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- William Dalton
- 5 years ago
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8 (a) To carry on the business of voice and data processing services and telecommunications and managing computer networks, data analysis and processing
9 services to all types of businesses both domestic and international and to train persons to provide the aforementioned services to industry. (b) To establish, acquire, hire, lease, set up and run the infrastructural facilities, equipments, satellite links, telephone, fax and all types of communication links and connections for receiving necessary data in the form of voice / data / digitalized image / any other form for analyzing, processing, remitting, forwarding the analyzed and processed information / details for the purpose of business of the company and to train persons and parties in receiving, collecting, analyzing, processing data, information and details and transmitting the processed information for the purposes of the business of the company.
10 (a) To carry on the business of providing network engineering solutions for optical networking equipment vendors and telecommunication service providers to bring innovative optical network solutions to the market quickly and efficiently and to act as consultants, advisors, engineers and solution provider whether in India or abroad on matters relating to software designing, software developments, information technology, systems design, customization, implementation, voice transcription, maintenance, internet and web based applications. (b) To develop, provide, undertake, design, import, export and deal in Systems software designing, testing, development, customization and application software for microprocessors based information systems, off shore software development projects, internet service providers and solutions in all areas of application including those in Emerging niche segments like internet and intranet website
11 applications software enterprise, resource planning, e-commerce, value added products and other business applications either for its own use for sale in India or for export outside India and to design and develop such systems and application software for and on behalf of manufacturers owners and users of computer, telecom, digital, electronic equipments in India or elsewhere in the world relating to SEZ activity.
12 (a) To carry on the business of optical networking solutions which includes designing, assembling, importing, training, procuring, hiring, exporting, selling, marketing, licensing, dealing in optical networking products, and systems both hardware and software equipment and computer peripherals including input / output devices, network products and software, assemblies, sub-assemblies, parts / components thereof and related products and services. (b) To provide consultancy services related to the preparation and maintenance of accounting, statistical, scientific, or mathematical information and reports, data processing, programming, collecting, storing, processing and transmitting information and data of every kind and description, system analysis, and machine services for solving or aiding commercial, industrial, scientific and research problems and for all other related business.
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36 The Authorised share capital of the Company is Rs. 41,00,00,000 (Rupees Forty One Crores Only) divided into 41,00,000 (Forty One Lakhs) Equity Shares of Rs.100/- (Rupee Hundred Only) each.
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51 Adjustments for: Adjustments for:
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53 CSS Corp Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) 1 Company overview CSS Corp Private Limited ( the Company or CSS Corp ) was incorporated on March 22, The Company is a wholly owned subsidiary of CSS Corp Technologies (Mauritius) Limited, Mauritius ( the parent company ). The Company is engaged in the business of providing web based support services using internet technology with call center solutions, software development and testing services. Partners Group Sapphire Mauritius Limited, a Company incorporated in Mauritius, is the ultimate parent company. 2 Significant accounting policies 2.1 Basis of preparation of financial statements The financial statements of the Company have been prepared and presented in accordance with Companies Act 2013 in the matter of application to National Company Law Tribunal under Section 230 to 232 read with Chapter XV. The Companies (Compromises, Arrangements and Amalgamation) Rules 2016 for sanctioning of Scheme of Amalgamation proposed between Glow Networks Private Limited with CSS Corp Private Limited and Slash Support SEZ Private Limited. The financial statements of the Company have been prepared and presented in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention using the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises accounting standards as prescribed under Section 133 of the Companies Act, 2013 ( Act ) read with Rule 7 of the Companies (Accounts) Rules, 2014, other pronouncements of the Institute of Chartered Accountants of India, the provisions of the Act (to the extent notified). 2.2 Use of estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses and the disclosure of contingent liabilities on the date of the financial statements. Management believes that the estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in current and future periods. 2.3 Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue from software development, testing and support services and remote infrastructure management and outsourcing services primarily comprises income from time and material contracts which are recognised as the related services are performed. Revenue from fixedprice contracts, where there is no uncertainty as to measurement or collectability of consideration, is recognised as per the percentage-of-completion method. Unbilled revenues represent earnings in excess of billings as at the end of the reporting period. Unearned revenues represent billing in excess of revenue recognized. Interest income is recognised on a time proportion basis taking into account the amount outstanding and the interest rate applicable. Dividend income is recognised in the year when the right to receive the payment is established.
54 CSS Corp Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) 2.4 Fixed assets and depreciation Tangible assets and depreciation Tangible assets are stated at cost less accumulated depreciation. Cost of acquisition of fixed assets is inclusive of all incidental expenses relating to the cost of acquisition and the cost of installation/erection as applicable. The costs of assets not ready to be put to use before the year-end are disclosed under capital work in progress. Depreciation is provided on the straight line method over the useful lives of the assets. Pursuant to the requirements of Companies Act, 2013, during the previous year the Company carried out a detailed technical evaluation and determined the useful lives of the assets as under: Asset category Estimated useful Life (in years) Buildings 8.75 Computer equipment and accessories 3 Furniture and fittings 6 Plant and Machinery 6 Vehicles 6 Leasehold Land is being amortized on a straight line basis over the period of lease. Leasehold improvements are amortised on a straight line basis over the useful life of the asset or the lease period whichever is lower. Assets taken on finance lease Finance leases which effectively transfers substantially all the risks and benefits incidental to the ownership of the leased item, are capitalised at the lower of the fair value and present value of the minimum lease payments at the inception of the lease and disclosed as assets taken on lease. If there is reasonable certainty that the lessee will obtain ownership by the end of the lease term, the period of expected use in the useful life of the asset; otherwise the asset is depreciated over the lease term or its useful life, whichever is shorter. Lease payments are apportioned between the finance charges and reduction of the lease liability based on the implicit interest rate or incremental borrowing rate as applicable. Finance charges are charged directly against income. Intangible assets and amortisation Intangible assets which comprise software licenses are stated at the cost of acquisition and are amortised on a straight line basis over a period of 36 months or useful life whichever is lower. 2.5 Impairment of assets The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount (higher of net selling price and value in use) of the asset. If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than the carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognized in the Statement of Profit and Loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost. 2.6 Foreign currency transactions Foreign exchange transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the Statement of Profit and Loss for the year. Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date; the resultant exchange differences are recognized in the Statement of Profit and Loss. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. 2.7 Derivative instruments and hedge accounting The Company is exposed to foreign currency transactions including foreign currency revenues and receivables. With a view to minimize the volatility arising from fluctuations in currency rates, the Company enters into foreign exchange forward contracts and other derivative instruments.
55 CSS Corp Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) The Company holds derivative financial instruments to hedge its foreign currency risk exposures. Forward exchange contracts and other similar instruments that are not hedges of forecasted transactions are accounted for using the guidance in Accounting Standard ('AS') 11, 'The effects of changes in foreign exchange rates'. For such forward exchange contracts covered by AS 11, based on the nature and purpose of the contract, either the contracts are recorded based on the forward rate/fair value at the reporting date, or based on the spot exchange rate on the reporting date. For contracts recorded at the spot exchange rates, the premium or discount at the inception is amortized as income or expense over the life of the contract. Pursuant to ICAI Announcement "Accounting for Derivatives" on the early adoption of Accounting Standard AS-30 "Financial Instruments: Recognition and Measurement", the Company early adopted the Standard in the previous years, to the extent that the adoption does not conflict with existing mandatory accounting standards and other authoritative pronouncements, Company law and other regulatory requirements. The Company classifies foreign currency derivatives in respect of the forecasted transactions at the inception of each contract meeting the hedging criterion, as cash flow hedges. In accordance with the principles of AS 30, such derivative financial instruments, which qualify for cash flow hedge accounting and where Company has met all the conditions of cash flow hedge accounting, are fair valued at balance sheet date and the resultant exchange loss/(gain) is debited/credited to the hedge reserve. This loss/ (gain) would be recorded in Statement of Profit and Loss when the underlying transactions affect earnings. Other derivative instruments that relate to a firm commitment or a highly probable forecast transaction and that do not qualify for hedge accounting have been recorded at fair value at the reporting date and the resultant exchange loss/ (gain) has been debited/ credited to Statement of Profit and Loss for the year. 2.8 Investments Investments are classified as long term investments and current investments. Long term investments are carried at cost. Provision for diminution is made to recognise a decline, other than temporary, in the value of long term investments. Current investments are stated at the lower of cost and fair value. 2.9 Post-employment benefits. i. Short-term employee benefits Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of short-term employee benefits to be paid in exchange for employee services is recognized as an expense as the related service is rendered by employees. ii. Provident fund Employees receive benefits from a provident fund, which is a defined contribution plan. The Company recognizes contribution payable to the provident fund scheme as expenditure in the Statement of Profit and Loss, when incurred. The Company has no further obligations under the plan beyond its monthly contributions. iii. Gratuity In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity, a defined benefit retirement plan ('the Gratuity plan') covering eligible employees. The Gratuity plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, based on the respective employee's salary and the tenure of employment with the Company. Liabilities with regard to the Gratuity plan are determined based on an actuarial valuation at each Balance sheet date using the projected unit credit method. The Company recognizes the net obligation of the gratuity plan in the Balance sheet as an asset or liability, respectively in accordance with Accounting Standard (AS) 15 Revised, 'Employee Benefits'. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss in the period in which they arise.
56 CSS Corp Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) iv. Compensated absences The employees can carry-forward a portion of the unutilised accrued compensated absences and utilise it in future service periods or receive cash compensation on termination of employment. Since the compensated absences do not fall due wholly within twelve months after the end of the period in which the employees render the related service and are also not expected to be utilised wholly within twelve months after the end of such period, the benefit is classified as a long-term employee benefit. The Company records an obligation for such compensated absences in the period in which the employee renders the services that increase this entitlement. The obligation is measured on the basis of independent actuarial valuation using the projected unit credit method Operating lease Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased items are classified as operating leases. Operating lease payments are recognised as an expense in the Statement of Profit and Loss on a straight line basis over the period of the lease Income taxes Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is a reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at the balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized. Current tax and deferred tax assets and liabilities are offset to the extent to which the Company has a legally enforceable right to set off and they relate to taxes on income levied by the same governing taxation laws. Deferred tax in respect of timing differences which originate during the tax holiday period but which reverse after the tax holiday period are recognized in the period in which the timing difference originate Earnings per share Basic earnings per share amounts are computed by dividing net profit or loss for the year attributable to equity shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share amounts are computed after adjusting the effect of all dilutive potential equity shares Provisions, contingent liabilities and contingent assets The Company creates a provision when there is present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognised nor disclosed in the financial statements Employees share based payments The Company has not issued any shares / stock options on its shares. The parent company has, however, issued restricted stock units and stock options on its own shares to certain employees of the Company. As cost of such restricted stock units and stock option have been charged to the Company based on the grant date fair value, the Company measures and discloses such cost using fair value method. The compensation cost is amortised over the vesting period of the stock option / restricted stock units on a straight-line basis Cash flows Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, financing and investing activities of the Company are segregated.
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70 Slash Support SEZ Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as otherwise stated) 1 Background Slash Support SEZ Private Limited ( the Company ) was incorporated on June 28, 2012 as a subsidiary of CSS Corp Technologies (Mauritius) Limited. The registered office of the Company is located in Bangalore. The Company is incorporated to carry on business of providing Information Technology and Information Technology Enabled Services. CSS Corp Technologies (Mauritius) Limited is the holding Company and Partners Group Sapphire Mauritius Limited, a Company incorporated in Mauritius, is the ultimate holding Company. 2 Significant account policies 2.1 Basis of preparation of financial statements The financial statements of the Company have been prepared and presented in accordance with Companies Act 2013 in the matter of application to National Company Law Tribunal under Section 230 to 232 read with Chapter XV. The Companies (Compromises, Arrangements and Amalgamation) Rules 2016 for sanctioning of Scheme of Amalgamation proposed between Glow Networks Private Limited with CSS Corp Private Limited and Slash Support SEZ Private Limited. The Financial statements are prepared under Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention using the accrual basis. GAAP comprises accounting standards as prescribed under Section 133 of the Companies Act, 2013 ( Act ) read with Rule 7 of the Companies (Accounts) Rules, 2014, other pronouncements of the Institute of Chartered Accountants of India, the provisions of the Act (to the extent notified). The accounting policies applied by the Company are consistent with those used in previous year. 2.2 Use of estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses and the disclosure of contingent liabilities on the date of the financial statements. Management believes that the estimates made in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in current and future periods. 2.3 Revenue Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Interest income is recognised on a time proportion basis taking into account the amount outstanding and the interest rate applicable. 2.4 Tangible assets and depreciation Tangible assets Tangible assets are carried at cost of acquisition or construction less accumulated depreciation. The cost of fixed assets includes freight, duties, taxes and other incidental expenses related to the acquisition or construction of the respective assets but exclude taxes and duties that are recoverable subsequently from taxing authorities. The cost of assets, not ready to be put to use before the year-end are disclosed under capital work in progress. Depreciation is provided on the straight line method over the useful lives of the assets. Pursuant to the requirements of Companies Act, 2013, during the previous year, the Company carried out a detailed technical evaluation and determined the useful lives of the assets as under:
71 Slash Support SEZ Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as otherwise stated) Pursuant to this policy, depreciation is provided as below: Asset description Estimated useful life (in years) Computer equipment and accessories 3 Plant & Machinery 6 Furniture & fittings 6 Vehicles 6 Leasehold improvements are amortised on a straight line basis over the useful life of the asset or the lease period whichever is lower. Intangible assets and amortisation Intangible assets which comprise software licenses are stated at the cost of acquisition and are amortised on a straight line basis over a period of 36 months. 2.4 Impairment of assets The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset (higher of net realizable value and value in use). If such recoverable amount of the asset or the recoverable amount of the cash generating unit to which the asset belongs is less than its carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as an impairment loss and is recognised in the Statement of Profit and Loss. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost. 2.5 Foreign currency transactions Foreign exchange transactions are recorded using the exchange rates prevailing on the dates of the respective transactions. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the Statement of Profit and Loss for the year. Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date; the resultant exchange differences are recognized in the Statement of Profit and Loss. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of the transaction. 2.6 Operating leases Leases where the lessor effectively retains substantially all the risks and benefits of ownership of the leased items are classified as operating leases. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on a straight line basis over the period of the lease. 2.7 Employee benefits (i) (ii) Short-term employee benefits Employee benefits payable wholly within twelve months of receiving employee services are classified as short-term employee benefits. These benefits include salaries, bonus and ex-gratia. The undiscounted amount of short-term employee benefits to be paid in exchange for employee services is recognised as an expense as the related service is rendered by employees. Provident fund Employees receive benefits from a provident fund, which is a defined contribution plan. The Company recognizes contribution payable to the provident fund scheme as expenditure in the Statement of Profit and Loss, when incurred. The Company has no further obligations under the plan beyond its monthly contributions.
72 Slash Support SEZ Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as otherwise stated) (iii) Gratuity In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity, a defined benefit retirement plan ('the Gratuity plan') covering eligible employees. The Gratuity plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, based on the respective employee's salary and the tenure of employment with the Company. Liabilities with regard to the Gratuity plan are determined based on an actuarial valuation at each Balance sheet date using the projected unit credit method. The Company recognizes the net obligation of the gratuity plan in the Balance sheet as an asset or liability, respectively in accordance with Accounting Standard (AS) 15 Revised, 'Employee Benefits'. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss in the period in which they arise. (iv) Compensated absences The employees can carry-forward a portion of the unutilised accrued compensated absences and utilise it in future service periods or receive cash compensation on termination of employment. Since the compensated absences do not fall due wholly within twelve months after the end of the period in which the employees render the related service and are also not expected to be utilised wholly within twelve months after the end of such period, the benefit is classified as a long-term employee benefit. The Company records an obligation for such compensated absences in the period in which the employee renders the services that increase this entitlement. The obligation is measured on the basis of independent actuarial valuation using the projected unit credit method. 2.8 Provisions, contingent liabilities and contingent assets Provision is recognised when there is a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are determined based on best estimates required to settle the obligation at the balance sheet date. A disclosure of contingent liability is made when there is possible obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognised nor disclosed in the financial statements. 2.9 Earnings per share Basic earnings per share amounts are computed by dividing net profit or loss for the period attributable to equity shareholders by the weighted average number of shares outstanding during the period Income tax Income-tax expense comprises current tax (i.e. amount of tax for the period determined in accordance with the income-tax law) and deferred tax charge or credit (reflecting the tax effects of timing differences between accounting income and taxable income for the period). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognized using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognized only to the extent there is a reasonable certainty that the assets can be realized in future; however, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is a virtual certainty of realization of such assets. Deferred tax assets are reviewed as at the balance sheet date and written down or written up to reflect the amount that is reasonably/virtually certain (as the case may be) to be realized. Current tax and deferred tax assets and liabilities are offset to the extent to which the Company has a legally enforceable right to set off and they relate to taxes on income levied by the same governing taxation laws. Minimum alternative tax (MAT) paid in accordance to the tax laws, which gives rise to future economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Company would pay normal income tax.
73 Slash Support SEZ Private Limited Notes to the financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as otherwise stated) 2.11 Cash flows Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from regular revenue generating, financing and investing activities of the Company are segregated Employees share based payments The Company has not issued any shares / stock options on its shares. The holding company has, however, issued stock options on its own shares to certain employees of the Company. As cost of such stock option have been charged to the Company based on the grant date fair value, the Company measures and discloses such cost using fair value method. The compensation cost is amortised over the vesting period of the stock option on a straight-line basis.
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87 Glow Networks Private Limited Notes to financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) As at As at 3 Share capital March 31, 2017 March 31, 2016 Authorised 24,00,000 (March 31, 2017 : 24,00,000) equity shares of Rs. 100 each 24,00,00,000 2,35,00,000 Issued, subscribed and paid-up 195,000 (March 31, 2016 : 195,000) equity shares of Rs. 100 each, fully paid-up 21,91,417(March 31,2017: 21,91,417 ) equity shares of Rs 100 each fully paid-up 23,86,41,700 1,95,00,000 Share application Money ,86,41,700 1,95,00,000 a. Reconciliation of equity shares outstanding at the beginning and at the end of the reporting period As at March 31, 2017 As at March 31, 2016 No. of shares Amount No. of shares Amount At the commencement of the year 1,95,000 1,95,00,000 1,95,000 1,95,00,000 Add: Shares issued during the year 21,91,417 21,91,41, At the end of the year 23,86,417 23,86,41,700 1,95,000 1,95,00,000 b. Terms and rights attached to equity shares The Company has only one class of share referred to as equity shares having a par value of Rs. 100 each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. c. Shares held by holding company As at As at March 31, 2017 March 31, 2016 Glow Networks, Inc. USA 195,000 (March 31, 2015: 195,000) equity shares of Rs.100 each. * 1,95,00,000 1,95,00,000 CTML,Mauritius 21,91,417(March 31,2017 : 21,91,417) equity shares of Rs 100 each. 21,91,41,700 * The number of shares include benefical ownership of Nil as at March 31, 2017 (March 31, 2016 : 20 shares) d. Particulars of shareholders holding more than 5% shares of a class of shares Equity shares of Rs. 100 each fully paid up held by Glow Networks, Inc. USA and its nominees Equity shares of Rs. 100 each fully paid up held by CTML, Mauritius and its nominees As at March 31, 2017 As at March 31, 2016 No. of shares % held No. of shares % held 1,95, ,86, ,86, ,95, As at As at 4 Reserves and surplus March 31, 2017 March 31, 2016 Surplus (Profit and loss balance) At the commencement of the year (22,01,110) (68,00,167) Add: Profit for the year 68,56,907 45,99,057 Securities Premium/Additional Paid in Capital 1,03,98,27,367 - Balance at the year end 1,04,44,83,164 (22,01,110) 5 Other long term liabilities Payables to Glow Networks, Inc., USA 1,03,09,790 91,42,671 1,03,09,790 91,42,671 <Space left blank intentionally>
88 Glow Networks Private Limited Notes to financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) As at As at 6 Long Term Borrowing March 31, 2017 March 31, Compulsorily Convertible Debentures of Rs.100 each 3,77,69,00,000-3,77,69,00,000 - CCD's are unsecured borrowings which carry a coupon rate of 10% with quarterly rest of interest CCD of INR 10,000 each were allotted on March, Each CCD shall be convertible into 17 equity shares of face value of Rs 100 each based on a price of Rs as determined by Category I SEBI registered Merchant Banker. 7 Provisions Long-term Short-term As at As at As at As at March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 Provision for employee benefits Gratuity (refer note 26) 21,55,498 16,15,330 1,96,947 34,033 Compensated absences 17,87,401 19,30,010 5,65,573 2,97,410 Other Provisions Provision for tax (net of advance tax) - 35,73, ,42,899 71,19,119 7,62,520 3,31,443 As at As at 8 Trade payables March 31, 2017 March 31, 2016 Trade payables 38,09,483 15,77,371 For dues to micro and small suppliers, refer note 30 9 Other current liabilities 38,09,483 15,77,371 Amount payable on account of acquisition of shares of SSSPL from CSS India 23,84,20,732 - Intercompany payable 56,80,319 1,72,011 Vendors for capital goods - 3,37,512 Employees benefits payable 23,55,709 33,01,345 Other statutory payables 56,61,291 10,36, Tangible fixed assets 25,21,18,050 48,47,154 Particulars Computers Furniture and Office Total fixtures equipment Gross Block Balance as at April 1, ,33,962 8,000 20,61,533 86,03,495 Additions 15,26,919-6,300 15,33,219 Disposals Balance as at March 31, ,60,881 8,000 20,67,833 1,01,36,714 Balance as at April 1, ,60,881 8,000 20,67,833 1,01,36,714 Additions 8,09, ,09,555 Disposals Balance as at March 31, ,70,436 8,000 20,67,833 1,09,46,269 Accumulated depreciation - Balance as at April 1, ,91,759 8,000 17,23,612 48,23,371 Depreciation for the year 12,58,702-1,08,638 13,67,340 Accumulated depreciation on disposals Balance as at March 31, ,50,461 8,000 18,32,250 61,90,711 Balance as at April 1, ,50,461 8,000 18,32,250 61,90,711 Depreciation for the year 23,74,033-98,341 24,72,374 Accumulated depreciation on disposals Balance as at March 31, ,24,494 8,000 19,30,591 86,63,085 Net Block As at March 31, ,45,942-1,37,242 22,83,184 As at March 31, ,10,420-2,35,583 39,46,003
89 Glow Networks Private Limited Notes to financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) 11 Intangible fixed assets Particulars Software Gross Block Balance as at April 1, ,81,334 Additions 63,629 Disposals - Balance as at March 31, ,44,963 Balance as at April 1, ,44,963 Additions - Disposals - Balance as at March 31, ,44,963 Amortisation Balance as at April 1, ,03,948 Amortisation for the year 93,859 Accumulated amortisation on disposals - Balance as at March 31, ,97,807 Balance as at April 1, ,97,807 Amortisation for the year 42,914 Accumulated amortisation on disposals - Balance as at March 31, ,40,721 Net Block As at March 31, ,242 As at March 31, ,156 As at As at 12 Deferred tax March 31, 2017 March 31, 2016 Deferred tax asset Provision for employee benefits 20,40,242 22,90,698 Depreciation 98,352 Others 1,52,438-22,91,032 22,90,698 Deferred tax liability Depreciation - 3,06,534-3,06,534 22,91,032 19,84, Long-term loans and advances As at As at March 31, 2017 March 31, 2016 To parties other than related parties Unsecured, considered good Security deposits 21,896 21,893 Advance income-tax (net of provision for taxation) 26,22,574 46,09,364 Receivable from government authorities - - MAT credit entitlement - - During the year, MAT credit entitlement amounting to Rs.1,184,045 has been set-off against provision for taxation. 26,44,470 46,31, Non Current Investment As at As at March 31, 2017 March 31, 2016 Investment in associates/equity accounted investees 5,27,42,89,799-5,27,42,89,799 -
90 Glow Networks Private Limited Notes to financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) 15 Trade receivables As at As at March 31, 2017 March 31, 2016 (Unsecured) Recievables outstanding for a period exceeding six months from the date they became due for payment Considered good 3,70,120 - Considered doubtful ] 48,69,120 5,55,291 Less : Provision for doubtful receivables (4,61,055) (1,67,804) 47,78,185 3,87,487 Other receivables Considered good 1,54,91,959 1,97,51,555 2,02,70,144 2,01,39,042 Trade receivables (considered good) include Rs 6,967,401 (previous year: Rs 2,452,912) due from companies in which directors of the Company are interested.also refer note 31. As at As at 16 Cash and bank balances March 31, 2017 March 31, 2016 Cash and cash equivalents Cash on hand - 26 Balances with banks - On current accounts 1,68,86,289 27,05,418 Other bank balances 18,89,015 16,70,315 1,87,75,304 43,75,759 Details of bank balances/deposits Bank balances available on demand/deposits with original maturity of 3 months or less Bank Deposits due to mature within 12 months of the reporting date included under 'Other bank balances' Bank Deposits due to mature after 12 months of the reporting date included under 'Other non-current assets' 1,68,86,289 27,05,418 18,89,015 16,70, ,87,75,304 43,75, Short-term loans and advances To parties other than related parties Unsecured, considered good Prepaid expenses - - Employee advances 4,20,857 8,94,284 Advance to suppliers 77,077 2,34,439 4,97,934 11,28,723 To related parties Reimbursement of expenses - 18,718-18,718 4,97,934 11,47,441
91 Glow Networks Private Limited Notes to financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) 18 Other current assets Interest accrued on fixed deposits 48,047 1,34,570 Insurance claim receivable - - Unbilled revenue 98,63,449 39,11,256 99,11,496 40,45, Sale of services For the year ended March 31, 2017 For the year ended March 31, 2016 Sale of services 11,25,64,245 8,33,49,945 Break-up of revenue from services rendered 11,25,64,245 8,33,49,945 Network and engineering 8,05,11,372 5,96,15,897 Project mangement and deployment support 3,20,52,873 2,37,34,048 11,25,64,245 8,33,49, Other income Interest on deposits with banks 3,32,583 2,91,352 Interest on income-tax refund - - Miscellaneous income 65,550 85,213 3,98,133 3,76, Employee benefits Salaries and bonus 7,04,19,536 5,80,71,062 Contributions to provident and other funds 26,37,970 23,14,576 Employee stock compensation expense 1,73,996 1,68,745 Staff welfare expenses 18,77,927 6,62,425 7,51,09,429 6,12,16,808
92 Glow Networks Private Limited Notes to financial statements for the year ended March 31, 2017 (All amounts are in Indian Rupees except share data and as stated) 22 Finance Cost Interest expense on CCD(Coupon rate 10% Quarterly rests) 93,12,904-93,12, Depreciation and amortisation For the year ended March 31, 2017 For the year ended March 31, 2016 Depreciation of tangible fixed assets 24,72,374 13,67,340 Amortisation of intangible fixed assets 42,914 93,859 25,15,288 14,61, Other expenses For the year ended March 31, 2017 For the year ended March 31, 2016 Facility charges 32,47,601 31,21,375 Rates and taxes 23,29,965 8,18,031 Telephone and communication expenses 9,40,998 8,77,827 Travelling and conveyance 51,89,256 49,08,015 Electricity 610 5,30,842 Repairs and maintenance Others 5,03,034 3,87,905 Consultancy and professional fees (Refer note below) 34,76,836 29,24,248 Foreign exchange loss, net 32,649 2,97,054 Bank charges 50,699 37,409 Miscellaneous expense 3,34,833 81,402 1,61,06,481 1,39,84,108
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96 BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH, CHENNAI CA/109/CAA/2017 In the matter of the Companies Act, 2013 And In the matter of Composite Scheme of Arrangement and Amalgamation between CSS Corp Private Limited And Slash Support SEZ Private Limited And Glow Networks Private Limited And their respective Shareholders and Creditors And In the matter of Section 230 read with Section 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013 CSS Corp Private Limited Applicant/ Transferor Company (1) (CIN: U64202TN2000PTC044472) a Company incorporated under the Indian Companies Act, 1956, having its Registered Office at No-32 A&B, 6th Floor, Ambit IT Park, Industrial Estate, Ambattur, Chennai Name of the unsecured creditor Registered address Id Form No.MGT-11 FORM OF PROXY I/We, being the unsecured creditor(s) of the above named Company viz., CSS Corp Private Limited, hereby appoint: 1) of having id or failing him; 2) of having id or failing him 3) of having id or failing him
97 as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the unsecured creditor meeting of the Company convened on the directions of the National Company Law Tribunal, Division Bench, Chennai, to be held on Monday, 21 August 2017 at 11:30 A.M. at the registered office, No-32 A&B, 6th Floor, Ambit IT Park, Industrial Estate, Ambattur, Chennai , and at any adjournment thereof in respect of the proposal/resolution as indicated below: Proposal/Resolution Approval to the Composite Scheme of Arrangement and Amalgamation of CSS Corp Private Limited (Transferor Company (1) and Slash Support SEZ Private Limited ( Transferor Company (2) ) with Glow Networks Private Limited ( Transferee Company ) for the amalgamation of all the undertakings of Transferor Company (1) and Transferor Company (2) with Transferee Company and matters related therewith. Vote for* Vote against* Signed this day of 2017 Signature of Unsecured creditor Affix One Rupee Revenue Signature of proxy holder(s) Stamp Notes: 1. This form of proxy in order to be effective should be duly completed and deposited at the registered office of the Company not less than 48 hours before the commencement of the meeting. 2. A proxy need not be a creditor of the Company. 3. Alterations, if any made in the Form of Proxy should be initialled. 4. Appointing a proxy does not prevent a creditor from attending the meeting in person if he/she so wishes. 5. In case of joint creditors, the signature of any one will be sufficient, but names of all the joint holders should be stated.
98 ATTENDANCE SLIP MEETING OF THE UNSECURED CREDITORS OF CSS CORP PRIVATE LIMITED CONVENED ON THE DIRECTIONS OF THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH, CHENNAI, TO BE HELD ON MONDAY, 21 AUGUST 2017 AT 11:30 A.M. AT No-32 A&B, 6th Floor, Ambit IT Park, Industrial Estate, Ambattur, Chennai PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL Amount of outstanding debt Name and address of the Unsecured Creditor (in block letters) Name and address of the Proxy holder (in block letters) To be filled by the proxy attending instead of the Unsecured creditor I/We certify that I/We am/are unsecured creditor/proxy for the unsecured creditor of the Company. I/ We hereby record my presence at the meeting convened pursuant to the Order dated 13 th July, 2017 of the National Company Law Tribunal, Division Bench, Chennai ( NCLT ) of the unsecured creditor of CSS Corp Private Limited on Monday 21 August 2017 AT 11:30 A.M. AT No-32 A&B, 6th Floor, Ambit IT Park, Industrial Estate, Ambattur, Chennai Unsecured creditor/ Proxy s name in BLOCK letters Notes: Signature of Unsecured creditor/proxy 1. Please fill in the attendance slip and hand it over at the entrance of the Meeting Hall. 2. Joint Unsecured creditor(s) may obtain additional attendance slip at the venue of the meeting.
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