Notes to Accounts of ObjectOne Information Systems Ltd.

Mar 31, 2015

Not Available

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Mar 31, 2014

Corporate Information

ObjectOne Information Systems Ltd. is a global I.T. solution provider with strong established presence in India and U.S. Since, 1996, ObjectOne has been offering range of I.T. products and solutions to its global customers across multiple verticals like Banking, Insurance, Professional Services, Media, Telecommunications, Healthcare, etc. Web applications and IT enabled services have been one of our main focus areas. ObjectOne''s strong presence & core expertise in the web applications, portal development, Content management System, product development, Search engine optimization, Social Media Optimization, Mobile app development and implementation enable us to identify world class products to address various industry sectors current and future I.T. needs. ObjectOne maintains the own Data center/Hosting center at Atlanta, USA with world class standard. ObjectOne''s goal has been to provide end-to-end solution and product life cycle management. This has helped us to understand the business domain and build up expertise and consulting for business process re- engineering.

2. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act , 1956 read with Companies (Particulars of Employees) Rule 1975.

NIL

3. The company has made provision for Gratuity is calculated as per accrual method and included in current liability & provision.

4. Closing Balances of Debtors, Creditors, Loans and Advances are subject to confirmations

5. Dues to Micro & Small Enterprises:

There are no overdue principle amounts and interest thereon payable to Micro Enterprises and Small Enterprises, as at 31-03-2014.

6. Detailed information regarding quantitative particulars under part II of schedule VI to the Companies Act,1956:

The Company is engaged in IT Enabled services. The production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

7. Figures have been rounded off to the nearest rupee.

8. Previous year''s figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2013

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act , 1956 read with Companies (Particulars of Employees) Rule 1975.

NIL

2. The company has made provision for Gratuity is calculated as per accrual method and included in current liability & provision.

3. Closing Balances of Debtors, Creditors, Loans and Advances are subject to confirmations

4. Dues to Micro & Small Enterprises:

There are no overdue principle amounts and interest thereon payable to Micro Enterprises and Small Enterprises, as at 31 -03-2013.

5. Segment Reporting :Since Compnay is engaging in single segment, the disclosure of egment report is not appicable to the company as per AS - 17.

6. Foreign Currency Outflows: Nil

7. Detailed information regarding quantitative particulars under part II of schedule VI to the Companies Act, 1956:

The Company is engaged in IT Enabled services. The production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

8. During the financial year the company has disposed off its investments in its subsidiary. The loss on sale of investment has recognized in the Books of Accounts.

9. Figures have been rounded off to the nearest rupee.

10. Previous year''s figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2012

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act , 1956 read with Companies (Particulars of Employees) Rule 1975.

NIL

2. The company has made provision for Gratuity is calculated as per accrual method and included in current liability & provision.

3. Closing Balances of Debtors, Creditors, Loans and Advances are subject to confirmations

4. Dues to Micro & Small Enterprises: There are no overdue principle amounts and interest thereon payable to Micro Enterprises and Small Enterprises, as at 31-03-2012.

5. Foreign Currency Outflows: Nil

6. Foreign Currency Inflows:

Foreign Exchange inflows as reported by the Company to Government of India and as certified by Management.

7. Detailed information regarding quantitative particulars under part II of schedule VI to the Companies Act,1956:

The Company is engaged in IT Enabled services. The production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

8. Figures have been rounded off to the nearest rupee.

9. Previous year''s figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2011

1. Secured Loans

This loan is related to Purchase of a Car Loan took from HDFC.

2. Unsecured Loan

During the financial year, Company is received an amount of Rs. 42,10,796/- from M/s. Swapriya Raj Holding Private Limited towards Un-secured loan.

3. Confirmation of Balances with Sundry Debtors and Sundry Creditors

Company has taken necessary steps to get the confirmation of balances from the parties.

4. There are no dues to SSI Units outstanding for the more than 30 days.

5. The company has not made any provision for Gratuity to its Employees. Gratuity payable will be accounted as and when payments are made and such the liability has not been ascertained.

6. Deferred Tax Assets & Liabilities ( AS – 22 )

In accordance with Accounting Standard 22 ( AS 22) issued by the ICAI, the Company has accounted for deferred income tax during the year. The deferred income tax provision for the current year amounting to the Rs. 61,01,171/- towards deferred Income Tax Asset. (Previous year Rs.7,39,811/- towards Deferred Tax Liability)

7. Detailed information regarding quantitative particulars under part II of schedule VI to the Companies Act,1956 :

As it is a service industry. Hence it''s not applicable

8. Outstanding GDRs/ADRs/Warrants or any other Convertible instruments, conversion date and likely impact on equity.

The Company has not issued any GDRs/ADRs, but has issued 2402000 Convertible Warrants of Rs.10/- each (partly paid) at premium of Rs.3.35 per warrant amount in to Rs. 3,20,66,700/- which includes Rs.8046700/- premium to M/s. Swapriyaraj Holdings Private Limited to be convertible into equity shares. Company received an amount of Rs. 72, 06, 000/- during the Financial Year 2007-08 & Rs. 1, 66, 08,000/- during the Financial Year 2008-09. Due to non receipt of the entire amount within due date the receipted amount has been forfeited and transferred to Capital Reserve account.

9. Figures have been rounded off to the nearest rupee.

10. Previous year''s figures have been regrouped / rearranged wherever necessary.

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Mar 31, 2010

1. Particulars of Employees in accordance with Sub-section (2A) of Section 217 of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

2. The Company is engaged in the development of Computer Software and services. The production and sale of such software and services cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI to the Companies Act, 1956.

3. The Depreciation has been calculated on Rights, KidsOne Capital Expenditure Tangible Assets at the rate of 10%.

4. There are no dues to SSI Units outstanding for more than 30 days.

5. No confirmations are obtained from debtors/creditors as to the balances receivable from/ payable to them as at year end.

6. In accordance wilh Accounting Standard 22 (AS 22) issued by the ICAI, the Company has accounted for deterred income tax during Mis year. The deferred income tax provision tor the current year amounts to Rs 7,39,611/- towards deferred tax liability (Previous Year Rs. 5200 50/- towards deterred lax Liability }

7. The vehicle loans are secured against hypothecation of the vehicles.

8. The Company has not issued any GDRs/ADRs but has issuad 2-102000 Convertible Warrants of Rs.10/- each (partly paid) at premium of fls.3.35 per warrani amnuni in to Rs 3,20,66,700/ - during the financial year 2007-08 aganist which the company as received Rs. 72,06,000/- as been forfieied during the financial year 2009-10 and an amount of Rs, 7,21,000/- transfered to reserves and surplus as captial reserve & the remaning amount of Rs. 64,85,000/- as been transfered to Un-securad Loans Account.

9. The figures have been rounded off lo the nearest rupee.