SENSEX NIFTY India | Notes to Account > Miscellaneous > Notes to Account from Intrasoft Technologies - BSE: 533181, NSE: ISFT
Intrasoft Technologies
BSE: 533181|NSE: ISFT|ISIN: INE566K01011|SECTOR: Miscellaneous
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« Mar 13
Notes to Accounts Year End : Mar '14
Notes 1:
 1) The Company has only one class of shares referred to as equity
 shares having a par value of Rs. 10 Each holder of equity shares is
 entitled to one vote per share.
 2) In the event of liquidation of the Company, the holders of equity
 shares will be entitled to receive any of the 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.
 4) Disclosure regarding shares issued otherwise than in cash in last 5
 years are as follows :-
 94,55,724 Equity Shares of Rs. 10/- each fully paid up as Bonus by way
 of capitalization of General Reserve & Securities Premium Account.
 5) The Company declares and pays dividends in Indian Rupees. The
 dividend proposed by the Board of Directors is subject to the approval
 of the shareholders in the ensuing Annual General Meeting. In the
 current Financial Year 2013-14, the Borad has proposed to pay Dividend
 amounting to Rs. 17,235,327 (Rs. 17,235,327) including Dividend Tax of
 Rs. 2,503,649 (Rs. 2,503,649) being Rs. 1 per share (10%) as Dividend.
 6) The Company had raised Rs. 5365.00 lakhs through an IPO in March,
 2010. The amount raised from the said IPO was fully utilised as per the
 objects of the Issue and amendments there of.
 Note 2:
 Loan from Barclays Bank Plc has been secured by Investment in Mutual
 Funds and Non Convertible Debentures shown under note 2.12.
 Note 3:
 1.  Investment in Mutual Funds & Non Convertible Debentures are
 earmarked for Stand by Letter f Credit facility to be utilized by a
 subsidiary company and loan of Rs. NIL (Rs. 1,00,00,000) taken by the
 Company on which lien has been created.
 2.  The beneficial interest in the Trust amounting to Rs. 1,00,00,000
 represents 17,50,000 Equity shares of IntraSoft Technologies Limited
 shown under ''Non- Current Investment'' in the Balance Sheet.
 Notes 4:
 1) Advance Income Tax & TDS is net of Provisions of Rs. 8,09,47,888
 (Rs. 8,09,47,888)
 2) Advance for FBT is net of Provisions of Rs. 8,56,426 (Rs. 8,56,426)
 3) Minimum Alternative Tax (MAT) credit available to the company as per
 provision of section 115JAA of the Income Tax Act ,1961 Rs. 6,56,50,134
 (Rs. 6,56,50,134) has been recognised as MAT Credit Entitlement and
 carried forward for set off in future years.
 Note 5:
 Management has reviewed the existing activities and based on technical
 assessment, the carrying amount of certain IT resources of the company
 amounting to Rs. 181,086,528/- has been written off during the FY as it
 is no longer usable due to changes in technology.
 6. Contingent Liabilities and Commitments
 a Contingent Liabilities
 1 Claims against the company not acknowledge                -         -
 as debt
 2 Guarantees                                          125,000   125,000
 3 Other money for which the company is contingently         -         -
 liableb Commitments
 1 Uncalled liability on shares and other                    -         -
 investments partly paid
 2 Other commitment                                          -         -
 6. Segment Reporting
 As per requirements of AS-17 of the Companies (Accounting Standard)
 Rules, 2006, no disclosure is required as the Company is operating in
 single business/geographical segment of Internet based delivery of
 7. Previous year''s figures have been regrouped / reclassified
 wherever necessary to correspond with the current year''s
 8. The Company has transactions with related parties. For the
 financial year ended March 31, 2013 the Company has obtained the
 Accountant''s Report from a Chartered Accountant as required by the
 relevant provisions of the Income-tax Act, 1961 and has filed the same
 with the tax authorities. For the year ended March 31, 2014, Management
 confirms that it maintains documents as prescribed by the Income Tax
 Act, 1961 to prove that these transactions are at arm''s length and the
 aforesaid legislation will not have any impact on the financial
 statements, particularly on the amount of tax expense and that of
 provision for taxation.
Source : Dion Global Solutions Limited
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