B NOTES TO THE ACCOUNTS
1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary.
2. In terms of Accounting Standard 22, issued by the Institute of Chartered Accountants of India, there is a net Deferred Tax Liability of Rs.20,78,175/- which has been adjusted against current year’s Profit. The Deferred Tax Liability as on 31.03.2016 is Rs.54,88,000/-due to timing difference in Depreciable Assets.
3. As per Accounting Standard 15 “Employees Benefit”, the disclosures of Employees benefits as defined in the Accounting Standard are given below :
Contribution to defined Contribution Plan, recognized as expense for the year are as under:
4. Related Party Disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India:
(a) Subsidiaries and entities where control exists :
IKF Technologies PTY Ltd.
IKF Telecom Inc.
BIOFEL FZE IKF Green Fuel Ltd.
R2R Seva
5. The Balances of Debtors, Creditors & Advances are subject to confirmation.
6. There are no Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2016. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.
7. Contingent Liabilities :
i) The company has furnished a Performance Bank Guarantee of ' 200.00 Lakhs from UCO Bank Ltd. in respect of the ISP License to the Department of Telecommunication (DOT).
ii) The company has lien on FDR for ' 44.49 Lakhs of Corporation Bank to e-Mitra Society for Bikaner district & ' 7.39 Lakhs to Custom Department.
iii) The company has received a demand order from the Income Tax Department of ' 2.46 Cr out of which appeal has been filled for ' 76.49 Lakhs for the Assessment Year 2010-11 and for which the case is pending before CIT (Appeals) - I/Kolkata
iv) The company has received a demand order from the Income Tax Department of ' 6.19 Lakhs for the Assessment Year 2012-13 for which the case is pending before CIT (Appeals) - I/Kolkata.
v) The company has received a demand order from the Income Tax Department of ' 2,140 for the Assessment Year 2013-14 for which the case is pending before CIT (Appeals) - I/Kolkata.
8. SEBI has issued an impugned order dated 20th April, 2015 to the Company and directed Company not to issue equity shares or any other instrument convertible into equity shares or any other security for a period of 10 years. Company has already undergone the prohibition for a period of approximately 4 years and 7 months and is in the process of filing an appeal before Securities Appellate Tribunal (SAT) against the said impugned order of SEBI.
9. The figures of Jaipur Branch have been incorporated on the basis of the financial statement received from the branch. However, revenue for the month of March for RISL Project (a Government Project) could not be recognized due to delay in information provided by the project officials.
10. Previous year’s figures have been regrouped / rearranged wherever necessary, to confirm to the current period presentation.
(c) Terms/rights attached to equity shares:
The company has only one class of equity shares having par value of ' 1/- per share. Each holder of equity shares is entitled to one vote per share.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
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