1. Discontinuing Operations
The company initiated the process of Discontinuing/outsourcing the manufacturing operations in pursuance to the resolution passed in the meeting of Board of Directors held on 9th Feberuary,20l5,thereby vacated the premises by 15th April, 2015, disposed off all tangible assets except vehicles, discharged/provided for contarctual obligations of manpower/worker and resolved to outsource the operations henceforth. Consequently there is only one reportable segment as on 31st march, 2016.
2. Related Party Information:
Relationship
a) Subsidiary:
- Shyam Telecom Inc. up to 22 December ,2015.
b) Key Management Personnel and relative of Key Management personal:
Mr. Rajiv Mehrotra , Mr Alok Tondon,Mr. Arun Khanna and Mr. Ajay Khanna.
c) Enterprises over which Key Management Personnel and relatives are able to exercise significant influence:
Shyam Antenna Electronics Ltd., Intercity Cable System Pvt. Ltd, Shyam Communication Systems, Shyam Networks Ltd. (formerly Shyam Telecom Systems Pvt. Ltd.), Shyam Digital Communications Pvt Ltd, Sistema Shyam Teleservices Ltd.,Ubico Networks Pvt.Ltd., RMS Automation Systems Ltd., Spectranet Pvt Ltd., Shyam infratel Pvt ltd, Vihaan Networks Ltd and Think of us. Pvt Ltd
Note; Related party relationship is as identified by the Company and relied upon by the auditors.
3. Some of the personal accounts are subject to adjustments / reconciliation / confirmation .
4. In the opinion of Board of Directors Fixed Assets, Current Assets, Loans and Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and provision for all liabilities have been made in the Accounts, which has been relied upon by the auditors.
5. In compliance with the accounting standards 15 (revised 2005) "Employee Benefits" The company has got the employee benefits evaluated from actuarial valuer.
The Company has calculated the various benefits provided to employees as under:
A. Provident Fund & Other fund
During the year the Company has recognized Rs 17.24 Lacs (previous Year Rs. 32.88 lacs) towards contribution to PF in the Statement of Profit and Loss.
B. State Plans
Employer's contribution to Employee State insurance and to welfare fund
During the year the Company has recognized Rs. 1.97 lacs (Previous year Rs.2.98 lacs) towards contribution to ESI and Rs NIL (previous Year Rs.0.11 lacs) towards welfare fund, in the Statement of Profit and Loss.
C. Defined Benefit Plans
The actuarial valuation carried out is based on following assumption:
a) Leave Encashment
b) Contribution to Gratuity Fund - Employee's Gratuity Fund.
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