i) Figures have been rounded off to the nearest rupee.
ii) The books of accounts are drawn up for 12 months form 1st April
2009 to 31st March 2010 where as previous years figures are for the 12
months period ending 31st March 2009.
iii) Previous years figures have been regrouped /reclassified wherever
necessary so as to confirm the current years presentation.
iv) Balances appearing under Secured loans, sundry debtors, loans and
advances and current liabilities are subject to confirmation and / or
reconciliation, if any.
vii) Contingent Liabilities NIL NIL
viii) Sales Tax:
Sales tax (Including turnover tax) is accounted as per the bills raised
on the customers, further liability, if any, arising on assessment is
accounted as and when the department consequent to the assessments
raises the demand.
ix) Provision for Retirement Benefits: An adhoc Provision of Nil is
made in respect of Retirement Benefit of Employees pending actuarial
x) Sundry Creditors figure does not include any dues to SSIs
xi) Deferred Tax Liability : has been calculated and accounted for in
accordance with Accounting Standard 22 on Accounting for Taxes on
Income issued by the Institute of Chartered Accountants of India. In
line with SEBI guidelines, the Company has adopted Accounting Standard
(AS 22) Accounting for Taxes on Income.
xii) Expenditure incurred in Foreign Exchange: (Figures in Rupees)
Software packages Nil Nil
Capital Goods Nil Nil
Travel and others Nil Nil
Foreign Exchange Earnings
(FOB Value) 28,04,65,081 197,793,593
-Export of Software Products and Services
xiii) Quantitative Data: Production and Sale of computer software
cannot be expressed in generic unit. Hence it is not possible to
provide information as required under paragraphs 3, 4C and 4 D of part
II of Schedule VI to the Companies Act, 1956.
xiv) Segment Reporting (in accordance with Accounting Standard 17 of
ICAI): The Companys operations predominantly relate to providing IT
services delivered to customers globally operating in various industry
segments. Accordingly, IT service revenues represented along industry
comprise the primary basis of segmental information set out in these
financial statements. Secondary segmental reporting is performed on
the basis of the geographical location of customers.
The accounting principles consistently used in the preparation of the
financial statements are also consistently applied to record income and
expenditure in individual segments. These are set out in the note on
significant accounting policies.
Industry segments at the company comprise primarily of Customer
providing Software services, IT enabled Services, manufacturing
companies and others.
Income and direct expenses in relation to segments is categorized based
on items that are individual identifiable to that segment, while the
remainder of the costs are categorized in relation to the associated
turnover of the segment. Certain expenses such as depreciation, which
form a significant component of total expense, are not specifically
allocable to specific segments as the underlying services are used
interchangeably. The company believes that it is not practical to
provide segment disclosures relating to those costs and expenses, and
accordingly these expenses are separately disclosed as unallocated
and directly charged against total income.
Fixed assets used in the companys business or liabilities contracted
have not been identified to any of the reportable segments, as these
are used interchangeably between segments. Accordingly, no disclosure
relating to total segment assets and liabilities are made.
Customer relationships are driven based on the location of respective
client- USA and India.
Geographical revenues are segregated based on the location of the
customer who is invoiced or in relation to which the revenue is
xvi) Under the Micro, Small and Medium Enterprises Development Act,
2006 which came into force on October 2, 2006, certain disclosures are
required to be made relating to Micro, Small and Medium Enterprises.
The Company is in the process of compiling relevant information from
its suppliers about their coverage under the Act. Since the relevant
information is not readily available, no disclosures have been made in