are the same as those used in the preparation of the financial statements.

 
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