1. The Company has appropriated the amount of credit notes issued for
consultants remuneration (as described in accounting policy no:12) and
the payment received from the debtors on FIFO basis while classifying
2. Balances of Sundry Debtors, Loans and Advances and Creditors are
subject to confirmation.
3. Contingent Liabilities and Capital Commitments:
a) Value of un-expired Bank Guarantees issued by the Bankers in favour
of the Commissioner of Customs and Excise, Government of India is RS.
1,70,000/- (Previous year Rs. 4,43,345/-)
b) Managerial remuneration consists of Sitting Fees paid to
Non-executive Directors, as per details below:
Sitting Fees to Non Executive Directors 60,000 21,000
TOTAL 60,000 21,000
c) Information as required pursuant to clause 4C & 4D of Part II of
schedule VI of the Companies Act, 1956.
I) Sales, Purchases and Closing Stock: The Companys activities include
Turnkey Fixed Price Software Application Development, Product Sales,
Implementation of and Training on ERP Packages and carrying out
out-sourcing Software Development services. The said activities cannot
be represented in terms of quantities. Hence, quantitative information
cannot be furnished.
II) C.I.F value of Imports
1) Capital expenditure Nil Nil
2) Other components Nil Nil
III) Expenditure in Foreign Currency
1) Living allowance to consultants 7,37,33,933/- 17,64,37,933/-
abroad on Software development
IV) Earning in Foreign Currency
from software services 10,87,92,154/- 25,55,97,700/-
4. Figures for previous year have been regrouped or rearranged
whenever necessary, to conform to current years presentation.