Mar 31, 2016
1. Discontinuing Operations
The company initiated the process of Discontinuing/outsourcing the manufacturing operations in pursuance to the resolution passed in the meeting of Board of Directors held on 9th Feberuary,20l5,thereby vacated the premises by 15th April, 2015, disposed off all tangible assets except vehicles, discharged/provided for contarctual obligations of manpower/worker and resolved to outsource the operations henceforth. Consequently there is only one reportable segment as on 31st march, 2016.
2. Related Party Information:
Relationship
a) Subsidiary:
- Shyam Telecom Inc. up to 22 December ,2015.
b) Key Management Personnel and relative of Key Management personal:
Mr. Rajiv Mehrotra , Mr Alok Tondon,Mr. Arun Khanna and Mr. Ajay Khanna.
c) Enterprises over which Key Management Personnel and relatives are able to exercise significant influence:
Shyam Antenna Electronics Ltd., Intercity Cable System Pvt. Ltd, Shyam Communication Systems, Shyam Networks Ltd. (formerly Shyam Telecom Systems Pvt. Ltd.), Shyam Digital Communications Pvt Ltd, Sistema Shyam Teleservices Ltd.,Ubico Networks Pvt.Ltd., RMS Automation Systems Ltd., Spectranet Pvt Ltd., Shyam infratel Pvt ltd, Vihaan Networks Ltd and Think of us. Pvt Ltd
Note; Related party relationship is as identified by the Company and relied upon by the auditors.
3. Some of the personal accounts are subject to adjustments / reconciliation / confirmation .
4. In the opinion of Board of Directors Fixed Assets, Current Assets, Loans and Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and provision for all liabilities have been made in the Accounts, which has been relied upon by the auditors.
5. In compliance with the accounting standards 15 (revised 2005) "Employee Benefits" The company has got the employee benefits evaluated from actuarial valuer.
The Company has calculated the various benefits provided to employees as under:
A. Provident Fund & Other fund
During the year the Company has recognized Rs 17.24 Lacs (previous Year Rs. 32.88 lacs) towards contribution to PF in the Statement of Profit and Loss.
B. State Plans
Employer''s contribution to Employee State insurance and to welfare fund
During the year the Company has recognized Rs. 1.97 lacs (Previous year Rs.2.98 lacs) towards contribution to ESI and Rs NIL (previous Year Rs.0.11 lacs) towards welfare fund, in the Statement of Profit and Loss.
C. Defined Benefit Plans
The actuarial valuation carried out is based on following assumption:
a) Leave Encashment
b) Contribution to Gratuity Fund - Employee''s Gratuity Fund.
Mar 31, 2015
1. The Department of Telecommunications, Ministry of Communication,
Government of India, had invited the tenders from the Indian Companies
to provide basic telephony services. The Company Shyam Telelink
Networks Ltd. (India) (STNL) along with ARM Ltd. and other parties
entered into an MOU to jointly participate in the tenders through STNL.
The parties entered into an agreement from which ARM Ltd. withdrew and
the parties agreed for buying the shares of ARM Ltd. for a
consideration of Rs 10 Crores. The same was partly effected but STNL
did not pay the balance amount alleging fraud by ARM Ltd. The matter
which was under arbitration by a sole arbitrator who was replaced by
the Hon'ble Supreme Court of India (which was approached by the Company
by way of an SLP), which vide its order dated 29th Aug, 2012 appointed
a different Sole arbitrator. The arbitrator vide his order dated 24th
Jan, 2014 has directed the company to pay ARM Ltd. Rs 11.50 Crores
along with interest of Rs 14.12 Crores totaling Rs. 25.62 Crores on
account of payout. The interest shall be payable upto the date of
payment. In addition to the above he has further awarded USD 5,00,000
at the conversion rate prevailing on 24.01.2014 plus interest @ 9% p.a.
from the date of award till the date of payment and Rs 20 Lakhs payable
to ARM Ltd as arbitration Cost. The company has filed an application
under section 34 of the Arbitration and Conciliation Act, 1996 against
the said order before the Hon'ble Delhi High Court. The Hon'ble Delhi
High Court has issued notice in the said application (which has the
effect of stay on the award), and the matter is presently sub-judice
before the Hon'ble Delhi High Court. As per the legal opinion produced
to us by the Company, the company expects to win the case and hence no
provision for the liability has been considered in the accounts. The
outstanding amount has been included under Contingent Liabilities.
2. As on 31.03.2015, an amount of Rs 3676.90 Lakhs payable to (Aquarius
Technology Pte Ltd. Rs 3237.74 and Nisshoiwai Corporation Rs 439.16
Lakhs ) in Foreign Currency remains unsettled for a period exceeding
One year.
3. Exceptional items:
(i) Company had in the previous year(s) given advance against share
capital and extended long term loans to WOS STI which as on 31-03-2015
amounted to Rs. 15.68 Lacs (US$ 25,050) and Rs. 2108.95lacs
(US$33,69,294) respectively. The Subsidiary company had liquidated all
assets and had Accumulated losses amounted to Rs 2124.63 lacs(US$
33,94,344). In the opinion of the management the said loans & advances
are not recoverable. The same will be written off after taking
necessary approval from RBI however provision for the same is made
(ii) Includes provision for diminution in carrying value of Investment
in Spanco Limited and Sistema Shyam Teleservices Limited amounting to
Rs. 75.03 Lacs for the year ended 31st March 2015.
4. As per the requirement of Schedule II of the Companies Act 2013
effective from 1st April 2014, the company has charged depreciation
based on the useful lives as prescribed under the Schedule.
Consequently, the company has adjusted Rs. 78.38 Lacs from retained
earning and depreciation charge for the year ended 31st March,2015 is
higher by Rs.91.34 Lacs.
5. Discontinuing Operations
The company initiated the process of Discontinuing/outsourcing the
manufacturing operations in pursuance to the resolution passed in the
meeting of Board of Directors held on 9th Feberuary,2015,thereby
vacated the premises by 15th April,2015,disposed off all tangible
assets except vehicles,discharged/provided for contarctual obligations
of manpower/ worker and resolved to outsource the operations
henceforth.Consequently there is only one reportable segment as on 31st
march,2015.
6. Related Party Information:
Relationship
a) Subsidiary :
- Shyam Telecom Inc.
b) Key Management Personnel and relative of Key Management personal :
Mr. Rajiv Mehrotra , Mr Alok Tondon, Mr. Arun Khanna and Mr. Ajay
Khanna.
c) Enterprises over which Key Management Personnel and relatives are
able to exercise significant influence:
Shyam Antenna Electronics Ltd., Intercity Cable System Pvt. Ltd, Shyam
Communication Systems, Shyam Networks Ltd. (formerly Shyam Telecom
Systems Pvt. Ltd.), Shyam Digital Communications Pvt Ltd, Sistema Shyam
Teleservices Ltd.,Ubico Networks Pvt.Ltd., RMS Automation Systems Ltd.,
Spectranet Pvt Ltd., Shyam infratel Pvt ltd, Vihaan Networks Ltd and
Think of us Pvt. Ltd.
Note: Related party relationship is as identified by the Company and
relied upon by the auditors.
7. Some of the personal accounts are subject to adjustments /
reconciliation / confirmation .
8. In the opinion of Board of Directors Fixed Assets, Current Assets,
Loans and Advances have a value on realisation in ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and provision for all liabilities have been made in the
Accounts, which has been relied upon by the auditors.
9. In compliance with the accounting standards 15 (revised 2005)
"Employee Benefits" The company has got the employee benefits evaluated
from actuarial valuer.
The Company has calculated the various benefits provided to employees
as under:
A. Provident Fund & Other fund
During the year the Company has recognized Rs 32.88 Lacs (previous Year
Rs. 49.99 lacs) towards contribution to PF in the Statement of Profit
and Loss .
B. State Plans
Employer's contribution to Employee State insurance and to welfare fund
During the year the Company has recognised Rs. 2.98 lacs (Previous year
Rs.3.67 Lacs)towards contribution to ESI and Rs 0.11 Lacs (previous
Year Rs.0.21 Lacs) towards welfare fund, in the Statement of Profit and
Loss.
C. Defined Benefit Plans
The actuarial valuation carried out is based on following assumption:
a) Leave Encashment
b) Contribution to Gratuity Fund - Employee's Gratuity Fund.
10. Previous year figures have been regrouped/reclassified wherever
considered necessary.
Mar 31, 2014
NOTE - 1 TRADE PAYABLES
The Company has not received any intimation from "suppliers"
regarding their status under the Micro, small and Medium Enterprises
Development Act, 2006 and hence disclosure, if any, relating to amounts
unpaid as at the year end together with interest paid/payable as
required under the said Act have not been furnished.
CURRENT YEAR PREVIOUS YEAR
2 Contingent liabilities : (Rs In Lacs) (Rs In Lacs)
-Income Tax 74.41 39.71
-Excise Duty 80.87 -
-Claims of ARM Ltd * 2,892.74 -
* The Department of Telecommunications, Ministry of Communication,
Government of India, had invited the tenders from the Indian Companies
to provide basic telephony services. The Company Shyam Telelink
Networks Ltd. (India) (STNL) along with ARM Ltd. and other parties
entered into an MOU to jointly participate in the tenders through STNL.
The parties entered into an agreement from which ARM Ltd. withdrew and
the parties agreed for buying the shares of ARM Ltd. for a
consideration of Rs 10 Crores. The same was partly effected but STNL
did not pay the balance amount alleging fraud by ARM Ltd. The matter
which was under arbitration by a sole arbitrator who was replaced by
the Hon''ble Supreme Court of India (which was approached by the Company
by way of an SLP), which vide its order dated 29th Aug, 2012 appointed
a different Sole arbitrator.
The arbitrator vide his order dated 24th Jan, 2014 has directed the
company to pay ARM Ltd. Rs 11.50 Crores along with interest of Rs 14.12
Crores totaling Rs. 25.62 Crores on account of payout. The interest
shall be payable upto the date of payment. In addition to the above he
has further awarded USD 5,00,000 at the conversion rate prevailing on
24.01,2014 plus interest @ 9% p.a. from the date of award till the date
of payment and Rs 20 Lakhs payable to ARM Ltd as arbitration Cost. The
company has filed an application under section 34 of the Arbitration
and Conciliation Act, 1996 against the said order before the Hon''ble
Delhi High Court. The Hon''ble Delhi High Court has issued notice in the
said application (which has the effect of stay on the award), and the
matter is presently sub-judice before the Hon''ble Delhi High Court. As
per the legal opinion produced to us by the Company, the company
expects to win the case and hence no provision for the liability has
been considered in the accounts. The outstanding amount has been
included under Contingent Liabilities.
3 As on 31.03.2014, an amount of Rs 3530.52 Lakhs payable to (Aquarius
Technology Pte Ltd. Rs 3108.84 and Nisshoiwai Corporation Rs 421.68
Lakhs ) in Foreign Currency remains unsettled for a period exceeding
One year.
4 A loan amounting to Rs 2090.25 Lakhs extended to Shyam Telecom Inc,
USA remains outstanding as on date . The said wholly owned subsidiary
has incurred substantial losses.However management is of the opinion
that amount shall be recovered, hence no provision is considered
necessary.
5 Research & Development:
Research and Development expenses, clubed in respective head of
expenses amounting to Rs. Nil in Current year(Previous Year Rs. 69.86
lacs).
6 Exceptional items:
The company in financial year 1994-95 rejected "Digital Micro Radio
Equipment" supplied by M/s Bharat Electronics Limited on ground of
defects in the equipments supplied and non adherence to delivery
schedule. On appeal by the Bharat Electronic Limited for recovery of
interest on the unpaid amount the company had deposited Rs 339.75 lacs
in the High Court of Delhi in the year ended 31.03.2012 which was
charged to revenue as exception Item. On final disposal of appeal by
Bharat Electronics Limited the Honable High Court directed to deposit
of Rs 118.31 lacs as amount of interest which has also been charged to
revenue during the previous year ended 31.03.2013 as exceptional item
7 Related Party Information:
Relationship
a) Subsidiary :
- Shyam Telecom Inc.
b) Key Management Personnel and relative of Key Management personal :
Mr. Rajiv Mehrotra , Mr. Alok Tondon,Mr. Arun Khanna and Mr. Ajay
Khanna and Relative of Key Management personal : Mr. K.N. Mehrotra
c) Enterprises over which Key Management Personnel and relatives are
able to exercise significant influence:
Shyam Antenna Electronics Ltd., Intercity Cable System Pvt. Ltd., Shyam
Communication Systems, Shyam Basic Infrastructures Projects Pvt. Ltd.,
Shyam Networks Ltd., (formerly Shyam Telecom Systems Pvt. Ltd.), A.T.
Invofin India Pvt. Ltd., Cell cap Invofin India Pvt Ltd, Intell Invofin
India Pvt Ltd., Shyam Digital Communications Pvt Ltd., Sistema Shyam
Teleservices Ltd.,Ubico Networks Pvt.Ltd., RMS Automation Systems Ltd.,
Spectranet Pvt Ltd., Shyam infratel Pvt ltd., Vihaan Networks Ltd. and
Think of us.
Note; Related party relationship is as identified by the Company and
relied upon by the auditors.
8 SEGMENT INFORMATION
The Company''s operations predominantly relate to providing
Telecommunication products , Trading and respective related Services.
The company has considered business segment as the primary segment for
disclosure. The segments have been identified taking into account the
nature of the products, the deferring risk and returns, the
organisation structure and internal reporting system . The company
caters mainly to the needs of the domestic market and export turnover
is not significant in context of the total turnover, hence there is no
reportable geographical segment . The Telecom products & Services
segment comprise of manufacturing, trading and services in the related
area. Trading services segment includes the Trading in Telecom
Products. Investments are primarly in the companies which are dealing
in IT and telecommunication sectors.
Revenue & expenditure which relates to enterprises as a whole and are
not attributable to segments are included in unallocable expenditure
(Net of unallocable income ). Assets used in the Company''s business or
liabilities contracted have not been identified to any of the
reportable segment , as all the assets and services are used
interchangeably between segments, The Company believes that it is
currently not practicable to provide segment disclosure relating to
total assets and liabilities since a meaningful segregation of the
available data is onerous.
9 Some of the personal accounts are subject to adjustments /
reconciliation / confirmation.
10 In the opinion of management ,the diminution in the value of
investment is temporary in nature.
11 In the opinion of Board of Directors Fixed Assets, Current Assets,
Loans and Advances have a value on realisation in ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and provision for all liabilities have been made in the
Accounts, which has been relied upon by the auditors.
12 In compliance with the accounting standards 15 (revised 2005)
"Employee Benefits" The company has got the employee benefits
evaluated from actuarial valuer.
The Company has calculated the various benefits provided to employees
as under:
A. Provident Fund & Other fund
During the year the Company has recognized Rs 49.99 Lacs (previous Year
Rs. 49.63 lacs) towards contribution to PF in the Statement of Profit
and Loss.
B. State Plans
Employer''s contribution to Employee State insurance and to welfare fund
During the year the Company has recognised Rs. 3.67 lacs (Previous year
Rs.4.92 Lacs)towards contribution to ESI and Rs 0.21 Lacs (previous
Year Rs. . 0.23 Lacs) towards welfare fund, in the Statement of Profit
and Loss.
C. Defined Benefit Plans
The actuarial valuation carried out is based on following assumption:
a) Leave Encashment
b) Contribution to Gratuity Fund - Employee''s Gratuity Fund.
13 Previous year figures have been regrouped/reclassified wherever
considered necessary.
Mar 31, 2013
CURRENT YEAR PREVIOUS YEAR
(Rs. In Lacs) (Rs. In Lacs)
1 Contingent liabilities :
-Income Tax 39.71 75.00
2 Commitments:
Letter of Credits issued by
the Banks (Agst. which
Goods have not been despatched) 2,484.89
3 Research & Development:
Research and Development expenses, clubed in respective head of
expenses amounting to Rs. 69.86 Lacs in Current year(Previous Year Rs.
204.55 lacs).
4 Exceptional items:
The company in financial year 1994-95 rejected "Digital Micro Radio
Equipment" supplied by M/s Bharat Electronics Limited on ground of
defects in the equipments supplied and non adherence to delivery
schedule. On appeal by the Bharat Electronic Limited for recovery of
interest on the unpaid amount the company had deposited Rs.339.75 lacs
in the High Court of Delhi in the previous year ended 31.03.2012 which
was charged to revenue as exception Item. On final disposal of appeal
by Bharat Electronics Limited the Honable High Court directed to
deposit of Rs.118.31 lacs as amount of interest which has also been
charged to revenue during the year as exceptional item.
5 Related Party Information: Relationship
a) Subsidiary :
- Shyam Telecom Inc.
b) Key Management Personnel and relative of Key Management personal :
Mr. Rajiv Mehrotra, Mr Alok Tondon, Mr. Arun Khanna and Mr. Ajay Khanna
Relative of Key Management personal : Mr. K.N. Mehrotra.
c) Enterprises over which Key Management Personnel and relatives are
able to exercise significant influence:
Shyam Antenna Electronics Ltd., Intercity Cable System Pvt. Ltd, Shyam
Communication Systems, Shyam Basic Infrastructures Projects Pvt. Ltd.,
Shyam Networks Ltd. (formerly Shyam Telecom Systems Pvt. Ltd.), A.T.
Invofin India Pvt. Ltd., Cell cap Invofin India Pvt Ltd, Intell Invofin
India Pvt Ltd, Shyam Digital Communications Pvt Ltd, Sistema Shyam
Teleservices Ltd.,Ubico Networks Pvt.Ltd., RMS Automation Systems Ltd.,
Spectranet Pvt Ltd., Shyam infratel Pvt ltd and Vihaan Networks Ltd.
Note; Related party relationship is as identified by the Company and
relied upon by the auditors.
6 SEGMENT INFORMATION
The Company''s operations predominantly relate to providing
Telecommunication products, Trading and respective related Services.
The company has considered business segment as the primary segment for
disclosure. The segments have been identified taking into account the
nature of the products, the deferring risk and returns, the
organisation structure and internal reporting system. The company
caters mainly to the needs of the domestic market and export turnover
is not significant in context of the total turnover, hence there is no
reportable geographical segment. The Telecom products & Services
segment comprise of manufacturing, trading and services in the related
area. Trading services segment includes the Trading in Telecom
Products. Investments are primarly in the companies which are dealing
in IT and telecommunication sectors.
Revenue & expenditure which relates to enterprises as a whole and are
not attributable to segments are included in unallocable expenditure
(Net of unallocable income). Assets used in the Company''s business or
liabilities contracted have not been identified to any of the
reportable segment, as all the assets and services are used
interchangeably between segments, The Company believes that it is
currently not practicable to provide segment disclosure relating to
total assets and liabilities since a meaningful segregation of the
available data is onerous.
7 Some of the personal accounts are subject to adjustments /
reconciliation / confirmation .
8 In the opinion of Board of Directors Fixed Assets, Current Assets,
Loans and Advances have a value on realisation in ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and provision for all liabilities have been made in the
Accounts, which has been relied upon by the auditors.
9 In compliance with the accounting standards 15 (revised 2005)
"Employee Benefits" The company has got the employee benefits evaluated
from actuarial valuer.
The Company has calculated the various benefits provided to employees
as under:
A. Provident Fund & Other fund
During the year the Company has recognized Rs.49.63 Lacs (previous Year
Rs. 64.47 lacs) towards contribution to PF in the Statement of Profit
and Loss.
B. State Plans
Employer''s contribution to Employee State insurance and to welfare fund
During the year the Company has recognised Rs. 4.92 lacs (Previous year
Rs. 6.71 Lacs)towards contribution to ESI and Rs. 0.23 Lacs (previous
Year Rs. 0.16 Lacs) towards welfare fund, in the Statement of Profit
and Loss.
C. Defined Benefit Plans
The actuarial valuation carried out is based on following assumption:
a) Leave Encashment
b) Contribution to Gratuity Fund - Employee''s Gratuity Fund.
10 Previous year figures have been regrouped / reclassified wherever
considered necessary
Mar 31, 2012
CURRENT YEAR PREVIOUS YEAR
(Rs. In Lacs) (Rs. In Lacs)
1. Contingent liabilities :
- Claim against the company
not acknowledged as debt - 108.13
- Income Tax 75.00 -
2. Commitments:
Letter of Credits issued by the Banks (Agst. which Goods have not been
despatched) 2,484.89 2,338.89
3. Research & Development:
Research and Development expenses, clubed in respective head of
expenses amounting to Rs. 204.55 lacs in Current year, Previous year
Rs. 363.49 Lacs including Rs. 204.91 Lacs transferred from Work in
progress have been charged to revenue as no future economic benefit was
expected to flow to the company on use.
4. Exceptional items:
The company in financial year 1994-95 rejected "Digital Micro Radio
Equipment" supplied by M/s. Bharat Electronics Limited on ground of
defects in the equipments supplied and non adherence to delivery
schedule. However, the High Court of Delhi passed order against the
company and company deposited the ordered amount of Rs 339.75 Lacs with
the High court of Delhi. Amount deposited has been charged to revenue
as Exceptional item.
5. Related Party Information: Relationship
a) Subsidiary :
- Shyam Telecom Inc.
b) Key Management Personnel and relative of Key Management personal :
Mr. Rajiv Mehrotra, Mr Alok Tondon, Mr. Arun Khanna and Mr. Ajay
Khanna and Relative of Key Management personal : Mr, K.N. Mehrotra
c) Enterprises over which Key Management Personnel and relatives are
able to exercise significant influence:
Shyam Antenna Electronics Ltd., Intercity Cable System Pvt. Ltd, Shyam
Communication Systems, Shyam Basic Infrastructures Projects Pvt. Ltd.,
Shyam Networks Ltd. (formerly Shyam Telecom Systems Pvt. Ltd.), A.T.
Invofin India Pvt. Ltd., Cell cap Invofin India Pvt Ltd, Intell Invofin
India Pvt Ltd, Shyam Digital Communications Pvt Ltd, Sistema Shyam
Teleservices Ltd.,Ubico Networks Pvt.Ltd., RMS Automation Systems Ltd.,
Spectranet Pvt Ltd., Shyam infratel Pvt ltd and Vihaan Networks Ltd.
Note; Related party relationship is as identified by the Company and
relied upon by the Auditors.
6. SEGMENT INFORMATION
The Company's operations predominantly relate to providing
Telecommunication products, Trading and respective related Services.
The company has considered business segment as the primary segment for
disclosure. The segments have been identified taking into account the
nature of the products, the deferring risk and returns, the
organisation structure and internal reporting system, The company
caters mainly to the needs of the domestic market and export turnover
is not significant in context of the total turnover, hence there is no
reportable geographical segment. The Telecom products & Services
segment comprise of manufacturing, trading and services in the related
area. Trading services segment includes the Trading in Telecom
Products. Investments are primarily in the companies which are dealing
in IT and telecommunication sectors.
Revenue & expenditure which relates to enterprises as a whole and are
not attributable to segments are included in unallocable expenditure
(Net of unallocable income), Assets used in the Company's business or
liabilities contracted have not been identified to any of the
reportable segment, as all the assets and services are used
interchangeably between segments, The Company believes that it is
currently not practicable to provide segment disclosure relating to
total assets and liabilities since a meaningful segregation of the
available data is onerous.
7. Some of the personal accounts are subject to
adjustments/reconciliation/confirmation.
8. In the opinion of Board of Directors Fixed Assets, Current Assets
Loans and Advances have a value on realisation in ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and provision for all liabilities have been made in the
Accounts, which has been relied upon by the auditors.
36. In compliance with the accounting standards 15 (revised 2005)
"Employee Benefits" The company has got the employee benefits evaluated
from actuarial valuer.
The Company has calculated the various benefits provided to employees
as under:
A. Provident Fund & Other fund
During the year the Company has recognized Rs. 64.47 Lacs (previous
Year Rs. 58.45 lacs) towards contribution to PF in the Statement of
Profit and Loss.
B. State Plans
Employer's contribution to Employee State insurance and to welfare fund
During the year the Company has recognised Rs. 6.71 lacs (Previous year
Rs. 6.39 Lacs)towards contribution to ESI and Rs. 0.16 Lacs (previous
Year Rs. 0.18 Lacs) towards welfare fund, in the Statement of Profit and
Loss.
9. Previous year figures have been regrouped/reclassified wherever
considered necessary.
Mar 31, 2010
Current Year Previous Year
1 Contingent liabilities : (Rs in Lacs) (Rs in Lacs)
i) Claim against the company not
acknowledged as debt 108.13 108.13
ii) Estimated amount of contracts
remaining to be executed on capital
account (Net of advance) - 133.45
iiI) Outstanding Guarantee Issued by Banks 690.87 276.49
iv) Letter of Credits issued by the Banks
(Agst. which Goods have not been
despatched) 1,160.70 1,532.32
2 The Company had transaction for supply and procurement of goods with
M/s KTP Exports Pte Limited and M/s Aquarius technology Pte Limited
which belongs the same group. An amount of Rs 4336.64 lacs recoverable
and shown in Sundry Debtors and amount Rs.4141.63 lacs has been shown
as payable & included in creditor.The compnay applied to Reserve Bank
of India for set off of the amount payable against amount receivable.
The permission of Reserve Bank of India is awaited.
3 RELATED PARTY INFORMATION RELATIONSHIP
a) Names of the related parties where control exists are as under :
- Subsidiary
Shyam Telecom Inc.
b) - Key Management Personnel : Mr. K. N. Mehrotra , Mr. Rajiv Mehrotra
Mr Alok Tondon and Mr. Ajay Khanna [Previous year Mr. K. N. Mehrotra
Mr. Rajiv Mehrotra , Mr Alok Tondon and Mr. Ajay Khanna)]
c) Enterprises over which Key Management Personnel and relatives are
able to exercise significant influence: Shyam Antenna Electronic Ltd.,
Intercity Cable System Pvt. Ltd, Shyam Communication Systems, Shyam
Basic Infrastructures Projects Pvt. Ltd, Shyam Telecom Systems Pvt.
Ltd, A.T. Invofin India Pvt Ltd, Cell cap Invofin India Pvt Ltd, Intell
Invofin India Pvt Ltd, Shyam Digital Communications Pvt Ltd, Sistema
Shyam Teleservices Limited,Ubico Networks Pvt.Ltd., RMS Automation
Systems Ltd., Spectranet Pvt Ltd., Vihaan Networks Ltd.
Note: Related party relationship is as identified by the Company and
relied upon by the auditors.
4 SEGMENT INFORMATION
The Companys operations predominantly relate to providing
Telecommunication products , Turnkey Projects , Trading and respective
related Services. The company has considered business segment as the
primary segment for disclosure. The segments have been identified
taking into account the nature of the products, the deferring risk and
returns, the organisation structure and internal reporting system . The
company caters mainly to the needs of the domestic market and export
turnover is not significant in context of the total turnover, hence
there is no reportable geographical segment . The Telecom products &
Services segment comprise of manufacturing and services in the related
area. Turnkey Projects and trading services segment includes the
turnkey Projects and Trading in Telecom Products. Investments are
primarly in the companies which are dealing in IT and telecommunication
sectors.
Revenue & expenditure which relates to enterprises as a whole and are
not attributable to segments are included in unallocable expenditure (
Net of unallocable income ) . Assets used in the Companys business or
liabilities contracted have not been identified to any of the
reportable segment , as all the assets and services are used
interchangeably between segments, The Company believes that it is
currently not practicable to provide segment disclosure relating to
total assets and liabilities since a meaningful segregation of the
available data is onerous.
5 Derivatives
In case of forward contracts, the difference between the forward rate
and the exchange rate, being the premium or discount, at the inception
of a forward exchange contract is recognized as income/expense over the
life of the contract. Exchange differences on such contracts are
recognized in the profit and loss account in the reporting period in
which the rates change. Any profit or loss arising on cancellation or
renewal of forward exchange contract is recognized as income or as
expense for the period..
6 Some of the personal accounts are subject to adjustments /
reconciliation / confirmation.
7 In the opinion of Board of Directors Fixed Assets, Current Assets,
Loans and Advances have a value on realisation in ordinary course of
business at least equal to the amount at which they are stated in the
Balance Sheet and provision for all liabilities have been made in the
Accounts, which has been relied upon by the auditors.
8 In compliance with the accounting standards 15 (revised 2005)
"Employee Benefits" The company has got the employee benefits evaluated
from actuarial valuer. .
The Company has calculated the various benefits provided to employees
as under:
A. Provident Fund
During the year the Company has recognized Rs. 51.69 Lacs (previous
Year Rs. 49.31 lacs) towards contribution to PF in the Profit and Loss
account.
B. State Plans
Employers contribution to Employee State insurance and to welfare fund
During the year the Company has recognised Rs. 3.92 Lacs (Previous Year
Rs. 4.65 lacs) towards contribution to ESI and welfare fund in the
Profit and Loss accounts.
9 The Company has not received any intimation from ÃsuppliersÃ
regarding their status under the Micro, small and Medium Enterprises
Development Act, 2006 and hence disclosure, if any, relating to amounts
unpaid as at the year end together with interest paid/payable as
required under the said Act have not been furnished
10 Previous year figures have been regrouped/reclassified wherever
considered necessary
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