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Notes to Accounts of Indo-City Infotech Ltd.

Mar 31, 2015

NOTE 1: Share capital

(a) Terms / rights attached to equity shares:

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, in proportion to their shareholding.

NOTE 2 : CURRENT ASSETS AND LOANS AND ADVANCES

In the opinion of the Board, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated. The Provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

NOTE 3 : RELATED PARTY DISCLOSURE

a. Details of Related Parties

Description of Relationship Names of Related Parties

Key Management Personnel (KMP) Mr. Aneel Jain, Chairman & Managing Director

Mr.Ramesh Chandra Pusola, Chief Financial Officer

Ms. Surbhi Singhvi, Company Secretary (upto November 11,2014)

Ms. Shagun Daga,Company Secretary (w.e.f. January 23, 2015 to March 02,2015)

Relatives of KMP Swati Jain - Brother's wife Vimal Jain HUF

Company in which KMP / Relatives ABJ Developers Private Limited of KMP can exercise significant influence M/s. Vineet Enterprises (Proprietor Mr. Vimal Jain)

Notes:

1) The list of related parties above has been limited to entities with which transactions have taken place during the year.

2) Related party transactions have been disclosed till the time the relationship existed.

The Company is to re - appoint a Company Secretary. The re-appointment of the Company Secretary is under proceeding as required under section 203 read with Rule 8A of the Companies Act, 2013, as such, the accounts have not been signed by a Company Secretary.

NOTE 4 : SEGMENT REPORTING

(i) Information about Primary Business Segment

The Company is exclusively engaged in the business of Web hosting. This, in the context of Accounting Standard 17 on Segment Reporting, is considered to constitute a single primary segment. Thus, the segment revenue, segment results, total carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, total amount of charge for depreciation during the year are all as reflected in the financial statements for the year ended March 31,2015 and as on that date.

(ii) Information about Secondary Geographical Segments:

The Company has business activity in India only hence this, in the context of Accounting Standard 17 on Segment Reporting, is considered to constitute a single secondary geographical segment. Thus all revenue, total assets and capital expenditure are with in india as reflected in the financial statements for the year ended March 31,2015 and as on that date.

NOTE 5 : IMPAIRMENT OF FIXED ASSETS

There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 'Impairment of Assets'.

NOTE 6 : PROVISIONING REQUIREMENTS

The Company being a Non-Banking Financial Company is required to make provision against sub-standard assets, doubtful assets and loss assets as per RBI instructions contained in the Notification No. DNBS.193 DG(VL)-2007 dated February 22, 2007 as amended and Master Circular No. RBI/2014-15/55 dated July 1,2014, however, the Company has not made such provisions in the books of account. Due to the above, impact on the Profit for the year and, Loans to Other Parties and Reserve and Surplus as at March 31,2015.

NOTE 7 : PREVIOUS YEAR'S FIGURES

Previous year figures have been regrouped or rearranged, wherever considered necessary, to confirm with the current year's presentation.




Mar 31, 2014

NOTE 1 : CURRENT ASSETS AND LOANS AND ADVANCES

In the opinion of the Board, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated. The Provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

NOTE 2 : RELATED PARTY DISCLOSURE

a. Details of Related Parties

Description of Relationship Names of Related Parties Key Management Personnel (KMP) Mr. Aneel Jain, Chairman & Managing Director Relatives of KMP Swati Jain - Brother''s wife Vimal Jain HUF Company in which KMP / Relatives of ABJ Developers Private Limited KMP can exercise significant influence IndoCoins Capital Markets Private Limited M/s. Vineet Enterprises (Proprietor Mr. Vimal Jain)

Notes:

1) The list of related parties above has been limited to entities with which transactions have taken place during the year.

2) Related party transactions have been disclosed till the time the relationship existed.

NOTE 3 : SEGMENT REPORTING

(i) Information about Primary Business Segment

The Company is exclusively engaged in the business of Web hosting. This, in the context of Accounting Standard 17 on Segment Reporting, is considered to constitute a single primary segment. Thus, the segment revenue, segment results, total carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquire segment assets, total amount of charge for depreciation during the year are all as reflected in the financial statements for the year ended March 31, 2014 and as on that date.

(ii) Information about Secondary Geographical Segments:

The Company has business activity in India only hence this, in the context of Accounting Standard 17 on Segment Reporting, is considered to constitute a single secondary geographical segment. Thus all revenue, total assets and capital expenditure are with in india as reflected in the financial statements for the year ended March 31, 2014 and as on that date.

NOTE 4 : IMPAIRMENT OF FIXED ASSETS

There was no impairment loss on the fixed assets on the basis of review carried out by the management in accordance with Accounting Standard (AS) – 28 ''Impairment of Assets''.

NOTE 5 - PREVIOUS YEARS''S FIGURES

Previous year figures have been regrouped or rearranged, wherever considered necessary, to confirm with the current year''s presentation.

The accompanying notes are integral part of these financial statements


Mar 31, 2013

1 In the opinion of the Board, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated. The Provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

2 Disclosure pursuant to Accounting Standard -15 ''Employee Benefits''

1. Short Term Employee be benefits have been accounted for either as an expesnes as charge to Profit & Loss Account or as a liability if unpaid.

2. Post empoyment Benefit :

(a) Defiened Contributions Plans : The compnay has no liability towards any defined contributions plants.

(b) Defined Benefit Plans : The Company accounts for expenditure on defined benefits plans on actual paymnet basis. It is the view of the management that, due to a small nuber of workers the liability of the Company under defined benefit plan (i.e. gratuity) is not material considering of the work force and its voulme of business. The company has no liability towads retirement benefits as on 31.03.2013

3 Related Party Disclosure

a. Details of Related Parties

Description of Relationship Names of Related Parties

Associates 1) Times Growth Securities Ltd.

2) ABJ Developers Private Limited

3) IndoCoins Capital Markets Pvt. Ltd.

Key Management Personnel (KMP) 1) Mr. Aneel Jain, Chairman & Managing Director

2) Mrs. Shashi Aneel Jain - Non Executive Director

3) Mr. Brij Kirshor Gupta - Independent Director

4) Mr. Ashwin Maheswari - independent Director Relatives of KMP 1) Swati Jain

2) Vimal Jain HUF Company in which KMP / Relatives 1) Times Growth Securities Ltd. of KMP can exercise significant 2) ABJ Developers Private Limited influence

3) IndoCoins Capital Markets Pvt. Ltd.

4) Antariksh''s Gems Pvt. Ltd.

5) Towermatic Plastics Pvt. Ltd.


Mar 31, 2012

1 In the opinion of the Board, all the assets other than fixed assets and non-current investments have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated. The Provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

2 Disclosure pursuant to Accounting Standard -15 'Employee Benefits'

Liabilities in respect of gratuity & leave encashment are accounted for on cash basis which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as notified by the Companies (accounting Standard) Rules , 2006 which requires that Gratuity and Leave Encashment Liabilities be accounted for on accrual basis.


Mar 31, 2010

A) Liabilities in respect of gratuity & leave encashment are accounted for on cash basis which is not in conformity with Accounting Standard (AS)15 (Revised 2005) on Employee Benefits as notified by the Companies (accounting Standard) Rules , 2006 which requires that Gratuity and Leave Encashment Liabilities be accounted for on accrual basis.

B) In the opinion of the Board the Current Assets, Loans & Advances are realizable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

The Company does not have any dilutive potential equity shares. Consequently the basic and diluted earning per share of the Company remain the same.

C) Taxes on Income

In terms of Accounting Standard 22 on "Accounting for Taxes on Income" as notified by the Companies (accounting standard) Rules, 2006 the Company has recognized Deferred Tax Assets Rs. 2,55,852/- for the year ended 31st March, 2010 in the Profit & Loss A/c.

D) Additional information pursuant to the provision of Part II of the Schedule VI of the Companies Act 1956 to the extent applicable:

. Foreign Exchange Earnings & Outgo: NIL

E) Related Party Disclosures:

i) For the year ended 31 st March, 2010

a) Key Management Personnel

Aneel Jain Managing Director

Shashi Jain Director

Aniruddh Goyal Director

Brij Kishor Gupta Director

b) Name of the relatives of Key Management Personnel

. Avani Jain

. SwatiJain

. Vineet Jain

c) Name of the enterprises having same Key Management Personnel and/or their relatives as the reporting enterprise with whom the Company has entered into transactions during the year.

. Towermatic Plastic Private Limited

. ABJ Developers Private Limited (Formerly known as Rajkul Developers Pvt Ltd)

. Indo-Castle Shares & Stocks Limited (Formerly known as Sanskaar India Corp Ltd)

. IndoCoins Capital Markets Private Limited (Formerly known as Devkrupa Multitrade Pvt. Ltd.)

. Vimal Jain HUF

. Vineet Enterprises

Note: Related Parties are as disclosed by the Management and relied upon by the Auditors H) The figures of the previous year have been re-arranged, re-grouped and re-classified wherever necessary. As per our Report of even date attached

 
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