Mar 31, 2015
1. Company's Background
GI Engineering Solutions Ltd. is formed to provide Information
Technology, Engineering Services and other related services.
2.Rights, Preferences and restrictions attached to shares Equity Shares:
The Company has 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 holders of
equity shares will be entitled to receive any of the remaining assets
of the company, after distribution of all preferential amount in
proportion to their shareholding.
Redeemable Cumulative Preference Shares:-
The Board of Directors, pursuant to approval of the Shareholders, had
allotted on March 30, 2012 70,00,000 4.5% Redeemable Cumulative
Preference Shares of face value of Rs 10/- each to M/s Genesys
International Corporation Limited (hereafter 'GICL') with the tenure of
3 year from the date of allotment. The Company, in view of its current
financial position has requested the Board of Directors of GICL for
extension of tenure of the above preference shares by another 3 years.
On receipt of approval from the Board of Directors of GICL, the Company
has extended tenure of the said Redeemable Preference Shares by 3
years, effective March 30, 2015; with the option given to the company
to redeem it earlier.
3. CONTINGENT LIABILITIES:
PARTICULARS As at
March 31, 2015 March 31, 2014
Rs Rs
Contingent Liabilities
Estimated amount of claims against
the company not acknowledged as
debts in respect of :
Disputed Income Tax Matters 3,019,029 1,816,017
4. Disclosure requirements as per the Accounting Standard - 18 (AS -
18) "Related Party Disclosure" issued by the Institute of Chartered
Accountants of India.
List of Related Parties:-
A. Wholly owned Subsidiary Company
M/s Genesys Enterprises Inc., USA
5. Employee Benefits :
Post-employment benefits plans
(a) Defined Contribution Plans -
In respect of the defined contribution plans, an amount of Rs Nil
(Previous Year: Rs 25,830) has been provided in the Profit & Loss
account for the year towards employer share of PF contribution.
(b) Defined Benefit Plans -
The Liability in respect of gratuity is determined for current year as
per management estimate Rs 22,500 (previous year Rs 16,138 as per
actuarial valuation) carried out as at Balance Sheet date. Amount
recognized in profit and loss account Rs 6,362 (previous year Rs
20,174)
6. In accordance with the Accounting Standard - 22 (AS - 22)
"Accounting for Taxes on Income" issued by the
Institute of Chartered Accountants of India, details of deferred tax
assets estimated by the Company is given below -
7. The Company operates only in single Primary Segment i.e.
Engineering based services for the purpose of AS - 17 Segmental
reporting.
The disclosure requirement in respect of secondary segment
(geographical segment) as per the Accounting Standard - 17 is as under:
8. The Balance Sheet of the Subsidiary Company reflects diminution in
the net worth after considering the losses incurred. The said
subsidiary company will incur significant loss if any part of the
accounts receivable and notes receivable become uncollectible. However
the Company continues to value the investments at cost. In the opinion
of the management, provision for diminution is not required in view of
the strategic nature of investments, future business plans and belief
of the management of the subsidiary company on the recoverability of
accounts receivable and notes receivable.
9. Exchange Differences
During the period realized and unrealized exchange loss amounting to Rs
33,354 (Previous Year: exchange gain of Rs3,76,001) is included in the
profit and loss account.
10. Figures for the previous year have been re-grouped/re-classified
wherever necessary to conform to current year's presentation.
Mar 31, 2014
1. Company''s Background
GI Engineering Solutions Ltd. is formed to provide Information
Technology, Engineering Services and other related services.
2. Rights, Preferences and restrictions attached to shares
Equity Shares:
The Company has 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 holders of
equity shares will be entitled to receive any of the remaining assets
of the company, after distribution of all preferential amount in
proportion to their shareholding.
Preference Shares:
Preference shares would be redeemable at par at the end of 3 years from
the date of allotment i.e. 30th March, 2012, with a right vested in the
Board to redeem earlier. These shares would carry a fixed cumulative
dividend of 4.5% per annum payable at the time of redemption. The
voting rights of the persons owning the said preference shares is in
accordance with provisions of section 87 of the Companies Act, 1956.
3. Shares allotted as fully paid up pursuant to contract without
payment being received in cash:
The Company allotted 57,84,378 Equity Shares of Rs. 10/- each as fully
paid up to the shareholders of Genesys International Corporation
Limited, pursuant to the scheme of demerger sanctioned by the High
Court, Mumbai on 7th September, 2007 in the financial year 2007-08 and
16,77,500 Equity Shares of Rs. 10/- each were allotted as fully paid up
in the financial year 2008-09 upon conversion of Equity Share Warrants
into Equity Shares as per the provisions of scheme of demerger
sanctioned by High Court, ''Mumbai, on 7th September, 2007.
4. Amount due to Micro, Small and Medium Enterprises :
As at March 31, 2014, no supplier has intimated the Company about its
status as Micro or Small Enterprise or its registration with the
appropriate authority under the Micro, Small & Medium Enterprises
Development Act, 2006 (said Act) and to the best of the Company''s
knowledge and belief, trade payables as at the year end do not include
outstanding dues to parties or entities covered by the said Act.
5. CONTINGENT LIABILITIES:
(Rs. )
PARTICULARS As at As at
MARCH 31, 2014 MARCH 31, 2013
Contingent Liabilities
Estimated amount of claims against
the company not acknowledged as
debts in respect of :
Disputed Income Tax Matters 18,16,017 26,09,120
6. Disclosure requirements as per the Accounting Standard - 18 (AS -
18) "Related Party Disclosure" issued by the Institute of Chartered
Accountants of India.
7. Employee Benefits :
Post-employment benefits plans
(a) Defined Contribution Plans -
In respect of the defined contribution plans, an amount of Rs. 25,830
(Previous Year: Rs. 36,348) has been provided in the Profit & Loss
account for the year towards employer share of PF contribution.
(b) Defined Benefit Plans -
(i) The liability in respect of gratuity is determined as per actuarial
valuation carried out as at Balance Sheet date. The present value of
the obligation under such plan is determined using the projected unit
credit method. Actuarial gains and losses are recognized in the Profit
& Loss account for the period in which they occur.
Deferred Tax Assets arising on account of fixed assets
depreciation/amortization, provisions for employees'' benefits and
doubtful debts etc. are not recognized in the absence of virtual
certainty of future taxable income against which deferred tax assets
can be set off.
8. The Company operates only in single Primary Segment i.e. Engineering
based services for the purpose of AS - 17 Segmental reporting.
9. The Balance Sheet of the Subsidiary Company reflects diminution in
the net worth after considering the losses incurred. The said
subsidiary company will incur significant loss if any part of the
accounts receivable and notes receivable become uncollectible. However
the Company continues to value the investments at cost. In the opinion
of the management, provision for diminution is not required in view of
the strategic nature of investments, future business plans and belief
of the management of the subsidiary company on the recoverability of
accounts receivable and notes receivable.
10. Exchange Differences
During the period realized and unrealized exchange gain amounting to
Rs. 3,76,001 (Previous Year: exchange loss of Rs. 5,35,948) is included
in the profit and loss account.
11. Figures for the previous year have been re-grouped/re-classifie
wherever necessary to conform to current year''s presentation.
Mar 31, 2013
1. COMPANY''S BACKGROUND
GI Engineering Solutions Ltd. is formed to provide Information
Technology, Engineering Services and other related services.
2. Disclosure requirements as per the Accounting Standard  18 (AS Â
18) "Related Party Disclosure issued by the Institute of Chartered
Accountants of India.
3. EMPLOYEE BENEFITS :
Post-employment benefits plans
(a) Defined Contribution Plans Â
In respect of the defined contribution plans, an amount of Rs. 36,348
(Previous Year: Rs. 32,234) has been provided in the Profit & Loss
account for the year towards employer share of PF contribution.
(b) Defined Benefit Plans Â
i) The liability in respect of gratuity is determined as per actuarial
valuation carried out as at Balance Sheet date. The present value of
the obligation under such plan is determined using the projected unit
credit method. Actuarial gains and losses are recognized in the Profit
& Loss account for the period in which they occur.
4. The Company operates only in single Primary Segment i.e.
Engineering based services for the purpose of AS Â 17 Segmental
reporting.
5. EXCHANGE DIFFERENCES
During the period realized and unrealized exchange loss amounting to Rs.
5,35,948 (Previous Year: exchange gain of Rs. 35,62,194) is included in
the profit and loss account.
6. The Balance Sheet of the Subsidiary Company reflects diminution in
the net worth after considering the losses incurred. The said
subsidiary company will incur significant loss if any part of the
accounts receivable and notes receivable become uncollectible. However
the Company continues to value the investments at cost. In the opinion
of the management, provision for diminution is not required in view of
the strategic nature of investments, future business plans and belief
of the management of the subsidiary company on the recoverability of
accounts receivable and notes receivable.
7. Figures for the previous year have been re-grouped/re-classified
wherever necessary to conform to current year''s presentation.
Mar 31, 2012
1. COMPANY'S BACKGROUND
GI Engineering Solutions Ltd. is formed to provide Information
Technology, Engineering Services and other related services.
Rights, Preferences and restrictions attached to shares Equity Shares:
The Company has 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 holders of
equity shares will be entitled to receive any of the remaining assets
of the company, after distribution of all preferential amount in
proportion to their shareholding.
Preference Shares:
Preference shares would be redeemable at par at the end of 3 years from
the date of allotment i.e. 30th March, 2012, with a right vested in the
Board to redeem earlier. These shares would carry a fixed cumulative
dividend of 4.5% per annum payable at the time of redemption. The
voting rights of the persons owning the said preference shares is in
accordance with provisions of section 87 of the Companies Act, 1956.
Shares allotted as fully paid up pursuant to contract without payment
being received in cash:
The Company allotted 57,84,378 Equity Shares of Rs. 10/- each as fully
paid up to the shareholders of Genesys International Corporation
Limited, pursuant to the scheme of demerger sanctioned by the High
Court, Mumbai on 7th September, 2007 in the financial year 2007-08 and
16,77,500 Equity Shares of Rs. 10/- each were allotted as fully paid up
in the financial year 2008-09 upon conversion of Equity Share Warrants
into Equity Shares as per the provisions of scheme of demerger
sanctioned by High Court, Mumbai, on 7th September, 2007.
Amount due to Micro, Small and Medium Enterprises :
As at MARCH 31, 2012 no supplier has intimated the Company about its
status as Micro or Small Enterprise or its registration with the
appropriate authority under the Micro, Small & Medium Enterprises
Development Act, 2006 (said Act) and to the best of the Company's
knowledge and belief, trade payables as at the year end do not include
outstanding dues to parties or entities covered by the said Act.
2. EMPLOYEE BENEFITS :
Post-employment benefits plans
(a) Defined Contribution Plans -
In respect of the defined contribution plans, an amount of Rs. 32,234
(Previous Year Rs. 78,054) has been provided in the Statement of Profit &
Loss for the year towards employer share of PF contribution.
(b) Defined Benefit Plans -
(i) The liability in respect of gratuity is determined as per actuarial
valuation carried out as at Balance Sheet date. The present value of
the obligation under such plan is determined using the projected unit
credit method. Actuarial gains and losses are recognized in the
Statement of Profit & Loss for the period in which they occur.
3. The Company operates only in single Primary Segment i.e.
Engineering based services for the purpose of AS - 17 Segmental
reporting.
The disclosure requirement in respect of secondary segment
(geographical segment) as per the Accounting Standard - 17 is as under:
4. EXCHANGE DIFFERENCES
During the period realized and unrealized exchange gain amounting to Rs.
35,62,194 (Previous Year exchange loss of Rs. 2,09,022) is included in
the Statement of Profit & Loss.
5. The Balance Sheet of the Subsidiary Company reflects diminution in
the net worth after considering the losses incurred. The said
subsidiary company will incur significant loss if any part of the
accounts receivable and notes receivable become uncollectible. However
the Company continues to value the investments at cost. In the opinion
of the management, provision for diminution is not required in view of
the strategic nature of investments, future business plans and belief
of the management of the subsidiary company on the recoverability of
accounts receivable and notes receivable.
6. The Revised Schedule VI has become effective from 1st April, 2011
for the preparation of the financial statements. This has significantly
impacted the disclosures and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's
classifications / disclosures.
Mar 31, 2010
I. Companys Background
GI Engineering Solutions Ltd. is formed to provide Information
Technology, Engineering Services and other related services.
1. Share Capital
During the year the Company has increased authorized
share capital from 8,000,000 Equity Shares of Rs. 10/- each amounting
to Rs. 8 crores, to 8,500,000,000 Equity Shares of Rs. 10/- each
amounting to Rs. 8,500 crore w.e.f. 30th December, 2009 in accordance
with the resolution passed by the members in the Extra Ordinary General
Meeting held on 30th December, 2009. The Company has paid filing fees
(including late fee) and stamp duty amounting to Rs. 25,734,309.
The Company has allotted 1,100,000 Equity Shares of Rs. 10/- each fully
paid up at a price of Rs. 18/- per share (including share premium of
Rs. 8/- per share) to M/s Fortune Private Equity LLC, Abu Dhabi, UAE on
preferential basis in accordance with the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2009 and resolution passed by the
shareholders of the Company in the Extra Ordinary General Meeting held
on 30th December, 2009. The funds raised through issue of the share
capital are being utilized for general corporate purposes.
2. Contingent Liabilities
Contingent Liabilities Rs. Nil (Previous year Rs. Nil).
3. Disclosure requirements as per the Accounting Standard à 18 (AS Ã
18) "Related Party Disclosure" issued by The Institute of Chartered
Accountants of India.
List of Related Parties:-
A. Wholly owned Subsidiary Company
M/s Genesys Enterprises Inc., USA
C. Principal Shareholder
M/s Kilam Holdings Ltd, Mauritius
D. Associate Enterprises
M/s Genesys International Corporation Ltd.
5. Employee Benefits :
Post-employment benefits plans
(a) Defined Contribution Plans Ã
In respect of the defined contribution plans, an amount of Rs. 235,044
(Previous Year Rs.290,485) has been provided in the Profit & Loss
account for the year.
(b) Defined Benefit Plans Ã
(i) The liability in respect of gratuity and leave encashment is
determined as per actuarial valuation carried out as at Balance Sheet
date. The present value of the obligation under such plan is
determined using the projected unit
4. Provision of Rs. 615,000 (Previous Year à Rs. 393,500) towards
Minimum Alternate Tax (MAT) payable under section 115JB of Income Tax
Act, 1961 has been made. The MAT payable by the company over and above
the normal tax for the current year is allowed to be carried forward
for a period up to next 10 years to be adjusted against the normal tax
payable, if any, in those years.
5. (a) The Company operates only in single Primary Segment i.e.
Engineering based services for the purpose of AS Ã 17 Segmental
reporting.
(b) The disclosure requirement in respect of secondary segment
(geographical segment) as per the Accounting Standard - 17 is as under:
6. Exchange Differences
During the period realized and unrealized exchange loss amounting to
Rs. 2,281,883 (Previous Year exchange gain of Rs. 3,307,980) is
included in the financial statements.
7. The Balance Sheet of the Subsidiary Company reflects
diminution in the net worth after considering the losses incurred. The
said subsidiary company will incur significant loss if any part of the
accounts receivable and notes receivable become uncollectible. However
the Company continues to value the investments at cost. In the opinion
of the management, provision for diminution is not required in view of
the strategic nature of investments, future business plans and belief
of the management of the subsidiary company on the recoverability of
accounts receivable and notes receivable.
8. The Company has compiled this information based on current
information in its possession. As at 31st March, 2010 no supplier has
intimated the Company about its status as Micro or Small Enterprise or
its registration with the appropriate authority under the Micro, Small
& Medium Enterprises Development Act, 2006 (said Act) and to the best
of the Companys knowledge and belief, sundry creditors as at the year
end do not include outstanding dues to parties or entities covered by
the said Act.
9. The Company is engaged in the business of rendering Engineering &
IT based services. The development and sale of such services cannot be
expressed in any generic unit. Hence, it is not possible to give the
quantitative details of sales and certain information as required under
paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act,
1956.
10. Figures for previous year have been re-grouped/re- classified
wherever necessary to conform to current years presentation.
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