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Notes to Accounts of Santowin Corporation Ltd.

Mar 31, 2015

1. shareholders:

The company has only one class of equity shares having face value of 10/- each. Every shareholder is entitled for one vote per share. The dividend proposed by the Board of Directors is subject to approvalof shareholder except in case of interim dividend. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding.


Mar 31, 2013

A BASIS OF PRESENTATION

The Company maintains its accounts on accrual basis following historical cost convention to comply in all material respects with the Accounting Standards notified by Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956 and the Rules. Management makes estimates and technical and other assumptions regarding the amounts of income and expenses, assets and liabilities, and disclosure of contingencies, in accordance with Generally Accepted Accounting Principles in India in the preparation of the financial statements. Differences between the actual results and estimates are recognized in the period in which they are determined.


Mar 31, 2011

1. There is no estimated amount of the contracts remaining to executed net of advances and not provided for on capital accounts as at the balance sheet date. The Company does not have any contingent liabilities as on the balance sheet date.

2. The balances of Sundry Creditors, Sundry Debtors, Loans & Advances, secured and unsecured loans and other current Assets & Liabilities appearing in the book of account are subjects to confirmation & reconciliation, if any

3. In the opinion of Board and as certified by the Managing Director all the expenses charged to revenue are genuine and have been solely and exclusively incurred for the business of the company. Ail the cash transaction covering receipts and payments are genuine and carried out of business expediency.

4. The company is in the process of identifying suppliers covered under the Interest on Delayed Payment to Small Scale & Ancillary Industrial Undertaking Act, 1993 and is yet to ascertain and account for the liability.

5. As required by AS-22, no deferred tax assets is created as in the view of the management, the company may not have any tax liabilities in near future to compensate the deferred tax assets.

6. During the year the company has written off Rs. 8.12 Laces due to other liability, the same is shown in other income as the same is no longer payable.

7. Sundry Debtors include the following amount due from directors, their relatives, other parties and companies in which directors or their relatives are interested as proprietors, partners or directors.

8. All the figures are rounded off to the nearest rupee.

9. Previous year''s figure have been regrouped and recast to correspond with the figure of current year wherever necessary.

 
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