a)Rights of shareholders :
The Company has only one class of equity shareholders. Each holder of
equity shares is entitled to one vote per share.
Notes to Financial Statements for the year ended 31st March 2012.
1. The previous year''s figures have been recast/restated/regrouped,
wherever necessary, to conform to the current period''s
2. Balances of various parties, debtors and creditors are subject to
3. Quantitative Details:
Additional information pursuant to the provisions of paragraphs 3,4C
and 4D of Part II of Schedule VI of the Companies Act, 1956.
The Company is engaged in development and maintenance of computer
software. The production and sale of such software cannot be expressed
in any generic unit. Hence, it is not possible to give the quantitative
details of sales and certain information as required under paragraphs
3, 4C and 4D of Part II of Schedule VI to the Companies Act,1956.
Counter Guarantees given to Banks
towards issue of B.G.s 4,229,568 4,807,269
Outstanding Bank Guarantees 4,229,568 4,807,269
Managing & Whole time Directors 6,120,000 6,080,000
Imports on CIF basis:
Hardware/Software - -
Expenditure in Foreign Currency:
Travel Expenses 2,368,995 1,012,072
Other Expenditure incurred 1,140,705 2,863,654
Transferred for Singapore
Branch Expenses 2,340,000 5,764,145
4. Prior Period Items
Prior period item of Rs.53.59 lacs includes Net amount after writing off
of old debit balances of Rs.62.12 lacs and old credit balance of Rs.8.53
5. Deferred Tax Assets/Liabilities:
Deferred tax asset was provided as per AS-22, accounting for taxes on
6. Impairment of Fixed Assets:
As per AS-28 on Impairment of Assets, all assets other than
current assets, investments and deferred tax assets are reviewed for
impairment wherever event/s or changes in circumstances indicate that
carrying of amount of those assets may not be recoverable.
7. Overseas Branch Accounts & Audit:
We have considered the Auditor''s Report dated 2nd May 2012 of Sashi
Kala Devi Associates, Singapore, Auditors of Singapore Branch in
framing our Audit Report.
8. Working Capital Facility:
Working capital facility from Bank is secured by way of
hypothecation/mortgage/pledge of receivables and company''s building.
9.Related Party Disclosures:
A).Key Managerial Personnel
(i)C.K.Shastri, Chairman and Managing Director
(ii)Jayant Dwarkanath, Wholetime Director
B) Enterprises in which Key Managerial Personnel 14(A) above has
(i) eJAS Tech Solutions Pvt.Ltd
(ii) i-Trace Nanotech Pvt.Ltd
As per Accounting Standard 15 Employee Benefits the disclosures
of Employee Benefit, as defined in Accounting Standard are given below
11. GRATUITY REPORT UNDER AS-15 (REV) AS ON 31.03.2012
The Present Value of obligation is determined based on actuarial
valuation using Projected Unit Credit Method, which recognizes each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final