Qpro Infotech Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

I. Corporate Information:

Qpro Infotech Limited is public limited listed company. The Company operates in the business of Trading.

ii. Basis of Accounting & Preparation of Financial Statements:

Preparation and presentation of financial statements of the company is disclosed as per the revised Schedule VI notified under the Companies Act, 1956 However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

The financial statements have been prepared under the historical cost convention in accordance with the generally accepted accounting principles and the provisions of the Companies Act, 1956 as adopted consistently by the Company. Accounting policies not stated explicitly otherwise are consistent with Generally Accepted Accounting Principles (GAAP).

The Company generally follows mercantile system of accounting and recognize significant items of income and expenditure on accrual ba0sis as a going concern.

iii. Use of Estimates:

The preparation of the financial statements in conformity with Indian GAAP requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities on the date of the financial statements and reported amounts of revenues and expenses for the year. The management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iv. Fixed Assets

Fixed assets are stated at cost of acquisition.

v. Investments:

Investments are long term in the nature and stated at cost.

vi. Revenue Recognition:

All income and expenditure items having a material bearing on the financial statement are recognised on accrual basis.

vii. Earnings per Share:

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the profit/(loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of shares which could have been issued on the conversion of all dilutive potential equity shares.

viii. Provisions, Contingent Liabilities & Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Contingent Liability not provided for Rs. 23,60,952/-, Rs. 6,14,295/- & Rs. 3,35,380/- being Income Tax Demand disputed in appeal for A.Y. 2006-07 ,A.Y. 2008-09 & A.Y. 2010-11 respectively.

ix. In the opinion of the Board, the Current Assets Loans and Advances are not less than the values stated if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

x. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act have not been given.

xi. Disclosures under accounting standards:

a. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India. The related parties of the company at 31st March, 2014 are as follows:

i. Directors & Key management personnel :

* Sundaram Sankaranarayanan - Director

* Shashikanta Nayak - Additional Director

* Anitha Mahesh - Executive Director

* Ankit Garodia - Executive Direcor

xii. The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances, Secured & Unsecured Loan balances are subject to confirmation.

xiii. Figures have been rounded off to the nearest rupee.

xiv. Comparative Figures:

Previous year''s figures have been regrouped & rearranged wherever necessary to correspond with the current period''s classification/disclosures.

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Mar 31, 2011

1. The Company has not charged depreciation fixed assets as per The Companies Act, 1956.

2. The Company deals only with one segment of business, viz., electronic publishing and hence segmental reporting is not applicable for the Company.

3. In the opinion of the Board of directors, current assets, loans and advances have value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4. Balances of Sundry debtors, Sundry creditors, loans and advances are subject to confirmation.

5. Previous Years figures are regrouped or rearranged wherever necessary to make them comparable with the current year's figures.

6. Accounts of subsidiary company i.e. M/s.Santype International Limited, pursuant to Section 212 of the Companies Act, 1956 are not annexed in preparation of final accounts of the company as the said Company has filed cessation with Registering authorities at U.K. and the Board of Directors is evaluating the effect of the same.