11. The company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The Company has created an Employees' Group Gratuity Fund which has taken a Group Gratuity Assurance Scheme with the Life Insurance Corporation of India. Company's contributions are based on actuarial valuation arrived at the end of each year and charged to Profit and Loss Statement. An amount of Rs. Nil paid on this account during the year is charged to the Profit & Loss Statement. Defined benefit plans as per actuarial valuation is
13. Previous year's figures have been regrouped or reclassified wherever necessary to conform to the current period.
14. The Company's operation predominantly relate to providing a single segment of software related technical services to enable clients to enhance business performance. Geographic segmentation is based on business sourced from India only and hence segment reporting in this case is not applicable.
15. DISCLOSURE UNDER MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006
On the basis of the information and records available with the Company, the Company had not paid any interest during the year to any parties who are classified as Micro, Small and Medium Enterprises on account of default in payment of their dues. Also there are no amounts outstanding as on 31.03.2024 in excess of Rs.l,00,000/- to any party classified as Micro, Small and Medium Enterprises.
16. ADDITIONAL REGULATORY DISCLOSURES AS PER SCHEDULE III OF COMPANIES ACT, 2013
(i) The Company does not own any Immovable properly.
(II) The Company does not have any Investment property.
(III) As per the Company's accounting policy, Property, Plant and Equipment (Including Right of Use Assets) and Intangible assets are carried at historical cost (less accumulated depreciation & Impairment, If any), hence the revaluation-related disclosures as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.
(iv) The Company has not granted any Loans or Advances in the nature of loans to promoters, Directors, KMPs, and the related parties (As per Companies Act, 2013), which are repayable on demand or without specifying any terms or period of repayments.
(v) No proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
(vi) The Company does not have any sanctioned facilities from banks based on the security of current assets.
(vii) The Company has adhered to debt repayment and interest service obligations on time. Wilful defaulter-related disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable.
(viii) There are no transactions with the Companies whose names are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended March 31, 2024.
(ix) The Company does not have any requirement for filing registration or satisfaction of charges with the Registrar of Companies. No registration or satisfaction is pending at the year ended 31st March 2024.
(x) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.
(xi) The National Company Law Tribunal, Special Bench- I, Chennai Bench vide its order dated 31.05.2023 approved the Scheme of Reduction of Capital by which 68% of the paid-up equity share capital by reducing the nominal value of the equity shares from Rs.10/- each to Rs.3.20 each by canceling the equity share capital of Rs.6.80 per Equity share and that such reduced Subscribed, Issued and Paid-up share capital of Rs.3,02,33,710/- divided into 94,48,035 equity shares of Rs.3.20 shall be consolidated Into 30,23,371 equity shares of Rs/10/- each in such manner that every 100 equity shares of Rs.3.20 each shall constitute 32 equity shares of Rs.10/-each fully paid-up.
As per the Scheme of Reduction of Capital sanctioned by the NCLT, Rs. 6,42,46,640/- out of the Equity Share Capital is transferred to the Profit and Loss Account and set off the accumulated Losses to this extent during the year.
(xii) The Company has not advanced or loaned or Invested funds to any other person(s) or entity(les), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
a. 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
b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.
(xiil) 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 Company shall:
a. directly or indirectly lend or Invest In other persons or entitles identified In any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
b. provide any guarantee, security, or the like on behalf of the Ultimate Beneficiaries.
(xiv) The Company has not operated In any cryptocurrency or Virtual Currency transactions.
(xv) During the year the Company has not disclosed or surrendered, any income other than the Income recognized In the books of accounts In the tax assessments under the Income Tax Act,
1961.
1. The Income from operations during 2023-24 has come down by 20% as compared to the previous year. This has affected all the operating ratios during 2023-24 as compared to the previous year.
2. Figures in brackets indicate negative figures.
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