Notes to Accounts of GVP Infotech Ltd.

Mar 31, 2025

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(iii) The Company has only one class of Equity Shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend, which is approved by Board of Directors.

Notes forming part of the Statement of Change in Equity

(iv) The description of the nature and purpose of each reserve within other equity is as follows:

(a) "Capital reseve: The Company has not transferred any amount to the Capital reserves for the year ended 31st March, 2025

(b) Capital redemption reserve:The Company has not transferred any amount to the Capital redemption reserves for the year ended 31st March, 2025

(c) Securities premium account: Securities premium account represents the premium received on issue of shares over and above the face value of equity shares. The account is available for utilisation in accordance with the provisions of the Companies Act, 2013.

(d) General Reserve: The Company has not transferred any amount to the reserves for the year ended 31st March, 2025

(e) Retained earnings: During the financial year Retained earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders.

14 Status of Implementation of Approved Resolution Plan passed by the Hon’ble NCLT

14.1 The resolution plan was duly implemented by the company and the company has also filed the closure report before the Hon''ble NCLT, New Delhi Bench, the clsoure report was taken on record by the Hon''ble NCLT, New Delhi bench on 18th November 2022

14.2 Arbitration notice served to RUDSICO, local self-government Department to invoke Arbitration as on 06.03.2023 for non-payment and termination of “Smart Rajasthan” contract for Rs. 35.28 Cr. Presently the matter is pending before Hon''ble High court of Jaipur for appointmenotf Arbitrator as per the terms of contract.

14.3 The Company filed application U/S 9 of Insolvency & Bankruptcy Code, 2016 against Linkwell Telesystems Pvt Itd for O/S amount of Rs 7.90 Crore which was rejected by Hon''ble NCLT, Hyderabad Bench. Appeal against the order of Hon''ble NCLT has been filed and the same is pending before Hon''ble NCLAT

14.4 The Company has initiated the arbitration proceeding for claim of ?. 395 Crores ( appx) against Minosha India Limited (Formerly Knowns as RICOH India Limited) for various project executed joinlty. Sole Arbitrator is appointed and the matter is pending before Hon''ble Arbitrator.

15 Contingent Liabilities Contingent Liabilities (not provided for) in respect of:
Sr. No.	Particulars	Current Year
1.	Estimated amount of contracts remaining to be executed on capital account (net of advances)	Nil
2.	Outstanding Bank Guarantees / LC	Nil
3.	Claims against the Company not acknowledged as debts	Nil

16 Fair Value ofAssets and Liabilities

In the opinion of the company and to the best of their knowledge and belief, the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

17 Disclosures relating to "Employee Benefits":

a. Defined contribution plans

The Company''s employee provident fund scheme is a defined contribution plans. A sum of Rs. 4,73,693/- (Previous Year Rs. 1,37,732/- ) has been recognized as an expense in relation to the scheme and shown under Employee Benefit Expenses in the Statement of Profit and Loss.

b. Defined Benefit plans:

The Company has no defined benefit plans to make provisions for employee benefits in accordance with the Ind AS 24 "Employee Benefits".

19 Segment Reporting:

The Company is mainly engaged in IT goods & IT Services and paymnet aggregation buisness. These, in context of Indian Accounting Standard on Segment Reporting, as specified in the Companies (Accounting Standard) Rules, 2014, are considered to constitute one single primary segment. Hence, segment reporting is not required.

20 The Company have office premises on Rent basis. Lease Rents charged to Statement of Profit & Loss ? 20,98,414 /- (Previous Year ? 17,71,000/-). Since the leave & license are cancellable in nature, other disclosures as required by Ind AS-116 are not applicable

21 The Company has written off certain old tender deposits given as Ernest Money Deposits against various contracts which were terminated due to Insolvency and also written off certain old receivables which are no more recoverable.

*Note: Arbitration proceedings in respect of certain receivables are pending on the balance sheet date. Therefore, though the claim of the company are not admitted by the other party, the same have been considered good and effect in the accounts would be given on receipt of Abritral award or as management decide.

28 Relationship with struck off Companies

During the Year The Company has not entered any transactions with companies which are struck off under section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

29 Compliance with number of layer of Companies

During the Year The Company has not made any investment in any company and therefore, conditions specified under clause (87) of Section 2 of The Companies Act, 2013 with the Companies (Restriction on number of layers) Rules, 2017 are not applicable in the year under consideration.

30 Proceedings against the Company under Prohibition of Benami Property Transactions Act, 1988

There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property T ransactions Act, 1988 and rules made thereunder31 Details of Benami Property held

The Company does not held any benami property as mentioned under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

32 Wilful Defaulter

The Company has not been declared wilful defaulter by any Bank or Financial institution or any other lender.

33 Undisclosed Income

The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

34 "Registration of charges or satisfaction with Registrar of Companies

"The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

35 Details of Crypto Currency or Virtual Currency

The Company has neither traded nor invested in crypto currency or virtual currency during the financial year.

36 Previous year figures are regrouped or reclassified or rearranged as necessary.

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Mar 31, 2024

The Holding Company has only one class of Equity shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend which is approved by the Board of Directors.

*As per the approved resolution plan the promoter & promoter group shareholding held by Linkstar Trust, However due to techncial/legal issue, the shares could not be transferred to demate account. Further also, as per the approved resolution plan dated 25.09.2020, the above shares has been owned to the Linkstar Trust as per order of the Hon''ble NCLT dated 25.09.2020 and due to this order eartswhile propmoters Mr.Amalendu Mukherjee, Mr. Bibekananda Mukherjee & Ms. Namita Mukherjee ceased to be promoter & promotor group w.e.f 25 Sept 2020.

# The equity Shares of Ex promoter & promoter group held in the Trust namely "Linkstar Trust" as per the approved resolution plan dated 25.09.2020.

#The equity Shares of Ex promoter & promoter group held by Trust of the Resolution Applicant i.e. Linkstar Trust as per the approved resolution plan dated 25.09.2020.

*As per the approved resolution plan the promoter & promoter group shareholding held by Linkstar Trust, however due to technical/legal issue, the shares could not be transferred to demat account. Further also, as per the approved resolution plan dated 25.09.2020, the above shares have been owned to the Linkstar Trust as per order of the Hon''ble NCLT dated 25.09.2020 and due to this order erstwhile promoters Mr. Amalendu Mukherjee, Mr. Bibekananda Mukherjee & Ms. Namita Mukherjee ceased to be promoter & promotor group w.e.f. 25 Sept 2020.

(iii) (iii) The Company has only one class of Equity Shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend, which is approved by Board of Directors. .

(iv) The description of the nature and purpose of each reserve within other equity is as follows:

a) Capital reseve: The Company has not transferred any amount to the Capital reserves for the year ended 31st March, 2024

b) Capital redemption reserve:The Company has not transferred any amount to the Capital redemption reserves for the year ended 31st March, 2024

c) Securities premium account: Securities premium account represents the premium received on issue of shares over and above the face value of equity shares. The account is available for utilization in accordance with the provisions of the Companies Act, 2013.

d) General Reserve: The Company has not transferred any amount to the reserves for the year ended 31st March, 2024

e) Retained earnings: During the financial year Retained earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders

Notes forming part of the Financial Statements (I) ASSETS

(1) NON CURRENT ASSETS

14. Status of Implementation of Approved Resolution Plan passed by the Hon''ble NCLT

14.1. The resolution plan was duly implemented by the company and the company has also filed the closure report before the Hon''ble NCLT, New Delhi Bench, the closure report was taken on record by the Hon''ble NCLT, New Delhi bench on 18th November 2022

14.2 Arbitration notice served to RUDSICO, local self-government Department to invoke Arbitration as on 06.03.2023 for non-payment and termination of "Smart Rajasthan" contract for Rs. 35.28 Cr. Presently the matter is pending before Hon''ble High court of Jaipur for appointmenotf Arbitrator as per the terms of contract.

14.3. The Company filed application U/S 9 against Linkwell Telesystems Pvt Itd for O/S amount of Rs 7.90 Crore the same is pending before Hon''ble NCLT Hydrabad.

15. Receivable under arbitration

The Company has initiated the arbitration proceeding for claim of ^. 395 Crores ( appx) against Minosha India Limited (Formerly Knowns as RICOH India Limited) for various project executed joinlty.

16. Contingent Liabilities Contingent Liabilities (not provided for) in respect of: ^ In ''000, except per share data
	Sr. No.	Particulars	Current year
	1	Estimated amount of contracts remaining to be executed on capital account (net of advances)	Nil
	2	Outstanding Bank Guarantees / LC	5,951.32
	3	Claims against the Company not acknowledged as debts	Nil

17. Fair Value of Assets and Liabilities

In the opinion of the company and to the best of their knowledge and belief, the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

18. Disclosures relating to "Employee Benefits":

a) Defined contribution plans

The Company''s employee provident fund scheme is a defined contribution plans. A sum of Rs. 1,37,732/-(Previous Year Rs. 97,773/- ) has been recognized as an expense in relation to the scheme and shown under Employee Benefit Expenses in the Statement of Profit and Loss.

b) Defined Benefit plans:

The Company has no defined benefit plans to make provisions for employee benefits in accordance with the Ind AS 24 "Employee Benefits".

20. Segment Reporting:

The Company is mainly engaged in IT goods and IT Services. These, in context of Indian Accounting Standard on Segment Reporting, as specified in the Companies (Accounting Standard) Rules, 2014, are considered to constitute one single primary segment. Hence, segment reporting is not required.

21. The Company have office premises on Rent basis. Lease Rents charged to Statement of Profit & Loss ^ 17,71,000 /- (previous year ^ 5,69,778/-). Since the leave & license are cancellable in nature, other disclosures as required by Ind AS-116 are not applicable.

25. Corporate Social Responsibility

During the year the company is not required to incurred expenditure towards Corporate Social Responsibility as per the Companies Act 2013. In view of the same, the company has not spent any amount for CSR during the financial year 2023-24.

28. Relationship with struck off Companies

During the Year the Company has not entered into any transactions with companies which are struck off under section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

29. Compliance with number of layer of Companies

During the Year the Company has not made any investment in any company and therefore, conditions specified under clause (87) of Section 2 of The Companies Act, 2013 with the Companies (Restriction on number of layers) Rules, 2017 are not applicable in the year under consideration.

30. Proceedings against the Company under Prohibition of Benami Property Transactions Act, 1988

There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

31. Details of Benami Property held

The Company does not hold any benami property as mentioned under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

32. Wilful Defaulter

The Company has not been declared wilful defaulter by any Bank or Financial institution or any other lender.

33. Undisclosed Income

The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

34. Registration of charges or satisfaction with Registrar of Companies

The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

35. Details of Crypto Currency or Virtual Currency

The Company has neither traded nor invested in crypto currency or virtual currency during the financial year.

36. Previous year figures are regrouped or reclassified or rearranged as necessary.

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Mar 31, 2022

1. Status of Implementation of Approved Resolution Plan passed by the Hon’ble NCLT

As per the NCLT order, the Resolution Applicant (“RA”) shall implement the approved resolution within 1 year from the date of approval, the company has informed has the resolution plan is yet to be implemented due to pending bonus issue & relisting of issue and company has filed the application for extension of implementation of resolution plan by 1 year before the National Company Law Appellate Tribunal (“NCLAT”) and the matter is sub judice

i) Issue of Preference Shares pursuant to approved Resolution Plan

In accordance with the Approved Resolution Plan, the Resolution Applicant (“RA”) proposed to pay the outstanding amount (claim admitted amount) to operational creditors by issuing the 0.001% Non-Cumulative Non-Convertible Compulsorily Redeemable Preference Shares and redeeming the same at 2% of issue price.

The Company allotted the 86,72,558 (Eighty-six lakhs Seventy-two thousand five hundred fifty-eight) 0.001% of Non-Cumulative Non-Convertible Compulsory Redeemable Preference shares of Rs. 100 (Hundred) each to Operational Creditors on 30^th June 2021 and redeem the said preference shares on 24^th Sep 2021 at Rs. 2/- per share i.e @2% of issue price.

For the aforesaid transaction the company has transferred Rs. 84,99,10,684 to capital reserve under Reserve & Surplus in ‘Other Equity’. Refer Note 3(b) Other Equity to the Ind AS financial statements. The calculation of capital reserve is mentioned is mentioned below.

Value of Preference share issued	Rs. 86,72,55,800
Value of Preference share redeemed	Rs. 1,73,45,116
Balance amount transfer to capital reserve	Rs. 84,99,10,684

Further the company has also issued the 1,74,000/- 0.001% Non-Cumulative NonConvertible Redeemable Preference Shares of Rs. 100 (Rupees Hundred) each to Resolution Applicant & Director on 31^st December 2021 and redeemed the shares at par value on 17^th Feb 2022. The company has transfer Rs. 1,74,00,000 to capital redemption reserve, which is shown under reserve & surplus in ‘Other Equity’. Refer Note 3(b) Other Equity to the Ind AS financial statements.

ii) Issue of fully paid up Bonus Shares of 1,62,86,159 Equity Shares of Rs. 10 each to the shareholders in the ratio of 1:1

As per approved resolution plan, the company has to issue the fully paid up bonus shares of 1,62,86,159 Equity shares to the shareholders of the company after transfer of shares held by Ex-Promoter & Promotor group.

2. Contingent Liabilities

Contingent Liabilities (not provided for) in respect of:			Amount in Rs.
	Sr. No.	Particulars	Current Year
	1.	Estimated amount of contracts remaining to be executed on capital account (net of advances)	Nil
	2.	Outstanding Bank Guarantees / LC	1105950
	3.	Claims against the Company not acknowledged as debts	Nil

3. In the opinion of the company and to the best of their knowledge and belief, the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

4. Disclosures relating to "Employee Benefits": a. Defined contribution plans:

The Company''s employee provident fund scheme is a defined contribution plans. A sum of Rs. 1,38,545/- (Previous Year Rs. 1,84,021/-) has been recognized as an expense in relation to the scheme and shown under Employee Benefit Expenses in the Statement of Profit and Loss.

b. Defined Benefit plans:

The Company has no defined benefit plans to make provisions for employee benefits in accordance with the Ind AS 24 "Employee Benefits".

6. Segment Reporting:

The Company is mainly engaged in IT goods and IT Services. These, in context of Indian Accounting Standard on Segment Reporting, as specified in the Companies (Accounting Standard) Rules, 2014, are considered to constitute one single primary segment. Hence, segment reporting is not required.

7. The Company has pending claim against Minosha India Limited of Rs.511.28 crores against contracts and same is pending before Adjudicating Authority / Appellate AA .

8. The Company have office premises on leave & license basis. Lease Rents charged to Statement of Profit & Loss Rs. 2,01,000 /- (previous year Rs. 6,57,700/-). Since the leave & license are cancellable in nature, other disclosures as required by Ind AS-116 are not applicable.

Corporate Social Responsibility

During the year the company is not required to incur expenditure towards Corporate Social Responsibility as per the Companies Act 2013. In view of the same, the company has not spent any amount for CSR during the financial year 2021-22.

15. Previous year figures are regrouped or reclassified or rearranged as necessary.

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Mar 31, 2018

1. CORPORATE INFORMATION:

Fourth Dimension Solutions Limited is a CMII level 5 information technology (IT) infrastructure, technical support services and operations outsourcing company. The Company is engaged in designing, developing, deploying, and delivering IT infrastructure and services. The Company provides range of information technology and consultancy services, including infrastructure services, end user IT support, IT asset life cycle and integrated solutions. Apart from this the Company also carries out the turnkey projects of Computers, digitization of documents, data entry services and operate data and information processing centers.

2. In the opinion of the Board and to the best of their knowledge and belief, the value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

3. Disclosures relating to “Employee Benefits”:

Defined contribution plans:

The Company’s employee provident fund scheme is a defined contribution plans. A sum of Rs. 2,75,85,334/-(Previous Year Rs. 3,49,36,858/-) has been recognized as an expense in relation to the scheme and shown under Personnel Expenses in the Statement of Profit and Loss.

Defined Benefit plans:

The Company has made provisions for employee benefits in accordance with the Ind AS 24 "Employee Benefits". During the year, the Company has recognized the following amounts in its financial statements based on accounting standard 15 (Revised 2005) issued by the Institute of Chartered Accountants of India.

The estimates of future salary increases, inflation, seniority, promotion and other relevant factors, considered in actuarial valuation such as supply and demand in the employment market. The rate used to discount post employment benefit obligations (both funded and unfunded) should be determined by reference to market yields at the balance sheet date on government bonds. The currency determined by reference to market yields at the balance sheet date on government bonds. The currency and term of the government bonds should be consistent with the currency and estimated term of the post employment benefit obligations.

4. Segment Reporting:

The Company is mainly engaged in IT goods and IT Services. These, in context of Indian Accounting Standard on Segment Reporting, as specified in the Companies (Accounting Standard) Rules, 2014, are considered to constitute one single primary segment. Hence, segment reporting is not required.

5. The Company has a claim pending against its key partner of Rs. 428.80 crores against debit note. Further a claim of Rs. 403.92 crores against same partner is the sub-judice and pending before Hon’ble Arbitrators.

6. The Company has taken office premises (Registered Office, Corporate Office and all its branches in different states taken together) on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs.3,66,51,306/-(previous year Rs.4,31,05,406/-). Since the leases are cancellable in nature, other disclosures as required by Ind AS-17 are not applicable.

7. Corporate Social Responsibility

The Contribution to CSR for the F.Y. 2016-17 was made through “Presidium Educational & Charitable Trust” (PECT) a registered Trust under the Trust Act, 1882 vide Registration No. 56, the Company was required to spend Rs. 36,50,000/- towards CSR activities the requirement of fund on Project “Education for All” of PECT is in phase manner, the Company had contributed Rs. 20,00,000/- on Project “Education for All” under activities as specified in Schedule VII of the Companies Act, 2013. At the consolidated level, for the F.Y. 2016-17 the total expenditure on CSR activities, as specified in Schedule VII of the Companies Act, 2013, was Rs. 20,00,000/- remaining Rs. 16,50,000/- to be paid in another phase in the F.Y. 2018-19.

The Provision for Contribution to CSR for Rs. 57,41,788 of F.Y. 2017-18 is made in the Statement of Profit and Loss.

Notes referred to above and notes attached there to form an integral part of Statement of Assets & Liabilities.

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Mar 31, 2016

25. The value of realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

26. Disclosure pursuant to Accounting Standard 15 on “Employee Benefits”:

Defined contribution plans:

The Company’s employee provident fund scheme is a defined contribution plans. A sum of 1,65,79,809/- (Previous Year 25,81,304/-) has been recognized as an expense in relation to the scheme and shown under Personnel Expenses in the Statement of Profit and Loss.

Gratuity and compensated absences

Gratuity is payable to all eligible employees of the Company on superannuation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act or as per the Company’s Scheme whichever is more beneficial. Compensated absences is payable to all employees of the Company on superannuation, death or permanent disablement as per the Company’s Scheme.

Retirement Benefits

The retirement Benefits of Gratuity & Leave Encashment provision is made on the basis of actuarial valuation carried out by an independent actuary at the year end

27. Related Party Disclosure

a) Disclosure of Related Parties and relationship between parties:-

i. Key Management Personnel : 1. Mr. Amalendu Mukherjee

: 2. Ms. Namita Mukherjee

ii. Associate : 1. ABM IT Solutions Pvt. Ltd *

: 2. Newcode IT Services Pvt. Ltd**

c) Segment Capital employed

Fixed Assets used in the company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

29. The Company has received Rs. 21,39,53,887.53 and Rs. 13,56,32,084.32 for supply of material to Ebay India Pvt. Ltd. And Shop Clues Network Private Limited respectively during the Financial Year 2015-16. However, the respective parties to whom and the material sold was not verified, for the year ending 31 March 2016.

30. a) The Company has major line of business with its consortium partner Ricoh India Ltd since

the incorporation of the Company. However, the Closing balance of both the Company’s as at

31.03.2016 are not matching with each other. The balance shown by the company due to Ricoh India Ltd is Rs. 418,41,56,670.55/- while Balance as per Ricoh India Ltd Confirmation Letter the amount due by Company is Rs.553,54,96,754/-. However both the companies are trying to reconcile the Differences, subject to Sub Clause (2) Clause (3) of Regulation 33 of the SEBI (LODR), Regulation, 2015.

b) The Company has discounted certain invoicing of sale made to Ricoh India Ltd for Rs.99,57,47,103.00 as at March 21’ 2016. But due to some reasons, the materials underlying such invoices was not physically accepted later on but returned back by the Ricoh India Ltd. such materials may be re-dispatched or the money received against such bills discounted may be adjusted against sales to be made in future as per the mutual consent of “The Company” and Ricoh India Ltd.

c) The documents relating to Bills discounted, vendors discounting, factoring arrangement were not made available to auditors during Audit.

31. “The Company” has applied for Keyman Insurance Policy from LIC in the name of Managing Director of the Company Mr. Amalendu Mukherjee. Consequenly Rs.113,46,316.00 was paid through Kotak Mahindra Bank on

05.12.2015. But inadvertently, Jeevan Anand Policy was issued to the Company in the name of Mr. Amalendu Mukherjee, (Managing Director) and Mrs. Namita Mukherjee (whole time director) has been made the nominee. Accordingly such expenditure as debited to the Statement of Profit & Loss stands disallowed for the purpose of computation of Income Tax.

32. Revenue From Operations does not include trading of shares/securities and only profit /(loss) from normal operations is shown in Statement of Profit & Loss.

33. The Company has taken office premises (Registered Office, Corporate Office and all its branches in different states taken together) on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss 3,25,68,890/-(previous year Rs.1,38,41,853/-). Since the leases are cancellable in nature, other disclosures as required by Accounting Standard AS-19 are not applicable.

40. Corporate Social Responsibility

In accordance with Section 135 of the Companies Act, 2013, a company meeting the applicable threshold, needs to spend at least 2% of its average net profits for the immediately preceding three financial years on corporate social responsibility (CSR) activities. Accordingly the company has spent Rs. 11,34,000/- (Previous Year : Nil) towards Project Smart having activities as specified in Schedule VII of the Companies Act, 2013.

41. Events occurring after 31.03.2016 but before the Balance Sheet Date

The Company has purchased 100 % shares (10,000 equity shares of Rs.10/- each) of Enpocket Services (India) Pvt. Ltd., a private limited company with its principal place business in Mumbai for Rs. 3.90 crores from Nokia Investment Oy ( Holder of 9,999 equity shares) and Nokia India Pvt Ltd (Holder of 1 equity share) in the month of April’ 2016. Since this is a non-adjusting event, figures appearing in the balance sheet as at 31.03.2016 has not been adjusted on account of this transaction.

42. Previous Year fiqures have also been regrouped/rearranged, wherever necessary.

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Mar 31, 2015

1. Contingent Liabilities (not provided for) in respect of:

(as certified by Management)

Amount in ''

2. No provision has been made for the Directors'' fee as the same has been voluntarily surrendered by the Directors.

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

4. Balances of all Debtors, Creditors, Advances from Customers, and Advances to Suppliers & Other Advances are subject to confirmation.

5. On the basis of data compiled by the Company, the company is not able to identify Micro & SME Organization from its Creditors.

6. Revenue From Operations does not include trading of shares/securities and only profit /(loss) is shown in Statement of Profit & Loss

7. The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs. 1, 38,41,853 (previous year Rs. 23,16,680). Since the leases are cancellable in nature, other disclosures as required by Accounting Standard AS-19 are not applicable.

8. Disclosure pursuant to Accounting Standard 15 on "Employee Benefits":

Defined contribution plans:

The Company''s employee provident fund scheme is a defined contribution plans. A sum of Rs. 25,81,304/- (Previous Year Rs. 39,955/-) has been recognized as an expense in relation to the scheme and shown under Personnel Expenses in the Statement of Profit and Loss.

Gratuity and compensated absences

Gratuity is payable to all eligible employees of the Company on superannuation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act or as per the Company’s Scheme whichever is more beneficial. Compensated absences is payable to all employees of the Company on superannuation, death or permanent disablement as per the Company’s Scheme.

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for the estimated term of the obligations.

The salary escalation rate is based on estimates of salary increases, which take into account inflation, promotion and other relevant factors.

Retirement Benefits

Change in present value of obligation

Economic Assumptions

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities & the salary growth rate takes account of inflation, seniority, promotion and other relevant factors on long term basis. Valuation assumptions are as follows which have been agreed by the company:

9. Related Party Disclosure

a) Disclosure of Related Parties and relationship between parties:-

i. Key Management Personnel : 1. Mr. Amalendu Mukherjee

2. Ms. Namita Mukherjee

ii. Associate : 1. RNM IT Solutions Pvt. Ltd *

2. Newcode IT Services Pvt. Ltd**

3. Rudra Enterprises***

* Disassociated w.e.f. 08.05.2015 ** Disassociated w.e.f. 08.08.2015 *** Disassociated w.e.f. 30.03.2015

b) Details of transactions entered into with related parties during the year as required by Accounting Standard (AS)-18 on "Related \Party Disclosures” issued by Companies (Accounting Standards) Rules 2006 are as under

c) Segment Capital employed

Fixed Assets used in the company''s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.