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Notes to Accounts of SFL International Ltd.

Mar 31, 2014

1. Rights, Preferences and Restrictions Attached to each class of shares

The Company has only one class of Equity Shares having a par value of Rs.10/- per share and each holder of the Equity Shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no preferential amounts exist currently. The distribution will be in proportion to the number of shares held by the shareholders.

2. The company has not received information from vendors regarding their status as MSME and hence disclosures as required as per The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 have not been given.

3. MAT CREDIT ENTITLEMENT :

Based on the assessment of the future taxable income, the Management is of the opinion that there is convincing evidence that the company will pay normal income tax within the specified period during which MAT credit is available for set off.

4. In the opinion of the management and to the best of their knowledge and belief, the value under the head of current and non-current assets (other than fixed assets and non-current investments) are approximately of the value stated, if realised in ordinary course of business, except unless stated otherwise. The provision for all known liabilities is adequate and not in excess of amount considered reasonably necessary.

5. SEGMENT REPORTING

The company is organised into two main business segments, namely trading of shares and trading of doth. The disclosures regarding the segment information is as follows:

6. There are neither any imports on CIF basis nor any expenditure or earnings in foreign currency.

7. Previous year''s figure have been regrouped / reclassified, wherever necessary to confirm to this year''s classification / disclosure. Further the figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. Previous year figures have been rearranged/regrouped where ever considered necessary.

2. The Figures have been rounded off to the nearest of rupees.

3. Since the company has substantial carried forward business loss, speculation loss and unabsorbed depreciation and as there is uncertainty of sufficient future taxable income which may be available for its realization , the deferred tax asset in accordance with accounting standard 22 issued by the Institute of Chartered Accountants of India has not been recognized by way pf prudence.

4. RELATED PARTY DISCLOSURE (AS REQUIRED BY AS 1 8) A. Relationship :

i. Holding Company : NIL

ii. Subsidiary Company : NIL

iii. Other related parties where common control exists :

AGARWAL ESTATE ORGANISERS LTD. iv. Key managerial Personnel :

Managing Director: SANJAY C. AGARWAL

Director: JIGNESH R. PATEL

NILESH PATEL

a. UNSECURED LOANS :

(Agarwal Estate Organizers Ltd.)

i. Taken during the year 379713/-

ii. Repaid during the year 1697133/-

Company has not paid any amount to key managerial personnel.

5. SEGMENT REPORTING : During the year company has not carried any business activities except interest income so the Accounting Standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

6. Dues to Small Scale Industrial Units

As per information available with the company no amount is outstanding for more than 30 days from Small Scale Industrial Units.

7. Loans and advances includes Rs.12308983/- (previous year Rs.10991563/-) due from a company in which director is interested.

 
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