Mar 31, 2015
1. Company overview
Infronics Systems Ltd a technology-enabled IT solutions company,
foreseeing future needs & exigencies, delivering excellent products of
high quality and reliability with unflinching commitment and having
emphatic global market presence. Infronics specializes in
industry-specific software and hardware solutions, with proven
reputation for delivering high quality solutions to a broad spectrum of
industry verticals.
2. Particulars of Employees required in pursuant to the provisions of
Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 - Nil.
3. Contingent Liabilities not provided for:
Particulars 2014-15 2013-14
Rs. Rs.
Bank Guarantees 1900000 6243500
4. Segment Reporting
There are no separate reportable segments (business and/or
geographical) in accordance with the requirements of Accounting
Standard 17 - 'Segment Reporting' issued by the Institute of Chartered
Accountants of India. ,
5. Transactions with the Related Parties pursuant to Accounting
Standard 18
a) List of Related Parties
Subsidiary Companies - Infronics Inc., USA
Associate Companies controlled by - Mobiprise Systems Limited key
management personnel / relatives - Biomorf Systems Limited who are
substantially interested - Biomorf Inc., USA
Key managerial personnel K. Sambasiva Rao, Director
M. Madhusudan Raju,
Managing Director
6. Disclosure under Micro, Small and Medium Enterprises Development Act,
2006
There are no Micro and Small Scale Business Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at
March 31,2015. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
7. Deferred Tax
In compliance with the Accounting Standard "AS-22 Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the company has recognized Rs.86,05,167/- towards net deferred tax
asset in the year 2014-15 and an amount of Rs 2,08,66,193/- has been
adjusted in opening balance due to change in accounting policy of fixed
assets (see Note No:33). The major components of deferred tax asset /
liability is on account of timing differences in carried forward losses
and depreciation.
8. Pursuant to the Schedule II of Companies Act, 2013 effective from
1st April, 2014, the company has charged depreciation on the remaining
useful life of the fixed assets w.e.f April 1.2014. An amount of
Rs.466.62 Lakhs representing the carrying amount of the assets with
revised use full life as nil has been adjusted against the opening
balance of retained earnings and Depreciation for the current year is
higher by Rs.202.70 Lakhs.
9. Operation and other expenses include stocks and work in process of
Rs. 361.28 Lakhs which have become obsolete due to change in
technology and sundry receivables of Rs. 36.23 Lakhs which are pending
for long period and not realizable are debited to profit & loss
account.
10. Project expenses include Rs. 135.45 Lakhs being products under
development transferred to profit & loss account.
11. Exceptional item includes Rs. 909.15 Lakhs being loss on sale of
investments held in various companies.
12. Previous year figures have been regrouped wherever if thought
necessary in conformity with the current year groupings. Paise have been
rounded off to the nearest rupee.
Mar 31, 2014
Terms attached to equity shares
The company has one class of equity shares having a par value of Rs.5/-
per share. Each shareholder is eligible for one vote per share held. In
the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts, in proportion to their shareholdings.
NOTE NO. 1
Particulars of Employees required in pursuant to the Provisions of Sec.
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975 - Nil.
NOTE NO. 2
Contingent Liabilities not provided for:
Particulars 2013-14 2012-13
Rs. Rs.
Bank Guarantees 7457000 7838000
NOTE NO. 3
Segment Reporting
There are no separate reportable segments (business and/or
geographical) in accordance with the requirements of Accounting
Standard 17 - ''Segment Reporting'', notified in the companies
(Accounting Standards) Rules 2006.
NOTE NO. 4
Disclosure under Micro, Small and Medium Enterprises Development Act,
2006
There are no Micro and Small Scale Business Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at
March 31, 2014. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
NOTE NO. 5
Deferred Tax
In compliance with the Accounting Standard "AS-22 Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the company has recognized Rs. 38,53,087/- towards deferred tax asset
in the year 2013-14. The major components of deferred tax asset /
liability is on account of timing differences in carried forward losses
and depreciation
NOTE NO. 6
Sundry Debtors, Sundry Creditors and advances are subject to
confirmation with the respective parties.
NOTE NO. 7
Previous year figures have been regrouped wherever if thought necessary
in conformity with the current year groupings. Paise have been rounded
off to the nearest rupee.
Notes on financial statements, Cash Flow Statement and statement on
accounting policies form an integral part of the balance sheet and
profit and loss statement.
Mar 31, 2013
NOTE NO. 1
Particulars of Employees required in pursuant to the Provisions of Sec.
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975 - Nil.
NOTE NO. 2
Contingent Liabilities not provided for:
Particulars 2012-13 2011-12
Rs. Rs.
Bank Guarantees 7838000 6257000
NOTE NO. 3
Segment Reporting
There are no separate reportable segments (business and/or
geographical) in accordance with the requirements of Accounting
Standard 17 Â ''Segment Reporting'', notified in the companies
(Accounting Standards) Rules 2006.
NOTE NO. 4
Transactions with the Related Parties pursuant to Accounting Standard
18
NOTE NO. 5
Disclosure under Micro, Small and Medium Enterprises Development Act,
2006
There are no Micro and Small Scale Business Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at
March 31, 2013. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the Company.
NOTE NO. 6
Deferred Tax
In compliance with the Accounting Standard "AS-22 Accounting for Taxes
on Income" issued by the Institute of Chartered Accountants of India,
the company has recognised Rs.1,27,23,582/- towards deferred tax asset
in the year 2012-13. The major components of deferred tax asset /
liability is on account of timing differences in depreciation
NOTE NO. 7
Sundry Debtors, Sundry Creditors and advances are subject to
confirmation with the respective parties.
NOTE NO. 8
Previous year figures have been regrouped wherever if thought necessary
in conformity with the current year groupings. Paise have been rounded
off to the nearest rupee.
Mar 31, 2012
NOTE NO. 1
Particulars of Employees required in pursuant to the Provisions of Sec.
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975 - Nil.
NOTE NO. 2
Contingent Liabilities not provided for:
Particulars 2011-12 2010-11
Rs. Rs.
Bank Guarantees 6257000 3938800
NOTE NO. 3
Exceptional Items:
During the year, the company has written off investment made in UK
based subsidiary company Infronics Technologies Limited as the said
company has been closed. Therefore, the investment written off has
grouped under the head Exceptional Items in Profit and Loss Statement.
NOTE NO. 4
Segment Reporting
There are no separate reportable segments (business an d/or geogr
aphical) in accordance with the requirements of Accounting Standard 17
à Segment Reporting , notified in the companies (Accounting
Standards) Rules 2006.
NOTE NO. 5
Disclosure under Micro, Small and Medium Enterprises Development Act,
2006
There are no Micro and Small Scale Business Enterprises, to whom the
Company owes dues, which are outstanding for more than 45 days as at M
arch 31, 2012. This information as required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 ha s been
determined to the extent such parties have been identified on the basis
of information available with the Company.
NOTE NO. 6
Income Tax:
a) Current Tax
Provision for current tax has been made as per the provisions of Sec.
115JB of the Income Ta x Act, 1961.
b) Deferred Tax
In compliance with the Accounting Standard AS'22 Accounting for Taxes
on Income issued by the Institute of Chartered Accountants of India,
the company has additionally provided Rs.56,89,410/ - towards deferred
tax liability in the year 2011-12. T he major components of the net
deferred tax liability is as follows.
NOTE NO. 8
Sundry Debtors, Sundry Creditors and advances are subject to
confirmation with the respective parties.
NOTE NO. 9
These financial statements have been prepared in the format prescribed
by the Revised Schedule Vi to the Companies Act, 1956. Previous year
figures have been regrouped wherever if thought necessary in conformity
with the current year groupings. Paise have been rounded off to the
nearest rupee.
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