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Oracle (OFSS) BPO Services Limited

Directorsrsquo Report

Dear Members

Your Directors take pleasure in bringing you the Annual Report of your Company along with the Audited Accounts for the financial year from April 1 2013 to March 31 2014

Financial Highlights

(Amount in Rs thousand)

Particulars Year ended March 31 2014

Year ended March 31 2013

Revenue from operations 251182 309727 Other income net 34550 22967 Total income 285732 332694 Depreciation and amortization (3552) (4948) Profit before tax 49575 78690 Provision for tax (19796) (15953) Profit for the year 29779 62737

Performance

During the year the Company earned total income of Rs 25118 million (previous year Rs33269 million) and incurred a total expenditure of Rs23616 million (previous year Rs25400 million)

Dividend

The directors do not recommend any dividend for the year ended March 31 2014

Transfer to reserves

The Company does not propose to transfer any amount to the General Reserve

Share Capital

The Nominal Capital of the Company is Rs100000000shy (Ten Crores only) divided into 10000000 equity shares of Rs10shy each and paidshyup capital is Rs58193600shy divided into 5819360 equity shares of Rs10shyeach fully paid

Your company is a subsidiary of ISP Internet Mauritius Company ISP Internet Mauritius Company is holding 5808660 equity shares of Rs10shy each of the Company aggregating to 9982 of paidshyup equity shares of the Company The Company has no subsidiary company

Directors

Mr Avadhut Ketkar Wholeshytime Director of the Company retires by rotation at the ensuing Annual General Meeting of the Company and being eligible offers himself for reshyappointment

The Board recommends to the members the resolution for reshyappointment of Mr Avadhut Ketkar as a Director of the Company

Mr Hoshi D Bhagwagar ceased to be a Director of the Company with effect from close of business hours on June 6 2014 The Directors placed on the record its appreciation of the services rendered by Mr Hoshi D Bhagwagar as a Director of the Company

Fixed Deposits

During the financial year 2013shy2014 the Company has not accepted any fixed deposits within the meaning of Section 58 A of the Companies Act 1956 and as such no amount of principal or interest was outstanding as on the date of the Balance Sheet

Repayment of loan

Oracle Financial Services Software Limited had granted a loan of Rs50 crore to the Company Till the fiscal year ended March 31 2014 the Company had repaid loan of Rs36 crore During the year ended March 31 2014 the Company has repaid Rs3 crore

Auditors

Ms S R Batliboi amp Associates LLP (Registration no 101049W) the present Statutory Auditors of the Company hold office till the ensuing Annual General Meeting They have confirmed their eligibility and willingness to accept office as Statutory Auditors and also confirmed that they have not been disqualified to be appointed as the Statutory Auditors at the ensuing Annual General Meeting

Pursuant to the provisions of Section 139 of the Companies Act 2013 and the Rules framed thereunder it is proposed to appoint Ms S R Batliboi amp Associates LLP (Registration no 101049W) as the Statutory Auditors of the Company from the conclusion of ensuring Annual General Meeting till the conclusion of the Annual General Meeting to be held in the year 2017 subject to ratification of the appointment by the members at every Annual General Meeting held after this Annual General Meeting

Audit Committee

The Company has reshyconstituted Audit Committee comprising of following persons as its members

Mr Makarand Padalkar Mr Avadhut Ketkar Mr Manish Bhandari

Audit Committee has the relevant powers pursuant to provisions of Section 292A of the Companies Act 1956

Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars as prescribed under subshysection (1) (e) of Section 217 of the Companies Act 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 the relevant data pertaining to conservation of energy technology absorption and foreign exchange earnings and outgo are furnished hereunder

a Conservation of energy

The operations of the Company are not energyshyintensive The Company however takes measures to reduce and optimize energy consumption by using energy efficient computers CFL bulbs and ballast based lighting Further offices have been designed to maximize the use of ambient lighting while conserving the airshyconditioning The expenses on power in relation to income is nominal and under control

b Technology absorption

Since business and technologies are changing constantly investment in research and development activities is of paramount importance Your Company lays a great emphasis on knowledge management and has an

institutionalized process for absorption of new technologies Your Company continued its focus on quality upshygradation of the software development process and software product enhancement

c Foreign exchange earnings and outgo

Foreign exchange earnings Rs24653 million (previous year Rs30626 million)

Foreign exchange outgo Rs079 million (previous year Rs067 million)

Directorsrsquo Responsibility Statement

As required under section 217 of the Companies Act 1956 for the financial year ended March 31 2014 the Directors hereby confirm that

(i) In preparation of the annual accounts the applicable accounting standards had been followed along with proper explanation relating to material departures

(ii) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period

(iii) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities

(iv) The Directors had prepared the annual accounts on a lsquogoing concernrsquo basis

Employees

There was no employee who was in receipt of remuneration in aggregate of not less than the sum as specified pursuant to section 217(2A) of the Companies Act 1956

Acknowledgements

Your Directors take this opportunity to thank the Companyrsquos customers members vendors and bankers for their continued support during the year Your Directors also wish to thank the Government of India and its various agencies Departments and other local Government Bodies for their support and look forward to their continued support in the future

Your Directors also place on record their appreciation for the contribution made by all employees of the Company through their commitment competence coshyoperation and diligence with a view to achieving consistent growth for the Company

For and on behalf of the Board

Makarand Padalkar Chairman

August 12 2014

0 1


Balance Sheet as at March 31 2014

(Amounts in thousands of Indian Rupees)

Notes March 31 2014 March 31 2013

EQUITY AND LIABILITIES

Shareholders funds Share capital 3 58194 58194 Reserve and surplus 4 237968 208189

296162 266383 Nonshycurrent liabilities

Longshyterm borrowings 5 110000 140000 Other longshyterm liabilities 7 1994 1994 Longshyterm provisions 8 19106 26767

131100 168761 Current liabilities

Shortshyterm borrowings 5 30000 30000 Trade payable 6 2837 3090 Other current liabilities 7 46870 32231 Shortshyterm provisions 8 15778 19194

95485 84515

TOTAL 522747 519659

ASSETS

Nonshycurrent assets Fixed assets Fixed assets

Tangible assets 9(a) 5955 5335 Intangible assets 9(b) shy shy

Trade receivables 10 17525 17525 Longshyterm loans and advances 12 49286 46242

72766 69102 Current assets

Trade receivables 10 331118 292863 Cash and bank balances 11 104192 133694 Short term loans and advances 12 9041 2483 Other current assets 13 5630 21517

449981 450557

TOTAL 522747 519659

Summary of significant accounting policies 2

The accompanying notes form an integral part of the financial statements


Statement of Profit and Loss for the year ended March 31 2014 (Amounts in thousands of Indian Rupees except share data)

Year ended Notes March 31 2014 March 31 2013

INCOME

Revenue from operations 14 251182 309727 Other income net 15 34550 22967

Total income 285732 332694

EXPENSES

Employee costs 16 158616 177571 Travel related expenses (net of recoveries) 19872 19359 Professional fees 6538 2430 Other expenses 17 47579 49696 Depreciation and amortisation 9 3552 4948

Total expenses 236157 254004 Profit before tax 49575 78690 Current tax 19796 15953 Profit for the year 29779 62737

Basic and diluted earnings per equity share of par value of Rs10 (March 31 2013 Rs10) each (in Rs) 512 Weighted average number of equity shares used in Weighted average number of equity shares used in computing earnings per share 5819360 5819360



1078


Notes annexed to and forming part of financial statements for the year ended March 31 2014 (Amount in thousands of Indian rupees)

`

Note 1 Corporate information

Oracle (OFSS) BPO Services Limited (lsquothe Companyrsquo) was incorporated in India with limited liability on November 7 2002 The Company is a subsidiary of ISP Internet Mauritius Company (ldquoISPrdquo) holding 9982 (March 31 2013 shy 9982) ownership interest in the Company as at March 31 2014 Effective December 22 2004 Oracle Financial Services Software Limited acquired all shares in ISP and consequently the Company has become a public company under section 3(1)(iv)(c) of the Companies Act 1956 (the lsquoActrsquo)

The Company is principally engaged in the business of providing business process outsourcing services to the mortgage industry

Note 2 Summary of significant accounting policies

(a) Basis of presentation

The financial statements are prepared under the historical cost convention on the accrual basis of accounting in conformity with accounting principles generally accepted in India and complying in all material respects with the Accounting Standards notified under the Companies Act 1956 (the lsquoActrsquo) read with General Circular 82014 dated April 4 2014 issued by the Ministry of Company Affairs The accounting policies have been consistently applied by the Company and are consistent with those used in the previous years

The significant accounting policies adopted by the Company in respect of the financial statements are set out as below

(b) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year end Although these estimates are based upon managementrsquos best knowledge of current events and actions actual results could differ from these estimates

(c) Fixed assets depreciation amortisation and impairment

Fixed Assets including intangibles and capital workshy inshy progress

Fixed assets are stated at cost less accumulated depreciation and amortisation The Company capitalises all direct costs relating to the acquisition and installation of fixed assets The cost of fixed assets not ready to use before balance sheet date are disclosed under lsquoCapital workshyinshyprogressrsquo



`

The Company purchases certain specificshyuse application software which is in ready to use condition for internal use It is estimated that such software has a relatively short useful life usually less than one year The Company therefore charges to income the cost of acquiring such software

Depreciation and amortisation

Depreciation and amortisation are computed using straightshyline method at the rates specified in Schedule XIV to the Act or based on the estimated useful life of assets whichever is higher Individual assets costing Rs 5000 or less are fully depreciated in the year of acquisition The estimated useful life considered for depreciation of fixed assets is as follows

Asset description Asset life (in years) Tangible assets Leasehold improvement Lesser of 7 years or

lease term Computer equipments 3 Office equipments 7 Furniture and fixtures 7

Intangible assets Computer software 3

Impairment

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal external factors An impairment loss is recognised wherever the carrying amount of an asset exceeds its recoverable amount The recoverable amount is the greater of the assets net selling price and value in use In assessing value in use the estimated future cash flows are discounted to their present value using a preshytax discount rate that reflects current market assessments of the time value of money and risks specific to the assets After impairment depreciation is provided on the revised carrying amount of the asset over its remaining useful life

(d) Foreign currency translations

Initial recognition

Foreign currency transactions are recorded in Indian Rupees by applying to the foreign currency amount of exchange rate between the Indian Rupees and the foreign currency at the date of the transaction



`

Conversions

Foreign currency denominated monetary items are translated into rupees at the closing rates of exchange prevailing at the date of the balance sheet Nonshymonetary 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

Exchange differences

Exchange differences arising on the settlement of monetary items or on reporting Companyrsquos monetary items at rates different from those at which they were initially recorded or reported in previous financial statements are recognised as income or expenses in the year in which they arise

(e) Revenue recognition

Revenue is recognised as follows

Business Process Outsourcing

Business process outsourcing services comprise of backshyoffice administration data management call centre and other information technology enabled services including systems integration and facility management Depending upon the terms of the arrangement revenue from these services are recognised on a per employee per transaction number of hours worked or costshyplus basis Revenue is recognised only when persuasive evidence of an arrangement with final customer exists services have been rendered the fee is determinable and collectibility is reasonably assured

The company presents revenues net of services tax in its statement of profit and loss

Revenue in excess of billing is classified as unbilled revenue

Interest Income

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable

(f) Retirement and other employee benefits

Provident fund is a defined contribution scheme and the Company has no further obligation beyond the contribution made to the fund Contributions are charged to statement of profit and loss in the year in which they accrue

Gratuity liability is a defined benefit obligation and is recorded based on actuarial valuation on projected unit credit method at the end of the year The gratuity liability and net periodic gratuity cost is actuarially determined after considering discount rates expected long term return on plan assets and increase in compensation levels All actuarial gainslosses are immediately recorded to statement of profit and loss and are not deferred



`

Short term compensated absences are provided for based on estimates Long term compensated absences are provided for based on actuarial valuation The actuarial valuation is done as per projected unit credit method All actuarial gains losses are immediately recognised to statement of profit and loss and are not deferred The Company presents the entire leave as a current liability in the balances sheet since it does not have an unconditional right to defer its settlement for twelve months after the balance sheet date

(g) Operating leases

Leases of assets under which all the risks and rewards of ownership are effectively retained by the lessor are classified as operating leases Lease payments under operating leases are recognised as an expense on a straightshyline basis over the lease term

(h) Incomeshytax

Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Indian Income Tax Act 1961 Deferred income taxes are recognised for the future tax consequences attributable to timing differences between the financial statement determination of income and their recognition for tax purposes Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date Deferred tax assets are recognised and carried forward only to the extent that there is a virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised

Deferred tax assets are recognised on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty that such deferred tax assets can be realised against future taxable profits Unrecognised deferred tax assets of earlier periods are reshyassessed and recognised to the extent that it has become virtual certain that future taxable income will be available against which deferred tax assets can be realised

The Company has not recognised deferred tax assets in respect of carried forward business losses and unabsorbed depreciation due to no virtual certainty for realization of deferred tax assets

Minimum Alternate Tax (MAT) credit is recognised as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax during the specified period In the year in which the MAT credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in guidance note issued by the Institute of Chartered Accountants of India (ICAI) the said asset is created by way of credit to the profit and loss account and shown as MAT Credit Entitlement The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that the Company will pay normal income tax during the specified period



`

(i) Earnings per share

The earnings considered in ascertaining the Companyrsquos earnings per share comprise the net profit after tax The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year The number of shares used in computing diluted earnings per share comprises the weighted average number of shares considered for deriving basic earnings per share and also the weighted average number of shares if any which would have been issued on the conversion of all dilutive potential equity shares

(j) Provision

A provision is recognised when an enterprise has 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 not discounted to its present value and are determined based on management estimate required to settle the obligation at the balance sheet date These are reviewed at each balance sheet date and adjusted to reflect the current management estimates

(k) Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or nonshy occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation The Company does not recognize a contingent liability but discloses its existence in the financial statements

(l) Cash and cash equivalents

Cash and cash equivalents for the purpose of cash flow statement comprise cash at bank and in hand and shortshy term investments with an original maturity of three months or less

(This space is left blank intentionally)


Notes annexed to and forming part of financial statements as at March 31 2014 (Amounts in thousands of Indian Rupees except share data)

March 31 2014 March 31 2013

Note 3 Share capital

Authorised 10000000 (March 31 2013 shy 10000000) equity shares of Rs 10shy each 100000 100000

Issued subscribed and fully paid up 5819360 (March 31 2013 shy 5819360) equity shares of Rs10shy each 58194 58194

(a) The Company has only one class of equity shares having a par value of Rs10 per share 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 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

(b) Details of shareholders holding more than 5 equity shares in the company March 31 2014 March 31 2013

Name of shareholder No of equity shares of equity shares No of equity shares of equity shares

ISP Internet (Mauritius) Company Limited holding company 5808660 9982 5808660 9982

As per records of the Company including its register of shareholders members and other declarations received from shareholders regarding beneficial interest the above shareholding represents both legal and beneficial ownerships of equity shares

(c) Reconciliation of shares outstanding at the beginning and at the end of the year

There is no movement in the shares outstanding at the beginning and at the end of the year March 31 2014 March 31 2013

Note 4 Reserves and surplus Surplus in the statement of profit and loss Balance beginning of the year 208189 145452 Profit for the year 29779 62737 Balance end of the year 237968 208189

March 31 2014 March 31 2013 Note 5 Borrowings Non-current Current Non-current Current

Loan from Oracle Financial Services Software Limited (Refer Note 22) 110000 30000 140000 30000 (Unsecured)

Loan taken from Oracle Financial Services Software Limited (OFSS) had a conversion option in equity shares of the Company which was exercisable till March 31 2009 The conversion option was extended till November 30 2010 During the year ended March 31 2011 the Company signed a settlement agreement with OFSS while repaying Rs200000 along with an interest waiver on the same Further to this an interest free loan of Rs300000 outstanding as on March 31 2011 will be repaid in 10 equal annual instalments effective November 2010 The first installment was due in March 2012 Amount paid during the year Rs30000 (March 312013 Rs30000)

Note 6 Trade Payable March 31 2014 March 31 2013 Non-current Current Non-current Current

shyMicro and small enterprises shy shy shy shyshyOthers shy 2837 shy 3090

- 2837 - 3090

The identification of Micro and Small Enterprises is based on Managements knowledge of their status

Note 7 Other liabilities March 31 2014 March 31 2013 Non-current Current Non-current Current

Accrued expenses shy 38893 shy 22817 Employees related liabilities shy 5444 shy 6966 Other current liabilities shywithholding and other taxes 1994 1635 1994 2100 shyother statutory dues shy 898 shy 348

1994 46870 1994 32231

Note 8 Provisions For employee benefits Gratuity 19106 5783 26767 3000 Compenated absence shy 9995 shy 16194

19106 15778 26767 19194


Notes annexed to and forming part of financial statements as at March 31 2014 (Amounts in thousands of Indian Rupees)

Note 9 (a) Tangible assets

Particulars Gross block Depreciation and amortisation Net block

As at

April 1 2013 Additions

Sale Deletions

As at

March 31 2014 As at

April 1 2013 For the year

Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013

Improvement to leasehold premises 26250 shy shy 26250 26250 shy shy 26250 shy shy

Computer equipments 84831 2265 shy 87096 79961 3237 shy 83198 3898 4870 Office equipments 4880 1907 626 6161 4488 315 626 4177 1984 392 Furniture and fixtures 5463 shy 5463 5390 shy shy 5390 73 73

Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335

As at March 31 2013 120473 951 shy 121424 111141 4948 shy 116089 5335

Note 9 (b) Intangible assets


As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013

Comput oftComputeer sr softwwaarere 89628962 shyshy shyshy 89628962 89628962 shyshy shyshy 89628962 shyshy shyshy

Total 8962 shy shy 8962 8962 shy shy 8962 shy shy

As at March 31 2013 8962 shy shy 8962 8962 shy shy 8962 shy

shy shy



March 31 2014 March 31 2013 Nonshycurrent Current Nonshycurrent Current

Note 10 Trade Receivables (unsecured)

(a) outstanding for a period exceeding six months from the date they are due for payment Considered good

(b) other receivables Considered good

17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863

Note 11 Cash and bank balances

(a) Cash amp cash equivalents Cash in hand Balances with banks

Current account Deposit accounts with original maturity of less than 3 months

(b) Other bank balances Balances with banks

Deposit account shy with original maturity more than 3 months and less than 12 months Margin Money Deposit

Amount disclosed under nonshycurrent assets Amount disclosed under current assets

shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694

Note 12 Loans amp Advances (unsecured considered good)

Advances recoverable in cash or kind or for value to be received Deposits for premises and others Prepaid expenses Other advances

Advance tax net of provision for taxes MAT credit entitlement MAT credit entitlement

9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483

Note 13 Other current assets

Interest accrued on bank deposits Unbilled revenue

shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517


Notes annexed to and forming part of financial statements for the year ended March 31 2014 (Amounts in thousands of Indian Rupees)

Year ended March 31 2014 March 31 2013

Note 14 Revenue from operations Service Revenue 251182 309727

251182 309727 Note Revenue for the year includes prior year reversal of Rs NIL (March 31 2013 Rs1271)

Note 15 Other income net

(a) Interest income Interest on bank deposits 5993 6949

(b) Other income net Foreign exchange gain(loss) net 28427 16018 Miscellaneous income net 130 shy

28557 16018

34 550 34550 22 967 22967

Note 16 Employee costs Salaries amp bonus 148733 170710 Staff welfare expenses 7844 4293 Contribution to provident and other funds 2039 2568

158616 177571

Note 17 Other expenses Communication expenses 421 408 Rent 32031 30974 Power 8480 7331 Repairs and maintenance

Buildings and leasehold premises 787 25 Computer equipments 16 179 Others 70 1863

Rates and taxes 89 4167 Recruitment expenses 171 77 Housekeeping expenses 2170 1793 Miscellaneous expenses 3344 2878

47579 49695



`

Note 18 Capital commitments amp contingent liability

a) Capital commitments

Contracts remaining to be executed on capital account and not provided for (net of advances) aggregates to Nil as at March 31 2014 (March 31 2013 shy Rs Nil)

b) Contingent liability

March 31 2014 March 31 2013 shy On account of Income Tax 10246 10246

10246 10246

Note 19 Operating lease

The Company has taken an office premise under an operating lease for 54 months Gross rental expenses for the year ended March 31 2014 aggregated to Rs16427 (March 31 2013 ndash Rs16427) The minimum rental payments to be made in future in respect of these leases are as follows

March 31 2014 March 31 2013 Not later than one year 18071 16427 Later than one year but not later than five years 72425 5476 Later than five years shy shy

90496 21903

Note 20 Employee Benefit Obligation

Defined contribution plan ndash provident fund

During the year ended March 31 2014 and 2013 the Company contributed Rs 1993 and Rs 1957 respectively to provident fund

Defined benefit plan ndash gratuity

The amount recognised in the statement of profit and loss for the year ended March 31 2014 and 2013 are as follows

Year ended March 31 Particulars 2014 2013 Current service cost 3279 3119 Interest cost 1964 1578 Expected return on plan assets Nil Nil Recognised net actuarial loss (1032) 234 Past service cost 245 Nil Total included in lsquoemployee benefit expensesrsquo 4456 4931 Actual return on plan assets Nil Nil



` The amounts recognised in the balance sheet are as follows

Year ended March 31 Particulars 2014 2013 Present value of unfunded obligations 24889 29767 Unrecognised past service cost Nil Nil

Net liability 24889 29767

Changes in present value of defined benefit obligation representing reconciliation of opening and closing balances thereof are as follows

Year ended March 31

Particulars 2014 2013 Defined benefit obligation at beginning of the year 29767 26194 Current service cost 1150 3119 Interest cost 1964 1578 Actuarial loss (1032) 234 Past services cost 245 Nil Benefit Paid (7205) (1358) Defined benefit obligation at end of the year 24889 29767

The assumptions used in accounting for the gratuity plan are set out as below

Year ended March 31 Particulars 2014 2013

Discount rate 910 800 Salary Escalation Rate 800 800

Year ended March 31 Particulars 2014 2013 Withdrawal rates Age (Yrs) Rates Age (Yrs) Rates

21shy30 45 21shy30 45 31shy34 25 31shy34 23 35shy44 16 35shy44 9 45shy57 7 45shy57 10

The Company contribution to gratuity for the year ended March 31 2015 is expected to be Rs5783 The estimates of future salary increase considered in actuarial valuation take account of inflation seniority promotions and other relevant factors such as supply and demand in the employment market



`

The Company evaluates these assumptions annually based on its longshyterm plans of growth and industry standards The discount rates are based on current market yields on government bonds consistent with the currency and estimated term of the post employment benefits obligations

Present value of the defined benefit obligation fair value of the plan assets deficit and experience adjustments in the plan and liabilities for the current year and previous four years are as follows

Year ended March 31 Particulars 2014 2013 2012 2011 2010 Present value of defined benefit obligation (24889) (29767) (26194) (20238) (15459) Fair value of plan assets shy shy shy shy shy

Deficit (24889) (29767) (26194) (20238) (15459)

Experience adjustment On plan liabilities (1032) (1210) 4446 5319 2524 On plan assets shy shy shy shy shy

Note 21 Unhedged foreign currency exposure

As of the balance sheet date the Companyrsquos net foreign currency exposure that is not hedged is Rs332213 (March 31 2013shy Rs 303034)

Note 22 Related party disclosure

a) Names of related parties and description of relationship

Relationship Name of the related party

a) Holding company ISP Internet Mauritius Company (ldquoISPrdquo)

b) Holding company of ISP Oracle Financial Services Software Limited

c) Fellow subsidiaries Oracle (OFSS) BPO Services Inc USA Oracle (OFSS) Processing Services Limited Oracle Corporation Singapore Pte Ltd



`

b) The transaction and balance outstanding with these parties are described below

Particulars Transactions

Year ended March 31 2014 2013

Amount receivable (payable)

As at March 31 2014 2013

Revenue Oracle (OFSS) BPO Services Inc [Refer note A below] Oracle (OFSS) Processing Services Limited

246526

4656

306258

3468

327540

3574

282988

9875

Unbilled Revenue Oracle (OFSS) BPO Services Inc [Refer note A below] shy shy 4673 20046

Subshycontracting cost Oracle Financial Services Software Limited shy 1428 shy shy

Loan outstanding Oracle Financial Services Software Limitedshy Amount repaid by the Company during the year 30000 30000 (140000) (170000)

Reimbursements Oracle (OFSS) Processing Services Limited Oracle Financial Services Software Limited

1276

9062

shy

shy

(1276)

(9062)

shy

shy

Purchase of Fixed Asset Oracle Corporation Singapore Pte Ltd 785 shy (753) shy

Note A

Oracle Financial Services Software Limited the ultimate holding company has committed to Oracle (OFSS) BPO Services Inc for any funding requirements in the future accordingly the Company believes that the above stated amount is fully recoverable



`

Note 23 Segment information

Business segments

The primary reporting of the Company has been performed on the basis of business segments The Company has only one business segment which is providing business process outsourcing services Accordingly the amounts appearing in these financial statements relate to this primary business segment

Geographical segments

Geographical segment disclosures based on location of the Companyrsquos customers are summarised below

Segment Revenue based on location Year ended March 31

2014 2013 United States 246526 306258 India 4656 3469 Total 251182 309727

Carrying amount of segment assets Year ended March 31


Total cost incurred during the year to acquire fixed assets within India is disclosed in Note 9(a)





Note 24 Auditors remuneration (including service tax) Statutory Audit 539 478 Tax Audit 112 112 Outshyofshypocket expenses 53 91

704 681

included in Professional fees

Note 25 Earnings in foreign currency (on accrual basis) Service revenue 246526 306258

Note 26 Expenditure in foreign currency (on accrual basis) Travel related expenses (net of recoveries) shy 665

Note 27 Value of imports on CIF basis shy capital goods 785 shy

Note 28 Tax expenses Current tax 19796 15954 Less MAT credit entitlement shy shy

Net current tax liability Net current tax liability 19796 19796 15954 15954

Note 29 Previous year figures Previous year figures have been regroupedreclassified where necessary to confirm to this years classification

Bad debts shy shy

Bank fixed deposits having maturity of more than three months booked (127000) (160000)


Statement of Cash Flow for the year ended March 31 2014



Cash flows from operating activities Profit before tax 49575

Depreciation and amortisation 3552 (Profit) loss on sale of fixed assets net shy

Interest income (5993)

March 31 2013

78690 4948

shy

(6949)

Operating Profit before Working Capital changes 47134 Movements in working capital

(Increase) decrease in trade receivables (38255) (Increase) in long term loans and advances (5175) (Increase) in shortshyterm loans and advances (6558) (Increase) decrease in other current assets 15373 Increase in trade payables (253) (Decrease) increase in current liabilities 14639 Increase in other shortshyterm provisions (3415) Increase in other longshyterm provisions (7661)

Cash from operating activities 15829 Payment of taxes (17666)

76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)

Net cash (used) provided by operating activities (1837) 73050

Cash flows from investing activities Additions to fixed assets including capital workshyinshyprogress (4172) Margin Money deposit matured 341 Bank fixed deposits having maturity of more than three months matured 142000 Bank fixed deposits having maturity of more than three months booked (127000) Interest received 6507

(951) 258

140000 (160000)

7326 Net cash provided(used) in investing activities 17676 (13367)

Cash flows from financing activities Loan repaid (30000) (30000)

Net cash (used) in financing activities (30000) (30000)

Net (decrease) increase in cash and cash equivalents (14161) Cash and cash equivalents at beginning of the year 53353

29684 23670

Cash and cash equivalents at end of the year 39192 53353

Component of cash and cash equivalents

Cash in hand shy

Balances with banks Current accounts 19192 Deposit accounts with original maturity of less than 3 months 20000

Total cash and cash equivalents (Refer note 11 a) 39192

108

20245 33000 53353

Fixed Deposits

During the financial year 2013shy2014 the Company has not accepted any fixed deposits within the meaning of Section 58 A of the Companies Act 1956 and as such no amount of principal or interest was outstanding as on the date of the Balance Sheet

Repayment of loan

Oracle Financial Services Software Limited had granted a loan of Rs50 crore to the Company Till the fiscal year ended March 31 2014 the Company had repaid loan of Rs36 crore During the year ended March 31 2014 the Company has repaid Rs3 crore

Auditors

Ms S R Batliboi amp Associates LLP (Registration no 101049W) the present Statutory Auditors of the Company hold office till the ensuing Annual General Meeting They have confirmed their eligibility and willingness to accept office as Statutory Auditors and also confirmed that they have not been disqualified to be appointed as the Statutory Auditors at the ensuing Annual General Meeting

Pursuant to the provisions of Section 139 of the Companies Act 2013 and the Rules framed thereunder it is proposed to appoint Ms S R Batliboi amp Associates LLP (Registration no 101049W) as the Statutory Auditors of the Company from the conclusion of ensuring Annual General Meeting till the conclusion of the Annual General Meeting to be held in the year 2017 subject to ratification of the appointment by the members at every Annual General Meeting held after this Annual General Meeting

Audit Committee

The Company has reshyconstituted Audit Committee comprising of following persons as its members

Mr Makarand Padalkar Mr Avadhut Ketkar Mr Manish Bhandari

Audit Committee has the relevant powers pursuant to provisions of Section 292A of the Companies Act 1956

Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo

The particulars as prescribed under subshysection (1) (e) of Section 217 of the Companies Act 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 the relevant data pertaining to conservation of energy technology absorption and foreign exchange earnings and outgo are furnished hereunder

a Conservation of energy

The operations of the Company are not energyshyintensive The Company however takes measures to reduce and optimize energy consumption by using energy efficient computers CFL bulbs and ballast based lighting Further offices have been designed to maximize the use of ambient lighting while conserving the airshyconditioning The expenses on power in relation to income is nominal and under control

b Technology absorption

Since business and technologies are changing constantly investment in research and development activities is of paramount importance Your Company lays a great emphasis on knowledge management and has an











Employees


Acknowledgements





August 12 2014

0 1











95485 84515

TOTAL 522747 519659

ASSETS






449981 450557

TOTAL 522747 519659






INCOME



EXPENSES






1078



`















`







Impairment



Initial recognition




`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353











Employees


Acknowledgements





August 12 2014

0 1











95485 84515

TOTAL 522747 519659

ASSETS






449981 450557

TOTAL 522747 519659






INCOME



EXPENSES






1078



`















`







Impairment



Initial recognition




`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353

0 1











95485 84515

TOTAL 522747 519659

ASSETS






449981 450557

TOTAL 522747 519659






INCOME



EXPENSES






1078



`















`







Impairment



Initial recognition




`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353




INCOME



EXPENSES






1078



`















`







Impairment



Initial recognition




`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`















`







Impairment



Initial recognition




`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`







Impairment



Initial recognition




`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`

Conversions










Interest Income







`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`




(h) Incomeshytax







`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`



(j) Provision









March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



March 31 2014 March 31 2013

















- 2837 - 3090




1994 46870 1994 32231


19106 15778 26767 19194





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353





As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013



Total 121424 4172 626 124970 116089 3552 626 119015 5955 5335




As at


Sale Deletions

As at

March 31 2014 As at


Sale Deletions

As at

March 31 2014 As at

March 31 2014 As at

March 31 2013




shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353

shy shy







17525

shy

17525

140214

190904 331118

17525

shy

17525

103846

189017 292863







shy

shy

shy

shy

shy

shy

shy

shy

shy

shy

19192 20000 39192

65000 shy

65000

104192

shy

shy

shy

shy

shy

shy

shy

shy

shy

108

20245 33000 53353

80000 341

80341

133694




9557 shy

9692 9038

20999 20999 49286

shy

4543 4498

shy

shy

9041

9557 35

4482 2420

29748 29748 46242

shy

1966 517 shy

shy

2483



shy

shy

957 4673

shy

shy

1471 20046

shy 5630 shy 21517









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353









28557 16018

34 550 34550 22 967 22967


158616 177571




47579 49695



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`






10246 10246




90496 21903













Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353







Year ended March 31










`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`




Deficit (24889) (29767) (26194) (20238) (15459)












`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`





As at March 31 2014 2013


246526

4656

306258

3468

327540

3574

282988

9875





1276

9062

shy

shy

(1276)

(9062)

shy

shy


Note A




`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353



`


Business segments














704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353





704 681








Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353

Bad debts shy shy









March 31 2013

78690 4948

shy

(6949)




76689

1859 (4364) (1095) 7750

44 5547

(12544) 15378 89263 (16213)



(951) 258

140000 (160000)





29684 23670



Cash in hand shy



108

20245 33000 53353

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