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Cura Technologies

BSE: 532332|NSE: CURATECH|ISIN: INE117B01012|SECTOR: Computers - Software Medium & Small
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Notes to Accounts Year End : Mar '16

1. Provision for Gratuity is made for the employees on the basis of calculation by the company: Gratuity

2. Provision for Leave Encashment is made for the employees on the basis of calculation by the company: Leave Encashment

3. Quantitative details requirements regarding software and technical services are not applicable.

4. Balances of Sundry Debtors, Loans & Advances and Sundry Creditors are subject to confirmation from the concerned parties.

5. Segment Report as per Accounting Standard 17 for the Year ended 31st March 2016:

6. EVENTS OCCURRED AFTER BALANCE SHEET

(i) During the Financial year 2016-17,Andhra Bank(Sultan Bazar Branch, Hyderabad) Term Loan of Rs.89,70,33,699/- (Excluding Current Year (FY 15-16) interest of Rs.5,98,79,879/-) which is secured by Land & buildings situated at Flat No.12, Software units layout, Cyberabad, Hyderabad-81 amounting to Rs.17,38,53,881/- (Net amount as at 31st March,2016 of Rs.9,96,85,827/-) was settled under One Time Settlement for an Amount of Rs.50,00,00,000/-.The said settled Loan amount of Rs.50,00,00,000/- was paid by realizing through the sale of all the assets charged to bank during the month of May,2016.

(ii) Also during the year 2016-17,Andhra Bank(Sultan Bazar Branch, Hyderabad) loan of has auctioned the Land & Buildings under construction situated at Plot No 17, Sy No.408/1 situated at Madhurawada Village, Vishakapatanam Rural, (Amounting to Rs.8,51,01,353/-as on 31st March,2016,as per Books of Accounts) towards the repayment of their outstanding Term loan Rs.9.10 Crores (Excluding Current Year(FY 15-16) interest of Rs.1,75,60,018/-) against the security of the said project. However details of the amount realized, expenses incurred were not yet disclosed by the bank.

(iii) Also during the year 2016-17,Investments in Cura Global GRC Solutions PTE Ltd (i.e 27,23,510 Equity Shares with face value of /- each fully paid) have been sold to White Orchids Co Ltd for an amount of $ 1,36,175/-.

(iv) The Accounting treatment for the above transactions will be recorded in the books of accounts during the Financial Year 2016-17.

7. Figures were regrouped/reclassified wherever necessary. Figures are rounded off to the nearest rupee.

See accompanying notes forming part of the financial statements 1 to 22

The accompanying notes are an integral part of financial statements

As per our report of even date attached

Note 8.

During the financial year 2009-10, the Company has taken a term loan of 9.38 crore from Andhra Bank, Hyderabad. The said loan is repayable in 60 equitable monthly installments of Rs 15.6 Lakhs each commencing from 20 th Nov 2009. The said loan is secured by way of first charge on rent receivables from tenants and further secured by second charge on land and buildings of the Company and personal guarantee of Mr. G Bala Reddy, Director. Further the company has defaulted on repayment of the loan and the total outstanding of Rs 10.85 crores including interest is currently due. And due to lack of funds interest payable not accounted, if accounted loss will increase by Rs. 1, 75, 60,018/

Note 8

During the financial year 2009-10, Cura Global GRC Solutions Pte Ltd - Singapore, has taken a term loan of USD 14.24 Mn from Bank of India , Singapore. Andhra Bank, Hyderabad has given the financial guarantee to Bank of India, Singapore towards 50% of the loan sanctioned by Bank of India, Singapore for which the Company has given a counter guarantee to Andhra Bank, Hyderabad. During the Financial year 2012-13, Bank of India revoked the guarantee given by Andhra Bank, Hyderabad and Andhra Bank, Hyderabad in turn revoked the corporate guarantee given by the company and credited an amount of Rs. 26.86 crores to company''s loan account. The said loan is secured by pari-passu mortgage charge on the Land and Building of the company. The Company has debited the the same amount along with the interest to Cura Global GRC Solutions Pte Ltd, Singapore and accounted the under the head Loan and advances to Subsidiaries. And due to lack of funds interest payable not accounted, if accounted loss will increase by Rs. 5,98,79,879/-

Source : Dion Global Solutions Limited
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