Computech International Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2011

Not Available

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Mar 31, 2010

1) Contingent liabilities not accounted for in respect of:

i) Bills Discounted with Banks Rs. Nil (Previous Year Rs. Nil).

ii) Sales Tax demand Rs. 1,305,225/- (Appeal pending with Asst. Commercial Tax Officer, Silvassa) (Previous Year Rs. 1,305,225/-). The related papers in the absence of which liability arose, have been submitted to the Authority. Hence, the Company does not envisage any liability in respect thereof.

ii) Income Tax demand of Rs.85,28,887/- for Assessment Year 2001-02 (matter pending with Appellate Tribunal of Income Tax, Kolkata),(Previous Year Rs. 85,28,887/-), Rs,91,93,476/- for the Assessment year 2004-05 (matter pending with Appellate Tribunal)(previous year Rs. 91,93,476/-) and Rs. 8,87,842/- for the Assessment Year 2005-06 (matter pending with Commissioner of Income Tax Appeal, Kolkata) (Previous Year Rs. 8,87,842/-). As the Company has already paid its liability originally assessed in respect of these Assessment Years, no further liability is being envisaged in respect thereof.

2) Sundry Creditors include Acceptances Rs. Nil (Previous Year Rs. Nil).

3) Balances in Sundry Debtors, Advances and Sundry Creditors are subject to confirmations and figures as per books of accounts as on 31/03/2010 are considered.

4) Since all most all the Bank Accounts are NPA or Inoperative for the year under audit except Vijaya Bank, Rashbehari Avenue Branch having book balance of Rs.219716.14 as on 31/03/2010, so Bank Statements could not be produced to the Auditors for their verification. However figures as appeared in the Books of Accounts as on 31/03/2010 have been considered.

5) Sundry Creditors includes amount payable to party under Small Scale Industries Rs. Nil (Previous year Rs. Nil)

6) As per provision of Micro Small and Medium Enterprises Development Act, 2006, there are no such enterprises to whom the Company over due which are outstanding for more than 45 days at the Balance Sheet date, to the extent such enterprise have been identified on the basis of information available with the company.

7) a) During the previous year 2005-06 the company has adjusted its export debts with its import payable. Necessary approval from Reserve Bank of India under Exchange Law is still awaited by the company. Total amount set off USD 7464750 equivalent to INR 334,480,373/-.

b) During the year 2008-09 the company has set off its import payables USD 28,233,000 equivalent to INR 1,120,567,770/- against its export debtors USD 28,233,000 equivalent to INR 1,120,567,770/- against the same parties for which necessary application to RBI under exchange law is to be made. Accordingly, the debts due more than six months has been shown as net off such set off in the schedule 8 and creditors has been shown at net off in the schedule 11.

c) During the year 2009-10 the company has further set off its import payables USD 18,55,040 equivalent to INR 9,01,33,220/ - against its export debtors USD 18,55,040 equivalent to INR 9,01,33,220/- against the same parties for which necessary application to RBI under exchange law is to be made. Accordingly, the debts due more than six months has been shown as net off such set off in the schedule 8 and creditors has been shown at net off in the schedule 11.

d) The company has made provision for doubtful debts in the

year 2008-09 amounting to USD 24,367,718 equivalent to INR 967,154,713/- against the long outstanding debts after net off such set off up to 31st March 2008. The company has made further provision for doubtful debts in the year 2009- 10 amounting to USD 41,27,065 equivalent to INR 20,94,89,814/- against the long outstanding debts after net off such set off up to 31st March 2009 However, the management is taking necessary steps to recover such doubtful debts. Any recovery for such long outstanding debts will be dealt with in the year of recovery.

e) In view of para (c). above the amount receivable from doubtful debts has not been revalued at closing exchange rates and to the extent Accounting Standard 11 of The Institute of Chartered Accountants of India has not been complied with (exchange difference gain of Rs. 102,771,210 against Previous year Rs. 269,750,638/-).

8) Insurance includes a sum of Rs. Nil (Previous Year-Nil) towards premium on Keyman Insurance Policy taken for Chairman & Managing Director of the Company.

9) The details as required under Accounting Standard-24 "Discontinuing Operations" of the erstwhile unit located at Gala nos. 1,2,11 & 12 Survey No 2/2/2, Karad, Silvassa (included in the Hardware segment in segment report as per Accounting Standard -17, Segment Reporting) are as follows:

* Fully impaired as on 01.04.2004 in accordance with Accounting Standard - 28 * Impairment of Assets" and consequent loss of Rs. 272.42 lakhs (net of Deferred Tax Assets of Rs.22.28 lakhs) adjusted with General Reserve on same date.

1) In the opinion of the management, current assets and loans and advances will realize in the ordinary course of business, values at least equal to the amounts at which they are stated.

2) Sundry Debtors due for more than six months Rs.10,35,833 /-are considered recoverable by the management. (Previous Year Rs. 257,671,086/-)

3) Sales include computer & related accessories for own use Rs. Nil/- (Previous year Rs. 26,450/-).

4) Development Expenses as shown in Schedule 18 amounting to Rs. Nil/-(Previous Year Rs. 1,431,243/-) represents:

14) Remuneration to Directors Salary & Allowances of Rs. 4.00 Lacs (Previous Year Rs. 6.00 Lacs) to the Chairman & Managing Director:

15) Effective from 1* April, 2007, employees benefit obligations have been measured / valued following the Revised AS-15 on Employees Benefits.

Since there is no employee at the end of the year 31st March,2010, Defined Benefits plans (Leave & Gratuity) as per Actuarial Valuation as on 31st March, 2010 not recognized.

16) Deferred Tax:

As per Accounting Standard 22 of The Institute of Chartered Accountants of India, deferred tax asset amounting Rs. 88,85,605/- recognized for the year under audit and total deferred tax asset as on 31.03.2010 Rs. 1,16,18,475/- previous year deferred tax Asset as on 31.03.2009 Rs. 27,32,870/-.

17) (a) Derivatives outstanding as on 31* March, 2010 - NIL

(b) Unhedged foreign currency exposures as on 31st March, 2010

19) RELATED PARTY DISCLOSURES

A. List of related parties

a) Enterprises controlled by Key Management Personnel

i) MCS Limited

ii) Vedanth.com Worldwide Limited

iii) Compubell Infotech Limited

iv) Surabhi Devlopment Projects (P) Ltd.

b) Key Managerial Personnel

i) Mr. S. K. - Chairman & Managing Director