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HOV Services

BSE: 532761|NSE: HOVS|ISIN: INE596H01014|SECTOR: Computers - Software Medium & Small
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Mar 15
Notes to Accounts Year End : Mar '16

1. Contingent Liabilities and Commitment:

a) Contingent Liabilities not provided for in respect of:

The Company''s pending litigation is in respect of proceedings pending with Tax Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material impact on its financial statements.

2. a) In the opinion of the management assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

b) The accounts of certain Trade Receivables, Trade Payables and Loans & Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/adjustments.

3. There are no Micro, Small and Medium Enterprises as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly, no additional disclosures have been made.

4. As per Accounting Standard (AS) 17 Segment Reporting, segment information has been provided in the notes to Consolidated Financial Statements.

5. Pursuant to the Companies Act, 2013 (the Act) coming in to effect from 1st April,2014, the Company had realigned the remaining useful life of its fixed assets in accordance with the provisions prescribed under Schedule II to the Act. , Consequently in case of assets which had completed their useful life the carrying value (net of residual value) as at April 1, 2014 amounting to Rs. 863,920 had been adjusted to Reserves. Also, carrying value of the other assets (net of residual value) is being depreciated over the revised remaining useful lives.

6. a) The Company has given an advance of Rs. 11,369,203 (Previous Year Rs. 17,820,038) to and pledged Fixed Deposit of Rs. 85,820,439 (Previous Year Rs. 72,436,320) for issue of bank guarantee/loan taken by HOV Environment Solutions Private Limited (a step down subsidiary) , which has accumulated losses far in excess of its paid up capital and reserves & surplus. As explained, the management is hopeful of recovering the advance in due course of time in view of positive developments / restructuring in the said subsidiary and therefore, no provision has been made.

b) Loans given to and pledged fixed deposits as guarantee for loan taken by the subsidiary have been given/ utilized for business purposes.

7. Figures of the previous year have been regrouped / rearranged, wherever considered necessary to conform to the current year''s presentation.

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