| 1. General Information
The Registered Office of the company is situated at ST-4, Press House,
22 Press Complex, A.B Road, Indore.
Sylph is a leading software technology company in India, providing
software development services & solutions with services such as
outsourcing software development, web development, product development,
strategy consulting, offshore software development, e-commerce for web
and mobile enablement. We have a deep domain expertise, which we
leverage to provide high quality solutions and services.
The Company has acquired rights for the Publication of a 25 year old
Newspaper. Test run has been done and commercial operations started
during the year.
2. (i) Terms/Rights attached to equity Shares
Equity Shares: The company has one class of equity shares having par
value of Rs.10 per share. Each share holder is eligible for one vote
per share held. In the event liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their
shareholding.
(ii) Preferential Allotment of convertible warrants : During the year
company has issued Equity Warrants on Preferential basis to Non
Promoters of Rs. 162.50 Lacs and to Promoter of Rs. 13.85 lacs.
3. Related Party Disclosures
In accordance with accounting standard 18 " Related Party Disclosure"
issued by the Institute of Chartered Accountant of India, and notified
under the Company's Accounting Standard Rules, 2006 the names of the
Related Parties and the relevant disclosure is as under: a) Name of the
related party and description if relationship :
1 Key Managerial Persons
1. Rajesh Jain
2. Shantilal Jain
2 Relative of Key Managerial Persons
1. Jayshri Jain
4. Pursuant to accounting standard 28 " Impairment of Assets" issued by
the Institute of Chartered Accountants of India, the company has
reviewed its carrying cost of assets with value in use (determined
based on future earnings ) and Net realizable value on an approximate
basis. Based on such review, the management is of the view that in the
current financial year, Provision for impairment of assets is not
considered necessary.
5. Various items included under the head Current Assets, Loan &
Advances, as well as Current Liabilities are subject to confirmation /
reconciliation.
6. In the opinion of the Management, the value on realization of loans
and advances, and other current assets will be at least equal to the
amounts stated in the books of accounts, if realized in the ordinary
course of the business.
7. Segment Reporting a) Business Segment :
(i) The segment reporting policies complies with the accounting
policies adopted for preparation and presentation of financial
statements of the company and in conformity with accounting standard-17
on segment reporting issued by ICAI.
(ii) The company operates in segments namely software development and
share trading, News Paper Printing & Publishing During the period the
company has operated only in segments i.e. software development News
Paper Printing & Publishing. Hence the entire revenue and expenses
pertains to this segment.
8. Contingent Liabilities & Commitments
Corporate guarantee given on behalf of Company Nil Nil
Any other contingent liability Nil Nil
9. These financial statements have been prepared in the format
prescribed by the revised Schedule VI to the companies Act 1956.
Previous period figures have been recasted/ restated to confirm to the
current year. Figures have been rounded off to the nearest Rupee.
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