Mar 31, 2012
1) CORPORATE INFORMATION
Kanika Infrastructure & Power Ltd. (the "Company") and its subsidiaries
(collectively referred to as the "Group") provide a wide range of
information Infrastructure business process outsourcing. The group's
full service for portfolio consists of Application, Development and
Maintenance, Business Intelligence, Enterprise Solutions, Assurance,
Engineering and Industrial Services and Infrastructure Activities.
2) Since the company does not have any Convertible Debenture etc. so
the disclosure regarding diluted Earnings per Share as per Accounting
Standard-20 is not required.
3) That company has sundry debtors of Rs.18,54,72,593/- at the end of
the year out of which amount equivalent to Rs.3,86,91,503/- is relates
to export and out of export debtors amount equivalent to
Rs.2,53,17,325/- is doubtful in nature and no provisions has been made
according to accounting standards as the same is related to the RBI
permission. However, the company has written to RBI about the matter
with the fact and requested to grant permission for the write off of
the same as the export proceeds were with held by the foreign entities
earlier years due to defective software, software not meeting their
requirement. The RBI has put the name of the company in precaution list
due to non realization of the same. Out of the above doubtful export
proceeds Rs.1,33,74,178/-is receivable from a wholly owned subsidiary
of the company at Singapore. The Singapore subsidiary of the company
has not able to sale software equivalent to Rs.52,80,000/- due to
defective and the same is lying with the subsidiary in the stock.
4) CONTINGENT LIABILITIES: -
(a) Claims against the company not acknowledged as Debt à NIL
(b) Provision for bills discounted à NIL
5) The Balance of Sundry Debtors, Sundry Creditors, Advances given and
received are subject to confirmation by the parties.
6) Comparative figures of the previous year, wherever necessary, have
been regrouped and reclassified to confirm in bracket, with those of
the current year.
Mar 31, 2011
1) In respect of products sold by the company during the period and
where it is an obligation on the part of the company to provide after
sales services, the company is accounting the same on the basis of as
and when incurred. The estimated liability in respect of the same
cannot be quantified at this stage and as such no provision has been
made for such liability.
2) Since the company does not have any Convertible Debenture etc. so
the disclosure regarding diluted arning Per Share as per Accounting
Standard-20 is not required.
3) That company has sundry debtors of Rs. 11,25,31,909/- at the end of
the year out of which amount equivalent to Rs. 3,86,91,503/- is relates
to export and out of export debtors amount equivalent to
Rs.2,53,17,325/- is doubtful in nature and no provisions has been made
according to accounting standards as the same is related to the RBI
permission. However, the company has written to RBI about the matter
with the fact and requested to grant permission for the write off of
the same as the export proceeds were with held by the foreign entities
earlier years due to defective software, software not meeting their
requirement. The RBI has put the name of the company in precaution list
due to non realization of the same. Out of the above doubtful export
proceeds Rs.1,33,74,178/-is receivable from a wholly owned subsidiary
of the company at Singapore. The Singapore subsidiary of the company
has not able to sale software equivalent to Rs. 44,40,000/- due to
defective and the same is lying with the subsidiary in the stock.
4) CONTINGENT LIABILITIES :- (a) Claims against the company not
acknowledged as Debt à NIL (b) Provision for bills discounted à NIL
5) The Balance of Sundry Debtors, Sundry Creditors, Advances given and
received are subject to confirmation by the parties.
6) Comparative figures of the previous year, wherever necessary, have
been regrouped and reclassified to confirm in bracket, with those of
the current year.
7) Abstract to the Balance Sheet as per Schedule VI part IV is
enclosed.
Mar 31, 2010
1) Additional information pursuant to provision of Schedule VI to the
Companies Act, 1956 :
Current Previous
year year
V. Contingent Liabilities Rs. Nil Nil
in respect of Bank
Guarantee from Bank of
Baroda
2) As no commission is payable to Managing Director or any Director,
the computation of profits under Section 349 of the Companies Act, 1956
has not been made.
3) In respect of products sold by the company during the period and
where it is an obligation on the part of the company to provide after
sales services, the company is accounting the same on the basis of as
and when incurred. The estimated liability in respect of the same
cannot be quantified at this stage and as such no provision has been
made for such liability.
4) RELATED PARTY DISCLOSURE AS PER ACCOUNTING STANDARD - 18
(B) Disclosure of Director's Interest in Other Concerns
(Directorship):
SUNIL KR. MALL SHYAM SUNDAR MALL
SUNIL AGRO EXPORTS LTD. SUNIL AGRO EXPORTS LTD.
SUNIL ALLOYS & STEELS LTD. SUNIL ALLOYS & STEELS LTD.
SUNIL ENERGY LTD. SUNIL ENERGY LTD.
TRAVENUE TOURS & TRAVELS LTD. TRAVENUE TOURS & TRAVELS LTD.
VINAYAK EXTRUSIONS LTD. VINAYAK EXTRUSIONS LTD.
BAJRANG MEDICARE LTD. BAJRANG MEDICARE LTD.
MALL SECURITIES LTD. MALL SECURITIES
LTD.
(C) 'Transactions with Related Parties : Nil
5) Since the company does not have any Convertible Debenture etc. so
the disclosure regarding diluted Earning Per Share as per Accounting
Standard-20 is not required.
6) That company has sundry debtors of Rs. 11,87,60,033/- at the end of
the year out of which amount equivalent to Rs. 3,86,91,503/- is relates
to export and out of export debtors amount equivalent to
Rs.2,53,17,325/- is doubtful in nature and no provisions has been made
according to accounting standards as the same is related to the RBI
permission. However, the company has written to RBI about the matter
with the fact and requested to grant permission for the write off of
the same as the export proceeds were with held by the foreign entities
earlier years due to defective software, software not meeting their
requirement. The RBI has put the name of the company in precaution list
due to non.realization of the same. Out of the above doubtful export
proceeds Rs.1,33,74,178/-is receivable from a wholly owned subsidiary
of the company at Singapore. The Singapore subsidiary of the company
has not able to sale software equivalent to Rs. 38,45,568/- due to
defective and the same is lying with the subsidiary in the stock.
7) CONTINGENT LIABILITIES :-
(a) Claims against the company not acknowledged as Debt - NIL
(b) Provision for bills discounted - NIL
8) The Balance of Sundry Debtors, Sundry Creditors, Advances given and
received are subject to confirmation by the parties.
9) Comparative figures of the previous year, wherever necessary, have
been regrouped and reclassified to confirm in bracket, with those of
the current year.
10) Abstract to the Balance Sheet as per Schedule VI part IV is
enclosed.