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Notes to Accounts of Aikyam Intellectual Property Consultancy Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES:

(a) Guarantees issued by Bank on behalf of the company Rs. NIL (Previous year Rs. NIL)

(b) The management has not certified contingent liabilities as on close of the financial year. They have not provided any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other items for which the company may be contingently liable.

2. In the opinion of the Directors, all current assets, debtors, loans and advances have a value on realization in the ordinary course of business at-least equal to the amount at which they are stated in these accounts.

3. Audit Fees of Rs.25,000/- to auditors is for Audit work and certification.


Mar 31, 2013

1. The valuation of inventories consisting of raw material, work in progress, stores and spares parts, packing material and goods in transit, continues to be on the basis of "Cost or Market Price, whichever is lower". However, as the company is not carrying on any operations and the inventories having become quite obsolete, the valuation should be made on the basis of "Net Realizable Value". The loss arising to the company and the matter being technical in nature, we are unable to comment on the same. However as per the decision of the management the stock balance has been written off.

2. CONTINGENT LIABILITIES:

(a) Guarantees issued by Bank on behalf of the company Rs. NIL (Previous year Rs. NIL)

(b) The management has not certified contingent liabilities as on close of the financial year. They have not provided any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other items for which the company may be contingently liable.

3. a) Liability of deferred Sales Tax, CST, MPST etc. pertaining to old accounting years could not be verified in the absence of relevant records and we have relied on book balances.

b) Sales tax liability for the current financial year 2012-2013 as reflected in the books could not be verified by us, since sales tax returns were not produced during the course of our audit for our verification. Therefore we were unable to comment on the exact liability for the current financial year.

c) In the absence of reasonable records we are unable to determine the liabilities of interest on account of non-payment of sales tax/delayed payment. The management is of the opinion that it will get a reduction/waiver towards this liability under BIFR Package. Any liability finally determined will be accounted for in the financial year in which it will be finally determined and settled. To this extent profit is overstated and liability for the year is also understated.

In the opinion of the Directors, all current assets, debtors, loans and advances have a value on realization in the ordinary course of business at-least equal to the amount at which they are stated in these accounts.

4. The company could not produce confirmation of Balances from Debtors, Creditors, Loans & Advances given and received and therefore balance as per Books of Accounts are relied upon.

5. No interest is being charged/ paid on current accounts/ advances given/received.

6. The Company is Sick Industrial Company within the meaning of clause (o) of sub-section 3 of the Sick Industrial / Companies (Special Provision) Act, 1985 and is being registered with BIFR.

7. The suspension in trading of Equity Shares of the Company has been revoked by BSE vide its Notice No. 20120928-13 dated September 28, 2012, w.e.f. October 05, 2012. Company has paid outstanding listing fees and re-instatement fee to Bombay Stock Exchange Limited.

8. Provision for payments to Auditor''s includes for tax matters and other matters Rs. 25,000/-.

9. Sales Expenses amounting to Rs. NIL previous year Rs. Nil are paid to the companies in which some of the Directors are interested as Directors.


Mar 31, 2012

1. The valuation of inventories consisting of raw material, work in progress, stores and spares parts, packing material and goods in transit, continues to be on the basis of "Cost or Market Price, whichever is lower". However, as the company is not carrying on any operations and the inventories having become quite obsolete, the valuation should be made on the basis of "Net Realizable Value". The loss arising to the company and the matter being technical in nature, we are unable to comment on the same. However as per the decision of the management the stock balance has been written off.

2. CONTINGENT LIABILITIES:

(a) Guarantees issued by Bank on behalf of the company Rs. NIL (Previous year Rs. NIL)

(b) The management has not certified contingent liabilities as on close of the financial year. They have not provided any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other items for which the company may be contingently liable.

3. a) Liability of deferred Sales Tax, CST, MPST etc. pertaining to old accounting years could not be verified in the absence of relevant records and we have relied on book balances. As per the information given to us a sum of Rs. 8198511.00 has been paid by the company during the year towards such liability.

b) Sales tax liability for the current financial year 2011-2012 as reflected in the books could not be verified by us, since sales tax returns were not produced during the course of our audit for our verification. Therefore we were unable to comment on the exact liability for the current financial year.

c) In the absence of reasonable records we are unable to determine the liabilities of interest on account of non-payment of sales tax/delayed payment. The management is of the opinion that it will get a reduction/waiver towards this liability under BIFR Package. Any liability finally determined will be accounted for in the financial year in which it will be finally determined and settled. To this extent profit is overstated and liability for the year is also understated.

4. In the opinion of the Directors, all current assets, debtors, loans and advances have a value on realization in the ordinary course of business at-least equal to the amount at which they are stated in these accounts.

5. The company could not produce confirmation of Balances from Debtors, Creditors, Loans & Advances given and received and therefore balance as per Books of Accounts are relied upon.

6. No interest is being charged/ paid on current accounts/ advances given/received.

7. The Company is Sick Industrial Company within the meaning of clause (o) of sub-section 3 of the Sick Industrial / Companies (Special Provision) Act, 1985 and is being registered with BIFR.

8. The Company has defaulted in getting it re listed on the Stock Exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to date payment and arrears of any payment, if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years, on any stock exchange.

9. Provision for payments to Auditor's includes for tax matters and other matters Rs. 25000/-.

10. Sales Expenses amounting to Rs. NIL previous year Rs. Nil are paid to the companies in which some of the Directors are interested as Directors.

11. Earnings as per share:


Mar 31, 2011

1. The valuation of inventories consisting of raw material, work in progress, stores and spares parts, packing material and goods in transit, continues to be on the basis of "Cost or Market price , whichever is lower". However, as the company is not carrying on any operations and the inventories having become quite obsolete, the valuation should be made on the basis of "Net Realisable Value". The loss arising to the company and the matter being technical in nature, we are unable to comment on the same.

2. CONTINGENT LIABILITIES:

(a) Guarantees issued by Bank on behalf of the company Rs. NIL (Previous year Rs. NIL)

(b) The management has not certified contingent liabilities as on the close of the financial year. They have not provided any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other items for which the company may be contingently liable.

3. a) Liability of deferred Sales Tax of Rs. 2,29,77,186/- (previous year Rs. 2,47,84,709/-) could not be verified in the absence of relevant records and we have relied on book balances.

b) Sales tax liability for the current financial year 2010-2011 as reflected in the books could not be verified by us, since sales tax returns were not produced during the course of our audit for our verification. Therefore we were unable to comment on the exact liability for the current financial year.

c) In the absence of reasonable records we are unable to determine the liabilities of interest on account of non-payment of sales tax/delayed payment. The management is of the opinion that it will get a reduction/waiver towards this liability under BIFR package. Any liability finally determined will be accounted for in the financial year in which it will be finally determined and settled. To this extent loss is understated and liability for the year is also understated.

4. In the opinion of the Directors, all current assets, debtors, loans and advances have a value on realization in the ordinary course of business at-least equal to the amount at which they are stated in these accounts.

5. The company could not produce confirmation of Balances from Debtors, Creditors, Loans & Advances given and received and therefore balance as per Books of Accounts are relied upon.

6. The management has carried out the physical verification and valuation of stocks. The Management's valuation has been relied upon since the matter is technical in nature as stated to us.

7. No interest is being charged/paid on current accounts/ advances given/received.

8. The Company is Sick Industrial company within the meaning of clause(o) of sub-section 3 of the Sick Industrial/ Companies (Special Provision)Act, 1985 and is being registered with BIFR.

9. The Company has defaulted in getting it relisted on the Stock Exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to Date payment and arrears of any payment, if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years, on any stock exchange.

10. The directors do not fall within the disqualification as specified by Section 274 (1) (g).

11. Provision for other payments to Auditor's include tax matters and other matters Rs.25000/-

12. Sales Expenses amounting to Rs. NIL previous year Rs. NIL are paid to the companies in which some of the Directors are interested as Directors.

13. Additional information pursuant to the provisions of Schedule VI of the Companies Act, 1956.

A. Production Data

The required data has not been made available to us.

B. Finished Goods (Manufactured)

The required data has not been made available to us.

- The above data being technical nature we have relied upon management information & valuation.

14. Figures have been rounded off to the nearest rupee. Previous year figures have been re-classified wherever necessary to conform to the classification adopted for the current year.

15. Schedule 1 to 10 form an integral part of the Balance Sheet and Profit & Loss account and have been duly authenticated.


Mar 31, 2010

1. The valuation of inventories consisting of raw material, work in progress, stores and spares parts, packing material and goods in transit, continues to be on the basis of "Cost or Market price , whichever is lower". However, as the company is not carrying on any operations and the inventories having become quite obsolete, the valuation should be made on the basis of "Net Realisable Value". The loss arising to the company and the matter being technical in nature, we are unable to comment on the same.

2. CONTINGENT LIABILITIES:

1(a) Guarantees issued by Bank on behalf of the company Rs. NIL (Previous year Rs. NIL)

(b) The management has not certified contingent liabilities as on the close of the financial year. They have not provided any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other items for which the company may be contingently liable.

3. In the opinion of the Directors, all current assets, debtors, loans and advances have a value on realization in the ordinary course of business at-least equal to the amount at which they are stated in these accounts.

4. The company could not produce confirmation of Balances from Debtors, Creditors, Loans & Advances given and received and therefore balance as per Books of Accounts are relied upon.

5. The physical verification and valuation of stocks have been carried out by the management. The Management's valuation has been relied upon since the matter is technical in nature as stated to us.

6. No interest is being charged/paid on current accounts/ advances given/received.

7. The Company is Sick Industrial company within the meaning of clause(o) of sub-section 3 of the Sick Industrial/ Companies (Special Provision)Act, 1985 and is being registered with BIFR.

8. The Company has defaulted in getting it relisted on the Stock Exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the up to Date payment and arrears of any payment, if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years, on any stock exchange.

9. Additional information pursuant to the provisions of Schedule VI of the Companies Act, 1956.

A. Production Data

The required data has not been made available to us. However there was no production during the year.

B. Finished Goods (Manufactured)

The required data has not been made available to us. However there was no production or sale for the year.

Components, spare parts & consumables

- The above data being technical nature we have relied upon management information & valuation.

b) Employees drawing not less than Rs. 2,00,000/- per month and employed part of the year:

10. Figures have been rounded off to the nearest rupee. Previous year figures have been re-classified wherever necessary to conform to the classification adopted for the current year.

11. Earnings per share:

The following is a computation of earnings as per share and a reconciliation of the equity shares used in the computation of basic and diluted earnings as per share.

12. Schedule 1 to 9 form an integral part of the Balance Sheet and Profit & Loss account and have been duly authenticated.


Mar 31, 2009

1. The valuation of inventories consisting of raw material, work in progress, stores and spares parts, packing material and goods in transit, continues to be on the basis of "Cost or Market price , whichever is lower". However, as the company is not carrying on any operations and the inventories having become quite obsolete, the valuation should be made on the basis of "Net Realisable Value". The loss arising to the company and the matter being technical in nature, we are unable to comment on the same.

2. CONTINGENT LIABILITIES:

(a) Guarantees issued by Bank on behalf of the company Rs. NIL (Previous year Rs. NIL)

(b) The management has not certified contingent liabilities as on the close of the financial year. They have not provided any detail with regard to contingent liabilities towards claims against the company not acknowledged as debt, liability on account of forward exchange contracts, guarantees given on behalf of constituents (i) in India (ii) outside India, acceptance, endorsement and other obligations and other items for which the company may be contingently liable.

3. Working capital loan from Bank of Bawia is secured by hypothecation of stocks consisting of raw materials, consumable stores and spares.

4. In the opinion of the Directors, all current assets, debtors, loans and advances have a value on realization in the ordinary course of business at-least equal to is amount at which they are stated in these accounts.

5. The company could not produce confirmation of Balances from Debtors, Creditors, Loans & Advances given and received and therefore balance as per Books of Accounts are relied upon.

6. The physical verification and valuation of stocks have been carried out by the management. The Management's valuation has been relied upon since the matter is technical in nature as stated to us.

7. No interest is being charged/paid on current accounts/ advances given/received.

8. The Company is Sick Industrial company within the meaning of clause(o) of sub-section 3 of the Sick Industrial/ Companies (Special Provision)Act, 1985 and is being registered with BIFR.

9. The Company has defaulted in getting it relisted on the Stock Exchange in spite of its claim for having paid the listing fee to Bombay Stock Exchange. However, we were unable to verify the upto date payment and arrears of any payment, if any, and to the extent of unpaid fee the loss is understated and liability is also understated. Company's share at present is not dealt for several years, on any stock exchange.

10. Additional information pursuant to the provisions of Schedule VI Of the Companies Act, 1956.

A. Production Data

The required data has not been made available to us. However there was no production during the year.

B. Finished Goods (Manufactured)

The required data has not been made available to us. However there was no production or sale for the year.

The above data being technical nature we have relied upon management information & valuation.

11. Figures have been rounded off to the nearest rupee. Previous year figures have been re-classified wherever necessary to conform to the classification adopted for the current year.

12. Schedule 1 to 9 form an integral part of the Balance Sheet and Profit & Loss account and have been duly authenticated.

 
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