mini project on Nihilent technology limited

1. NIHILENT TECHNOLOGY LIMITED

2. Background
• Nihilent Technologies private limited comapny
started on May 29 , 1950 under the
companies Act 2000.
• It was founded by L C Singh
• It derives the Latin word “Nihil” meaning
nothing.
• It’s operations are Africa, Asia , Europe ,
Australia , Middle East and USA.

3. • Nihilent is a CMMI Institute partner and is allowed to
deliver services like CMMI trainings and appraisals.
• Our mission is to deliver organizational change systemically
for our clients. As on November 30, 2015, we had more
than 1, 500 employees across 18 offices located in India,
South Africa, Nigeria, Tanzania, United States, United
Kingdom, Ireland and Australia.
• Our Company was incorporated on May 29, 2000 as a
private limited company and was converted into a public
limited company on September 10, 2015
• Since our Company focused on South Africa, we still derive
a majority of our revenues from South Africa where we
have long standing relations with corporate clients

4. Nihilent services
• analyzing the changing customer demographics,
defining and executing change strategy around
people,process and technology
• Digital transformation services through which we
help our clients formulate and execute their
digital business strategy by providing services on
digital channels using analytics, statistical
modelling, machine learning, Natural Language
Processing (“NLP”) and social marketing tools and
techniques

5. • Enterprise IT services wherein we develop
applications across wide range of hardware
and software platforms, develop solutions to
integrate various applications across
platforms, provide migration, re -engineering
and software maintenance services.

6. MANAGEMENT
Board of Directors
• The Articles of Association require our
Company to have not less than three Directors
and not more than fifteen Directors. We
currently have seven Directors on our Board of
Directors.

7. Committees of the Board
A. Audit Committee
B. Nomination and Remuneration Committee
C. Stakeholders’ Relationship Committee
D. Corporate Social Responsibility Committee
E. Risk Management Committe

8. SIGNIFICANT ACCOUNTING POLICIES
• Operating cycle:
Operating cycle is the time between the
acquisition of assets for processing and their
realization in cash or cash equivalents. The
Company’s normal operating cycle is less than
12 months.

9. Investments
• Long-term investments are carried at cost less
any other -than-temporary diminution in
value, determined separately for each
individual investment.
• Profit or loss on sale of investments is
determined on the basis of weighted average
carrying amount of investments disposed off.

10. Revenue recognition
Revenue recognition:
• Revenue from “time and material” contracts is
recognized as and when the related services
are performed based on the time charged and
in accordance with the terms of the specified
customer contracts.
• Revenue from fixed price contracts is
recognized using percentage of completion
method

11. Employee benefits
1. Short term employee benefits
2. Post-employment benefits - defined benefit
plan
3. Post-employment benefits - defined
contribution plans
4. Long term employee benefit

12. TAXATION
• We hereby report that the enclosed Annexure
prepared by the Company, states the possible
special tax benefits available to the Company and
to the shareholders of the Company under the
Income Tax Act, 1961, Customs Act, 1962,
Central Excise Act, 1944 and the Cenvat Credit
Rules, 2004 as amended by the Finance Act,
2015 (i.e. applicable for financial year 2015-16,
relevant to the assessment year 2016-17)
presently in force in India as on the signing date.

13. • The benefits discussed in the enclosed
Annexure cover only special tax benefits
available to the Company and do not cover
any general tax benefits available to the
company.