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NOTES TO ACCOUNTS

Acropetal Technologies Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 6.61 Cr. P/BV -0.08 Book Value (₹) -22.48
52 Week High/Low (₹) 0/0 FV/ML 10/1 P/E(X) 0.00
Bookclosure 24/11/2015 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2015-03 
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.

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