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Notes to Accounts of IB Infotech Enterprises Ltd.

Mar 31, 2014

1. (a) Detailed note on the terms of the rights, preferences and restrictions relating to each class of shares including restrictions on the distribution of dividends and repayment of capital.

i) The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share.

ii) In the event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the shareholders.

Note 2 -Previous year figures

The figures of the previous year have been re-arranged, re-grouped and re- classified wherever necessary.


Mar 31, 2013

1. Estimated amount of capital commitments not provided for Rs. NIL (net of advance) Previous year Rs. NIL)

2. The Sales Tax Authority at Palakkad-Kerala has issued the sales tax assessment order for the year 1998-99 demanding Sales - Tax for Rs. 1,74,766/- from the company. The Company is contesting the said order.

3. The Sales-Tax Authority at Agra has issued the sales tax assessment order demanding Sales-Tax of-Rs.44,261/- for the assessment year 1997-98. The Company is contesting the said order.

1. SEGMENT REPORTING

The Company has only one business viz, manufacturing of Coconut based products. The Company is operating in one Geographical segment. Therefore, there is no need to give separate segment results.

5. DEFERRED TAX

The Company provides for Deferred Tax using Liability method based on the tax effect of timing difference resulting from the recognition of items in the financial statement. Deferred Tax Assets are recognized only if reasonable possibility of adjustment is there.

a) Earnings in Foreign Currency : NIL (Previous Year Rs. Nil

b) Expenditure in Foreign Currency : NIL (Previous Year Rs. Nil)

6. Some of the Debit / Credit balances are subject to confirmations.

7. Information under Clause 3 [i][a], 3[ii], 4-C, 4-D of Part-II of Schedule VI of the Companies Act, 1956.

Since there is no manufacturing activities during the year and in previous year, no information as regards to the production, turnover consumption etc., are given.

8. Figures have been rounded off to the nearest rupees and the figures of the previous year have been re-grouped wherever necessary.

9. The Company has not received any intimation from "suppliers" regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.


Mar 31, 2012

Current Year Previous Year

1) Contingent liabilities not provided for NIL NIL

a) The current assets, Loans and advances are approximately of the stated, if realized in the ordinary course of business.

b) The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

I. Deferred Tax

The Company provides for deferred tax using liability method based on the tax effect of liming difference resulting from the recognition of items in the financial statements. Deferred tax assets are recognized only if reasonable possibility of adjustment is there. During the year under review the company has written off the deferred tax provisions.

II. Depreciation.

The company had obsolete assets on which no depreciation is provided by the company. Further, the company has written off these obsolete Tixed assets during the year under audit.

Additional information required under Para 3, 4-C and 4-D in part II of schedule VI of the Companies Act, 1956. (As certified by the managing Director and upon by the Auditors) is NIL.

Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with the current year figures.


Mar 31, 2011

1. Current Year Previous Year

1) Contingent liabilities not provided for NIL NIL

2) In the opinion of the Directors:

a) The current assets, Loans and advances are approximately of the stated, if realized in the ordinary course of business.

b) The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

I. Deferred Tax

The Company provides for deferred tax using liability method based on the tax effect of timing difference resulting from the recognition of items in the financial statements. Deferred tax assets are recognized only if reasonable possibility of adjustment is there. During the year under review the company has written off the deferred tax provisions.

II. Depreciation.

The company had obsolete assets on which no depreciation is provided by the company. Further, the company has written off these obsolete fixed assets during the year under audit. Additional information required under Para 3, 4-C and 4-D in part II of schedule VI of the Companies Act, 1956. (As certified by the managing Director and upon by the Auditors) is NIL. Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with the current year figures.

3. Estimated amount of capital commitments not provided fpr Rs. NIL (net of advance) Previous year Rs.NIL)

4. The Sales Tax Authority at Palakkad-Kerala has issued the sales tax assessment order for the year 1998-99 demanding Sales - Tax for Rs. 1,74,766/- from the company. The Company is contesting the said order.

5. The Sales-Tax Authority at Agra has issued the sales tax assessment order demanding Sales-Tax of Rs.44,261/- for the assessment year 1997-98. The Company is contesting the said order.

6. SEGMENT REPORTING

The Company has only one business viz, manufacturing of Coconut based products. The Company is operating in one Geographical segment. Therefore, there is no need to give separate segment results.

7. RELATED PARTY DISCLOSURES

Nature of Relationship

1) Harlen Fine Foods SHAREHOLDER

2) Double Cola Beverages Ltd. BUSINESS ASSOCIATE

3) Worldwide Management Consultants Pvt. Ltd. : BUSINESS ASSOCIATE KEY MANAGEMENT PERSONNEL Transaction with Related Parties With Worldwide Management Consultants Pvt. Ltd. Reimbursement of Expenses

8 DEFERRED TAX

The Company provides for Deferred Tax using Liability method based on the tax effect of timing difference resulting from the recognition of items in the financial statement. Deferred Tax Assets are recognized only if reasonable possibility of adjustment is there.

a) Earnings in Foreign Currency : NIL (Previous Year Rs. Nil)

b) Expenditure in Foreign Currency : NIL (Previous Year Rs. Nil)

9. Some of the Debit / Credit balances are subject to confirmations.

10. Information under Clause 3 [i][a], 3[ii], 4-C, 4-D of Part-II of Schedule VI of the Companies Act, 1956.

Since there is no manufacturing activities during the year and in previous year, no information as regards to the production, turnover consumption etc., are given.

11. Figures have been rounded off to the nearest rupees and the figures of the previous year have been re-grouped wherever necessary.

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