1.1 Rights, preferences and restrictions attached to shares Equity
The Company has one class of equity shares having a par value of Rs. 5
each. Each shareholder is eligible for one vote per share held. The
dividend proposed by Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case
of interim Dividend. In the event of liquidation, the equity sharehold-
ers are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in propor- tion to their
Preference shares would be redeemable at par at any time with in twenty
years from the date of attotment i.e. January 8, 2008, at the option of
the Company and for the purpose of redemption the Company may apply any
profits or money of the Company which may lawfully be applied for the
purpose, in the redemption of the Redeemable Preference Shares and the
Board may determine the manner/procedures for redemption of Preference
Shares at its discretion as it may deem fit. These shares would carry
dividend of 7% per annum.
1.2 Shares allotted as fully paid up by way of bonus shares (during 5
years preceding March 31, 2012)
The Company allotted 6,47,87,500 equity shares (in the ratio 5:1) as
fully paid up bonus shares by utilising the General Reserves of the
Company pursuant to the approval of the Members of the Company vide
postal ballot on June 10, 2010.
1.3 Other information regarding issue of shares in last five years
a) The Company has not issued any shares without payment being received
b) The Company has not undertaken any buy-back of shares.
**From Saraswat Co-op Bank Limited is secured by Premises at 4th Floor,
Aman Chambers, Prabhadevi, Mumbai 400025 and property at Panoramic
*** From Indiabulls Financial Services Limited is secured against shop
premises at Nav Bhavana Premises CHS Ltd. at Prabhadevi, Mumbai 400025.
**Cash Credit from Saraswat Co-Op Bank Ltd is secured by hypothecation
of book debts and mortgage of Office Premises at 4th floor, Aman
Chambers, Prabhadevi, Mumbai-400 025 and property at Panoramic Resort,
* None of the suppliers had informed the Company that they are micro
and small enterprises under the Micro, Small and Medium Enterprises
Development Act , 2006. Hence information regarding dues to micro and
small enterprises could not be furnished.
2 Retirement benefit Plan:
The present value of the defined benefit obligation and current service
cost were measured using the Projected Unit Credit Method, with
actuarial valuations being carried out at each balance sheet date.
The following table sets out the non funded status of the gratuity plan
and the amounts recognized in the Company''s financial statements as at
March 31, 2012.
3. Segment Reporting
The group has identified business segments (industry practice) as its
primary segment and geographic segment as its secondary segments.
Business segments are primarily IT business and Hospitality business
comprising customers providing software products, Room Rentals, Food
and Beverages and allied services relating to hotel operations.
(Rs. in lacs)
As at As at
March 31, 2012 March 31, 2011
4. Contingent Liabilities not
provided for :
I Estimated amount of capital
commitments not provided for: 2,016.43 1,816.00
II Contingent Liabilities not
provided for: Nil Nil
III Guarantees given on behalf of
wholly owned subsidiary 695.41 616.14
1 Loans/Advances shown above, to subsidiary fall under the category of
Loans/Advances in nature of Loans, where there is no repayment schedule
and are re-payable on demand.
2 There are no investments by the loanees in the shares of the parent
company and /or subsidiary companies.
5. These financial statements have been prepared in the format
prescribed by the Revised Schedule VI to the Companies Act, 1956.
Previous years'' figures have been recast / restated.