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Notes to Accounts of Satkar Finlease Ltd.

Mar 31, 2014

A) The company has raised the equity share capital through a preferential allotment to the shareholders other than the existing shareholders after approval from existing shareholders in general meeting. The company has further issued the capital through IPO and the rates of both allotments were different.

A) The company has issued the 1:1 Bonus shares to the all existing shareholders of the company consequent upon the approval from shareholders at the time of approval in general meeting. This also includes the equity allotted in preferential allotment prior to approval of bonus

The company has charged 1/5th of Miscellaneous Expenditure & Losses to the Profit & Loss Account and remaining amount shown as current assets to be apportioned over 5 years from the current year in pursuance of Income Tax Act, 1961. However on a contrary view, such expenditure should be charged to Profit & Loss Account in toto in the first year itself as Extra Ordinary item

* Note: The above Cash Flow Statement has been prepared under "Indirect Method" as set out in the Accounting Standard (AS) - 3 on Cash Flow Statements" issued by the Institute of Chartered of Accountants of India.

1) The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever necessary.

4) All the investments made by the company are valued at Cost.

5) Managerial

Remuneration: Nil

6) Deferred tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years.

7) The revised Schedule VI as notified under the companies Act, 1956 has become applicable to the company for the presentation of its financial statements for the year ending March 31,2013. The adaptation of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements Previous year figures have been reclassified in accordance with current year requirements.

8) On the basis of a expert opinion obtained from a Chartered Accountants for non Applicability of AS -15, the company has not made any provision for retirement benefits in a view that Payment of Gratuity Act 1972 is not applicable to the company and hence it is outside the scope. Further in view of the closing leave balances of the employees which is NIL, the provisioning was not required under the provision for leave encashment.

9) Loans and Advances, Unsecured Loans, non-current assets and current liabilities are subject to confirmation. However, company has sent balance confirmation requests to the concerned parties but the same is yet to receive.

10) The Company has taken /given unsecured loans from various Companies and others which are payable on demand. It is the routine business of the company. Such Loans are carrying no interest as per verbal commitments with the parties. However, the company is trying to formalize all these loans thru agreements.

11) All schedules annexed to and from integral part of the Balance Sheet and Profit & Loss Account.

12) Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal Income Tax during the specified period.

13) Earnings in Foreign Exchange (FOB Value) Nil

14) Expenditure in Foreign Currency Nil

15) The Company has no employee to whom the provisions of section 217 (2A) of the Companies Act, 1956 are applicable.

Oct 27, 12:00 am
Oct 27, 4:14 pm
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