Mar 31, 2016
B NOTES TO THE ACCOUNTS
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, there is a net Deferred Tax Liability of Rs.20,78,175/- which has been adjusted against current yearâs Profit. The Deferred Tax Liability as on 31.03.2016 is Rs.54,88,000/-due to timing difference in Depreciable Assets.
3. As per Accounting Standard 15 âEmployees Benefitâ, the disclosures of Employees benefits as defined in the Accounting Standard are given below :
Contribution to defined Contribution Plan, recognized as expense for the year are as under:
4. 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
5. The Balances of Debtors, Creditors & Advances are subject to confirmation.
6. 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, 2016. 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.
7. Contingent Liabilities :
i) The company has furnished a Performance Bank Guarantee of '' 200.00 Lakhs from UCO Bank Ltd. in respect of the ISP License to the Department of Telecommunication (DOT).
ii) The company has lien on FDR for '' 44.49 Lakhs of Corporation Bank to e-Mitra Society for Bikaner district & '' 7.39 Lakhs to Custom Department.
iii) The company has received a demand order from the Income Tax Department of '' 2.46 Cr out of which appeal has been filled for '' 76.49 Lakhs for the Assessment Year 2010-11 and 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 '' 6.19 Lakhs for the Assessment Year 2012-13 for which the case is pending before CIT (Appeals) - I/Kolkata.
v) The company has received a demand order from the Income Tax Department of '' 2,140 for the Assessment Year 2013-14 for which the case is pending before CIT (Appeals) - I/Kolkata.
8. SEBI has issued an impugned order dated 20th April, 2015 to the Company and directed Company not to issue equity shares or any other instrument convertible into equity shares or any other security for a period of 10 years. Company has already undergone the prohibition for a period of approximately 4 years and 7 months and is in the process of filing an appeal before Securities Appellate Tribunal (SAT) against the said impugned order of SEBI.
9. The figures of Jaipur Branch have been incorporated on the basis of the financial statement received from the branch. However, revenue for the month of March for RISL Project (a Government Project) could not be recognized due to delay in information provided by the project officials.
10. Previous yearâs figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.
(c) Terms/rights attached to equity shares:
The company has only one class of equity shares having par value of '' 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, 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 Ã1 to Ã14 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 companyÃs 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 ÃSegment
Reportingà issued by the Institute of Chartered Accountants of India :
The disclosure requirement of Accounting Standards 17 ÃSegment
Reportingà 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 GroupÃs 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 yearÃs figures have been regrouped / rearranged wherever
necessary, to confirm to the current period presentation.
15. Figures in brackets shows negative balances
16. Schedule Ã1 to Ã14Ã form an integral part of accounts and have
been duly authenticate
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