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California Software Company Ltd.
Market Cap. (Rs.) 46.80 Cr. P/BV 18.25 Book Value (Rs.) 2.07
52 Week High/Low (Rs.) 114/25 FV/ML 10/1 P/E(X) 106.62
Bookclosure 28/09/2017 EPS (Rs.) 0.36 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2015-03 1 CONTINGENT LIABILITIES

                                                   As at       As at
                                               31-Mar-15   31-Mar-13
                                                     Rs.         Rs.

1.1 Guarantees given on behalf                      Nil         NIL
of other companies
1.2 Claims against the company not acknowledged as debt in respect of certain tax matters which are subjudice

a) Income Tax ( net of deposit)               59,220,145  59,220,145

b) Sales Tax / VAT                                     0     648,228

c) Service Tax                                 3,552,977   3,552,977
25 OTHER FINANCIAL INFORMATION

                                             31.03.2015     31.03.2014
                                                    Rs.            Rs.

2.1 Outstanding Bank Guarantees                      0      1,480,298

2.2 Reimbursement of travel expenses to Directors    0              0

2.3 Sitting fees paid / payable to Directors         0         50,000
3 GOING CONCERN

Company has accumulated losses and its net worth has been fully eroded, the company has incurred a net loss during the current and previous year(s) and, the company's current liabilities exceeded its current assets as at the balance sheet date. Company is not pursuing it's main object of software development and is generating only income from letting out premises owned by it, also the subsidiaries also has stopped their operations. The above factors indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern.

4 DISCONTINUING OPERATIONS

Though there exists material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern, items falling under the fixed asset category, i.e., building and attached furniture and fixtures, which is used for letting out and the company is deriving the rental income, Company is not accounting the Fixed assets, other than building, at Net realisable value as required by Accounting Standard 24, Discontinuing Operations and disclosure of other matters is not made.

5 BASIS FOR PREPARATION

Financial statements have been prepared under the historical cost convention and comply with accounting standards in all material respects.

6 IMPAIRMENT OF ASSETS

a) Impairment of Investment

Both these companies and their subsidiaries have stopped all their activities CSWL Inc has started liquidation proceedings

b) Impairment of Fixed Assets

As per estimation of management no impairment of Fixed Assets was considered during the year 2014-15, since impairment losses on Fixed Assets were provided and recognized in the previous years. However, depreciation rates have been changed to amortise the depreciable value over the useful life as set out in Schedule II of Companies Act, 2013, equally, as the holding company is expected to use the same for letting out, which will be in tune with Schedule II of Companies Act 2013. Depreciation is charged on building based on the estimated remaining life period of 25 years from the date of valuation on 17-01-2013 by the approved valuer. Useful life of various assets is as given below estimating a residual value of 1% on original cost at the end of useful life.

item                     Useful life
Furniture & Fitiings 10 years

Office Equipment          5 Years
Total additional depreciation charged to the profit and loss Account is Rs. 5,864,486/-.

7 TRADE RECEIVABLES & PAYABLES

Since the company has fully stopped its principle business being Software Development and its sales and service and company have no trade receivables during the year. Trade payables of Rs. 402,285,907/-represents net payables to its wholly owned overseas subsidiary CSWL Inc.

Payables to Aspire Communications P Ltd and Aspire Peripherals P Ltd, wholly owned subsidiary of the company amounting to Rs. 25,345,879/- has been written back to Profit and loss account as Exceptional item as these companies have stopped all it activities.

During the previous year 2013-14 the company reassessed its Trade receivables and payables accumulated over the years and restated them on a realistic basis. On the basis of above, net write off of bad Debts, other receivables, old Deposits and payables were written off for Rs. 26,910,239/- against the existing provision. Excess Provision of Rs. 22,705,294/- was written back to profit and Loss Account.

8 RENT RECEIVABLE AND PROVISION

Rent receivable is amounting to Rs. 55,695,442/- (PY 49,707,130/- /-) against which a provision of Rs. 41,043,738/- being receivables outstanding for more than 270 days has been made.

9 TRANSFER PRICING

The study of international transactions entered into by the Company with its overseas associates regarding the extent of compliance to the transfer pricing regulations of the Income Tax Act, 1961 is yet to be completed and the impact, if any, arising out of such study has not been recognized in these accounts pending completion of the study.

10 QUANTITATIVE DETAILS

Not applicable since the Company is engaged the business of letting out of Business premises; quantitative details etc., as required under the Companies Act, 1956 are not furnished

11 VALUE OF IMPORTS ON CIF BASIS

Capital Goods        Nil           Nil
12 FOREIGN CURRENCY TRANSACTION

Foreign currency transactions including expenses incurred on Trading / Non Trading Overseas offices and revenue accounts of onsite offices are accounted at the exchange rates ruling on the date of transaction.

At the year end all monetary assets and liabilities denominated in foreign currency other than investments are restated at the closing exchange rates. Exchange differences arising out of actual payments / realisations and from the year end restatement referred to above are reckoned in the profit and loss account.

13 SEGMENT REPORTING

13.1 The company has stopped entirely its principal activity of providing software development and its sales and services and hence current year there is no segment wise reporting, Previously the Company's operations predominantly related to providing development of software to customers globally operating in various industry segments. Accordingly, software product and development revenues along industry classes comprise the primary basis of segmental information set out in these financial statements. The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Revenue and expenses have been identified to segments on the basis of the above primary segment information viz industry segments. Revenue and expenses, which relate to the enterprise as a whole and are not allocable to the segments on a reasonable basis, have been included under unallocable corporate income/ expenses.

The Industry segments of the Company consist of: Technology Solutions (TS), Enterprise Solutions (ES) and Infrastructure Management Services (IMS). However since the sale of its OPD division company is having Enterprise solution only.

14 DISCLOSURE UNDER AS 15 REVISED ON EMPLOYEE BENEFITS

The Company has only one employee for whom PF is being provided as per rules. Gratuity of Rs.117,740/- is provided on the basis of Actuarial Valuation. Based on company's policy no provision is being made for leave encashment.

15 RELATED PARTY DISCLOSURE

15.1 Names of related parties and description of relationship

a) List of related parties where control Exists Companies Having Substantial Interest Kemoil Limited, Hong Kong

Subsidiaries                               California Software
                                           Laboratories Inc., USA
                                           (CSWL) Aspire
                                           Communications Private
                                           Limited, Mysore

Subsidiary of California Software          Healthnet International
                                           Inc., USA

Laboratories Inc.                          Aspiresoft Corporation,
                                           USA

Subsidiary of Aspire
Communications Private Limited             Aspire Peripherals P Ltd,
                                           Mysore

Subsidiary of Healthnet
International Inc                          International Innovations
                                           Inc., USA

b) Key management personnel                Mr.Bhavesh Rameshlal
                                           Chauhan
c) Other Group Companies

Fellow Subsidiaries of Kemoil Limited      Chemoil International Pte.
                                           Ltd., Singapore
                                           Chemoil Energy Limited
                                           Singapore
                                           Chemoil Europe B.V., The
                                           Netherlands

Subsidiaries of the abovementioned
fellow subsidiaries                        Chemoil Advanced Management
                                           Services Pvt. Ltd., India

                                           Chemoli Information Services
                                           Pvt Ltd

                                           Inatech InfoSolutions 
                                           Private Limited, Bangalore

                                           Inatech Solutions Ltd, UK

                                           Inatech Solutions Egypt, SAE

                                           Inatech ME

                                           Inatech Solutions Europe Ltd

                                           Glencore India Private
                                           Limited
16 As at March 31, 2015 there is no interest payable to Micro and Small Enterprises as defined under the Micro Small and Medium Enterprises Development Act, 2006. This information and that disclosed under schedule 11 have been determined to the extent such parties have been identified on the basis of information available with the Company

17 Except in respect of the following there are no statutory dues of Customs Duty, Excise Duty, Cess, Wealth Tax and Income Tax, which have not been deposited on account of a dispute

S.   Name of the Statute           Nature of the dues 
No.

1.   Income Tax Act, 1961          Income Tax  ( A.yr 1997-98)

2.   Income Tax Act, 1961          Income Tax  ( A.yr 2000-01)

3.   Income Tax Act, 1961          Income Tax  ( A.yr 2001-02)

4.   Income Tax Act, 1961          Income Tax  ( A.yr 2002-03)

5.   Income Tax Act, 1961          Income Tax  ( A.yr 2003-04)

6.   Income Tax Act, 1961          Income Tax  ( A.yr 2004-05)

7.   Income Tax Act, 1961          Income Tax  ( A.yr 2005-06)

8.   Income Tax Act, 1961          Income Tax  ( A.yr 2006-07)

9.   Income Tax Act, 1961          Income Tax & TDS ( A.yr 2007-08)

10.  Income Tax Act, 1961          Income Tax  ( A.yr 2008-09)

11.  Income Tax Act, 1961          Income Tax  ( A.yr 2011-12)

12   Income Tax Act, 1961          Income Tax  ( A.yr 2009-10)

13   Income Tax Act, 1961          Income tax  2010-11
Name of the Statute Amount Rs. Forum where dispute is pending

Income Tax Act, 1961 11,27,394 Assessing Officer

Income Tax Act, 1961 22,84,617 Assessing Officer

Income Tax Act, 1961 15,24,090 Madras High Court

Income Tax Act, 1961 33,56,300 Madras High Court

Income Tax Act, 1961 12,42,460 Madras High Court

Income Tax Act, 1961 56,76,083 Commissioner Appeals

Income Tax Act, 1961 10,10,258 Commissioner Appeals

Income Tax Act, 1961 22,10,000 Commissioner Appeals

Income Tax Act, 1961 12,704,349 Tribunal

Income Tax Act, 1961 4,966,000

Income Tax Act,  1961       48,187
Income Tax Act, 1961 7,386,310 Commissioner of IT

Income Tax Act, 1961 15,684,097 Transfer Pricing

      Total IT demand   592,20,145

Service Tax              35,52,977 *   Joint Commissionerl
                                       Commissioner of ST
* Based on order dated 27/06/2014 of Joint commissioner of Service tax, Chennai . Company has filed appeal against this order.

18. REGROUPING AND REARRANGING OF FIGURES

The previous year figures have been regrouped, rearranged/ amended wherever necessary to conform to the current year's classification.

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Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
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