21.1.1 Contingent liabilities not provided for and Capital commitments
-
(Rupees in Million)
Particulars Current Year Previous Year
a. Contingent liabilities not
provided for
Outstanding guarantees and
counter guarantees 3.38 105.73
b. Claims against the Company
not acknowledged as
debts on Tax matters in
dispute under appeal 440.67 447.66
21.1.2. Security for borrowings
i) Working Capital and Term Loans: Bank finances are secured by
hypothecation of stocks of software, book debts, document of title to
goods and collaterally secured by properties; personally guaranteed by
Whole time Directors and also have additional collateral security by
way of pledge of promoters share for part amount.
ii) Vehicle Loans: Finance for purchase of vehicles are secured by
hypothecation of respective vehicles.
iii) There are other borrowings, some of which are personally
guaranteed by whole time Directors.
21.1.3. Debtors and Creditors; Loans and Advances
Periodically, the Company evaluates all Debtors and Creditors balances.
However, some of these are subject to confirmation. All Current Assets,
Loans and advances, have at least the value as stated in the Balance
Sheet if realized in the ordinary course of the Business.
21.1.4. Dues to Small-scale industrial undertakings
i. As at March 31, 2010 and March 31, 2011, the Company has no
outstanding dues exceeding Rs.1 Lakh for more than 30 days to Small
Scale Industrial undertaking as ascertained and certified by the
Management.
ii. There are no micro and small enterprises, to whom the Company owes
dues, for more than 45 days as at 31st March, 2011. This information as
required to be disclosed under the Micro, Small & 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.
The Company is in the business of software development and trading
hence information on Licensed and installed capacity is not applicable.
21.1.5. Obligations towards long term, non-cancelable operating
leases
The Company has taken various offices, vehicles, computers, furniture
and equipment under cancel- lable operating leases. These lease
agreements are normally renewed on expiry.
The rental expenses in respect of operating leases recognized in the
profit and loss account are Rs.9.32 Million for the year ended March
31, 2011. (Previous year Rs.23.36 Million).
21.1.6.Research & Development
Research & Development expenditure recognized as expenses during the
year amounted to Rs.Nil. (Previous year Rs.NIL)
Note:
Names of related parties and description of relationship
Holding Company Nil
Subsidiaries:
1. Systat Software Inc., USA
2. Systat Software Asia Pacific Limited
3. Cranes Software International Pte. Ltd, Singapore
4. Systat Software GmbH, Germany
5. Cranes Software Inc (Earlier known as NISA Software Inc., USA)
6. Analytix Systems Private Ltd
7. Tilak Autotech Private Ltd
8. Caravel Info Systems Pvt. Ltd.,
9. Proland Software Pvt. Ltd.,
10. Esqube Communication Solutions Pvt. Ltd.,
Step Down Subsidiaries:
1. Dunn Solutions Group Inc.
2. Engineering Technology Associates Inc with its Subsidiary,
Engineering Technology Associates (Shanghai) Inc., China
3. Cubeware GmbH and its Subsidiaries in Austria and Switzerland
Key Management Personnel Mr.Asif Khader
Mr.Mukkaram Jan Mr.Mueed Khader
Relatives of Key Management Personnel Nil
Other Related Parties
Orca Infotech Private Limited
K&J Holdings Private Limited
K &J Telecom Private Limited
Jansons Land & Property Development Pvt Ltd
SPSS South Asia Private Limited
Keysoft Solutions Private Limited
Spice Capital Fund Private Limited
Sea Equity Private Limited
In respect of the above parties, there is no provision for doubtful
debts as at the financial year and no amount has been written
off/written back during the year in respect of debts due from/to them.
21.1.7. Segment Reporting
The Company has identified geographic segments as its primary segment
and Business segments as its secondary segment.
Primary Segments- a) Exports and b) Domestic
Secondary Segments- a) Proprietary Products and Services and b) Product
Alliances
21.1.8 Payment of Dividend declared in Members'' meeting held on 29th
September, 2009
At the meeting of the Members of the Company held on 29th September,
2009, it was resolved that Dividend on Ordinary Shares at the rate of
Rs 0.20 per share will be distributed to Members in the rolls as on the
Record Date, 23rd September, 2009. Owing to the liquidity position of
the Company, it has not been possible to make this payment. Liability
of this amount continues to exist as on 31st March, 2011.
21.1.9. Previous year''s figures have been regrouped and reclassified
wherever necessary. |