| 1. Contingent Liabilities : Nil
2. Secured Loans
Working Capital Loan and Term Loan from Indian Overseas Bank:
First charge on all current assets by way of hypothecation of all book
debts and other current assets of the Company and Collateral Security
on open Plot No.38 of 313.33 Sy of Smt, L. Usha Kumari in S.No.416/4 at
Prabhu Nagar, Poranki, Krishna Dist, and open plot No.8 of 485 Sy of
Smt. L. Hemalatha in s.No.404/1 at Poranki, Krishna Dist, AP and
personal guarantee given by Directors. Due to non payment of instalment
amounts of term loan and interest on cash credit accounts, the bank has
classified both the term loan and cash credit as NPA accounts.
3. Quantitative details
The Company is engaged in the business of development & maintenance of
Computer Software, offshore development and other related services. The
production and sale of such software services cannot be expressed in
any generic unit and hence it is not possible to give such quantitative
details of sales and certain information as required under paragraph
3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956. The
details of Conversation of Energy, Technology absorption are given in
Directors Report. R&D expenditure is not separately accounted for.
4. Related Party Transactions
List of related parties on which the company is able to exercise
control.
A. Subsidiaries
Name of the Subsidiary company: Fortune 7Inc
Transactions with above company in the ordinary course of business: NIL
5. Dues to micro & small-scale industrial undertakings
As at March 31, 2015 as per available information with the company,
there are no dues to small scale Industrial Undertakings.
6. Balances under trade receivable, Loans & Advances and trade
payables are subjected to confirmation and reconciliation from
respective parties and the classification / grouping of the parties
under sundry debtors and creditors are as per the management
representation.
7. Income taxes
The provision for taxation includes tax liabilities in India on the
company's global income as reduced by exempt incomes and any tax
liabilities arising overseas on income sourced from those countries.
Due to continuous losses from the past few years the company has not
made provision for income tax and differed tax.
8. Segment reporting
As required by the Accounting Standard (AS 17) "Segment Reporting", the
Company is mainly engaged in the area of Gaming Software Development
and related services. Hence segment reporting is not applicable to the
Company and to the nature of its business.
9. The previous year figures have been recast / restated, wherever
necessary, to the current period's classification.
10. Financial figures have been rounded off to nearest rupee.
11. Schedules 2 to 14 form part of Balance Sheet and have been
authenticated.
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