a) During the five years immediately preceeding the current financial year, the company has not issued any shares without payment being received in cash, nor issued any bonus shares, neither did the company buy back any shares during the said period.
b) The Company has only one class of shares. i.e. Equity Shares
c) Terms and Rights attached to Equity Shares.
The company has only one class of Equity Shares having par value of ' 10/- per share. The Company declares and pays dividends in Indian Rupees. 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. The distribution will be in proportion to the number of equity shares held by the shareholders.
d) Details of Share holders holding more than 5% shares of the company
Note: During the year Tiebeam Technologies India Private Limited has transferred 3,07,475 shares at par value as a donation to Gundaveeli Engineering and Medical Sciences Foundation, Public Charitable Trust, which is promoted by Promoters of the Company. Both the Transferer and Transferee has made all the disclosures as required under the SEBI (SAST) Regulations, 2011 and SEBI(PIT) Regulations, 2015 as applicable.
Note: The Company has availed a cash Credit Facility from Axis Bank and the Outstanding due as on 31st March, 2023 is ' 197.93 Lakhs (Previous year: ' 182.92 Lakhs). The interest rate for the said facility is 8.95% PA. and it is secured by Immovable Property. It will be renewed every year hence clubbed under current Liabilities.
24. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund as at 31st March, 2023.
25. Disclosure in terms of Schedule V of SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 regarding Loans & Advances in the nature of Loans to Subsidiaries.
The management assessed that cash and cash equivalents, other bank balances, trade receivables, security deposits received, receivable from related parties, inter corporate loan from related party, trade payables and security deposits paid approximate their carrying amounts largely due to the short-term maturities of these instruments.
The management assessed that the fair value of the borrowings are not materially different from the carrying value presented. The fair value of the financial assets and liabilities is included at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date.
c. Financial risk management
The Company’s activities expose it to a variety of financial risks; market risk, credit risk and liquidity risk. The Company’s overall risk management programme focuses to minimize potential adverse effects on the Company’s financial performance.
The financial instruments of the Company comprise borrowings from banks/other lenders, cash and cash equivalents, bank deposits, trade receivables and other assets, trade payables and other finance liabilities and payables.
I. Market risk
Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of volatility of prices in the financial markets. Market risk can be further segregated into Interest rate risk and Foreign exchange risk:
i. Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant interestbearing assets other than investment in bank deposits.
The Company’s income and operating cash flows are substantially independent of changes in market interest rates.
ii. Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
II. Credit risk
Company’s revenue is derived from sales to its off-shore subsidiaries, hence there is no potential risk of default. The company maintains banking relationships with only credit worthy
banks, which it reviews on an ongoing basis. The maximum exposure to credit risk for bank deposits and bank balances at the reporting date is the fair value of the amount disclosed.
Trade receivables that are due for more than 180 days are considered past due. Delayed receivable carries interest as per the terms of agreement. These receivables have been considered as fully recoverable based on the evaluation of terms implicit in the contracts with customers and other pertinent factors.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Company does not hold any collateral as security.
III. Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and cash equivalents and maintaining adequate credit facilities.
The Company believes that the net cash flows expected to be generated from the operations shall be sufficient to meet the operating and finance costs.
The table below summarizes the maturity profile of the Company’s financial liabilities.
i. Segment Reporting
Software related Development services, products and Information Technology enabled services are considered as one business segment. The Company is primarily engaged in the said business, the activities as such are governed by the same sets of risk and return. Therefore they have been grouped as single segment as per IND AS - 108 dealing with segment reporting. Secondary segment reporting is based on geographical location of the customers.
j. Taxation
Current tax is reckoned based on the current year’s income and tax payable in accordance with the prevailing tax laws. The total provision for tax during the current year is ? 14.58 Lakhs (Including Earlier Years), (Previous Year: ? 60.18 Lakhs).
In accordance with Accounting Standard 22 on Accounting for Taxes on Income, the Company has computed Deferred Tax Asset amounting to ? 1.24 Lakhs (Previous Year - Deferred Tax Asset ? 3.68 Lakhs) on account of timing difference in relation to depreciation as per books vis.a.vis Tax Laws.
k. Dues to Micro and Small Enterprises
The information required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. As on date there are no such parties in the financials.
I) Leases
a. Operating Lease: The Company has operating lease for office premises. These lease
arrangements operate for a period 11 months. The said leases are renewable for further period on mutually agreeable terms and also includes escalation Clause.
b. Finance Lease: The Company has no finance leases.
m. Contingent liabilities and commitments
There are no contingent liabilities as at the Balance Sheet date.
29. OTHER STATUTORY INFORMATION
a. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.
b. The Company does not have any transactions with companies, which are struck off.
c. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
d. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
e. The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.
f. The Company has not advanced or loaned or invested any funds to any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding that the Intermediary shall:
• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
• provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
g. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
• directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
• provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
h. The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the financial year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961
30. Amount has been rounded off to nearest lakh and previous year have been rearranged, regrouped and recast wherever necessary. Figure 0.00 represent amount below Rs 500/- rounded off.
31. Previous year’s figures have been rearranged, regrouped and recast wherever necessary to confirm to this year’s classification.
|