| 1. Terms / Rights attached to Equity Shares:
a) The Company has only one class of Equity Shares having par value of
Rs 10 each. Each share holder is eligible for one vote per share held.
b) In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
2. Gratuity as per AS-15 has not been provided; it will be accounted
for in the year of payment since no material obligation has been
recognized.
3.amount outstanding due to Micro and Small Enterprises as per MSMED Act,
2006.
4. There is decline in carrying amounts of the long-term investments
in shares of certain Ltd Companies. The above investments being
strategic in nature and diminution in the value of said investments
being temporary in nature, no provision their against is required in
the accounts.
5. The Company's business activity falls within a single primary
business segment i.e. Software business and therefore, the disclosure
requirement of Accounting Standard -17 "Segment Reporting" is not
applicable.
6. In the opinion of the Board and to the best of their knowledge and
belief, Trade Receivables, Loans and Advances have a value of
realization in the ordinary course of business at least equal to the
amount at which they are stated in the Balance Sheet and are subject to
confirmations by the respective parties.
7. Current Tax and Deferred Tax Liability has not been recognized due
to brought forward losses.
Minimum Alternate Tax (MAT) under the provisions of the Income Tax Act,
1961 is recognized as current tax in the statement of profit & loss.
The credit under the Act in respect of MAT paid is recognized as an
asset only when and to the extent there is convincing evidence that the
company will pay normal income tax during the period for which MAT
credit can be carried forward for set-off against the normal tax
liability.
8. Related Parties disclosures
Name of the related parties and related party relationships
i) Subsidiary
Lensel Web Services Pvt. Ltd. Wholly Owned Subsidiary
Rituraj Shares Broking Pvt. Ltd. Wholly Owned Subsidiary
ii) Related parties with whom transactions has taken place during the
year
Relatives of Key Management Personnel / Enterprises owned or
significantly influenced by Key Management Personnel or their relatives
Leena Gupta (Daughter of Promoter Director)
S. M. Gupta & Company
Leena Consultancy
Rituraj Shares & Securities Ltd.
Rituraj Shares & Securities
9. The SAP Partnership fees paid by the company does not come under
the definition of Intangible Assets defined under AS-26. So, the same
is considered as deferred revenue expenditure and amortised over a
period of five years as per Section 35D of the Income Tax Act 1961.
10. Comparative Figures
Figures of the previous year have been regrouped/ reclassified/
rearranged wherever necessary to correspond with those of the current
year's classification/ disclosures.
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