Notes to Accounts of United Interactive Ltd.

Mar 31, 2024

8.3 Terms / rights attached to equity shares

The company has only one class of issued equity share capital having a par value of Rs.10 each. Each holder of equity shares is enttitled to one vote per share and right to receive dividend, if any, declared on the equity shares. In the event of liquidation of the Company all prefrential amounts if any shall be discharged by the Company. The remaining assets of the Company shall be distributed to the holders of Equity Shares in proportion of the number of shares held to the total equity shares outstanding as on that date.

"Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity Shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity Shares outstanding during the year plus the weighted average number of Equity Shares that would be issued on conversion of all the dilutive potential Equity Shares into Equity Shares."

17. LeasesThe Company as a lessee

The Company''s lease asset classes primarily consist of leases buildings / office premises. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low value leases. For these short-term and low-value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis / as per contract over the term of the lease.

Considering the current lease as low value lease, the lease payment made during the year recognized as an operating expense.

20. Dues to Micro, Small and Medium Enterprises

There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

Fair Value hierarchy disclosures:

Level 1 - Financial Instruments measured using quoted prices. This includes listed equity instruments, traded bonds, ETF''s and mutual funds that have quoted prices. The fair value of all equity instruments (including bonds) which are traded in stock exchanges is valued using the closing prices as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2 - Financial Instruments that are not traded in an active market (for example traded bonds, over the counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). This is the case of unlisted equity securities, contingent consideration and indemnification asset included in level 3.

The carrying amounts of trade receivables, cash and cash equivalent, current other financial assets are considered to be the same as their fair values, due to their short-term nature.

The carrying amounts of non-current financial assets are primarily consist of Term-Deposit with banks considered to be the same as their fair value as it the same is interest bearing and are close to the fair value.

The investment included in Level 1 of fair value hierarchy has been valued using quotes available in the active market. The investment included in Level 2 of fair value hierarchy has been valued using quotes available for the similar assets and liabilities in the active market. The cost of unquoted investments approximates the fair value because there is a wide range of possible fair value measurement and the cost represents estimate fair value within that range.

23. Additional regulatory information required by Schedule III-

a. The Company has not been declared by willful defaulter by any bank or financial institution or government or any government authority.

b. The Company has no transactions with companies struck off under companies Act ,2013.

c. There is no any income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income tax,1961, that has been recorded in the books of account.

d. The Company has not traded or invested in crypto currency or virtual currency during the current and previous year.

e. The Company has not revalued its property, plant and equipment or intangible assets or both during the current and previous year.

f. There are no charge or satisfaction which are yet to be registered with register of Companies beyond the statutory period.

24. Previous year''s figures have been regrouped/reclassified wherever necessary, to confirm with the current years'' classification/disclosures.

---

Mar 31, 2015

1. Fundamental Accounting Assumption:- Going concern

The accumulated losses of the Company as at 31st March, 2015 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity and has earned dividend on such investment.

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

2. Terms/ rights attached to equity shares

The company has only one class of shares having a par value Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

3. Taxation

Since the company does not have any taxable income during the year, no tax provision is required to be made.

In view of the accumulated losses, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

4. Previous year figure has been recast, regrouped and rearranged as per the Revised schedule III of the Companies Act, 2013 & wherever necessary to make them comparable.

---

Mar 31, 2014

1. Background of the Company:

Company is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2014 have exceeded 50% of the net worth of the Company as at year end. Further, the company has carried out investment activity and has earned dividend on such investment.

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

3. Statement of significant accounting policies:

4 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

5 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

6 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2014, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

7 Dues to Micro, Small and Medium enterprises:

The Company doesn''t have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Revised Schedule VI of the Companies Act, 1956 is not applicable.

8 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

9. Previous year figure has been recast, regrouped and rearranged as per the Revised schedule VI of the Companies Act, 1956 & wherever necessary to make them comparable.

---

Mar 31, 2013

1. Background of the Company:

Company is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2013 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity and has earned dividend on such investment

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

3 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

4 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

5 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2013, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

6 Dues to Micro, Small and Medium enterprises:

The Company doesn''t have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 is not applicable.

7 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

8 Related Parties:

Related Parties with whom transaction has taken place during the year: is Rs. Nil

9. Defined Contribution Plans

On account of Defined Contribution Plan, the Company has charged the following amounts in the Profit and Loss Account:

10. Previous period figure have been regrouped as per revised Schedule VI of the Companies Act 1956 introduced by Ministry of Corporate Affairs vide notification dated February 28, 2011.

---

Mar 31, 2012

1. Background of the Company:

Company is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2012 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity and has earned dividend on such investment

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

NOTE 1.1

Terms/ rights attached to equity shares

The company has only one class of shares having a par value Rs.10/- per share. Each holder of equity shares is entitled to one vote per share.

NOTE 2.1

United Interactive Limited acquired 51% stake in Netesoft India Limited in last year, as the Netesoft India Limited is in the same line of business since year 2000.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

3 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

4 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

5 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2012, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

6 Dues to Micro, Small and Medium enterprises:

The Company doesn't have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 is not applicable.

7 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

8 Previous period figure have been regrouped as per revised Schedule VI of the Companies Act 1956 introduced by Ministry of Corporate Affairs vide notification dated February 28, 2011.

---

Mar 31, 2011

1. Background of the Company:

United Interactive Limited (formerly Neemtek Organic Products Limited) ('the Company'), a public limited company, was engaged in the manufacturing of high quality Neem products. The Company exited the neem business and is presently involved in the Information Technology and Information Technology enabled Services, however, there is no transaction during the year for the same. Further United Interactive Limited acquired 51% stake in Netesoft India Limited during the year, as the Netesoft India Limited is in the same line of business since year 2000.

2. Going concern:

The accumulated losses of the Company as at 31st March, 2011 have exceeded 50% of the net worth of the Company as at year end.

Further, the company has carried out investment activity during year and has earned dividend on such investment

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future. Accordingly, these financial statements have been prepared on Going Concern Basis.

3. Statement of significant accounting policies:

1 Accounting policies not specifically referred are consistent with earlier years and in consonance with generally accepted accounting principles.

2 Retirement and Other Employee Benefits:

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

3 Taxation:

Since the company does not have any taxable income during the year, no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2011, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

4. Contingent liabilities not provided for:

The claims against the Company comprises of:

The Company had transferred its manufacturing unit situated at Vellore in previous year and had not charged applicable VAT on transfer of inventory. The monetary effect thereof is unascertainable. Further, it had also transferred VAT liability amounting to ` 2,86,442. However, in case the transferee fails to meet this obligation, the Company shall be liable to pay the same to the Department of Sales Tax.

5 Dues to Micro, Small and Medium enterprises:

The Company doesn't have any transaction with the Micro, Small and Medium Enterprises, hence, disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 is not applicable.

6 Segment Information:

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

7. Balances of Loans and Advances, Sundry Creditors have been taken at value stated in the books of accounts and the reconciliation is in progress. Necessary adjustments shall be carried out wherever applicable.

8. Figures have been rounded off to nearest rupee.

9. Previous year's figures have been regrouped / re-classified wherever necessary to conform to this year's classification.

---

Mar 31, 2010

1. Background of the Company

United Interactive Limited (formerly Neemtek Organic Products Limited) (the Company), a public limited company, originally incorporated on September 22, 1983, was engaged in the manufacturing of high quality Neem products. The Company decided to exit the neem business and enter into the Information Technology and Information Technology enabled Services. Consequently, the Company has transferred its manufacturing unit situated at Vellore during the year.

2. Going concern

The accumulated losses of the Company as at 31st March, 2010 have exceeded 50% of the net worth of the Company as at year end.

Further, based on Companys research and management decision, it has disposed off its manufacturing facility at Vellore and has decided to diversify its activities into Information Technology and Information Technology enabled Services

On the basis of the above, the management is confident that the Company will be able to generate sufficient cash flows in order to meet its obligation as and when they fall due for payment in foreseeable future.

Accordingly, these financial statements have been prepared on Going Concern Basis.

3. Segment Information

The Company does not have reportable Segments. Therefore, compliance to the AS-17 segment Reporting does not arise.

4. Related Parties

The Company has not entered into the any transactions with related party as required by AS-18 Related Parties Disclosures during the year under review.

5. Retirement and Other Employee Benefits

Contribution to the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees Pension Scheme, 1995 are made at a predetermined rate.

The Company at present does not have any other retirement benefit scheme for its employees.

Consequent to the Business Transfer Agreement, the company had transferred all the personnel related to its manufacturing unit at Vellore during the year.

6. Taxation

Since the company does not have any taxable income during the year no tax provision is required to be made. Further, no provision is made for Minimum Alternate Tax for the year ended March 31, 2010, in lieu of Explanation (vii) to sub-section (2) section 115JB of the Income Tax Act, 1961.

In view of the accumulated losses and discontinuation of operations, neither Deferred Tax Assets on carry forward loss and unabsorbed depreciation has been recognized, nor any deferred tax liability, as there is no virtual certainty that there would be future taxable profits to realize the above assets.

7. Accounting policies not specifically referred to above are consistent with earlier years and in consonance with generally accepted accounting principles.

8. Contingent liabilities not provided for:

The claims against the Company comprises of:

a) The Company had transferred its manufacturing unit situated at Vellore during the year and had not charged applicable VAT on transfer of inventory. The monetary effect thereof is unascertainabie. Further, it had also transferred VAT liability amounting to Rs.2,86,442. However, in case the transferee fails to meet this obligation, the Company shall be liable to pay the same to the Department of Sales Tax.

9. Events Occurring after Balance Sheet Date

The Company had acquired controlling stake of 51% in Netesoft India Limited.

10. Dues to Micro, Small and Medium enterprises

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 could not be provided.

11. Balances of Loans and Advances, Sundry Creditors and Sundry Debtors have been taken at value stated in the books of accounts and the reconciliation is in progress. Necessary adjustments shall be carried out wherever applicable.

12. The figures of previous year were audited by a firm of Chartered Accountants other than M/s. D. N. Kanabar & Co.

13. Figures have been rounded off to nearest rupee.

14. Previous years figures have been regrouped / re-classified wherever necessary to conform to this years classification.

---

Mar 31, 2009

1. The Company had taken Cash Credit of Rs. 35.00 Lacs from a bank by creating first charge on its Current Assets.

2. Capital Working—in Progress

The Technological Capital work in progress amounting to Rs. 2751600/-incurred in Earlier years pertain to the expenditure incurred by the company for acquisition of intellectual property and understanding of the market for various categories of proposed herbo- pharma and FMGC product range . Both these proposed items need an increase in the purity level of the core product for which further work and investment are required. As such this pertains to the technological work-in progress and is accordingly classified by the management. Being a technical matter auditors have relied upon the judgment of the management

3. Miscellaneous Expenditure is written off over a period of five years and Trail Run Expense is written off over a period of Ten years

4. Confirmations of balance have been received in respect of major Creditors and Debtors except for Loans and Advances.

5. Advances recoverable in cash or in kind or for value to be received includes Rs.5123442/-, given to parties in earlier years in pending recovery over a long period of time. The auditors have relied upon the judgment of the management that the advances are duly classified and are fully realizable.

6. Previous years figures have been regrouped/recast wherever necessary.

7. Additional Information pursuant to the provisions of paragraph 3,4 and 4d of the part II Schedule VI of the Companies Act,1956