1. CORPORATE INFORMATION:
COSYN LIMITED is incorporated in April, 1994 for carrying out the activities of offering a full range of software outsourcing services from end to end development of new software and web solutions, Enterprise Application Services, re-engineering and enhancement of legacy applications, application integration and maintenance, BPO / ITES services for Utilities, E-Governance, BFSI, Retail and DMS. The Company is carrying its activities from its registered office situated at # 6-185/10, Opp Telephone Bhavan, Saifabad, Hyderabad - 500 004
Basis of Preparation of Financial Statements:
For all periods up to and including the year ended 31stMarch,2017 the Company prepared its Financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These Financial statements for the year ended 31stMarch, 2018 have been prepared in accordance with Indian Accounting Standards (“Ind-AS”) consequent to the notification of the Companies (Indian Accounting Standards) Rules, 2015 (the Rules) issued by the MCA. These are the First Ind-AS Financial statements of the Company, wherein the Company has restated its financial statements for the year ended 31stMarch, 2017 also as per Ind-AS. The Financial statements have been prepared on historical cost basis.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
Preparation of the financial statements requires management to make judgments, estimates and assumptions, as described below, that affect the reported amounts and the disclosures. The Company based its assumptions and estimates on parameters available when the financial statements were prepared and reviewed at each Balance Sheet date. Uncertainty about these assumptions and estimates could result in outcomes that may require a material adjustment to the reported amounts and disclosures.
2.1 During the year, Company made investment of Rs 35,61,815/- towards 55,000 Equity Shares of Cosyn LLC, Texas,USA. wholly owned subsidiary
3.1. During the financial year 2017-18, Company has taken loan of Rs 2,70,00,000/- from State Bank of India, Balanagar branch against Fixed Deposit with the same Bank Rs 3,00,00,000/-. The said loan is carrying interest @ 6.25% p.a.
4. Contingent Liabilities not acknowledged as debt:
a) Bank Guarantees
b) Income Tax (TDS)
The Company has received demand notice for Rs. 17,36,296/- towards penalty and Interest for late payment/filing of TDS return for the years from 2007- 08 to 2016-17.
The Company has filed appeals against the said notices and the Management is confident of winning the appeal. Hence no provision made in the books of account.
c) Provident Fund
The Company has received Order towards levy of Damages for the period August 2008 to December 2015 for Rs. 29,04,703/-.
The Company has filed appeal against the said Order and the Management is confident of winning the appeal. Hence no provision made in the books of account
5. Related Party Transactions:
A. Related Parties and their Relationship
(As identified and certified by the Management)
I. Subsidiary Company : a) Cosyn LLC, Texas, USA
: b) WelltoDesk Inc, Texas, USA.
II. Key Managerial Personnel (KMP) :
Ravi Vishnu : Chairman & Managing Director
Summary of the Transactions with the above Related Parties are as follows:
6. Segment Details
The Company is engaged in providing Information Technology Services which in the context of Accounting Standard - 17 issued by ICAI are considered to constitute one single segment
7. Dues to Micro, Small and Medium Enterprises:
The Company is seeking confirmation from its suppliers whether they fall under the category of micro, small and medium enterprises as mentioned under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). Based on confirmations received till date, the company believes that it does not have any outstanding dues towards Micro Small and Medium Enterprises. Further the company has not paid/accrued any interest under this MSMED Act.
8. Confirmations are not received in respect of the amounts relating to trade receivables, trade payables, loan & advances.
9 Previous year’s figures have been regrouped / reclassified wherever necessary to corre spond with the current year’s classification / disclosure. Figures rounded off to the nearest rupee.
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