Authorised
The Company’s Authorised Capital is of Rs.8500.00 lakh (Previous Year Same) distributed into 42,50,00,000 (Previous Year Same) Equity Shares Of Rs. 2/- each
Issued, Subscribed & Paid-Up
The Issued and Subscribed Capital of the Company as at 31st March 2024 is of Rs.2996.83 lakh represented by 14,98,41,358 Equity shares of Rs. 2/- each and Paid up Capital as at 31st March 2023 is of Rs.2259.16 lakh represented by 11,29,58,281 Equity Shares of Rs. 2/- each .
24. Explanation to Modified Opinion on Financial Statements
1. The statutory auditors have expressed a qualified opinion on the financial statements of the company pertaining to
a. Investment in Wholly Owned Subsidiary at Portugal viz Cybermate International, Unipessoal , LDA
We clarify that the Portuguese authority has issued a notice of cancellation of the Certificate of Incorporation of the WOS due to non-filing of statutory information. We are considering transferring the investment to another subsidiary and rectifying the non-compliance. We have been informed that we can remit the Statutory due and then transfer the investment to another subsidiary We are working on clearing thee statutory due in the ensuing period and are likely to report improved situation in the next quarter.
b. Non- payment of statutory dues for the period ending March 31, 2024.
The company has completed the reconciliation of dues pertaining to Employees Provident Fund, Employee State Insurance and Tax Deducted at source dues and have rectified the balances reflecting in our books of account and shall remit the dues in the ensuing quarter.
c. Non-Receipt of trade receivables and payables due for more than 6 months.
Delays in realization of receivables have been caused due to adverse conditions prevailing in the business and financial markets. We have extended our timelines by another six months for realizing of debtors due to adverse market conditions.
25. Contingent Liabilities:
The Following are the contingent liabilities not provided for in respect of matters under dispute as the company is confident that the outcome would be in its favor based on merits.
(a) Income Tax Dues
(b) Penalty Levied by the Enforcement Directorate.
With regard to the order of the Enforcement Directorate, on 28th December 2021 levying penalty for non-filing of APRs and Write off pertaining to Unrealised Receivables from Overseas Debtors on the company has filed an appeal and the company has not made any provision. The total amount of fines levied on the company is Rs.111.59 crores.
26. Sundry Creditors Disclosures in Accordance with Schedule III to Companies Act along with Micro, Small and Medium Enterprises Classification.
The Company has not received any intimation from "Suppliers" regarding their status under Micro, Small and Medium Enterprises Development Act, 2006, and hence disclosure if any, relating to the amount unpaid as at the year-end together with interest paid/payable as required under the said act have not been given.
28. Subsidiary Companies
1. Cybermate Infotek Limited Inc : The company is considering incorporating a new company and closing the existing company on account of operational challenges in seeking business for the existing company due to NIL Operations for a prolonged period.
2. Cybermate International, Unipessol, LDA. The company is in the process of transferring the investment into a new company and the process of setting up a new company is underway. We have been informed that we can remit the Statutory due and then transfer the investment to another subsidiary We are working on clearing the statutory due in the ensuing period and are likely to report improved situation in the next quarter.
Further a Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures in Form AOC - 1 is annexed to the Boards' Report as Annexure-I pursuant to first proviso to sub-section (3) of section 129 of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014.
29. Segment Reporting
In accordance with the requirement of IND AS-108 on segment reporting, the company has determined its business segment as computer programming consultancy, and related services. There are no other primary reportable segments, nor secondary reportable segments.
There are no secondary reportable segments (Geographical Segments).
d. Extension of Maturity Date:
The FCCBs are repayable or convertible into equity shares on or before maturity date 09-July 2023 vide offering circular dated 09-July 2018.The Board of Directors at their meeting held on 06th July 2023, has decided to extend the due date of maturity for the balance FCCBs for a further period of one year i.e., up to 08-07-2024.
e. Disclosure
The FCCB is disclosed under other Equity as it is treated as an embedded derivative in accordance with IND AS 32, 107 and 109 as mentioned in the accounting policy on Financial Instruments.
36. Debtors, Creditors, Loans and Advances are Subject to Confirmation and Reconciliation.37. Previous Year Figures have been Regrouped and Rearranged wherever necessary to conform to this Years’ Classification.38. Additional Regulatory Information
i. Title deeds of Immovable Properties not held in name of the Company.
The company does not own any land or buildings wither in its name or any other name and hence there are no title deeds for submission.
ii. The Company has not revalued its Property, Plant and Equipment since the Company has adopted cost model as its accounting policy to an entire class of Property, Plant and Equipment in accordance with Ind AS 16.
iii. The Company has not revalued its Intangible Asset since the Company has adopted cost model as its accounting policy to an entire class of Intangible Asset in accordance with Ind AS 38.
iv. The Company has not granted any loan or advance in the nature of loan to promoters, directors, KMPs and other related parties that are repayable on demand or without specifying any terms or period of repayment.
v. There are no proceedings initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
vi. The Company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets at any point of time during the year.
vii. The Company is not declared as wilful defaulter by any bank or financial institution or other lenders.
viii. The Company did not have any transactions with Companies struck off under Section 248 of Companies Act, 2013 or Section 560 of Companies Act, 1956 considering the information available with the Company.
ix. The Company does not have any parent company and accordingly, compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules,
2017 is not applicable for the year under consideration.
xi. There are no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year.
xii. The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall (i) 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
xiii. The company has also 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 company shall (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
xiv. The Company does not have any transactions which are not recorded in the books of accounts that has been surrendered or disclosed as income in the tax assessments under the Income Tax Act, 1961 during any of the years.
xv. The Company did not trade or invest in Crypto Currency or virtual currency during the financial year. Hence, disclosures relating to it are not applicable.
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