| a. Terms/rights attached to equity shares
The company has only one class of the shares having a par value of Rs,
2/- per shares. 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. Terms/rights attached to Global Depository Receipt (GDIO
The Global Depository Receipts ("GDRs") represented by this certificate
are each issued in respect of 50 equity Shares of par value Rs,2/- each
(the "Shares") in Commex Technology Ltd. (formerly known as IT People
(India) Limited(the "Company")) pursuant to and subject to a depository
agreement dated 18th May 2009, and made between the Company and
Deutsche Bank Trust Company Americas depository and/or any other
depository which may from time to time be appointed under the agreement
(the "Depository") (such agreement, as amended from time to time, being
hereinafter referred to as the "Deposit Agreement").
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 ownership of shares.
1. The Company is engaged in the Information Technology Solutions
Services, which cannot be expressed in any generic unit. Hence it is
not possible to give quantitative details of sales and certain.
2. Expenditure in Foreign Currency: Nil (Previous Year Nil)
3. In the opinion of the management, Current Assets, Loans and
advances and Capital Work In Progress are realizable at the values
represented in accounts.
4. During the year, the Company has created provision of Rs.
12,75,087/- towards Corporate Social Responsibility expenditure. The
details for incurring CSR expenditure is covered in the Directors
report.
5. The balance of Trade Receivables, Trade Payables, Loans & advances,
Deposits, etc are subject to confirmation.
6. As per the information available with the Company, there are no
small-scale industrial undertakings to whom an amount of Rupees one
lakh or more was outstanding for more than 30 days.
7. The company had recorded investments in subsidiaries and other
investments which were recorded during the merger of erstwhile Orient
Information Technology LLC (merged entity) as provision for diminution
in the value of investment which amount to Rs. 2,176.82 Lakh and same
has been separately shown in Reserves & surplus. The Company has been
following this practice consistently.
8. The company has unpaid VAT Liability of Rs. 1.1 crores shown under
statutory liability under other current liabilities as Company has been
advised that VAT is not applicable on sale of software.
9. During the previous year, the company intended to declare a
dividend in the Board meeting, however, considering the company's
growth and financial situation, the board decided not to propose
dividend in the previous year. However, the company had inadvertently
shown this as proposed dividend in the previous year's financial year.
The proposed dividend shown in reserves and surplus has now been
reversed.
10. Capital Work-in-Progress is recorded as a result of erstwhile
merger with Orient Information Technology LLC FZ. Subsequently, the
company has incurred expenses on Research & Development for developing
various software required for different segment of industries. The
company is in the process of commercially exploiting this software on
successful testing of the software this CWIP would be capitalized.
11. Previous Year's figures are regrouped/ restated wherever necessary
to confirm with this year's classification.
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