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Notes to Accounts of Informed Technologies India Ltd.

Mar 31, 2015

1. The Company has carried forward Long term capital loss available for set-off against the future profits under the Income Tax Act, 1961. Considering the nature of business, viz. uncertainty regarding generation of sufficient future income for set off against the said carry forwards, net deferred tax assets at the year end including related credit for the year have not been recognised in these accounts on prudent basis.

2. Fixed Assets taken on Finance Lease on which future obligations towards lease rentals under the lease agreements as on 31st March, 2015 amount to Rs. Nil (Previous year Rs. Nil)

3. Previous year figures have been reclassified and/or regrouped and/or rearranged wherever necessary to make them comparable with current year figures.


Mar 31, 2014

1. Defined Benefit Plans:

As per Actuarial valuation as on 31st March, 2014 and recognised in the financial statements in respect of Employee Benefit schemes:

The Company has relied on the valuation certificate issued by consulting Actuary for calculating the actuarial value of Gratuity liability of the employees of the Company in terms of AS 15 (revised) issued by the Institute of Chartered Accountants of India.

2. Contingent Liabilities and Commitments (to the extent not provided for)

PARTICULARS As at As at 31st March, 2014 31st March, 2013

i) Contingent Liability

(a) Claims against the company not acknowledged as debt:]

Income Tax demand not provided for pending outcome of appeal

A.Y 2009-10 466,032 466,032

A.Y 2010-11 534,770 534,770

A.Y. 2012-13 848,780 -

(b) Guarantees

(c) Other money for which the company is contingently liable - - Commitments

Total Contingent Liabilities and Commitments 1,849,582 1,000,802

3. The Company has carried forward Long term capital loss available for set-off against the future profits under the Income Tax Act, 1961. Considering the nature of business, viz. uncertainty regarding generation of sufficient future income for set off against the said carry forwards, net deferred tax assets at the year end including related credit for the year have not been recognised in these accounts on prudent basis.

4. Disclosures as required under AS-18, "Related Party Disclosures" are given below: a) Name and Nature of Relationship of the Related Parties:

Name of the Related Party Nature of Relationship

Khandelwals Limited Holding Company

Nagpur Power & Industries Ltd. Enterprise that directly, or indirectly through one

Meteor Metals & Ores Ltd. or more intermediaries, control, or are

Zeppelin Investments Pvt. Ltd. controlled by, or are under common control with,

Khandelwal Remedies Pvt. Ltd the reporting enterprise.

Mrs. Suelve Khandelwal Key Management Personnel upto 15.03.2014

Mr. Arnold Allen Key Management Personnel

* The Company does not have an exhaustive list of business or professions in which relatives of directors of the company have substantial interest. As such, payments made to any such persons, if any have not been identified. This management representation has been relied upon by the Auditors.

5. Fixed Assets taken on Finance Lease on which future obligations towards lease rentals under the lease agreements as on 31st March, 2014 amount to Rs. Nil

(Previous year Rs. Nil)


Mar 31, 2013

1. Contingent Liabilities and Commitments (to the extent not provided for)

(In Rupees) PARTICULARS As at As at 31st March 2013 31st March 2012

i) Contingent Liability

(a) Claims against the company not acknowledged as debt:

Income Tax demand not provided for pending outcome of appeal

A.Y. 2006-07 6,13,948

A.Y. 2009-10 4,66,032 4,66,032

A.Y. 2010-11 5,34,770 31,220

A.Y. 2011-12 20,772

(b) Guarantees

(c) Other money for which the company is - - contingently liableCommitments

Total Contingent Liabilities and Commitments 10,00,802 11,31,972

2. The Company has carried forward Long term capital loss available for set-off against the future profits under the Income Tax Act, 1961. Considering the nature of business, viz. uncertainty regarding generation of sufficient future income for set off against the said carry forwards, net deferred tax assets at the year end including related credit for the year have not been recognised in these accounts on prudent basis.

* The Company does not have an exhaustive list of business or professions in which relatives of directors of the company have substantial interest. As such, payments made to any such persons, if any have not been identified. This management representation has been relied upon by the Auditors.

3. Fixed Assets taken on Finance Lease on which future obligations towards lease rentals under the lease agreements as on 31st March, 2013 amount to Rs. Nil

(Previous year Rs. Nil)

4. Previous year figures have been reclassified and/or regrouped and/or rearranged wherever necessary to make them comparable with current year figures.


Mar 31, 2012

1.1 The Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under the Companies Act, 1956.

1.2 Disclosures pursuant to Note no. 6(A)(h,i,j,k,l) of Part I of Schedule VI to the Companies Act, 1956 is NIL.

2.1 The balances of Trade Payables are subject to confirmation.

2.2 In the absence of relevant information with the company, the names of small scale industrial undertakings to whom the company owes any sum together with interest outstanding for more than 30 days have not been given. This management representation has been relied upon by the Auditors.

3.1 The company has provided for but not funded the gratuity liability of Rs.5,94,131 and leave encashment liability of Rs.1,23,277.

Notes:

4.1 Buildings-Freehold Include:

The face value of shares held in co-operative housing societies amounting to Rs.81,750/- viz:

(a) Shree Nirmal Commercial Limited: 765 shares of Rs.100 each fully paid up and the share certificates are held in the former name Khandelwal Ferro Alloys Corporation Limited.

(b) The Malabar Hill Co-Operative Housing Society Limited: 105 shares of Rs.50 each fully paid up

The Net Block of both the above premises included herein is Rs.18,426,183/-(Previous Year Rs.18,817,384/-)

4.2 Buildings-Leasehold Include:

Unit No.302, 303 & 304 at Mahape, having aggregate Gross Block value Rs.85,37,100/- (Previous Year Rs. 85,37,100/-) have been acquired on 95 years lease from MIDC.

The lease documents in respect of unit nos. 302 & 303 are yet to be executed. .

5.1 During the year the formalities of closure of business of Company's Wholly Owned Subsidiary in USA are completed and hence the investment has been written off.

5.2 As the subsidiary has ceased to operate in previous year (2010-2011) the consolidation statement u/s 212 is not applicable.

6.1 Balances of Security Deposits are subject to confirmation.

6.2 In the opinion of the board loans and advances have a value on realisation in the ordinary course of business at least equal to the sums stated.

7.1 The balances of Trade Receivables are subject to confirmation.

7.2 The Company has to receive sums aggregating to Rs.2,98,393/- from Khandelwals Ltd, London, a Company under the same management. These sums are old outstandings which are unreconciled and supportings are not available. Therefore as a prudent policy the said amount has been provided as doubtful. Linder the circumstances, the auditors have relied upon the judgement of the Management.

8.1 The balances of Loans & Advances are subject to confirmation.

8.2 In the opinion of the board the Loans and Advances have a value on realisation in the ordinary course of business at least equal to the sums stated.

8.3 Others include Inter Compnay Deposit, demand loans, advance rent received, advance travelling expenses of Rs.152,901/- paid to director (Mr. Arnold Allen) and prepaid expenses.

8.4 The Company has advanced sums aggregating to Rs. 74,55,954 to Magnachem Pharmaceuticals Pvt. Limited, a company under the same management. In view of the continuing losses, erosion of entire net worth and no signs of recovery in the forseeable future, the company made full provision for these doubtful advances in the year 2005-2006.

During the year name of Magnachem Pharmaceuticals Pvt. Ltd. has been struck off from the Register of Companies on 13th May, 2011 and the Company is dissolved. As a result the advances of Rs.74,55,954 have been written off in the current year against the provision made in 2005-2006.

9.1 The balances of other current assets is subject to confirmation. '

9.2 In the opinion of the board the other current assets have a value on realisation in the ordinary course of business at least equal to the sums stated. .

10. Contingent Liabilities and Commitments (In Rupees)

PARTICULARS As at As at 31st March, 2012 31st March, 2011

(i) Contingent Liability

(a) Claims against the company not acknowledged as debt:

Income Tax demand not provided for pending outcome of appeal

F.Y. 2005-2006 6,13,948 6,13,948

F.Y. 2011-2012 4,66,032 -

Tax on Distributed Profits (Dividend) not provided for pending outcome of rectification

- F.Y. 2009-2010 31,220 -

F.Y. 2010-2011 20,772 -

(b) Guarantees - -

(c) Other money for which the company is - - contingently liable

(ii) Commitments - -

Total Contingent Liabilities and Commitments 11,31,972 6,13,948

11. During the year company has received no objection for In-principle Exit from STP scheme from Software Technology Park of India (STPI) vide letter no STPI/MUMA/lll(A)(393)/2000(03)/6/13 dated 13.09.2011.

12. The Company has carry forward Long term capital loss available for set-off against the future profits under the Income Tax Act, 1961. Considering the nature of business, viz. uncertainty regarding generation of sufficient future income for set off against the said carry forwards , net deferred tax assets at the year end including related credit for the year have not been recognised in these accounts on prudent basis.

13. Previous year's figures are reclassified and/or regrouped and/or rearranged wherever necessary.


Mar 31, 2010

A) Commitment and Contingencies

As at As at

31st Mar, 2010 31st Mar, 2009

Rupees Rupees

Estimated amount of contract remains to be executed on capital

account and not provided for against which advance has been paid Nil Nil

Any claim against the Company not acknowledged as debts None None

b) The Company has carry forward loss of business available for set-off against the future profits under the Income Tax Act, 1961. Considering the nature of business, viz. uncertainty regarding generation of sufficient future income / taxable income for set off against the said carry forwards , net deferred tax assets at the year end including related credit for the year have not been recognised in these accounts on prudent basis.

c) In the opinion of the board the Current Assets, Loans and Advances have a value on realisation in the ordinary course of business at least equal to the sums stated.

d) The balance of sundry debtors, deposits, advances and sundry creditors are subject to confirmation.

e) The Company has to receive sums aggregating to Rs.2,98,393/- from Khandelwals Ltd, London, a Company under the same management. These sums are old outstandings which are unreconciled and supportings are not available. Therefore as a prudent policy the said amount has been provided as doubtful. Under the circumstances, the auditors have relied upon the judgement of the Management.

f) Previous years figures are reclassified and/or regrouped and/or rearranged wherever necessary.

g) In the absence of relevant information with the company, the names of small scale industrial undertakings to whom the company owes any sum together with interest outstanding for more than 30 days have not been given. This management representation has been relied upon by the Auditors.

h) The Company has been granted STP approval from Software Technology Park of India (STPI) vide letter no STPI/MUM/VIII(A)(393)/2000(03)/ (SKA)/ 3577 dated 25.05.2009 valid upto 1st December 2012.

ii) Disclosures as required under AS-18, "elated Party Disclosures" are given below: a) Name and Nature of Relationship of the Related Parties where Control Exists:

Name of the Related Party Nature of Relationship

a) Khandelwals Limited, London Holding Company

b) Informed Financial US Inc. Wholly owned Subsidiary Company

c) Nagpur Power & Industries Ltd Associate Company

d) Magnachem Pharmaceuticals Pvt. Ltd Associate Company

e) Meteor Metals & Ores Ltd. Associate Company

f) Zeppelin Investments P. Ltd. Associate Company

3. Relatives of Key Management Personnel* - Nil -

* The Company does not have an exhaustive list of business or professions in which relatives of directors of the company have substantial interest. As such, payments made to any such persons, if any have not been identified. This management representation has been relied upon by the Auditors.

 
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