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Notes to Accounts of Aashee Infotech Ltd.

Mar 31, 2014

1.1 Share Capital

1.1.1 Change in Redeemable Preference Share Capital during the year

Company neither issued any Redeemable Preference share capital nor bought back issued capital during the year.

1.1.2 Change in Equity Share Capital during the year

Company neither issued any share capital nor bought back issued capital during the year.

1.2 Deferred Tax Liability/Assets

Deferred Tax Liability has been created pursuant to AS-22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. The Net Deferred Tax Assets/Liability arising during the year have been taken to the current year''s Profit & Loss Account. The Net Deferred Tax Liability for the year.

1.3 Trade Payable

Trade payables are outstanding in the normal course of business of the company.

1.4 Cash & Cash Equivalents

Cash & cash equivalents comprises of Cash on hand, Cash at Bank and time deposits with the bank.

1.5 Related Party Transactions

No Transactions has been entered with related parties of the Company for the year ended 31st March, 2014 as per AS 18 - "Related Party Disclosure" issued by the Institute of Chartered Accountants of India.

1.6 No Dividend on preference Shares and Equity Shares proposed by Directors due to accumulated losses.

1.7 In the opinion of the Board of Directors, current assets, Loans & advances are of the value at least equal to the amounts at which they are stated, if realized in the ordinary course of the business and provisions for all known liabilities have been made in the accounts.

1.8 Previous year''s figures have been regrouped and rearranged wherever considered necessary.

1.9 All figures are in Indian rupees except number of shares and as stated otherwise.


Mar 31, 2013

1.1 Contingent Liabilities & Commitments (to the extent not provided for)

A subsidy of Rs. 17 Lacs was received from the Director of Industries, Govt of Harayana ,Haryana by the Company on establishment of unit in the specified area and a second charge was created in 1996-97 on the Plant & Machinery and Building of that unit. The company had duly complied the establisment and running formalities by 2003 and satisfaction of charge is in process. Their is no liabilities against the same.

Estimated amount of contracts remaining to be executed on capital account not provided Jor in the accounts Rs. NIL

(Previous Year Rs. NIL)

1.2 No Dividend on Preference Shares and Equity Shares proposed by Directors due to accumulated losses,

1.3 In the opinion of the Board of Directors, current assets. Loans & advances are of the value at least equal to the amounts at which they are stated, if realized in the ordinary course of the business and provisionsfor all known liabilities have b^sn made intheaccounts.

1.4 Previousyear''s figures have been regrouped and rearranged whereverconsidered necessary.

1.5 Ali figures are in Indian rupees except number of shares and as stated otherwise.


Mar 31, 2011

1. In the opinion of the Board of Directors, Current Assets, Loans & Advances are realizable at the value at which they are stated in the Balance Sheet in the - ordinary course of business

2. During the year under report, there was no employee drawing a salary exceeding the limits prescribed u/s 217 (2A) of the Companies Act, 1956 read with rules made there under.

3. Previous year figures have been regrouped and re-arranged, wherever considered necessary.

4. Mehted Party Transactions:

In terms of Accounting Standard AS-18 issued by The Institute of Chartered Accountants of India, the related party transactions for the financial year 2010- 2011, is as under.

5. Earning Per Share:

As per the Accounting Standard (AS-20) on Earning Per Share (Basic and Diluted), issued by the Institute of Chartered Accountants of India, the earning per share of the Company is as under:


Mar 31, 2010

1. In the opinion of the Board of Directors, Current Assets, Loans & Advances are realizable at the value at which they are stated in the Balance Sheet in the ordinary course of business

2. During the year under report, there was no employee drawing a salary exceeding the limits prescribed u/s 217 (2A) of the Companies Act, 1956 read with rules made thereunder.

3. Previous year figures have been regrouped and re-arranged, wherever considered necessary.

4. The balance of the creditors / debtors is subject to confirmation by parties.

5. Related Party Transactions:

In terms of Accounting Standard AS-18 issued by The Institute of Chartered Accountants of India, the related party transactions for the financial year 2009-2010, is as under.

1) Key Managerial Persons and their Relatives

Mr. Inder Bansal Managing Director

Mr. Arun Jain Director

Mr. Rajesh Girotra Director

Mr. Anil Kumar Jain Director

Enterprises over which the Directors or their relatives has influence

(a) Panoptic Alliance (P) Limited Transaction held with the related parties

6. Segment Reporting:

Nil - Since there is no business in the field of extraction of oil and the business activities of the company are limited to the business in the fields of information technology.

7. Outstanding Listing Fee:

No Outstanding listing fee is Pending of Bombay, Delhi, Ahmedabad and Ludhiana Stock Exchanges. All the listing fee is paid during the year.

8. Contingent Liability:

Some of the labours have filed suits in various courts against their claim of gratuity & other benefits. The company on its estimate basis had already provided gratuity liability in previous years, The management has indicated that since it has been very long and even most of the parties are not even claming and pursuing the same. Therefore it has been decided that provision earlier made is no longer required as there are very gloomy chances of the payment of the same. However the company is contingently liable for the amount of provision which was earlier made by the company i.e. Rs. 271447/- Moreover some provision in respect of sales tax amounting to Rs.61785.50/- was also made by the company in previous years. However in the opinion of the management there are also no longer required and written off in previous years.

9. No provision for Income tax has been made due to carried forward losses further the company has not recognized the net deferred tax assets arises out of carried forward losses under income tax act in view of uncertainty regarding the availability of future profit against which this asset could be realized.

 
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