| The Revised Schedule VI has become effective from 1 April, 2011 for the
preparation of financial statements. This has significantly impacted
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Contingent Liabilities
a. Corporate Guarantee in favor of UPS Capital Business Credit main
office situated at 425 Dat Halli Road, Windsor, Connecticut, U.S.A.
06095 for loan avalied by Vision Info Inc. the outstanding amount of
Rs. 4,155.39 lakhs - USD 6,638,980. (Previous Year the outstanding
amount is Rs. 3887.69 lakhs - USD 6,468,813)
b. Corporate guarantee towards Mindriver Information Technologies
Limited having facility with ICICI bank .outstanding Rs. 267.50 lakhs
(Previous year Rs. 234.65 Lakhs)
c. Outstanding guarantees and counter guarantees is Nil (Previous Year
nil) Employee benefit plans Defined contribution plans : The Company
makes Provident Fund contributions to defined contribution plans for
qualifying employees. Under the Scheme, the Company is required to
contribute a specified percentage of the payroll costs to fund the
benefits. The Company recognised Rs. 53,19,177/- (Year ended 31 March,
2014 Rs.70,63,375/-) for Provident Fund contributions in the Statement
of Profit and Loss. The contributions payable to these plans by the
Company are at rates specified in the rules of the schemes.
Defined benefit plans: The Company offers the following employee
benefit schemes to its employees.
i. Gratuity: An amount of Rs. Nil - has been recoignised in the
Statement of Profit and Loss for the year ended March 31, 2015 towards
Gratuity based on Actuarial Valuation. (Net liability recognised is
Balance Sheet: Rs. 71,16,121/-)
ii. Compensated absences : An amount of Rs. Nil has been recognised in
the Statement of Profit and Loss for the year ended March 31, 2015
towards compensated absences based on Actuarial valuation (Net
liability recognised in Balance Sheet: Rs. 13,75,472 )
The following table sets out the funded status of the defined benefit
schemes and the amount recognised in the financial statements:
v) During the year, receivables from some of the customers have been
written off a sum of Rs.139,87,29,939/- which are outstanding for more
than 3 year and the company has no right to recover the same under the
limitation act. The company has initiated legal action for recovery
against the major customers.
vi) During the year, intangible assets amounting to Rs. 682.14 lakhs
(computer Software) has been written off which do not have its future
economic life .
viii) During the year unbilled revenue of Rs. 717.45 laks of previous
year has been written off due to uncertainties with the customers.
ix) The company has paid travel advances to two of its staffs to an
amount of Rs. 22.78 lakhs in the previous years which have not been
settled and are lying for more than 365 days. The company owes amount
to these employees by way of settlement, while settling their final
settlement these advances will be adjusted.
Corporate information
Established in 2001, Acropetal Technologies is a business technology
Solutions Company headquartered in India providing on-demand innovative
solutions in the verticals of Education, Healthcare, Manufacturing CPG
& Retail, Government & Citizen Services, Energy & Environment, and
Engineering & Infrastructure. Acropetal Technologies Limited is
currently a public traded company on Indian Stock Exchanges. Our
mission is to continuously energize innovation excellence by
concurrently driving strategic imperatives for mind to market (M2M) and
time to market (T2M) mutually inclusively; facilitating transformation
and growth for our customer universe. We create value through a
delivery of business solutions on-Demand in real time at the rate of
use for a fixed price; as a product, process, service and/or platform.
We reach out to our consumers globally and have a presence in India,
North & South America, Europe, UK and Middle East.
|