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-0.35 (-1.24%)
-0.25 (-0.88%) | Notes to Accounts | Year End : Mar '12 |
1. Corporate information Excel Infoways Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the IT enabled BPO Services and development of infrastructure facility. 2. Basis of preparation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956 and guidelines issued by SEBI. The financial statements have been prepared on an accrual basis and under the historical cost convention. The'' accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below. 3.1 Rights, preferences and restrictions attached to shares The Company has one class of equity shares having a par value of Rs 10 each. Each shareholder is eligible for one vote per share held. 4.1 - The Company makes Provident Fund to defined contribution retirement benefit plans for qualifying employees. Under the schemes, the Company are required to contribute a specified percentage of the payroll costs to fund the benefits. In case of Provident Fund, the contributions specified under the law are paid to the Provident Fund set up to the respective Regional Provident Fund Commissioner. 5.1 - Prior Period Items comprises short provision of Income tax of earlier years Rs 875.23 thousands ( Previous year Rs 12.66 thousands). 5.2- Miscellaneous Expenses includes Misc. Expenditure W/off Rs 8700 thousands (Previous Year Rs 7762.70 thousands). 6.1 Acquisitions I Disinvestments On 18.11.2011, the company has sold 25000 shares of Excel Infra N Realty Pvt. Ltd and hence M/s Excel Infra N Realty Pvt. Ltd is no more subsidiary of Excel Info ways Ltd. 7. Segment reporting 7.1 Identification of segments The Company''s operating businesses are organized and managed separately according to the nature of business and services provided, with each segment representing a strategic business unit. 7.2 Allocation of common costs Common allocable costs are allocated to each segment according to the relative contribution of each segment to the total common costs. 7.3 Unallocated items Unallocated items include general corporate income and expense items which are not allocated to any business segment. 7.4 Segment accounting policies The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole. 8. Contingent Liability Guarantee to Custom Department 474.74 313.00 9. Certain balance in loans & advances & Debtors accounts are subjected to confirmation/reconciliation. 10. In the opinion of Board of Directors of the Company current assets, loans & advances are of approximately the value stated, if realized in ordinary course of business. 11. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous period figures have been recanted / restated to conform to the classification of the current period. |
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| Source : Dion Global Solutions Limited | |
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