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Notes to Accounts of E.com Infotech (India) Ltd.

Mar 31, 2015

Note 1. Deferred Tax Liabilities / Assets (net)

In accordance with the Accounting Standard 22 on" Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India, Deferred tax assets and liabilities should be recognized for all timing differences in accordance with the said standard.

Note 2. Related Party Transactions

a) List of Related Parties

Key Management Personnel Priya Chaudhary Managing Director Ashwin Chaudhary Director Dalpat Tabhajibhai Anjaria Director

Note 3. Expenses in foreign currency : NIL (P.Y. NIL) Earnings in foreign currency : NIL (P.Y. NIL)

Note 4. During the year, the company has not carried on more than one activity. Therefore Segment Reporting as per AS17 is not applicable to the Company.

Note 5. Previous year's figures have been regrouped / rearranged wherever necessary, so as to make them comparable with those of the current year.

NOTES:

A) No Provision has been made for Sundry debtors doubtful of recovery amounting to Rs.3,65,79,872/- (P.Y. Rs.3,65,79,872/-)

B) The Debtors and Creditors balances and loans and advances including advance given against supplies and capital equipment either debit or credit and other liabilities are subject to confirmation and reconciliation is necessary and it will have consequential effect to the loss of the company which cannot be quantified at this stage.

C) In the opinion of the board the current assets, loans and advances have a value on the realization in the ordinary Course of Business at least equal to the amount at which they are stated in Balance Sheet and are as certified by them

D) Sundry Debtors includes debtors outstanding exceeding six months amounting to Rs.3,65,79,872/-(P.Y. Rs.3,65,79,872/-) against sales. In the opinion of management all of them are fully receivable except what is mentioned in the clause 2 of this Note to Accounts regarding the recovery for which no provision has been made in the books of accounts.


Mar 31, 2014

1. Contingent liabilities not provided for (a) allotment money on equity shares of M/s. Pitti Cement & Industries Ltd. amounting Rs. 16,500/- (P.Y. Rs. 16,500/-)

2. No Provision has been made for Sundry debtors doubtful of recovery amounting to Rs.3,65,79,872/- (P.Y. Rs.3,65,79,872/-)

3. The Debtors and Creditors balances and loans and advances including advance given against supplies and capital equipment either debit or credit and other liabilities are subject to confirmation and reconciliation is necessary and it will have consequential effect to the loss of the company which cannot be quantified at this stage.

4. In the opinion of the board the current assets, loans and advances have a value on the realization in the ordinary Course of Business at least equal to the amount at which they are stated in Balance Sheet and are as certified by them

5. Sundry Debtors includes debtors outstanding exceeding six months amounting to Rs.3,65,79,872/- (P.Y. Rs.3,65,79,872/-) against sales. In the opinion of management all of them are fully receivable except what is mentioned in the clause 2 of this Note to Accounts regarding the recovery for which no provision has been made in the books of accounts.

6. Related Party Disclosures:

(I) As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the disclosures of Related Parties with whom the transactions have taken place and transactions during the year as deemed in the Accounting Standard are given below:

(A) Associate Company: Nil

(B) Key Managerial Personnel: Ashwin Chaudhary

Priya Chaudhary

(II) Details of transactions with the related parties stated in (I) above:

Note:

1) Related parties are being recognized / identified by the management and relied upon by the auditors.

2) Previous year''s figures are given in bracket.

7. Previous year figures have been regrouped rearranged or rearranged or reclassified wherever necessary.

8. Information pursuant to the provisions of paragraph 3, 4C, 4D of part of schedule VI to the Companies Act, 1956 are as under.,

Value of Imports on CIF basis Rs. NIL (P.Y. NIL)

Earning in Foreign Exchange Rs. NIL (P.Y.NIL)

Expenditure in Foreign Currency: Purchase Rs.NIL (P.Y. 3,30,093/-)

: Investments Rs.NIL (P.Y.NIL)

9. The Company has changed its name from EVEREST MARKETING LIMITED to E.COM INFOTECH INDIA LIMITED w.e.f. 14th January, 2000.

 
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