Mar 31, 2016
Notes to Accounts
1. Secured Loan from Housing Finance Company
The Company''s immovable property was leased out to another IT Services company for 10 years in 2004.The Lease rentals were discounted with a housing finance company to augment working capital for the company . The tenant had terminated the lease and vacated the property of the company in 2009. Owing to Political conditions in the state the property could not be leased out and thereby the account became irregular. The company approached the lender to restructure the loan but they initiated proceedings under SARFARESI Act to recover their dues. The Lender took possession of the property. The company approached the Debts recovery tribunal. However as on the balance sheet date the property continues to be registered in the name of the company and the lender is yet to make his submissions before the debts recovery tribunal.
2. Subsidiary Companies
The Company has two Wholly Owned Subsidiaries viz Cybermate Infotek Limited Inc at U.S.A and Cybermate Infotek Ltd F.Z.E at U.A.E.
Operations of the Subsidiary in U.S.A. remained dormant since the year 2002.
The company has reviewed the operations of the wholly owned Subsidiary at UAE i.e Cybermate Infotek Limited FZE .
The subsidiary was formed in the year 2009, looking at the potential in the middle east markets. Subsequently due to local and international factors resulted in adverse business conditions on account of which the company could not proceed with its plans.
The company waited all along looking for an improvement and it is felt that additional investment at this stage would not make it viable and hence the company has decided to close the operations and write off the carrying amount of the investments in overseas subsidiary of Rs.38,16,91,600/-,
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures in Form AOC - 1 is annexed to the Directors'' Report as Annexure D pursuant to first proviso to sub-section (3) of section 129 of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014.
3. Software Products
As at the balance sheet date the company has reviewed the Software Products for their impairment.
On account of improvements in technology some of the products were not yielding revenues for the last three years and it is felt that additional investments in the sand products would not enable to make the products viable and that there is no recoverable amount for these software products and hence the products valued at Rs21,53,51,093/- identified as non cash generating units are written off as Impairment loss.
4. Unamortised Product Development Expenses
Unamortised Product Development expenses of Rs. 1,13,11,572/has been fully written off considering the obsolescence in the technology of the products involved.
5. Segment Reporting
In accordance with the requirement of AS-17 on Segment reporting, the company has determined its business segment as Computer Programming Consultancy and related services. There are no other primary reportable segments. Thus the segment revenue , segment result , total carrying amount of segment liabilities, total cost incurred to acquire segment assets , the total amount of charge for depreciation during the year are all reflected in the financial statement of and for the year ended 31st March 2016.
There are no secondary reportable segments (Geographical Segments).
6. Contingent Liabilities
(a) Income Tax Matters on which the company is in appeal Rs 1550.52 Lacs (Rs. 814.28Lacs)
(b) Bank guarantee in favor of Assistant Commissioner of Customs for a CPWB warehouse License amounting to Rs. 98,000/32. Previous year figures have been regrouped and rearranged wherever necessary to conform to this years'' classification.
Mar 31, 2015
1. Company Overview
Cybermate is a Mid Sized IT Services company engaged in custom built
software development, System Integration Services, Network &
Surveillance, building and selling own Products, reselling third party
products, business platforms such as analytics, social media, mobile
applications, cloud based solutions and outsourced business processes
etc. Cybermate has over the year built and sold products for general IT
use and domain specific solutions for Health Care, Telecom,
Engineering, Energy and Retail.
Cybermate is a public limited company incorporated in India and has its
registered and corporate office at Hyderabad, Telangana. The company
is listed on BSE Limited.
2. Share Capital
Terms/Rights attached to Equity shares
The Company has only one class of equity shares having a par value of
Rs.10 per share. Each holder of equity shares is entitled to one vote
per share. In the event of Liquidation of the company, the holder of
equity shares will be entitled to receive any of the remaining assets
of the company after distribution of all preferential amounts. However,
no such preferential amounts exist currently.
The distribution will be in proportion to number of equity shares held
by the shareholders.
3. Secured Loans from Housing Finance Company
The company has its own commercial space which was leased out to
another I.T. Services Company for 10 years in 2004. The lease rentals
were discounted with a housing finance company to augment working
capital for the company. The tenant had terminated the lease and
vacated the property of the company in 2009. Owing to the Political
Conditions in the state the property could not be leased out and there
by the account being irregular.
The company approached the lender to restructure the loan but they
initiated proceedings under the SARFARESI Act to recover their dues.
The company has approached the Debts Recovery Tribunal and appropriate
Legal Authorities for relief to protect its property. The amounts due
is Rs. 3, 03, 00,175/-
4. Investment Written off
The company is recognising diminution in value of investments in
subsidiary by charging off the amounts to revenue in a systematic
manner over five years. The amounts represents share application money
pending allotment which has arisen on capitalising export receivables.
* CIL Inc : During the year the company has written off an amount of
Rs. 1308.47 Lacs representing investment in wholly owned subsidiary as
against an amount of Rs. 436.88 lacs in previous year. The Closing
balance of Investment in CIL Inc after this write off is Rs. 2.17 Lacs.
* CIL FZE: During the year the company has amortised an amount of Rs.
85.16 lacs. Further the company has transferred an amount of Rs.3568.92
Lacs to Investment in UAE as the amount represents Capital Advances
made to aquire Software Product/Licenses in UAE markets. The Closing
balance of investment in CIL FZE after the addition is Rs.3816.91 Lacs.
5. Loans and Advances, Inter Corporate Deposits and Book Debts
During the year the year the company has written off an amount of Rs.
2147.52 Lacs as bad debts. The company has reviewed the receivables
which include Loans and Advances, Book Debts and other receivables as
the same have become unrealisable.
6. Software Product Development Expenses
Software Product Development Expenses were being written off over a
period of five years commencing 2006-07. However there was an addition
to product development expenses in the year 2008-09 and hence the
balance is being written oven off over the extended period.
7. Inventories
Inventories amounting to Rs. 2630.36 Lacs representing expenditure
incurred for development, upgrading of features, inclusion of new
modules etc. The company has capitalised the expenditure to the
products since testing and implementation has resulted in favourable
outcome.
The closing balance in Inventories after capitalisation is Rs.NIL.
8. Subsidiary Companies
The statement pursuant to Section 129(3)(I) of the Companies Act 2013
in respect of the subsidiaries is attached.
The Company has two Wholly Owned Subsidiaries viz Cybermate Infotek
Limited Inc
at U.S.A and Cybermate Infotek Ltd F.Z.E at U.A.E. The operations of
the Subsidiary in
U.S.A. remained dormant since the year 2002.
Cybermate Infotek Limited
Notes to Financial Statements for the Period ended 31st March, 2015
In respect of the Subsidiary at UAE i.e CIL FZE, no operations could be
made but advances were Progress amounting to Rs. 3568.92 Lacs were paid
to acquire Software Products/Licences for setting up of operation and
was accounted in the holding companys books as Capital Work in
Progress. Hence in the current year the entire advance is transferred
from Capital Work in Progress to Investment in CIL FZE.
8. Segment Reporting
In accordance with the requirement of AS-17 on Segment reporting, the
company has determined its business segment as Computer Software
Services. During the year the company has also commenced BPO
operations. Since all of the company's business is from computer
software services, there are no other primary reportable segments. Thus
the segment revenue , segment result , total carrying amount of segment
liabilities, total cost incurred to acquire segment assets , the total
amount of charge for depreciation during the year are all reflected in
the financial statements for the year ended 31st March 2015.
There are no secondary reportable segments (Geographical Segments)
since most of the turnover is from outside India.
9. The company has overdue receivables in convertible foreign
exchange. The Company has not restated these balances at the balance
sheet date as per AS-11-The Effects of Changes in Foreign Exchange
Rates since the company intends to recognize gain/loss on these
receivable only on actual realization since these balances are overdue.
10. Related Party Disclosures
I. Parties where Control Exists
(a) Wholly Owned Subsidiaries
Cybermate Infotek Ltd Inc
Cybermate Infotek Ltd LLC
(b) Parties having control (directly or indirectly)
Orchasp Energy (P) Ltd
Orchasp Securities (P) Ltd
CIL Infoserve Ltd
Kanti Rekha Power Ltd
II. Key Management Personnel
Mr.P.C.Pantulu - Managing Director
Mr.K.S.Shiva Kumar - Director
Mr.P.Chandra Sekhar - Director
III. Relatives of Key Management Personnel Mrs.P.Rajeswari, Wife of
Mr.P.C.Pantulu Mrs.K.Sirisha, Wife of Mr.P.Chandra Sekhar Mrs.Sirisha
Pattapurathi, Daughter of Mr.P.C.Pantulu Mr.Srikrishna Pattapurathi
brother of Mr.P.C.Pantulu Mr.Manjush Pattapurathi cousin of
Mr.P.Chandra Sekhar
11. Contingent Liabilities
2015 2014
Rs.In Lacs Rs.In Lacs
Income Tax Matters on which the company 814.28 814.28
is in appeal
b Bank Guarantee in favour of Assistant Commissioner of Customs for a
CPWB warehouse license.
12. Debtors, Creditors, Loans and Advances are subject to confirmation
and reconciliation.
13. Previous year figures have been regrouped and rearranged wherever
necessary to conform to this years' classification.
Mar 31, 2014
1. Investment Written off
The company is recognising diminution in value of investments in
subsidiary by charging off the amounts to revenue in a systematic
manner over five years. The amounts represents share application money
pending allotment which has arisen on capitalising export receivables.
2. Inter Corporate Deposits.
The balances lying in Inter corporate Deposits have not been recovered
for a long period.
The company has filed a winding up petition and also criminal
proceedings on one corporate. The Hon''ble High Court of Andhra Pradesh
has ordered for the winding up of the corporate.
The company could not recover any part of its dues so far. The Company
is confident that the principal would be recovered and hence has not
made any provision for non recovery of these amounts.
3. Miscellaneous Expenses
Miscellaneous Expenses were being written off over a period of five
years commencing 2006-07. However there was an addition to
Miscellaneous Expenses in the year 2008-09 and hence the balance is
being written oven off over the extended period.
4. Subsidiary Companies
The statement pursuant to Section 212(1) (e) of the companies Act 1956
in respect of the subsidiaries is attached. The Company has two Wholly
Owned Subsidiaries viz Cybermate Infotek Limited Inc at U.S.A and
Cybermate Infotek Ltd F.Z.E at U.A.E. The operations of the Subsidiary
in U.S.A. remained dormant since the year 2002. Further, in respect of
the subsidiary in UAE no business has been conducted since its
inception. In view of the above the preparation and presentation of
consolidated financial statements could not be made.
5. Segment Reporting
In accordance with the requirement of AS-17 on Segment reporting, the
company has determined its business segment as Computer Software
Services. Power Division is yet to commence operations. Since all of
the company''s business is from computer software services, there are no
other primary reportable segments. Thus the segment revenue , segment
result , total carrying amount of segment liabilities, total cost
incurred to acquire segment assets , the total amount of charge for
depreciation during the year are all reflected in the financial
statement of and for the year ended 31st March 2014. There are no
secondary reportable segments (Geographical Segments) since most of the
turnover is from outside India.
6. The company has overdue receivables in convertible foreign
exchange. The Company has not restated these balances at the balance
sheet date as per AS-11-The Effects of Changes in Foreign Exchange
Rates since the company intends to recognize gain/loss on these
receivable only on actual realization since these balances are overdue.
7 : Related Party Disclosures
Parties where Control Exists
(a) Wholly Owned Subsidiaries Cybermate Infotek Ltd Inc Cybermate
Infotek Ltd FZE
(b) Parties having control (directly or indirectly) Orchasp Energy (P)
Ltd
Orchasp Securities (P) Ltd CIL Infoserve Ltd Kanti Rekha Power Ltd
II. Key Management Personnel
Mr.P.C.Pantulu - Managing Director
Mr.K.S.Shiva Kumar - Director
Mr.P.Chandra Sekhar - Director
III. Relatives of Key Management Personnel Mrs.P.Rajeswari, Wife of
P.C.Pantulu Mrs.K.Sirisha, Wife of Mr.P.Chandra Sekhar Mrs.Sirisha
Pattapurathi, Daughter of Mr.P.C.Pantulu
8 : Contingent Liabilities
2014 2013
Rs In Lacs Rs In Lacs
Income Tax Matters on which the company
is in appeal 814.28 643.94
b Bank Guarantee in favour of Assistant
Commissioner of Customs for a CPWB warehouse
license.
9. Debtors, Creditors, Loans and Advances are subject to confirmation
and reconciliation.
10. Previous year figures have been regrouped and rearranged wherever
necessary to conform to this years'' classification.
Mar 31, 2013
1. Secured Loans:
(i) State Bank of Travancore:
The term loan availed from the bank is secured by the following :
Primary Security:
Rupee Term Loan from State Bank of Travancore is secured by a first
charge on the fixed assets of the Company viz Computers, laptops,
regular servers, dot net servers, oracle servers, UPS, Batteries,
Windows Operating System, Oracle Software Licence, Communication
Equipments, Office Equipment, Furniture and Fixtures etc, existing and
proposed to be acquired for the expansion of the project.
Collateral Security:
1. Equitable Mortgage of property of Sri P.C.Pantulu, Managing
director of the Company.
2. Personal Guarantee of Mr. P.C.Pantulu, M.D and Mr. P.Chandra
Sekhar, Director.
(ii) DHFL (Dewan Housing Finance Corporation Limited)
Rupee Lease Rental Finance from DHFL is primarily secured by the
assignment of the Rent receivables, collateral security by first charge
on the property of the Company.
2. Prior Period Items:
a) Deferred Taxes
The company has not been compliant with AS22 on Deferred Taxes till the
previous accounting period. The company has commenced the compliance
with the AS 22 and hence the deferred tax liability upto previous year
is included as a prior period adjustment.
b) Subsidy from Govt of Nagaland
The company had received an amount of Rs.10 lakhs as a capital
contribution for setting up of a training centre at Dimapur. The amount
has been spent towards setting up of infrastructure for the training
centre. Hence the carried forward balance is been transferred to
revenue as prior period revenue as matching expenses were recognised in
profit and loss account earlier.
c) Security Deposit from Trainees
The security deposits received from employees in 2000-01 under a bond
were transferrable to revenue in earlier period as the trainees could
not satisfy the terms and conditions of the employment bond. They had
filed a petition in the High Court of Andhra Pradesh for the refunds.
In accordance with the high court order dated 15th March 2010, the
company has transferred the amounts to revenue as a prior period
income.
3. The Company was inconsistent with requirements of the Accounting
Standard 21 issued by the Institute of Chartered Accountants of India
as the Overseas Subsidiary is not having any operations hence the
Company is not preparing the consolidated Financial Statements.
4. Segment Reporting:
The entire operations of the company relate only to one segment i.e.,
Computer Segment.
5. Share Application Money Pending Allotment
The promoters of the company have advanced amounts to the company over
the years and also have other receivables from the company. The
promoters have offered to convert these dues to equity shares at par in
the previous accounting period. The company has passed the resolution
in the general meeting held on the 30th September 2011. The Company has
received the Inprinciple approval of the Stock Exchange on the 30th
April 2013 and the shares have been allotted on the 4th May 2013.
6. Investment Written off
The company is recognising diminution in value of investments in
subsidiary by charging off the amounts to revenue in a systematic
manner over five years. The amounts represents share application money
pending allotment which has arisen on capitalising export receivables.
7. Inter Corporate Deposit
The balances lying in Inter corporate Deposit have not been recovered
for a long period. The company has filed a winding up petition and also
criminal proceedings on the debtor. The Honorable High Court of Andhra
Pradesh has ordered for the winding up. The company could not recover
any part of its dues so Far.The Company is confident that the principal
would be recovered and hence has not made any provision for non
recovery of these amounts.
8. Miscellaneous Expenses
Miscellaneous Expenses were being written off over a period of five
years commencing 2006-07. However there was an addition to
Miscellaneous Expenses in the year 2008-09 and hence the balance is
being written oven off over the extended period.
9. Statutory and other Claims against the Company and Appeals
(a) Income Tax
For the assessment year 2009-10, the Assessing Officer has passed an
order making additions of Rs. 12.88 crores and raised a tax demand for
Rs. 6.43 Crores. The company has preferred an appeal before the CIT
(Appeals) against the additions made.
The company has fair chances of winning the case and hence no provision
is made toward demand raised.
(b) Bank Guarantees
The Company has issued performance bank guarantee to M/s APGENCo under
contractual obligations and has fulfilled the same to their
satisfaction. There are no claims against the company. Hence no
provisions arise in this regard.The said bank guarantee was fulfilled
in the subsequent period.
The company has issued a guarantee to the Assistant Commissioner of
Customs for a CPWB warehouse license. There are no claims on the
company on account of the same and hence no provision needs to be made.
The company has overdue receivables in convertible foreign exchange.
The company has not revalued the same at the balance sheet date which
is not consistent with the principles laid down in AS 11. The company
intends to recognize gain/loss on these receivable only on actual
realization.
Micro, Small and Medium Enterprise.
There are no Micro, Small and Medium Enterprise, to whom the Company
owes dues, which are outstanding at the Balance Sheet date, computed on
unit wise basis.
Dues to S.S.I:
There are no dues to S.S.I units in respect of sundry creditors.
10. Debtors, Creditors, Loans and Advances are subject to confirmation
and reconciliation.
11. Previous Year figures have been regrouped wherever necessary.
12. Figures are rounded off to nearest rupee.
13. The accounts for the year are prepared for the period of 12 months
from 1st April 2012 to 31st March 2013.
Mar 31, 2012
1. Secured Loans:
(i) State Bank of Travancore:
The term loan availed from the bank is secured by the following :
Primary Security:
Rupee Term Loan from State Bank of Travancore is secured by a first
charge on the unencumber fixed assets of the Company viz Computers,
laptops, regular servers, dot net servers, oracle servers, UPS,
Batteries, Windows Operating System, Oracle Software Licence,
Communication Equipments, Office Equipment, Furniture and Fixtures etc,
existing and proposed to be acquired for the expansion of the project.
Collateral Security:
1. Equitable Mortgage of property of Sri P.C.Pantulu, Managing
director of the Company.
2. Personal Guarantee of Mr. P.C.Pantulu, M.D and Mr. P.Chandra
Sekhar, Director.
(ii) DHFL (Dewan Housing Finance Corporation Limited)
Rupee Lease Rental Finance from DHFL is primarily secured by the
assignment of the Rent receivables, collateral security by first charge
on the property of the Company
(iii) Hire Purchase Loans from M/s ICICI Bank Ltd and M/s Orix Auto
Infrastructure Services Ltd
Hire Purchase loans for purchase of Computers are secured by underlying
assets acquired under the Hire Purchase Agreement.
2. Prior Period Items:
a) Deferred Taxes
The company has not been compliant with AS22 on Deferred Taxes till the
previous accounting period. The company has commenced the compliance
with the AS 22 and hence the deferred tax liability upto previous year
is included as a prior period adjustment.
b) Subsidy from Govt of Nagaland
The company had received an amount of Rs.10 lakhs as a capital
contribution for setting up of a training centre at Dimapur. The amount
has been spent towards setting up of infrastructure for the training
centre. Hence the carried forward balance is been transferred to
revenue as prior period revenue as matching expenses were recognised in
profit and loss account earlier.
c) Security Deposit from Trainees
The security deposits received from employees in 2000-01 under a bond
were transferrable to revenue in earlier period as the trainees could
not satisfy the terms and conditions of the employment bond. They had
filed a petition in the High Court ofAndhra Pradesh for the refunds. In
accordance with the high court order dated 15th March 2010, the company
has transferred the amounts to revenue as a prior period income.
3. The Company was inconsistent with requirements of the Accounting
Standard 21 issued by the Institute of Chartered Accountants of India
as the Overseas Subsidiary is not having any operations hence the
Company is not preparing the consolidated Financial Statements.
4. Segment Reporting:
The entire operations of the company relate only to one segment i.e.,
Computer Segment.
5. Share Application Money Pending Allotment
The promoters of the company have advanced amounts to the company over
the years and also have other receivables from the company. The
promoters have offered to convert these dues to equity shares at par in
the previous accounting period. The company has passed the resolution
in the general meeting held on the 30th September 2011. The company has
made an application to the stock exchange for allotment of these shares
and the same is pending. Hence the amounts due are transferred to Share
Application Money pending allotment in the current period
6. Investment Written off
The company was recognising diminution in value of investments in
subsidiary by charging off the amounts to revenue in a systematic
manner over five years. The amounts represents share application money
pending allotment which has arisen on capitalising export receivables.
7. Inter Corporate Deposit
The balances lying in Inter corporate Deposit have not been recovered
for a long period. The company has filed a winding up petition and also
criminal proceedings on the debtor. The Honorable High Court of Andhra
Pradesh has ordered for the winding up. The company could not recover
any part of its dues so Far.The Company is confident that the principal
would be recovered and hence has not made any provision for non
recovery of these amounts.
8. Miscellaneous Expenses
Miscellaneous Expenses were being written off over a period of five
years commencing 2006-07. However there was an addition to
Miscellaneous Expenses in the year 2008-09 and hence the balance is
being written oven off over the extended period
9. Statutory and other Claims against the Company and Appeals
(a) Income Tax
For the assessment year 2009-10, the Assessing Officer has passed an
order making additions of Rs. 12.88 crores and raised a tax demand for
Rs. 6.43 Crores. The company has preferred an appeal before the CIT
(Appeals) against the additions made.
The company has fair chances of winning the case and hence no provision
is made toward demand raised
(b) Bank Guarantees
The Company has issued performance bank guarantee to M/s APGENCo under
contractual obligations and has fulfilled the same to their
satisfaction. There are no claims against the company. Hence no
provisions arise in this regard.
The company has issued a guarantee to the Assistant Commissioner of
Customs for a CPWB warehouse license. There are no claims on the
company on account of the same and hence no provision needs to be made.
The company has overdue receivables in convertible foreign exchange.
The company has not revalued the same at the balance sheet date which
is not consistent with the principles laid down in AS 11. The company
intends to recognize gain/loss on these receivable only on actual
realization.
10. Micro, Small and Medium Enterprise.
There are no Micro, Small and Medium Enterprise, to whom the Company
owes dues, which are outstanding at the Balance Sheet date, computed on
unit wise basis.
Dues to S.S.I:
There are no dues to S.S.I units in respect of sundry creditors.
11. Debtors, Creditors, Loans and Advances are subject to confirmation
and reconciliation.
12. Previous Year figures have been regrouped wherever necessary.
13. Figures are rounded off to nearest rupee.
14. The accounts for the year are prepared for the period of 12 months
from 1st April 2011 to 31st March 2012.
Mar 31, 2010
(All figures are reported in rupees, except data relating to shares or
unless stated Otherwise)
1. Cost of Acquisition of Software
Cost of Acquisition of Licensed versions of Software is charged off in
the year of purchase.
2. Secured Loans
(a) Rupee Lease Rental Finance from Dewan Housing Finance Corporation
Limited is primary secured by assignment of rent receivables,
collateral security by a first charge on the property of the company.
(b) Term ban from IDB1 Bank is secured by a first charge on property
i.e land belonging to the Managing Director Mr.P C Pantulu.
3. Empbyee Stock Option Scheme. (ESOP) The compensation committee of
the board evaluates the performance and other criteria of employees and
approves the grant of options. These options vest with empbyees- over a
specified period subject to fulfillment of certain conditions. Upon
vesting, empbyees are eligible to apply and secure albtment of Companys
shares at a price determined on the date of grant of options.
Amount received from empbyees on exercise of stock option, pending
albtment of shares is shown as share application money pending albtment
4. Related Party Transactions
5. Key Management personnel are non-director officers of the company,
who have the authority and Responsibility for planning, directing and
controlling the activities of the Company. The bans and advances
receivable from non-director officers as at 31st March, 2010 are at Rs.
NIL.
6. Segment reporting: The entire operations of the company relate only
to one segment i.e.. Computer Software.
7. Assets taken on lease comprise computers and peripherals, which are
accounted as per the tenor of the hire purchase agreement. The dues
against certain assets on hire purchase basis to one company could not
be settled as the Hire Purchase Company has suspended its operations.
8. Dues to S.S.I.: There are no dues to S.S.I. units in respect of
Sundry Creditors as required to be discbsed in accordance with Section
211 read with part 1 of Schedule VI of the Companies Act, 1956. .
9. Miscellaneous expenses: Miscellaneous expenses not written 6f
include expenditure in connection with development of certain software
products. The company proposed to charge off the same to revenue over a
period of five years commencing from 2006-2007.
10. Investments by the company are in the category of non-trade and
unquoted shares. The Wholly Owned Subsidiary in the USA has suspended
its operations and hence the management proposes to recognize a
dimunition in the value of investment by 15% of the value amounting to
Rs. 2,33,10,586/-. During die year the company has capitalized dues
from the wholly owned subsidiary at USA amounting to 10,83,87,617/-.
11. Inter corporate Deposits: The recovery of interest on these
deposits is very irregular and outstanding for a bng period The
auditors have requested the company to make a suitable provision in the
books of accounts. However the company has obtained judgment in favour
of the company on a suit filed oh Armour Pharmaceuticals Ltd for the
recovery of inter corporate deposit and is confident of recovering
interest and principal
12. Additional Information Pursuant to the provisions of the Schedule
VI tothe Companies Act, 1956.
iv. Contingent Liabilities not provided for
a) Bank Guarantee Rs. Nil Rs. Nil
b) LCs Rs. Nil Rs. Nil
c) Foreign Bills Discount Rs. Nil Rs. Nil
d) Disputed Income Tax Liability Rs. Nil Rs. Nil
vi. Debtors, Creditors, Loans and Advances are subject to confirmation
and reconciliation. The Management is confident of recovering dues from
debtors which are due for more than 180 days.
viii. Previous years figures have been regrouped wherever necessary.
ix. Figures are rounded off to nearest rupee.
x. The accounts for the year are prepared for the period of 12 months
from 1st April 2009 to 31st March 2010.
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