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Notes to Accounts of PFL Infotech Ltd.

Mar 31, 2015

1. EMPLOYEE BENEFITS

Since there are no employees eligible for any retirement benefits as per the terms of the contract, no gratuity or leave encashment provisions are made as per AS 15

2. Impairment of Assets :

In terms of the requirements of the Accounting standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no provision for impairment in value has been considered necessary by the management as there are no assets carried in the books, except computers.

3. Provision, Contingent Liabilities and Contingent Assets :

As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outfl ow of resources which would be required to settle the obligation.

4. Segment Reporting

As the Company has stopped operations and deriving the income from only other sources, segment reporting under Accounting Standard – 17 of ICAI is not applicable.

5. Related Party Transactions

The Company has made the following transactions with related parties as per the provisions of Accounting Standard


Mar 31, 2014

The revised Schedule VI has become effective from 1st April 2011, for the preparation of financial statement. This has significantly impacted the disclosure and presentation made in the financial statements. Previous years figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

1. FIXED ASSETS

The company does not have any fixed assets in its block, except computers which are used in the office. Since there are no operations during the year no depreciation is provided on Fixed Assets.

2. EMPLOYEE BENEFITS

Since there are no employees eligible for any retirement benefits as per the terms of the contract, no gratuity or leave encashment provisions are made as per AS 15

3. Impairement of Assets :

In terms of the requirements of the Accounting standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no provision for impairment in value has been considered necessary by the management as there are no assets carried in the books, except computers.

4. Provision, Contingent Liabilities and Contingent Assets :

As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.

5. Segment Reporting

As the Company has stopped operations and deriving the income from only other sources, segment reporting under Accounting Standard - 17 of ICAI is not applicable.

6. Related Party Transactions

The Company has made the following transactions with related parties as per the provisions of Accounting Standard.


Mar 31, 2013

1. FIXED ASSETS

The company does not have any fixed assets in its block, except computers which are used in the office. Since there are no operations during the year no depreciation is provided on Fixed Assets.

2. EMPLOYEE BENEFITS :

Since there are no employees eligible for any retirement benefits as per the terms of the contract, no gratuity or leave encashment provisions are made as per AS 15.

3. Impairement of Assets:

In terms of the requirements of the Accounting standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no provision for impairment in value has been considered necessary by the management as there are no assets carried in the books, except computers.

4. Provision, Contingent Liabilities and Contingent Assets:

As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.

5. Segment Reporting

As the Company has stopped operations and deriving the income from only other sources, segment reporting under Accounting Standard - 17 of ICAI is not applicable.


Mar 31, 2012

The revised Schedule VI has become effective from 1st April 2011, for the preparation of financial statement. This has significantly impacted the disclosure and presentation made in the financial statements. Previous years figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

Provision for Income Tax is made for the current accounting period on the basis of the taxable profits computed in accordance with the Income Tax Act, 1961.

1. FIXED ASSETS

The company does not have any fixed assets in its block, except computers which are used in the office. Since there are no operations during the year no depreciation is provided on Fixed Assets.

The Company stopped operations of the Poultry Business and the only income during the year is the interest earned on the loans given to various parties during the year

2. EMPLOYEE BENEFITS

Since there are no employees eligible for any retirement benefits as per the terms of the contract, no gratuity or leave encashment provisions are made as per AS 15

3. Impairement of Assets:

In terms of the requirements of the Accounting standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no provision for impairment in value has been considered necessary by the management as there are no assets carried in the books, except computers.

4. Provision, Contingent Liabilities and Contingent Assets:

As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 "Provision, Contingent Liabilities and Contingent Assets" as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outfl ow of resources which would be required to settle the obligation.

5. segment Reporting

As the Company has stopped operations and deriving the income from only other sources, segment reporting under Accounting Standard -17 of ICAI is not applicable.

6. Related Party Transactions

The Company has made the following transactions with related parties as per the provisions of Accounting Standard 18 issued by The Institute of Chartered Accountants of India

No amount was overdue to the above referred related parties as on 31st March 2012. No provision for doubtful debts was made and no amount was written off in the period in respect of debts due from/or to the related parties.


Mar 31, 2011

A) COMPANY OVERVIEW

PFL is a listed company incorporated with the objective of carrying out business in the field of poultry. The company has later on changed its line of operations and started the InfoTech business.

1. The Company has discontinued its operations of the Poultry Business and the only income during the year is interest earned on the loans given to various parties.

2. During the year the company has disposed off all the assets except com- puters used in the office as scrap basing on the resolution passed by the Board of Directors.

The existing land was transferred by way of a sale agreement to the Managing Director with a condition to take the responsibility of pursuing the Court Case existing on the land.

The difference between the book value and realized value of all the as- sets is shown as loss on sale of fixed assets and is charged off to the Profit and Loss Account. The long term capital gains arising on transfer of land are adjusted against the loss arising on the sale of the other assets. Since there was no production activity, no depreciation was provided dur- ing the year on Fixed Assets.

3. There were no employees in receipt of remuneration in excess of the limits specified in Sec 217 (2A) of the Companies Act, 1956.

4. Since there are no employees eligible for any retirement benefits as per the terms of the contract, no gratuity or leave encashment provisions are made as per AS 15.

5. As the Company is dealing with only one product and it is operating only in India, segment reporting under Accounting Standard -17 of ICAI is not applicable.

6. As per information and explanations given to us, during the financial year no foreign exchange transactions are there, which need to be reported.

7. As per the AS 22, since there is no reasonable certainty that the Company will get profits so as to absorb the carried forward losses and depreciation, the deferred tax asset has not been recognized in the financial statements.

8. The Schedules referred to in the balance sheet and profit and loss account form an integral part of accounts.

9. The figures are rounded off to the nearest rupee and previous year figures have been regrouped / rearranged wherever necessary.

10. Previous year figures have been regrouped wherever necessary and paise have been rounded off to nearest rupee.

11. Additional information pursuant to the provisions of paragraph 3,4C to 40 of Part II and Part VI of Schedule VI of the Companies Act, 1956, are not applicable.


Mar 31, 2010

1. Depreciation on the Fixed Assets is charged under the straight line method and as per the rates in force in Schedule XIV to the Companies Act, 1959 for the actual period of usage during the year. Since the machinery and buildings were not used during the year, no depreciation is charged on the same.

2. During the year 11,50,000 Shares Warrants have been converted into Equity Shares of Rs 10/- each at a premium of Rs 5/- per share and are allotted to the following allottees:

P Amresh Kumar : 7,00,000 Shares

Nickunj Shah : 4,50,000 Shares.

3. During the year Company has received back the long outstanding advance in the name of Future Tech Industries amounting to Rs 6,67,96,000. The amount received has been utilized as follows:

a. Towards Advance for Purchase of Property: Rs 2,75,00,000

b. As unsecured loans to various parties: Rs 3,90,00,000

For the amounts given as unsecured loans, the company does not have any security other than the debtors personal security.

4. There were no employees in receipt of remuneration in excess of the limits specified in Sec 217 (2A) of the Companies Act, 1956.

5 Since there are no employees eligible for any retirement benefits as per the terms of the contract, no gratuity or leave encashment provisions are made as per AS 15.

6. As the Company is dealing with only one product and it is operating only in India, segment reporting under Accounting Standard - 17 of ICAI is not applicable.

7. As per information and explanations given to us, during the financial year no foreign exchange transactions are there, which need to be reported.

8. As per the AS 22, since there is no reasonable certainty that the Company will get profits so as to absorb the carried forward losses and depreciation, the deferred tax asset has not been recognized in the financial statements.

9. Debit and Credit balances in the parties accounts as at 31.03.2010 are subject to confirmation.

10. The Schedules referred to in the balance sheet and profit and loss account form an integral part of accounts.

11. The figures are rounded off to the nearest rupee and previous year figures have been regrouped/rearranged wherever necessary.

12. Previous year figures have been regrouped wherever necessary and paise have been rounded off to the nearest rupee.

Additional information pursuant to the provisions of paragraph 3, 4C to 40 of Part II and Part VI of Schedule VI of the Companies Act, 1956, is annexed.

 
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