Mar 31, 2015
1. Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006
There is no Micro, small and Medium Enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st March
2015. This information is disclosed under the Micro, Small and Medium
Enterprises Development Act 2006 and has been determined to the extent
such parties have been identified on the basis of information called
for by the Company.
2. Employee benefit plans
a. Defined contribution plans
The Company makes Contribution of Provident Fund as per the provisions
of Employees' Provident Funds and Miscellaneous Act ,1952 to defined
contribution plans for qualifying employees. Under the Schemes, the
Company is required to contribute a specified percentage of the payroll
costs to fund the benefits. The Company recognised Rs. 50.37/- Lakhs
(Year ended 31 March, 2014 Rs. 50.05 /- Lakhs) for Provident Fund
contributions in the statement of profit & loss account.
b. Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Leave encashment
3. Disclosures under Accounting Standards
The company's operations relate to Telecom Infrastructure services and
Trading of Telecom Equipments and commodities.Accordingly ,revenues
represented along industries served constitute the primary basis of the
segmental information set out above. Revenues and expenses directly
attributable to segments are reported under each reportable segment.
Expenses which are not directly identifiable to each reportable segment
have been allocated on the basis of associated revenues of the segment
and manpower efforts. All other expenses which are not attributable or
allocable to segments have been disclosed as unallocable expenses.
Assets and Liabilities in the company's business are not identified to
any of the reportable segments ,as these are used interchangeably
between segments.Management believes that it is currently not
practicable to provide segment disclosures relating to total assets and
liabilities since the meaningful segregation of the available data is
onerous.
4. Nu Tek India Limited has been carrying on operations through site
offices all over India. The site office expenses have been incorporated
in the books of head office at Gurgaon.
5. Un Âpaid Dividend for the Financial year 2008-2009 of the amount
of Rs.98,175 is outstanding as on 31 March, 2015
6. Consolidated financial statements forming part of the accounts with
the Auditors report thereon are attached herewith.
7. Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2014
Note 1 Additional information to the financial statement
(Rs.in Lakhs)
Particulars As at 31 March, 2014 As at 31 March, 2013
Contingent liabilities
(to the extent not
provided for)
Guarantees
(i) State Bank of India 92 101
(ii) IMCBL 115 196
Total 207 296
Disclosures required under Section 22 of the Micro, Small and Medium
Enterprises Development Act, 2006
There is no Micro, small and Medium Enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st March
2014. This information is disclosed under the Micro, Small and Medium
Enterprises Development Act 2006 and has been determined to the extent
such parties have been identified on the basis of information called
for by the Company.
Disclosure as per Clause 32 of the Listing Agreements with the Stock
Exchanges
Loans and advances in the nature of loans given to subsidiaries,
associates and others and investment in shares of the Company by such
parties:
Defined contribution plans
The Company makes Contribution of Provident Fund as per the provisions
of Employees'' Provident Funds and Miscellaneous Act ,1952 to defined
contribution plans for qualifying employees. Under the Schemes, the
Company is required to contribute a specified percentage of the payroll
costs to fund the benefits. The Company recognised Rs.50.05/- Lakhs
(Year ended 31 March, 2013 Rs.53.99 /- Lakhs) for Provident Fund
contributions in the statement of profit & loss account.
Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Leave encashment
The company''s operations relate to Telecom Infrastructure services and
Trading of Telecom Equipments and commodities.Accordingly ,revenues
represented along industries served constitute the primary basis of the
segmental information set out above. Revenues and expenses directly
attributable to segments are reported under each reportable segment.
Expenses which are not directly identifiable to each reportable segment
have been allocated on the basis of associated revenues of the segment
and manpower efforts. All other expenses which are not attributable or
allocable to segments have been disclosed as unallocable expenses.
Assets and Liabilities in the company''s business are not identified to
any of the reportable segments ,as these are used interchangeably
between segments.Management believes that it is currently not
practicable to provide segment disclosures relating to total assets and
liabilities since the meaningful segregation of the available data is
onerous.
Related party transactions
Details of related parties:
Description of relationship
Subsidiaries
Associates
Key Management Personnel (KMP)
Names of related parties
Nutek HK Pvt Ltd,Ketun Energy Pvt Ltd,Nutek Europe SRO.
Oriental Stich Pvt Ltd
Mr.Inder Sharma,Mr.Vineet Sirpaul
Note: Related parties have been identified by the Management.
Details of related party transactions during the year ended 31 March,
2014 and balances outstanding as at 31 March, 2014:
The Company has recognised deferred tax asset on unabsorbed
depreciation to the extent of the corresponding deferred tax liability
on the difference between the book balance and the written down value
of fixed assets under Income Tax .
2 Nu Tek India Limited has been carrying on operations through site
offices all over India. The site office expenses have been incorporated
in the books of head office at Gurgaon. During the year the Company has
revenue from its Nepal branch as well, which has been incorporated in
results.
3 Un -paid Dividend for the Financial year 2008-2009 of the amount of
Rs.98,175 is outstanding as on 31 March, 2014
4. Consolidated financial statements forming part of the accounts with
the Auditors report thereon are attached herewith.
5. Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2013
1.1 : Monies received against share warrants
25% money have been received in the financial year 2010-2011 against
issue of 15 Lacs Preferential warrant convertible into equity amounting
to Rs 225 Lakhs. The amount has been forfeited in the financial year
20112012 and is clubbed with reserve and surplus as the promoter
declined to exercise the right to convert the warrant to equity.
1.2 : Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
There is no Micro, small and Medium Enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st March
2013. This information is disclosed under the Micro, Small and Medium
Enterprises Development Act 2006 and has been determined to the extent
such parties have been identified on the basis of information called
for by the Company.
1.3 : Disclosure as per Clause 32 of the Listing Agreements with the
Stock Exchanges
Loans and advances in the nature of loans given to subsidiaries,
associates and others and investment in shares of the Company by such
parties:
Note 2 : Employee benefit plans
2.a : Defined contribution plans
The Company makes Contribution of Provident Fund as per the provisions
of Employees'' Provident Funds and Miscellaneous Act, 1952 to defined
contribution plans for qualifying employees. Under the Schemes, the
Company is required to contribute a specified percentage of the payroll
costs to fund the benefits. The Company recognized Rs. 53.99/- Lakhs
(Year ended 31 March, 2012 Rs. 46.63 /- Lakhs) for Provident Fund
contributions in the statement of profit & loss account.
2.b : Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Leave encashment
Note 3 : Disclosures under Accounting Standards
The company''s operations relate to Telecom Infrastructure services
and Trading of Telecom Equipments and commodities. Accordingly ,revenues
represented along industries served constitute the primary basis of the
segmental information set out above. Revenues and expenses directly
attributable to segments are reported under each reportable segment.
Expenses which are not directly identifiable to each reportable segment
have been allocated on the basis of associated revenues of the segment
and manpower efforts. All other expenses which are not attributable or
allocable to segments have been disclosed as unallowable expenses.
Assets and Liabilities in the company''s business are not identified
to any of the reportable segments ,as these are used interchangeably
between segments. Management believes that it is currently not
practicable to provide segment disclosures relating to total assets and
liabilities since the meaningful segregation of the available data is
onerous.
Note 4 : Disclosures pursuant to Accounting Standard 18 transaction
with related parties
Related party transactions Details of related parties:
Note: Related parties have been identified by the Management.
The Company has recognized deferred tax asset on unabsorbed
depreciation to the extent of the corresponding deferred tax liability
on the difference between the book balance and the written down value
of fixed assets under Income Tax.
Note 5 : Disclosure pursuant to Accounting Standard 29 Provisions
,Contingent Liabilities and Contingent Assets
Details of provisions
Note: - Figures in brackets relate to the previous year.
6. Nu Tek India Limited has been carrying on operations through site
offices all over India. The site office expenses have been incorporated
in the books of head office at Gurgaon.
7. Un -paid Dividend for the Financial year 2008-2009 of the amount
of Rs.98,175 is outstanding as on 31 March, 2013
8. Consolidated financial statements forming part of the accounts
with the Auditors report thereon are attached herewith.
9. Previous year''s figures have been regrouped / reclassified
wherever necessary to correspond with the current year''s
classification / disclosure.
Mar 31, 2012
1.1 : Monies received against share warrants
25% money have been received in the financial year 2010-2011 against
issue of 15 Lacs Preferential warrant convertible into equity amounting
to Rs 225 Lakhs. The amount has been forfeited in the financial year
2011-2012 and is clubbed with reserve and surplus as the promoter
declined to exercise the right to convert the warrant to equity.
1.2 : Disclosures required under Section 22 of the Micro, Small and
Medium Enterprises Development Act, 2006
There is no Micro, small and Medium Enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st March
2012. This information is disclosed under the Micro, Small and Medium
Enterprises Development Act 2006 and has been determined to the extent
such parties have been identified on the basis of information called
for by the Company.
1.3 : Disclosure as per Clause 32 of the Listing Agreements with the
Stock Exchanges
Loans and advances in the nature of loans given to subsidiaries,
associates and others and investment in shares of the Company by such
parties:
Note 2 : Employee benefit plans
2.a : Defined contribution plans
The Company makes Contribution of Provident Fund as per the provisions
of Employees' Provident Funds and Miscellaneous Act ,1952 to defined
contribution plans for qualifying employees. Under the Schemes, the
Company is required to contribute a specified percentage of the payroll
costs to fund the benefits. The Company recognised ' 46.63/- Lakhs
(Year ended 31 March, 2011 ' 57.97 /- Lakhs) for Provident Fund
contributions in the statement of profit & loss account.
2.b : Defined benefit plans
The Company offers the following employee benefit schemes to its
employees:
i. Gratuity
ii. Leave encashment
The following table sets out the funded status of the defined benefit
schemes and the amount recognised in the financial statements:
Note 3 : Segment information
The company's operations relate to Telecom Infrastructure services and
Trading of Telecom Equipments and commodities. Accordingly ,revenues
represented along industries served constitute the primary basis of the
segmental information set out above. Revenues and expenses directly
attributable to segments are reported under each reportable segment.
Expenses which are not directly identifiable to each reportable segment
have been allocated on the basis of associated revenues of the segment
and manpower efforts. All other expenses which are not attributable or
allocable to segments have been disclosed as unallocable expenses.
Assets and Liabilities in the company's business are not identified to
any of the reportable segments ,as these are used interchangeably
between segments.Management believes that it is currently not
practicable to provide segment disclosures relating to total assets and
liabilities since the meaningful segregation of the available data is
onerous.
Note 4 : Disclosure pursuant to Accounting Standard 29 Provisions
,Contingent Liabilities and Contingent Assets Details of provisions
The Company has made provision for various contractual obligations and
disputed liabilities based on its assessment of the amount it estimates
to incur to meet such obligations, details of which are given below:
5. Nu Tek India Limited has been carrying on operations through site
offices all over India. The site office expenses have been incorporated
in the books of head office at Gurgaon.
6. Un -paid Dividend for the Financial year 2008-2009 of the amount
of Rs.98,250 is outstanding as on 31 March, 2012.
7. Consolidated financial statements forming part of the accounts
with the Auditors report thereon are attached herewith.
8. Previous year's figures
The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2011
1. Contingent Liabilities
Bank Guarantees have been given to the extent of Rs.5,80,37,248/-
(Previous Year: Rs 10,26,54,132/-) to various parties in the ordinary
course of business.
2. Value of Current Assets, Loans and Advances
In the opinion of the management, the "Current Assets, Loans and
Advances" have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in
Balance Sheet .However, balance of sundry debtors, loans and advances
are subject to confirmation. The company has sent letter for
confirmation of balances and responses received are awaited.
3. Value of Imports on CIF Basis is NIL. The company has purchased
materials of Rs 34,98,41,905/- (Previous Year: Nil) form Singapore
which has sold to Dubai as third country export.
4. An amount of Rs.23.29 Lakhs (Rupees twenty three lakhs twenty nine
thousand only) has been written back in the books of account on
renegotiation with the vendors in relation to job charges. The same are
no longer required to be paid and have been written back.
5. The balance amount of disinvestment of subsidiary at Turkey
amounting to Rs.29,86,663./- is yet to be received.
6. Issue of Global Depository Receipt
During the Financial Year 2010-11 the Company has issued 12 crores
equity shares having face value of Rs.5 each representing 120 Lakhs
GDRs at two trenches out of that 4 crores equity shares were issued at
a price of 33.52 on 5th August, 2010 and 8 crores equity shares were
issued at a price of Rs.24.98 on 14th December, 2010.
7. Micro, Small and Medium Enterprises as per MSMED Act, 2006
There is no Micro, small and Medium Enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st March
2011. This information is disclosed under the Micro, Small and Medium
Enterprises Development Act 2006 and has been determined to the extent
such parties have been identified on the basis of information called
for by the Company.
8. Diminution in value of Investments
The value of Investment made in Reliance fund has been diminished by
Rs.55,40,048/-. The said value has not been considered in Profit & Loss
A/c as it has not been considered permanent in nature. The Investment
is considered to be long term investment.
9. Foreign Currency Translation Reserve
The foreign currency translation reserve amounting to Rs 1,48,63,533/-
represent the difference in exchange rate of the the Bank Balances in
US $ in Investec and Julius Baer and loan amount to its subsidiary
Nutek HK Pvt Ltd in US $ at closing of the financial year.
10. Employee benefits
Disclosure in respect of employee benefits under Accounting Standard
(AS) Ã 15 (Revised)"Employee Benefits" prescribed by the Companies
(Accounting Standards) Rules, 2006.
A. Principal actuarial assumptions at the balance sheet date are as
follows:
Economic Assumptions
The principal assumptions are the discount rate and salary growth rate.
The discount rate is generally based upon the market yield available on
the Government bonds at the accounting date with a term that matches
that of the liabilities and the salary growth rate takes account of
inflation, seniority, promotion and other relevant factors on long term
basis.
1. Discount rate as at 31 March 2011 8.00%
2. Salary growth rate 5.50%
B. General description of gratuity plan (Defined benefit plan) :
The Company operates gratuity plan wherein every employee is entitled
to the benefit equivalent to 15 days basic salary (includes dearness
allowance) last drawn for each completed year of service. The same is
payable on termination of service, or retirement, or death whichever is
earlier. The benefits vests after five years of continuous service. The
Company has set a limit of Rs. 350,000 per employee. However the
company plans to invest in a fund or will obtain an insurance policy
and is looking for a suitable recommendation for the same. The same
would be implemented in the next financial year.
C. Policy for Leave Encashment
The company has adopted a policy for awarding for Leave Encashment to
its employees. The provision is made on the basis of actuarial
valuation.
11. Segment Reporting pursuant to the Accounting Standard-17
Segment Report under the Accounting Standard 17 has not been done. As
per the management opinion, the company has to identify its reporting
segment either as business or geographical segment. Dominant source of
Income and nature of risk & reward is deciding factor as to whether the
segment is primary or secondary. Since, the company, as of now operates
in telecom business, segment report has not been done. Similarly
geographical segment reporting is also not applicable to the company as
the company is operating in India only and all the places where it is
working are subject to same risk and rewards factors. AS 17 applies
where a enterprise of the company is operating in different
country/places and due to the following factors the risk and rewards of
the company is affected and the reader of the financial statements can
take useful/ business decision in case of any country/region and
subject to any risk. We dont operate in an economic environment with
significantly differing risk and rewards.
12. Disclosure pursuant to Accounting Standard 20 Earnings Per Share:
The Company calculates the Basic Earnings per share as required by
Accounting Standard 20. For the financial year ending 31st March 2011,
the company does not have any Potential Equity shares.
13. Some of the additional information as required by Part II of
Schedule VI is attached to the notes as Annexure, up to the extent
applicable.
14. Nu Tek India Limited has been carrying on operations through site
offices all over India. The site office expenses have been incorporated
in the books of head office at Gurgaon.
15. Un Ãpaid Dividend for the Financial year 2008-2009 of the amount
of Rs.98,250 is outstanding as on 31 March, 2011
16. Previous year figures have been regrouped/ recast / restated
wherever considered necessary to make them comparable with those of the
current year.
17. Consolidated financial statements forming part of the accounts
with the Auditors report thereon are attached herewith.
Mar 31, 2010
1. Contingent Liabilities
Bank Guarantees have been given to the extent of Rs.10, 26, 54,132/-
(Previous Year: Rs 10, 11, 75,534/-) to various parties in the ordinary
course of business.
2. Value of Current Assets, Loans and Advances
In the opinion of the management, the "Current Assets, Loans and
Advances" have a value on realization in the ordinary course of
business at least equal to the amount at which they are stated in
Balance Sheet .However, balance of sundry debtors, loans and advances
are subject to confirmation. The company has sent letter for
confirmation of balances and responses received are awaited.
3. The company has been recognizing value of projects under progress
(inventory for the company) on the basis of milestone achieved at
project sites. The management has identified specific projects which
are not been approved by the client due to malfunctioning (defects in
design) amounting Rs 2,38,37,189/- (Rupees Two crores Thirty Eight Lacs
Thirty Seven Thousand One Hundred And Eighty Nine only). The management
has done all their efforts to make these sites operational and has
decided to derecognize this revenue since it is non realizable,
although earlier considered in revenue the same has now been written
off.
4. The sundry debtors included a sum of Rs 52, 08,335/- (Rupees Fifty
Two Lacs Eight Thousand Three Hundred and Thirty Five only) as
receivable from various customers of the company. This amount is
considered as non realizable inspite of all efforts made by the company
and the amount has been written off as bad debts.
In addition, a further sum of Rs 13, 03,954/- (Rupees Thirteen Lacs
Three Thousand Nine Hundred and Fifty Four only) has been written off
from the other creditors as advance given to them are considered bad
for recovery.
5. An amount of Rs.70, 91,335/- (Rupees Seventy Lacs Ninety One
Thousand Three Hundred and Thirty Five only) has been written back in
the books on account of renegotiation with the vendors in relation to
job charges, legal Charges and Equipment Hire charges. The same are no
longer required to be paid and have been written back.
6 . Pursuant to the approval of the shareholders of the Company in an
EGM held on 14th May 2007, the Company has issued and allotted through
Initial Public Offer (IPO) 35 lakhs fresh equity shares of Rs. 10 each
at a premium of Rs. 182 per share along with an offer for sale of Rs
10 lakh shares of Rs 10 each to one of the existing shareholders, viz
Yamini Supplier (P) Ltd at the same price. The issue has been made in
accordance with the Companys Red Herring Prospectus dated 17th July,
2008.
7. Issue of warrants
During the period under consideration the company has issued 15, 00,000
warrants convertible into equity on prefer- ential basis to the
Promoter Mr. Inder Sharma @ Rs.60 per warrant under the provisions of
SEBI (ICDR) Regulation, 2009 based on the shareholders approval vide
their resolution dated 30th September, 2009. The Company has received
Rs.2.25 crores against the issue of warrants. Remaining Rs.6.75 Crores
will be received before conversion of the warrants into equity. At the
time of said approval the face value per equity share was Rs.10 each.
As per the aforesaid resolution the allottee was entitled to get 15,
00,000 equity share of Rs.10 each. However the shareholder approved the
split (sub-division) in the face value of equity share from Rs.10 each
to two equity share of Rs.5 each vide their resolution dated 20th
November, 2009. The shareholders while approving the split have also
approved that the allottee of warrants would be entitled to get 30,
00,000 equity shares of Rs.5 each.
8. Split (sub-division) in the face value of Shares
During the period under consideration the shareholders of the Company
vide their resolution dated 20th November, 2009 have approved the split
(sub-division) in the face value of the equity share of Rs.10 each to
two equity shares of Rs.5 each. Based upon the said resolution the
company has sub-divided the face value of equity shares from Rs.10 each
to Rs.5 each with effect from 24th December, 2009.
9. Incorporation of step down Subsidiary
During the period under consideration Nu Tek Latin America SA has been
set up as wholly owned subsidiary of Nu Tek (HK) Private Limited. The
Company holds 100% of the equity in the Nu Tek (HK) Private Limited.
10. Disinvestment in Nu Tek Turkey
During the period under consideration the Company has disinvested its
capital investment in its subsidiary at Turkey at the fair market
value/book value to its local partner. The company was having 75% in
the total capital of the said subsidiary. The total amount of
consideration was Rs 1, 39, 34,908 /- out of which till 31st March,
2010 the company has received Rs 1,09,48,245/- and Rs 29,86,663 /- is
due from the local partner.
11. Micro, Small and Medium Enterprises as per MSMED Act, 2006
There is no Micro, small and Medium Enterprises to whom the company
owes dues, which are outstanding for more than 45 days as at 31st March
2010. This information is disclosed under the Micro, Small and Medium
Enterprises Development Act 2006 and has been determined to the extent
such parties have been identified on the basis of information called
for by the Company.
12. Employee benefits
Disclosure in respect of employee benefits under Accounting Standard
(AS) - 15 (Revised)"Employee Benefits" prescribed by the Companies
(Accounting Standards) Rules, 2006.
B. General description of gratuity plan (Defined benefit plan) :
The Company operates gratuity plan wherein every employee is entitled
to the benefit equivalent to 15 days basic salary (includes dearness
allowance) last drawn for each completed year of service. The same is
payable on termi- nation of service, or retirement, or death whichever
is earlier. The benefits vests after five years of continuous service.
The Company has set a limit of Rs. 350,000 per employee.
C. Policy for Leave Encashment
The company has adopted a policy for awarding for Leave Encashment to
its employees. The provision is made on the basis of actuarial
valuation.
13. Some of the additional information as required by Part II of
Schedule VI are not applicable, as the Company is not manufacturing any
goods.
14. Nu Tek India Limited has been carrying on operations from
site/branch offices at Mumbai, Gurgaon and Jammu & Kashmir. The site
office expenses have been incorporated in the books of head office at
Gurgaon.
15. Previous year figures have been regrouped/ recast / restated
wherever considered necessary to make them compa- rable with those of
the current year.
16. Dividend for the Financial year 2008-2009 of the amount of Rs
98250/- is outstanding as on 31st March, 2010
17. Consolidated financial statements forming part of the accounts
with the Auditors report thereon are attached herewith. As per our
separate report of even date attached
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