Notes to Accounts of IFL Promoters Ltd.

Mar 31, 2015

1. Deferred Tax Assets

In accordance with the accounting standard AS-22 " Accounting for tax on income" issued by the institute of chartered accountant of india consequently deferred taxes have been recognised in respect of following items of timing difference between accounting income and taxable income.

Contingent liability

2. Claims against the company not acknowledged as debts

CURRENT YEAR: NIL

PREVIOUS YEAR: NIL

3. Estimated amount of contracts remaining to be executed on capital account and not provided for:

CURRENT YEAR: NIL

PREVIOUS YEAR: NIL

4.In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

5. Balance with Trade Payable and Loans and Advances Are Subject to Confirmation.

6. Foreign Currency Transection

Earning in Foreign Currency Current Year : Nil

Previous Year: Nil

Expenditure in Foreign Currency Current Year : Nil

Previous Year: Nil

7. Previous year's figures have been regrouped /rearranged wherever necessary to make them comparable with current year's figures. 1.7 NOTES FORMING PART OF ACCOUNTS

8. In the opinion of the Management, all the current assets, loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business.

9. The company is in the process of obtaining confirmation of Balance in respect of Trade Receivables, Trade

Payables, Loans and Advances etc. Necessary adjustment, if any, will be madeon receipts and reconciliation of such balance. In view of the above, such balances are stated as per books of accounts only.

10. SEGMENT REPORTING (AS-17)

As per management, the company is engaged in one segments NBFC activities only.

11. RELATED PARTY INFORMATION (AS -18)

A. Related Party Relationship

i) Associate Company Heena Developers Pvt Ltd

Aman Associates Pvt Ltd

Cusp Infra Projects Limited

Glory Construction Pvt Ltd

North India Securities Private Limited

Shikha Developers Pvt Ltd

Suman S S Rolling Mills Private Limited

ii) Related Parties

Bharat Gupta

12. According to information available with the company, there is no amount due to Micro, Small & Medium Enterprises as at 31st March 2014.

1 Previous year figures have been reclassified & regrouped whenever necessary.

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Mar 31, 2014

1.1 In the opinion of the Management, all the current assets, loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business.

1.2 The company is in the process of obtaining confirmation of Balance in respect of Trade Receivables, Trade Payables, Loans and Advances etc. Necessary adjustment, if any, will be made on receipts and reconciliation of such balance. In view of the above, such balances are stated as per books of accounts only.

1.3 SEGMENT REPORTING (AS-17)

As per management, the company is engaged in one segments NBFC activities only.

1.4 RELATED PARTY INFORMATION (AS -18)

A. Related Party Relationship

i) Associate Company Heena Developers Pvt Ltd

Aman Associates Pvt Ltd Cusp Infra Projects Limited

Glory Construction Pvt Ltd Regal Tower Pvt Ltd

North India Securities Private Limited

Shikha Developers Pvt Ltd

Suman S S Rolling Mills Private Limited

ii) Related Parties Bharat Gupta

1.5 Information pursuant to part II of the Companies Act, 1956

i) No. of Employees who are in receipt of remuneration of Rs 60,00,000/- or more if employed full year or Rs 5,00,000/- or more per month if employed for part of the year. NIL (Previous Year NIL)

ii) Earning in Foreign Currency NIL (Previous Year NIL)

iii) Expenditure in Foreign Currency NIL (Previous Year NIL)

1.6 According to information available with the company, there is no amount due to Micro, Small & Medium Enterprises as at 31st March 2014.

1.7 Previous year figures have been reclassified & regrouped whenever necessary.

Contingent liability

Note 2.1 Claims against the company not acknowledged as debts

CURRENT YEAR: NIL PREVIOUS YEAR: NIL

Note 2.2 Estimated amount of contracts remaining to be executed on capital account and not provided for:

CURRENT YEAR: NIL PREVIOUS YEAR: NIL

Note 2.3 In the opinion of the Board of Directors, the current assets, loans and advances have a value on rea lization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

Note 2.4 Balance with Trade Payable and Loans and Advances Are Subject to Confirmation.

Note 2.5 Previous year''s figures have been regrouped /rearranged wherever necessary to make them comparable with current year''s figures .

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Mar 31, 2012

1.1 In the opinion of the Board, all the current assets, loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of the business.

1.2 INVESTMENTS:

During the year, The Company has sold Investments in cash at par as per details given below.

1.3 The Company is in process of obtaining confirmation of Balance in respect of Trade Receivables, Trade Payables, Loans, and Advances etc. Necessary adjustment, if any, will be made on receipts and reconciliation of such balance. In view of above, such balances are stated as per Books of Accounts only.

1.4 The Company has given Rs. 80 Lakhs to Dinesh Aggarwal as advance against Property on or before 13.06.2011. Similiarly Rs. 2 Crore advance given to Vijay Kumar Gupta on or before 28.05.2011 against property of 10 Crore and Vendee agrees to receive the Remaining consideration 8 Crore on or before 30.09.2011. But the company could not pay the remaining consideration on time due to insufficient of funds. The management has requested to vendee to extend the time for remaining payment & got the same.

1.5 CONTINGENT LIABILITIES: Nil Nil

1.6 SEGMENT REPORTING (AS-17)

As per management, the Company is engaged in two segments NBFC & Infra related activities.

Segment Wise, Revenue & Expenditure as on 31st March 2012 (on basis information provided by the Management)

1.7 RELATED PARTY INFORMATION (AS-18)

A Related Party Relationship

i. Associate Company:

Heena Developers Private Limited

Hitech Computech Pvt Ltd.

CUSP Infra Projects Limited

DMC Institute of Employbility Private Limited

DMC Education Limited

North India Securities Private Limited

Shark Communications Private Limited

Suman Rolling Mills Private Limited

ii. Key Management Personnel:

Tilak Raj Anand

Shri Kishan Gupta

Anjana Gupta

Sanjay Singhal

1.8 According to the information available with the company, there is no amount due to Micro, Small & Medium Enterprises as at 31st March, 2012.

1.9 Previous year figures have been reclassified & regrouped wherever necessary.

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Mar 31, 2010

In the opinion of the management current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of the business. However, the nature of some of the advances paid and the amount shown as share application money paid are not confirmed and the amounts are subject to confirmation, due reconciliation and consequential adjustments arising there from, if any. Previous year figures have been regrouped, reworked, rearranged and reclassified wherever necessary to render them comparable with current year figures.

RETIREMENT BENEFITS

No Provision for gratuity has been made as payment of gratuity act is not applicable.

BORROWING COSTS

Borrowing Cost Capitalized on Qualifying Assets: Rs. NIL (Previous Year: Rs. NIL).

SEGMENT REPORITNG :

The Company is primarily engaged in one Business Segment (Trading and investments in shares and derivatives) and mainly one Geographical Segment (India) and hence does not qualify to be a reportable segment as envisaged in the Accounting Standard 17 -”Segment Reporting” prescribed under The Companies (Accounting Standards) Rules, 2006.

RELATED PARTY DISCLOSURES

Related party relations are identified by the management and relied upon by the auditors. Related party relationships/ transactions warranting disclosures under AS-18- “Related Party Disclosures” prescribed under The Companies (Accounting Standards) Rules, 2006 are as under:

S.No. Name of Related Party Nature of Relationship Nature of Transaction Volume of Transaction Amount doubtful/w/off

1. Sanjay Singhal Director Sitting Fees Rs.2,000 2. Shri Kishan Gupta Director Sitting Fees Rs.2,000

3. Kailash Chander Duggal Director Sitting Fees Rs.2,000

4. Anjana Gupta Director Sitting Fees Rs.2,000

5. Tilak Raj Anand Director Sitting Fees Rs.2,000

b) EARNING PER SHARE (EPS)

Pursuant to the Accounting Standard - 20, "Earning per Share", issued by the Institute of Chartered Accountants of India, the value of EPS is calculated as below:

c) TAXATION

Income Tax

The company has made a provision of Rs.1,14,577/- (Rupees One Lac Fourteen Thousand Five Hundred And Seventy Seven Only) (Previous Year-Rs. 57,301/-) towards Income Tax Liabilities of the Company for the year under consideration.

Deferred Tax

Pursuant to the Accounting Standards for Taxes on Income AS-22 deferred tax Assets at the end of the year is as follows:

d) CONTINGENT LIABILITIES

Contingent Liabilities not provided for NIL (Previous Year - NIL).

e) Additional information pursuant to the provisions of paragraph 3 and 4 of Part II of Schedule VI of the Companies act 1956 is as follows:-

Auditors Remuneration 31/3/2010 31/3/2009

Audit Fees 18000 35,000

Tax Audit Fees Nil Nil

Professional Charges Nil Nil

Total 35,000 35,000

f) Statement of Investment held as on 31/03/2010 – 1,95,95,000/- g)Directors Remuneration 31/03/2010 31/03/2009

Sitting Fees 10,000/- 10,000/-

h) CIF value of Imports NIL

i) Value of Imported/Indigenous Raw Material,

Stores and Components Consumed NIL

j) Expenditure in Foreign Currency NIL

k) Earnings in Foreign Currency NIL.

l) Additional information as required under Part II of Schedule VI to the Companies Act 1956 has been annexed herewith.

m) Disclosure as required in terms of Paragraph 13 of Non-Banking Financial (Non- deposit accepting or holding) Companies Prudential Norms (Reserve Bank) Directions, 2008 has been annexed herewith.

n) Schedule A to H form an integral part of accounts.

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Mar 31, 2009

A) In the opinion of the management current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of the business. However, the nature of some of the advances paid and the amount shown as share application money paid are not confirmed and the amounts are subject to confirmation, due reconciliation and consequential adjustments arising there from, if any.

b) Previous year figures have been regrouped, reworked, rearranged and reclassified wherever necessary to render them comparable with current year figures.

c) RETIREMENT BENEFITS

No Provision for gratuity has been made as payment of gratuity act is not applicable.

d) BORROWING COSTS

Borrowing Cost Capitalized on Qualifying Assets: Rs. NIL (Previous Year: Rs. NIL).

e) SEGMENT REPORITNG :

The Company is primarily engaged in one Business Segment (Trading and investments in shares and derivatives) and mainly one Geographical Segment (India) and hence does not qualify to be a reportable segment as envisaged in the Accounting Standard 17 -”Segment Reporting” prescribed under The Companies (Accounting Standards) Rules, 2006.

f) RELATED PARTY DISCLOSURES

Related party relations are identified by the management and relied upon by the auditors Related Party relationships / transactions warranting

h) TAXATION

Income Tax

The company has made a provision of Rs.57301/- (Rupees Fifty Seven Thousand Three Hundred one Only) (Previous Year - Rs. 14, 04,677/-) towards Income Tax Liabilities of the Company for the year under consideration.

Deferred Tax

Pursuant to the Accounting Standards for Taxes on Income AS-22 deferred tax Assets at the end of the year is as follows:

Provision for Fringe Benefit Tax

The company has made a provision of Rs. 16,449/- (Rupees Sixteen Thousand Four hundred Forty and nine only) towards fringe benefit tax as per provision of the Income Tax Act for the year under consideration.

J) CONTINGENT LIABILITIES

Contingent Liabilities not provided for NIL (Previous Year - NIL).

K)Additional information pursuant to the provisions of paragraph 3 and 4 of Part II of Schedule VI of the Companies act 1956 is as follows:- Auditors Remuneration 31/3/2009 31/3/2008 Audit Fees 35,000 35,000 Tax Audit Fees Nil Nil Professional Charges Nil 9,544 Total 35,000 44,544