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Notes to Accounts of Indian Infotech & Software Ltd.

Mar 31, 2015

1. Corporate Information

INDIAN INFOTECH AND SOFTWARE LIMITED (the Company) is a Public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. The Company is engaged in providing financial assistance for various business activities and trading & consultancy in Information Technology.

2. Basis of Preparation

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. Pursuant to section 133 of the Companies Act, 2013 read with rule 7 of the Companies (Accounts) Rules 2014, till the standards of accounting or any addendum thereto are prescribed by the Central Government in consultation and recommendation of the National Financial Reporting Authority, the existing Accounting Standards notified under the Companies Act, 1956 shall continue to apply. Accordingly, these financial statements have been prepared to comply in all material aspects with the Accounting Standards notified under section 211(3C) of the Companies Act, 1956, Companies (Accounting Standards) Rules, 2006, (as amended), the other relevant provisions of the Companies Act, 2013 and Reserve Bank of India Regulations in relation to Non Banking Finance Companies to the extent applicable to the Company.

All assets and liabilities have been classified as current or non-current as per the criteria set out in the schedule III to the Companies Act, 2013. Based on the nature of the products and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current/non-current classification of its assets and liabilities.

3. Dues to Micro and Small enterprises

There are no suppliers who are registered with the Company as micro or small enterprise as defined under "The Micro, Small and Medium Enterprise Development Act, 2006". The information regarding the status of suppliers as micro or small enterprise have been determined on the basis of information available with the Company. This has been relied upon by the auditors.


Mar 31, 2014

1. Corporate Information

INDIAN INFOTECH AND SOFTWARE LIMITED (the Company) is a Public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. The Company is engaged in providing financial assistance for various business activities and trading & consultancy in Information Technology.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act 1956. The Financial statements have been prepared on an accrual basis. The accounting policies adopted in the preparation of financial statements are considered with those of previous year, except for the change in accounting policy explained below.

3) Dues to Micro and Small enterprises

There are no suppliers who are registered with the Company as micro or small enterprise as defined under "The Micro, Small and Medium Enterprise Development Act, 2006". The information regarding the status of suppliers as micro or small enterprise have been determined on the basis of information available with the Company. This has been relied upon by the auditors.


Mar 31, 2013

1. Corporate Information

INDIAN INFOTECH AND SOFTWARE LIMITED (the Company) is a Public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. The Company is engaged in providing financial assistance for various business activities and trading & consultancy in Information Technology.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act 1956. The Financial statements have been prepared on an accrual basis. The accounting policies adopted in the preparation of financial statements are considered with those of previous year, except for the change in accounting policy explained below.

3) Dues to Micro and Small enterprises

There are no suppliers who are registered with the Company as micro or small enterprise as defined under "The Micro, Small and Medium Enterprise Development Act, 2006". The information regarding the status of suppliers as micro or small enterprise have been determined on the basis of information available with the Company. This has been relied upon by the auditors.

4) Scheme of Arrangement

(i) A Composite Scheme of Arrangement ("the Scheme") between Indian Infotech and Software Limited ("IISL") and Niki Metal Company Limited ("NMCL") and Lambodar Nirmit Limited ("LNL") under Sections 391 to 394 of the Companies Act, 1956 for amalgamation of NMCL and LNL with the Company into the Company has been sanctioned by the High Court of Maharashtra at Mumbai on 4th May 2012. The Scheme has become effective from the appointed date 1st April 2011.

(ii) Pursuant to the Scheme, all the assets, liability and reserves of NMCL & LNL have transferred to and vested in the Company as a going concern with effect from the appointed date 1st April 2011.

a. The amalgamation has been accounted for under the "Pooling of Interest Method" as per AS 14. Accordingly, as on appointed date, all the assets and liabilities have been taken at their book value and all the reserves identity has been preserved and added to identical reserves of IISL. The liabilities have been accounted for on their book value basis of accrual and certainty as decided by the management. However, as per the scheme the difference between Net asset value and equity shares issued to shareholders of transferor companies shall be recorded as Capital Reserve or goodwill.

b. As consideration for the amalgamation, the Company has during the year issued and allotted 32,13,02,000 Equity Shares of Rs 1/- each fully paid up in the ratio of 2 (Two) Equity Share of 1/- each of IISL for every 1 (One) Equity Shares of Rs 1/- each of LNL in the Capital of the Company, and 47,38,56,000 Equity Shares of Rs 1/- each fully paid up in the ratio of 4 (Four) Equity Share of 1/- each of IISL for every 1 (One) Equity Shares of Rs 1/- each of NMCL in the Capital of the Company.

c. The difference between the net asset value i.e Book value of Assets minus liabilities (including reserves) of the transferor companies as on the appointed date and equity shares issued to the shareholders of transferor companies on amalgamation by the transferee company of Rs. 51.60 crores has been credited to goodwill account at the time of allotment of shares.

d. Since the allotment of shares to the transferor company has been affected during the financial year, the net asset value i.e Book value of Assets minus liabilities (including reserves) of the transferor companies as on the appointed date of Rs. 27,91,15,000 which had been reflected under the head Reserves & Surplus as "Amalgamation Adjustment Account" has become Zero on allotment of shares to the shareholders of the transferor company.


Mar 31, 2012

1. Corporate Information

INDIAN INFOTECH AND SOFTWARE LIMITED (the Company) is a Public Company domiciled in India and incorporated under the provision of the Companies Act, 1956. The Company is engaged in providing finance assistance and consultancy for various business activities.

2. Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the companies Act 1956. The Financial statements have been prepared on an accrual basis. The accounting policies adopted in the preparation of financial statements are considered with those of previous year, except for the change in accounting policy explained below.

3) Dues to Micro and Small enterprises

There are no suppliers who are registered with the Company as micro or small enterprise as defined under "The Micro, Small and Medium Enterprise Development Act, 2006:'. The information regarding the status of suppliers as micro or small enterprise have been determined on the basis of information available with the Company. This has been relied upon by the auditors.

4) Scheme of Arrangement

(i) A Composite Scheme of Arrangement ("the Scheme") between Indian Infotech and Software Limited ("IISL") and Niki Metal Company Limited ("NMCL") and Lambodar Nirmit Limited ("LNL") under Sections 391 to 394 of the Companies Act, 1956 for amalgamation of NMCL and LNL with the Company into the Company has been sanctioned by the High Court of Maharashtra at Mumbai on 4th May 2012. The Scheme has become effective from the appointed date 1st April 2011.

(ii) Pursuant to the Scheme, all the assets, liability and reserves of NMCL & LNL have transferred to and vested in the Company as a going concern with effect from the appointed date 1st April 2011.

a. The amalgamation has been accounted for under the "Pooling of Interest Method" as per AS 14. Accordingly, as on appointed date, all the assets and liabilities have been taken at their book value and all the reserves identity has been preserved and added to identical reserves of IISL. The liabilities have been accounted for on their book value basis of accrual and certainty as decided by the management. However, as per the scheme the difference between Net asset lvalue and equity shares issued to shareholders of transferor companies shall be recorded as J' Capital Reserve or goodwill.

b. As consideration for the amalgamation, the Company has subsequent to the date of the balance sheet on 31st May, 2012 issued and allotted 32,13,02,000 Equity Shares of Rs 1/- each fully paid up in the ratio of 2 (Two) Equity Share of 1/- each of IISL for every 1 (One) Equity Shares of Rs 1/- each of LNL in the Capital of the Company, and 47,38,56,000 Equity Shares of Rs 1/- each fully paid up in the ratio of 4 (Four) Equity Share of 1/- each of IISL for every 1 (One) Equity Shares of Rs 1/- each of NMCL in the Capital of the Company.

c. The difference between the net asset value i.e Book value of Assets minus liabilities (including reserves) of the transferor companies as on the appointed date and equity shares issued to the shareholders of transferor companies on amalgamation by the transferee company of Rs. 51.60 crores shall be credited to goodwill account at the time of allotment of shares.

d. Since the allotment of shares to the transferor company has happened after the end of the financial year, the net asset value i.e Book value of Assets minus liabilities (including reserves) of the transferor companies as on the appointed date of Rs. 27,91,15,000 has been reflected under the head Reserves & Surplus as "Amalgamation Adjustment Account". This Account will become Zero on allotment of shares to the shareholders of the transferor company.

5) Previous year comparatives:

Till the year ended March 31, 2011, the Company was using pre-revised Schedule VI to the Act, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Act has become applicable to the Company. The Company has reclassified previous year figures to conform to this year's classification.


Mar 31, 2010

1. Interest is accounted wherever stipulation exists in this regard.

2. Some debit/credit balances and advances are subject to confirmation.

3. Out of Loans and advances of Rs. 1,75,82,059/- a sum of Rs. 77,98,726/- is doubtful of recovery & a provision amounting to Rs. 3,89,936/- has been made in the accounts.

4. In the opinion of the Board of Directors of the Company and to the best of their knowledge and belief:

a) The value of the realization of the current assets, loans and advances, in the ordinary course of the business would not be less then the amount stated in the Balance Sheet.

b) The provision for the depreciation and all known liabilities is adequate and not in excess of the amount reasonably required.

5. Previous year figures have been reclassified and regrouped wherever necessary.

6. All figures have been rounded to the nearest rupee.

7. Additional information Pursuant to the provisions of paragraph 3, 4C, and 4D and other information pursuant to the part II of Schedule VI of the Companies Act, 1956 are not applicable to the Company.

8. Investor Education and Protection Fund indicates unpaid dividend amounting to Rs. 1,22,453/- amount due and outstanding to be credited to the Investor Education and Protection Fund.

The Company does not have outstanding dilutive potential equity shares. Consequently, the basic earnings per share and diluted earning per share of the Company remains the same.

9. RELATED PARTY DISCLOSURE :

(A) List of Related Parties.

a) Key Management Personnel

K.L. Mundra - Director

b) Associates

TECIL Chemicals & Hydro Power Ltd. Chemo

Labs Ltd.

Note: Related Party relationships have been identified by the management and relied upon by the auditors.

10. The Company does not have a full time Company Secretary as required under Section 383 of the Companies Act, 1956.

11. As per the information available with the company there are no dues outstanding to any Small Scale Industrial undertaking as defined under the Interest on Delayed Payment to Small Scale and Ancillary Industrial Undertaking Act, 1993


Mar 31, 2009

1. Interest is accounted wherever stipulation exists in this regard.

2. Some debit/credit balances are subject to confirmation.

3. Out of Loans and advances of Rs. 1,81,05,143/- a sum of Rs. 82,09,185/- is doubtful of recovery & a provision amounting to Rs. 4,10,459/- has been made in the Accounts.

4. In the opinion ofthe Board of Directors ofthe Company and to the best oftheir knowledge and belief.

a. The value of the realization of the current assets, loans and advances, in the ordinary course of the business would not be less then the amount stated in the Balance Sheet.

b. The provision for the depredation and all known liabilities is adequate and not in excess of the amount reasonably required. *

5. Contingent Liability:

Contingent liability in respect of partly paid-up shares / OFDC Rs. NIL (Previous year is also NIL/-)

6. Previous year figures have been reclassified and regrouped wherever necessary.

7. Ait figures have been rounded to the nearest rupee.

8. Additional information Pursuant to the provisions of paragraph 3,4C. and 40 and other information pursuant to the part II of Schedule VI of the Companies Act, 1956 are not applicable to the Company.

9. Investor Education and Protection Fund indicates unpaid dividend amounting to Rs. 1,68,255/- amount due and outstanding to be credited to the Investor Education and Protection Fund.

10. RELATED PARTY DISCLOSURE:

(A) List of Related Parties.

a. Key Management Personnel

K.L. Mundra - Managing Director

b. Associates

TECIL Chemicals & Hydro Power Ltd. G. D. Somani Memorial School ChemoPhamu laboratories Ltd Joshi Thermal

Note: Related Party relationships have been identified by the management and relied upon by the auditors.

11. The Company does not have a runtime Company Secretary as required under Section 383A of the Companies Act, 1956.

12. As per the information available with the company there are no dues outstanding to any Small Scale Industrial undertaking as defined under the interest on Delayed Payment to Small Scale and Ancillary Industrial Undertaking Act, 1993 .

 
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