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Notes to Accounts of IQ Infotech Ltd.

Mar 31, 2010

1. CONTINGENT LIABILITIES:

Year ended 31 March 2010 Year ended 3 1 March 2009 (Rs. Lakhs) (Rs. Lakhs)

Guarantees given by the 8.78 6.81 company

Letter of Credit 4.69 NIL

2. No Provisions for Income Tax is made both under Income Tax Method a well as book Profit method in view of the carried forward losses & allowances of earlier Years.

3. The Company has not made any provision for Long Term Employee benefits, during the year.

4. RESEARCH &DEVELOPMENT

During the year company has not incurred R&D expenditure. However R&D capital work in progress amounted to Rs. 112.48 lakhs not capitalized, since prototypes for R& D items still in progress as on the date of the Balance Sheet.

5 MODVAT amounting to Rs. 10.38 lakhs (Previous year Rs Nil lakhs) being the net of excise duty on purchases and sales is adjusted suitably against the Raw material consumption.

6 Balance of sundry debtors, Bank Balance from Indian Bank Account Number ending with 1391, loans and advances, advance from customers and sundry Creditors are subject to confirmation, adjustments, and reconciliation if any. Further, the Turnover disclosed in the profit and loss account is subject to reconciliation with Statutory Returns filed with VAT and Excise Authorities.

7. The company had not deposited the Service tax Rs. 273387/- (Previous year Rs.273387/- ). Tax Deducted at source Rs 171560/-(Previous Year Rs 80,060/-) However the company while having made necessary provision for these arrears as at 31st March 2010, the interest and damages liability that may arise upon the payment of these dues has not been provided, as the interest liability is not ascertainable as on date;

8. Provision for Current Tax made during the year NIL(Previous Year: NIL).

9. Physical Share certificate of investments of equity shares of SMR Universal Ltd and suntrac limited were misplaced in transit and not available for physical verification. The Management of the Company is putting efforts to obtain duplicate certificates. The Shares of SMR Universal Ltd is not regularly traded in the stock exchange and shares of Suntrac Ltd are not listed in any stock exchange on the balance sheet date and hence no provision is made in the books of accounts for probable dimension in the value the shares. These investments are stated at cost in the financial statement.

10. The Company docs not have any information regarding sundry creditors covered under Micro, Small and Medium Enterprises Development Act, 2006. Therefore, no provision for interest payable to such entities is made in the books of account.

11. Previous years figures have been regrouped/ rearranged and reclassified wherever necessary to confirm to current years clarification.


Mar 31, 2009

1. QUANTITATIVE PARTICULARS

The quantitative particulars in respect of production, sales, and stock of hardware items are given below. In case of software development, the production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sales and information as required under paragraphs 3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

2. a. SECURED LOANS :

a. During the year Company has taken Term Loan of Rs.88.06 (2008: Term Loan Repaid Rs.62.50) with interest, taken from Canara Bank

b. Working Capital Loan i.e. OCC A/c and Supply Bills account is secured by charge on companys factory land and building by way of mortgage and hypothecation of stocks and receivables.

c. Vehicle loan from Centurion Bank and Kotak mahindra Bank is secured by Hypothecation of vehicles financed by the respective banks.

3. CONTINGENT LIABILITIES:

Year ended 31 March 2009 Year ended 31 March 2008 (Rs. Lakhs) (Rs. Lakhs)

Guarantees given by the 6.81 6.81 company

4. No. Provisions for Income Tax is made both under Income Tax Method a well as book Profit method in view of the carried forward losses & allowances of earlier years.

5. The Company has not made any provision for Long Term Employee benefits, during the year.

6. RESEARCH &DEVELOPMENT

During the year company has not incurred R&D expenditure. However R&D capital work in progress amounted to Rs.112.48 lakhs not capitalized, since prototypes for R& D items still in progress as on the date of the Balance Sheet.

7. MODVAT amounting to Rs.nil lakhs (Previous year Rs 13.17 lakhs) being the net of excise duty on purchases and sales is adjusted suitably against the Raw material consumption.

8 Balance of sundry debtors, loans and advances, advance from customers an sundry Creditors are subject to confirmation, adjustments, and reconciliation if any. Further, the Turnover disclosed in the profit and loss account is subject to reconciliation with Statutory Returns filed with VAT and Excise Authorities.

9. The company had not deposited the Service Tax Rs.273387/- (Previous year Rs.272059). Tax Deducted at source Rs.80,060/-. However the company while having made necessary provision for these arrears as at 31st March 2009, the interest liability that may arise upon the payment of these dues has not been provided, as the interest liability is not ascertainable as on date;

10. Advance to Suppliers include advance made for investment in Equity of Companies from whom allotment of shares are not yet received.

11. Physical Share certificate of investments of equity shares of SMR Universal Ltd and suntrac limited were misplaced in transit and not available for physical verification. The Management of the Company is putting efforts to obtain duplicate certificates. The Shares of SMR Universal Ltd is not regularly traded in the stock exchange and shares of Suntrac Ltd are not listed in any stock exchange on the balance sheet date and hence no provision is made in the books of accounts for probable dimension in the value the shares. These investments are stated at cost in the financial statement.

12 The Company does not have any information regarding sundry creditors covered under Micro, Small and Medium Enterprises Development Act, 2006. Therefore, no provision for interest payable to such entities is made in the books of account.

13. Previous years figures have been regrouped/ rearranged and reclassified wherever necessary to confirm to current years clarification.

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