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Intrasoft Technologies

BSE: 533181|NSE: ISFT|ISIN: INE566K01011|SECTOR: Computers - Software Medium & Small
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Mar 16
Notes to Accounts Year End : Mar '17

1. Reconciliation of shares outstanding at the beginning and at the end of the year

There is no movement in the equity share capital during the current and comparative period.

2. Terms and rights attached to equity shares

The Company has only one class of equity shares having a par value ofRs.10 per share. The Company declares and pays dividends in Indian Rupees. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. No additional shares were allotted as fully paid up by way of bonus shares or pursuant to contract without payment being received in cash during the last five years. Further, none of the shares were bought back by the Company during the last five years.

4. In the current financial year, the Board has proposed a dividend @ 20% i.e.Rs.2.00 per share amounting toRs.354.61 lacs including dividend tax ofRs.59.98 lacs. The proposed dividend by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Nature of security and terms of repayment for secured borrowings availed from banks and others

5. The rupee loan obtained has been repaid off during the year.

6. The foreign currency loan is in the nature of a senior secured committed revolving line of credit, obtained from Citi bank N.A., with a limit of USD 5 million The credit facility has been obtained at an interest rate of LIBOR plus 1.75% (LIBOR index being one month, floating daily) and has a maturity of twelve months from the closing date renewable annually. The credit facility is supported by a Stand by Letter of Credit Facility (SBLC), ofRs.3200 lac issued by Citi Bank, N.A., India branch. The credit facility has been availed for general corporate purposes, including meeting short term working capital needs. The short term credit facility in the form of revolving line of credit availed from Citi Bank, N.A., having maturity of

7. months from the closure date, is intended to be refinanced by a long term debt obligation from UPS Capital Corporation. Hence the same has been classified as long term debt.

8. Trade payables

There are no amounts that need to be disclosed in accordance with the Micro Small and Medium Enterprise Development Act, 2006 (the ''MSMED Act'') pertaining to micro or small enterprises. For the year ended 31 March 2017, no supplier has intimated the Company about its status as micro or small enterprises or its registration with the appropriate authority under MSMED Act.

9. Previous year''s amount have been regrouped/rearranged to confirm to the classification of the current year, wherever considered necessary.

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