1.  In the opinion of management, current assets, loans and advances
 have a value on realization in the ordinary course of business, atleast
 equal to the sum amount at which they are stated in the Balance Sheet.
 
 2.  Disclosure of information under applicable Accounting Standards
 (AS) issued by the Institute of Chartered Accountants of India:
 
 II.  Related Party Transaction: (AS -18) 
      Key Managerial Personnel:
      Mr.Bikram Dasgupta - Chairman - Rahul Dasgupta - Director 
      - Romit Dasgupta - Director
 
      The Enterprise over which the Key Management Personnel has 
      significant influence are.
 
      Globsyn Technologies Limited
      BDG Global Private Limited
      Romit Leasing and Finance Private Limited
      Global Synergies Limited
      Globsyn Innoventures Private Limited
      Infinity Infotech Parks Limited
      Ivision Inc
 
 V.  Consolidated Financial Statement: (AS-21)
 
 In accordance with the Consolidation procedure under the Accounting
 Standards 21, the excess of the cost to the Company over the equity of
 the above subsidiaries is shown as Goodwill in the consolidated
 financial statements.
 
 VI.  Interim Financial Reporting: (AS - 25)
 
 In accordance with the listing agreement entered into with The Stock
 Exchange Mumbai, the Company is publishing the quarterly audited /
 unaudited financial results in the news papers both in English and the
 regional language Marathi as the Company was registered in Mumbai.
 
 3.  Contingent Liability
 
 F.Y.      A.Y.      Name of Statute         Nature of dues
 
 1997-98   1998-99   Income Tax Act, 1961    TDS on salaries
 
 1994-95   1995-96   Income Tax Act, 1961    Assessment dues
 
 1996-97   1997-98   Income Tax Act, 1961    Assessment dues
 
 1997-98   1998-99   Income Tax Act, 1961    Assessment dues
 
 2000-01   2001-02   Income Tax Act, 1961    Assessment dues
 
 2001-02   2002-03   Income Tax Act, 1961    Assessment dues
 
 2002-03   2003-04   Income Tax Act, 1961    Assessmentdues
 
 2003-04   2004-05   Income Tax Act, 1961    Assessmentdues
 
 2006-07   2007-08   Income Tax Act, 1961   Assessmentdues
 
 
 Name of Statute        Amounts in appeal   FORUM
 
 Income Tax Act, 1961             994,000   Bombay High court
 
 Income Tax Act, 1961         1,06,67,679   Bombay High court
 
 Income Tax Act, 1961           10,37,801   Bombay High court
 
 Income Tax Act, 1961         1,81,05,053   ITAT
 
 Income Tax Act, 1961         1,09,41,501   ITAT
 
 Income Tax Act, 1961         2,62,22,055   ITAT
 
 Income Tax Act, 1961          12,327,217   ITAT
 
 Income Tax Act, 1961           4,278,515   ITAT
 
 Income Tax Act, 1961           3,117,354   CIT(A)
 
 
 4. The General Reserve arising on Capital Reduction has been utilized
 for writing off unrecoverable receivables and the amount shown in the
 Balance Sheet is after adjusted unrecoverable receivables. The summary
 is given belowl.
 
 5.  Previous Year''s figures have been regrouped and reclassified
 wherever necessary.
 
 6.  Accounts presented here are for 12 months.
 
 7.  Information required by Part IV of Schedule VI to the Companies
 Act, 1956 is enclosed as an Annexure.