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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

 
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