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Notes to Accounts of IKF Technologies Ltd.

Mar 31, 2015

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary.

2. In terms of Accounting Standard 22, issued by the Institute of Chartered Accountants of India, for Current Year, there is a net Deferred Tax Asset of Rs. 54.11 Lakhs which has been adjusted against current year's Profit. The Deferred Tax Liability as on 31.03.2015 is Rs. 34.10 Lakhs due to timing difference in Depreciable Assets.

3. Pursuant to the enactment of the Companies Act 2013, the Company has applied the estimated useful lives as specified in Schedule II. Accordingly the unamortized carrying value is being depreciated/amortized over the revised/remaining useful lives. The written down value of fixed assets whose lives has expired as at 1st April, 2014 has been adjusted with retained earnings for Rs. 91.55 Lakhs.

4. As per Accounting Standard 15 "Employees Benefit", the disclosures of Employees benefits as defined in the Accounting Standard are given below :

5. Related Party Disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

(a) Subsidiaries and entities where control exists :

IKF Technologies PTY Ltd.

IKF Telecom Inc.

BIOFEL FZE IKF Green Fuel Ltd.

R2R Seva

(b) Key Management Personnel:

Key Executive Management Personnel of the Company represented on the Board:

Mr. Sunil Kumar Goyal Whole Time Director Non Executive / Independent Director on the Board

Mr. Pradeep Dutta Director

Mr. N.V. Simhadri Director

Ms. Nidhi Sharma Director

Mr. Umesh Bhat Director

6. Business Segments :

The Company is engaged primarily in providing services relating to Information Technology and Business Process Outsourcing (BPO) and there are no separate reportable segments as per Accounting Standard 17 (Segment Reporting).

7. The management has carried out an impairment test in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India on all its Cash Generating Units (CGU). As there was no impairment, no provision has been made in the books. (Rs. in '000)

8. The Balances of Debtors, Creditors & Advances are subject to confirmation.

As per para 42 of Indian Accounting Standard 32, management decided for Settlement of an amount of Rs.12178.52 Lakhs due to Creditors against amount due from Debtors.

9. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

10. Contingent Liabilities :

i) The company has furnished a Performance Bank Guarantee of Rs. 200.00 Lakhs from ICICI Bank Ltd. in respect of the ISP License to the Department of Telecommunication (DOT).

ii) The company has lien on FDR for Rs. 48.04 Lakhs of Corporation Bank to e-Mitra Society for various districts

iii) The company has received a demand order from the Income Tax Department of Rs. 242.93 Lakhs for the Assessment Year 2011-12 for which the case is pending before CIT (Appeals) - I/Kolkata.

iv) The company has received a demand order from the Income Tax Department of Rs. 24.24 Lakhs for the Assessment Year 2012-13 for which the case is pending before CIT (Appeals) - I/Kolkata.

11. SEBI has issued a notice to the company that it is not suppose to issue any further equity shares or any other instrument convertible into equity shares or alter their share capital in any manner without its directions.

12. The figures of Jaipur Branch have been incorporated on the basis of the financial statement received from the branch.

13. Previous year's figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.

14. Terms/rights attached to equity shares:

The company has only one class of equity shares having par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share.

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.


Mar 31, 2014

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary.

2. In terms of Accounting Standard 22, issued by the Institute of Chartered Accountants of India, for Current Year, there is a net Deferred Tax Asset of Rs. 13,98,650/- which has been adjusted against current year''s Profit. The Deferred Tax Liability as on 31.03.2014 is Rs. 88,20,706/- due to timing difference in Depreciable Assets.

3. Related Party Disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

(a) Subsidiaries and entities where control exists :

IKF Technologies PTY Ltd. IKF Telecom Inc. BIOFEL FZE IKF Green Fuel Ltd. R2R Seva

(b) Key management personnel:

Key executive management personnel of the company represented on the Board:

Mr. Sunil Kumar Goyal Whole Time Director

Non executive / independent director on the board

Mr. Pradeep Dutta Director

Mr. N.V. Simhadri Director

Ms. Nidhi Sharma Director

Mr. Umesh Bhat Additional Director

4. Business Segments :

The Company is engaged primarily in providing services relating to Information Technology and Business Process Outsourcing (BPO) and there are no separate reportable segments as per Accounting Standard 17 (Segment Reporting).

5. The Company is mainly engaged in the business of IT enabled services & project and Business Process Outsourcing operations (BPO). Such services are not capable of being expressed in any generic unit and hence it is not possible to give the quantitative details required under paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act 1956.

6. The management has carried out an impairment test in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India on all its Cash Generating Units (CGU). As there was no impairment, no provision has been made in the books.

7. The Balances of Debtors, Creditors & Advances are subject to confirmation.

8. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

9. Contingent Liabilities :

i) The company has furnished a Performance Bank Guarantee of Rs. 200.00 Lakhs from ICICI Bank Ltd. in respect of the ISP License to the Department of Telecommunication (DOT).

ii) The company has lien on FDR for Rs. 44.38 Lakhs of Corporation Bank to e-Mitra Society for various districts

iii) The company has received a demand order from the Income Tax Department of Rs. 347.85 Lakhs for the Assessment Year 2010-11 for which the case is pending before CIT (Appeals).

iv) The company has received a demand order from the Income Tax Department of Rs. 242.93 Lakhs for the Assessment Year 2011-12 for which the case is pending before CIT (Appeals).

10. SEBI has issued a notice to the company that it is not suppose to issue any further equity shares or any other instrument convertible into equity shares or alter their share capital in any manner without its directions.

11. The figures of Jaipur Branch have been incorporated on the basis of the financial statement received from the branch.

12. Previous year''s figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.

(a) Terms/rights attached to equity shares:

The company has only one class of equity shares having par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share.

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.


Mar 31, 2013

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary,

2. In terms of Accounting Standard 22, Issued by the Institute of Chartered Accountants of India, for Current Yeart there is a net Deferred Tax Liability of Rs. 9,88,074/- which has been adjusted against current year''s Profit. The Deferred Tax Liability as on 31.03.2013 is Rs. 1,02,19.356/- due to timing difference In Depreciable Assets.

3. Related Party Disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India :

(a) Subsidiaries and entities where control exists : IKF Technologies PTY Ltd.

IKF Telecom Inc. BIOFEL FZE IKF Green Fuel Ltd. R2R Seva

(b) Key Management Personnel :

Key Executive Management Personnel of the Company represented on the Board :

Mr Sunil Kumar Goyal Whole Time Director

Non Executive / Independent Directors on the board

Mr. Gajanand Gupta Director

Mr. Pradeep Dutta Director

Mr. N. V. Simhadri Director

Ms. Nidhi Sharma Director

4. Business Segments :

The Company is engaged primarily tn providing services relating to Information Technology and Business Process Outsourcing (BPO) and there are no separate reportable segments as per Accounting Standard 17 (Segment Reporting).

5. The Company is mainly engaged in the business of IT enabled services & project and Business Process Outsourcing operations (BPQ), Such services are not capable of being expressed in any generic unit and hence it is not possible to give the quantitative details required under paragraph 3h 4C and 4D of Part II of Schedule VI to the Companies Acth 1956.

6. The Management has carried out an impairment test in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India on all its Cash Generating Units (CGU). As there was no impairment, no provision has been made in the books.

7. During the year Pre-Operative Expenses amounting to Rs. 3.16,00,854/- were assigned to Sundry Creditors as the Company is no more engaged in carrying out the related activities.

8. The Company has decided to apply for "Service Tax Voluntary Compliance Encouragement Scheme (VCES) 2013'''' as prescribed under Finance Bih 2013-14, which got the assent of President of India on 10th May, 2013 to discharge its service tax liabilities, as per Note No. 9 annexed to the Auditor''s Report.

9. The Balances of Debtors, Creditors & Advances are subject to confirmation.

10. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

11. Contingent Liabilities :

i) The Company has furnished a Performance Bank Guarantee ofRs. 200.00 Lakhs from ICICI Bank Ltd. and a Financial Bank Guarantee of Rs. 10.00 Lakhs from UCO Bank in respect of ISP License to the Department of Telecommunication (DOT).

ii) The Company has lien on FDR for Rs. 47.76 Lakhs of Corporation Bank to e-Mitra Society for various districts.

iii) The Company has received a demand order from the Income Tax Department of Rs. 103,41 Lakhs for the Assessment Year 2009-10 for which the case is pending before CIT (Appeals).

iv) The Company has received a demand order from the Income Tax Department of Rs. 347.85 Lakhs for the Assessment Year 2010-11 for which the case is pending before CIT (Appeals)

12. The figures of Jaipur Branch has been incorporated on the basis of financial statement received from the respective branch, which is subject to confirmation.

13. SEBI has issued a notice to the Company that it is not supposed to issue any further Equity Shares or any other instrument convertible into Equity Shares or alter their Share Capital in any manner without its directions.

14. Previous years figures have been regrouped/rearranged wherever necessary, to confirm to the current period presentation.


Mar 31, 2012

1. SEBI has issued a notice to the company that it is not suppose to issue any further equity shares or any other instrument convertible into equity shares or alter their share capital in any manner without its directions.

2. The figures of Jaipur Branch has been incorporated on the basis of the financial statement received from the branch, which is subject to confirmation.

3. Previous year's figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.

4. Figures in brackets shows negative balances

5. Note '1 to '46' form an integral part of accounts and have been duly authenticate


Mar 31, 2011

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary.

2.Net Deferred Tax Assets for the year of Rs. 27,09,827/- as per Accounting Standards 22 on Accounting for Taxes on Income pertaining to the timing differences between the accounting income and the taxable income has been recognized by the management in the Profit & Loss Account. Component of Net Deferred Tax Liability as on 31.03.2011 is as under :

7.Related Party Disclosure in accordance with Accounting Standards 18 issued by the Institute of Chartered Accountants of India :

(a) Subsidiaries and entities where control exists : IKF Technologies PTY Ltd.

IKF Telecom Inc.

Falcon Search.Corn L.L.C IKF Green Fuels Ltd. R2R Seva

(b) Key management personnel :

Key executive management personal of the company represented on the Board :

Mr. Mukesh Goyal Whole Time Director

Mr. Manoj Rungta Executive Director

Non executive / independent director on the board

Dr. R.P.Singh Chairman

Mr. Gajanand Gupta Director

Dr. B B L Madhukar Director

Mr.N. V. Simhadri Director

Ms Uma Iyer Rawla Director

Mr. Pradeep Dutta Director

8.The disclosure requirement of Accounting Standards 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India :

The disclosure requirement of Accounting Standards 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the company is not required to report primary segments information on consolidation basis including the business conducted through its subsidiary as the Groups operation predominantly relates to provide information technology and business process outsourcing (BPO) service delivered to clients.

10. The Company is mainly engaged in the business of IT enabled services & project and business process outsourcing operations (BPO). Such services are not capable of being expressed in any generic unit and hence it is not possible to give the quantitative details required under paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act 1956.

11.The management has carried out an impairment test in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India on all its cash generating units (CGU). As there was no impairment, no provision has been made in the books.

13. The Balances of Debtors, Creditors & Advances are subject to confirmation.

14. The Company does not posses information as to which of its suppliers are ancillary industrial undertakings / small scale industrial undertaking holding permanent registration certificate issued by the Directorate of Industries of a State or Union territory. The interest on delayed payment to small scale and ancillary industrial undertaking Ordinance 1992, cannot be ascertained. However the company has not received any claim in respect of interest.

15. Contingent Liabilities :

i) The company has furnished a Performance Bank Guarantee of Rs. 2,00,00,000 of ICICI Bank Ltd. and a Financial Bank Guarantee of Rs.10,00,000 of Corporation Bank in respect of the ISP License to Department of Telecommunication(DoT).

ii) The company has lien on FDR for Rs. 96,14,000/- of Corporation Bank to e-Mitra Society for various districts in Rajasthan.

iii) Contingent Liability in respect of purchase of Fixed Assets Rs. 20,00,000/- given to HDFC Bank Ltd on behalf of M/s. Vanguard Info Solutions (P) Ltd.

16. Exchange fluctuation under Capital reserve in Schedule -2 represents the difference between the transaction rate & realization rate of foreign currency repatriated in India during the financial year related with the GDR issue.

17.Previous years figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.

18 . Figures in brackets shows negative balances

19 . Schedule ‘1 to ‘14 form an integral part of accounts and have been duly authenticate


Mar 31, 2010

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary.

2. The company’s software development centers in India are Software Technology Park (STP) units under the Software Technology Park guidelines issued by the Government of India. They are exempted from customs and central excise duties and levies on imported and indigenous capital goods. The company has executed legal undertakings to pay customs duty in respect of imported capital goods in the event of certain terms and conditions are not fulfilled.

3. Estimated amount of contracts remaining to be executed on Capital account (net of advances) and not provided for as at 31st March 2010 Rs.NIL

4. Related Party Disclosure in accordance with Accounting Standards 18 issued by the Institute of Chartered Accountants of India :

(a) Subsidiaries and entities where control exists : IKF Technologies PTY Ltd.

IKF Telecom Inc.

Falcon Search.Com L.L.C

IKF Green Fuels Ltd.

Netwatch Digital Solutions Private Limited

R2R Seva

(b) Key management personnel :

Key executive management personal of the company represented on the Board :

Mr. Mukesh Goyal Whole Time Director

Mr. Pradeep Dutta Executive Director

Non executive / independent director on the board

Dr. R.P.Singh Chairman

Mr. Pradeep Kumar Director

Mr. Gajanand Gupta Director

Dr. B B L Madhukar Director

5. The disclosure requirement of Accounting Standards 17 “Segment Reporting” issued by the Institute of Chartered Accountants of India :

The disclosure requirement of Accounting Standards 17 “Segment Reporting” issued by the Institute of Chartered Accountants of India, the company is not required to report primary segments information on consolidation basis including the business conducted through its subsidiary as the Group’s operation predominantly relates to provide information technology and business process outsourcing (BPO) service delivered to clients.

6. The Company is mainly engaged in the business of IT enabled services & project and business process outsourcing operations (BPO). Such services are not capable of being expressed in any generic unit and hence it is not possible to give the quantitative details required under paragraph 3, 4C and 4D of Part II of Schedule VI to the Companies Act 1956.

7. The management has carried out an impairment test in accordance with the Accounting Standard 28 issued by the Institute of Chartered Accountants of India on all its cash generating units (CGU). As there was no impairment, no provision has been made in the books.

8. The Balances of Debtors, Creditors & Advances are subject to confirmation.

9. The Company does not posses information as to which of its suppliers are ancillary industrial undertakings / small scale industrial undertaking holding permanent registration certificate issued by the Directorate of Industries of a State or Union territory. The interest on delayed payment to Small scale and ancillary industrial undertaking Ordinance 1992, cannot be ascertained. However the company has not received any claim in respect of interest.

10. The Management has decided to transfer its Bio-Diesel activities to its subsidiary M/s. IKF Greenfuel Ltd. Consequently pre operative expenditure related with Bio-Diesel till 31.03.09 of Rs. 3,00,67,981.75 has been transferred.

11. During the year the company has forfeited the advance against share warrants of Rs. 3,94,55,000/- as the balance amount was not received from the party within the statutory time period for converting the share warrants into the share capital. The same has been shown as Capital Reserve in schedule to under Capital Reserve.

12. During the year company has entered into an understanding with an entity to run a Telecom BPO process wherein the company will re-imburse all the operating cost and retain 95% of the bill amount raised to the principal.

13. Contingent Liabilities :

i) The company has furnished a Performance Bank Guarantee of Rs.2,00,00,000 to ICICI Bank Ltd. and a Financial Bank Guarantee of Rs.10,00,000 to Corporation Bank in respect of the ISP License.

ii) Contingent Liability in respect of purchase of Fixed Assets Rs.20,00,000/- given to HDFC Bank Ltd on behalf of M/s. Vanguard Info Solutions (P) Ltd.

14. Previous year‘s figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.

15. Figures in brackets shows negative balances

16. Schedule ‘1 to ‘14’ form an integral part of accounts and have been duly authenticate

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