Statements for the year ended March 31, 2014 1. Company overview TAKE Solutions Limited (referred to as 'TAKE' or 'the Company') and its subsidiaries provide a wide range of information technology and consultancy services specifically in two of its major business verticals namely Life Sciences (LS) and Supply Chain Management (SCM). The Company has accelerated its software product development life cycles along with other services in the LS Segment and also offers a unique combination of services including EBusiness solutions in the SCM segment. As of March 31, 2014, TAKE Solutions Pte. Ltd, owned 57.89% of the Company's equity share capital and has the ability to control its operating and financial policies. The Company's registered office is in Chennai and it has 20 subsidiaries across the globe. The abridged financial statements have been brpared pursuant to Rule 7A of the Companies (Central Government's) General Rules and Forms, 1956 and are based on the annual accounts for the year ended March 31, 2014. 2. Notes forming part of the Abridged Financial Statements Amounts in the abridged financial statements are brsented in X Mn, except for per share data and as otherwise stated. Explanation to the abridged financial statements (a) The brvious year figures have been regrouped/reclassified, wherever necessary, to confirm to the current brsentation. (b) The financial statements are brpared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory Accounting Standards as brscribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 read with General Circular No.15/2013 dated 13th September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied by the Company and are consistent with those used during the brvious year. (Note 1.1 in the Notes forming part of the annual standalone financial statements). Notes forming part of Abridged Financial Statements for the year ended March 31, 2014 1. Company overview TAKE Solutions Limited (referred to as 'TAKE' or 'the Company') and its subsidiaries provide a wide range of information technology and consultancy services specifically in two of its major business verticals namely Life Sciences (LS) and Supply Chain Management (SCM). The Company has accelerated its software product development life cycles along with other services in the LS Segment and also offers a unique combination of services including EBusiness solutions in the SCM segment. As of March 31, 2014, TAKE Solutions Pte. Ltd, owned 57.89% of the Company's equity share capital and has the ability to control its operating and financial policies. The Company's registered office is in Chennai and it has 20 subsidiaries across the globe. The abridged financial statements have been brpared pursuant to Rule 7A of the Companies (Central Government's) General Rules and Forms, 1956 and are based on the annual accounts for the year ended March 31, 2014. 2. Notes forming part of the Abridged Financial Statements Amounts in the abridged financial statements are brsented in X Mn, except for per share data and as otherwise stated. Explanation to the abridged financial statements (a) The brvious year figures have been regrouped/reclassified, wherever necessary, to confirm to the current brsentation. (b) The financial statements are brpared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory Accounting Standards as brscribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 read with General Circular No.15/2013 dated 13th September 2013, issued by the Ministry of Corporate Affairs, in respect of Section 133 of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied by the Company and are consistent with those used during the brvious year. (Note 1.1 in the Notes forming part of the annual standalone financial statements). However, no demand has been raised for the said assessment year. The Company has filed an appeal with the Honorable High Court of Judicature at Madras against the order of ACIT. The Management believes that the ultimate outcome of the proceeding will not have a material adverse effect on the Company's financial position and results of operation and hence, no adjustment has been made to the financial statements for the year ended March 31, 2014.(Note 2.30 in the Notes forming part of the annual standalone financial statements). Dividend The Board, in its meeting on November 11, 2013, declared an interim dividend of ? 0.30 per equity share and on January 31 2014 declared second interim dividend of ? 0.30 per equity share. Further the Board in its meeting on May 20, 2014, proposed a final dividend of ? 0.40 per equity share. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting. The total amount appropriated for the same for the year ended March 31, 2014 is ? 140.43 Mn ( ? 139.49 Mn) including corporate dividend tax of ? 20.80 Mn ( ? 19.86 Mn). Dues to Micro, Small and Medium Enterprises The Company has no dues to micro, small and medium enterprises as at March 31, 2014 and March 31, 2013. (Note 2.28 in the Notes forming part of the annual standalone financial statements). Segment Reporting The Company has identified Business Segment as its Primary segment and Geographic segment as its Secondary segment. The Company has identified Software Services & Products and Sale of IT Infrastructure & Support Services as the reportable business segment of the Company for the year. Geographical segment information is disclosed based on the location of customers. Revenues and Expenses that are directly identifiable with the Segments have been disclosed accordingly. Certain Income and Expenses which are not specifically allocable to individual segments have been disclosed as "Unallocated Corporate Income" and "Unallocated Corporate Expenses" respectively. The assets of the Company are used interchangeably between segments and the management believes that it is currently not practical to provide For Sundar Srini & Sridhar Chartered Accountants Firm Registration No.: 004201S S.Sridhar Partner Membership No: 025504 For and on behalf of the Board of Directors Srinivasan H. R. Managing Director C.M. Lakshmi Company Secretary D.V. Ravi Director Place : Chennai Date : May 20, 2014 |