MARKET RADAR
SENSEX     NIFTY      Refresh
Moneycontrol.com India | Notes to Account > Computers - Software Medium/Small > Notes to Account from Take Solutions - BSE: 532890, NSE: TAKE
YOU ARE HERE > MONEYCONTROL > MARKETS > COMPUTERS - SOFTWARE MEDIUM/SMALL > NOTES TO ACCOUNTS - Take Solutions
Take Solutions
BSE: 532890|NSE: TAKE|ISIN: INE142I01023|SECTOR: Computers - Software Medium/Small
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
May 25, 17:00
29.20
0.2 (0.69%)
VOLUME 998
LIVE
NSE
May 25, 17:00
28.90
0.15 (0.52%)
VOLUME 4,091
« Mar 10
Notes to Accounts Year End : Mar '11
1.Contingent liabilities
 
                                                  Amount in Rs. ''000s
  
 Particulars                           Year ended       Year ended
                                       31-03-2011       31-03-2010
 
 Corporate guarantee given by the 
 Company to its direct and indirect
 subsidiaries 
 a) APA Engineering
 Private Limited                           20,000           20,000
 
 b)TAKE Global Ltd, UK                    976,057              NIL
 
 Corporate guaratee
 given by the Company
 to its Limited Liability
 Partnership
 
 TAKE Solutions Global LLP                215,000              NIL
 
 Claims against the Company,               46,543           27,876
 not acknowledged as debts [Net of
 amount paid to statutory
 authoritiesRs.8,081]
 
 Outstanding Bank                             NIL           14,000
 Guarantee
 
 Claims against the Company not acknowledged as debts is in respect to
 demand from Indian Income tax authorities for payment of additional tax
 of Rs. 465.43 lakhs (Rs. 278.76 Lakhs) upon completion of their tax
 review for the assessment years 2006 07, 2007 08 and 2008 09. The tax
 demand is mainly on account of disallowance of software product
 development expenses claimed by the company as revenue expenditure and
 instead allowing the same as a capital expenditure with consequential
 depreciation. The matter is pending before the Commissioner of Income
 tax (Appeals), Chennai.
 
 On May 23, 2008 the company has received an order for the Assessment
 Year 2003 04 from Income Tax Appellate Tribunal (ITAT) disallowing the
 software product expenses claimed by the company as revenue expenditure
 and instead allowing the same as a capital expenditure with
 consequential depreciation and thereby reducing the benefit of carrying
 forward of losses by Rs. 159.14 lacs to the subsequent assessment
 years. However, no demand has been raised for the said assessment year.
 The company has filed an appeal with the Honorable High Court of Tamil
 Nadu against the order of ITAT. The management believes that the
 ultimate outcome of the proceeding will not have a material adverse
 effect on the company''s financial position and results of operation and
 hence, no adjustment has been made to the financial statements for the
 year ended March 31, 2011.
 
 The Company is contesting the demands and the Management, including its
 tax advisors, believes that its position will likely be upheld in the
 appellate process. No tax expense has been accrued in the financial
 statements for the tax demand raised.  The Management believes that the
 ultimate outcome of this proceeding will not have a material adverse
 effect on the Company''s financial position and results of its
 operations.
 
 (Refer to Schedule 12, 1, AS 29 (a), (b), (c), (d) & (e) in the
 Significant Accounting Policies and Notes to Accounts of the annual
 standalone Financial Statements).
 
 2. Quantitative details
 
 The Company is primarily engaged in the 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.
 
 (Refer to schedule 12, 2 ( c )in the Significant Accounting Policies
 and Notes to Accounts of the annual standalone financial statements).
 
 3. Related party Disclosure & transactions
 
 Related party Disclosure for the year ended March 31, 2011 
 
 List of Related parties 
 
 Holding Company
 
 TAKE Solutions Pte. Limited, Singapore
 
 Subsidiaries (held directly)
 
 1.  APA Engineering Private Limited, India
 
 2.  TOWELL TAKE Investments LLC, Muscat
 
 3.  TAKE Solutions Inc., USA
 
 4.  CMNK Consultancy & Services Private Limited, India
 
 5.  TAKE Solutions Global Holdings Pte. Ltd., Singapore (Added during
 the year)
 
 Subsidiaries (held indirectly)
 
 6.  RPC Power India Private Limited, India (by virtue of control over
 composition of Board of Directors)
 
 7.  TOWELL TAKE Solutions LLC, Muscat
 
 8.  TAKE Solutions MEA Limited, Dubai
 
 9.  Mirnah Technology Systems Limited, Saudi Arabia
 
 10.  Applied Clinical Intelligence, LLC, USA
 
 11.  Clear Orbit Inc, USA (Merged with TAKE solutions Inc., USA w.e.f
 30 Sept 10)
 
 12.  TAKE Solutions GMBH, Switzerland (Divested w.e.f 22 Feb 11)
 
 13.  TAKE Enterprise Services Inc, USA
 
 14.  TAKE Intellectual Properties Management Inc, USA
 
 15.  CMNK Services Private Limited, India (Divested w.e.f 10 Feb 11)
 
 16.  TAKE Solutions Information Systems Pte. Ltd. Singapore ( Added
 during the year)
 
 17.  CMNK Computer Systems Pte. Ltd., Singapore ( Added during the
 year)
 
 18.  TAKE Global Ltd., UK ( Added during the year)
 
 19.  WCI Consulting Group Ltd., UK (Added during the year)
 
 20.  WCI Consulting Ltd., UK (Added during the year)
 
 21.  WCI Consulting Ltd., USA (Added during the year)
 
 
 Partner in Partnership Firm
 
 1.  TAKE Solutions Global LLP, India
 
 Key Management Personnel
 
 1.  Mr. S. Sridharan, Managing Director
 
 2.  Mr. Srinivasan H.R., Vice Chairman & Non Executive Director
 
 3.  Mr. D.V. Ravi, Non Executive Director
 
 4.  Mr. Ram Yeleswarapu, Non Executive Director
 
 5.  Mr. Bala Latupalli, Non Executive Director
 
 Enterprises over which Key Management Personnel and their relatives
 exercise significant influence with whom transactions have taken place
 during the year
 
 1.  Aakanksha Management Consultancy & Holdings Private Limited, India.
 
 2.  Shriram Capital Limited, India
 
 Other Related Parties
 
 1.  TAKE Solutions Limited ESOP Trust, India the trust is effectively
 controlled by the company
 
 2.  WJ. Towell & Co, LLC, Muscat Joint Venture Partner.
 
 (1) During the year, the Company has invested Rs 348,785 [10,000 Equity
 Shares of Sing $ one each] representing 100% stake in TAKE Solutions
 Global Holdings Pte. Ltd., Singapore.
 
 (2) During the year, the Company has made additional investment in
 TOWELL TAKE Investments LLC amounting to Rs. 4,792,980 [39,219 Equity
 Shares of OMR one each] and Rs. 47,411,640 [392,190 Equity Shares of
 OMR one each] against Share Application Money remitted in the Previous
 Year(s).
 
 (Refer to Schedule 12, 1, AS 13, (d), (e) in the Significant Accounting
 Policies and Notes to Accounts of the annual standalone Financial
 Statements)
 
 6.Dues to micro, small and medium enterprises
 
 The Company has no dues to micro, small and medium enterprises as at
 March 31, 2011 and March 31, 2010.
 
 (Refer to Schedule 12, 2 (j) in the Significant Accounting Policies and
 Notes on accounts of the annual standalone Financial Statements).
 
Source : Dion Global Solutions Limited
Quick Links for takesolutions
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.