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Notes to Accounts of Shikhar Leasing & Trading Ltd.

Mar 31, 2013

Companies Overview;

Shikhar Leasing & Trading Limited (the company) is a public Limited company incorporated under the provisions of the companies Act, 1956 vide CIN: L51900MH1984PLC034709 carry on business of Non banking Finance under the category of Loan Company (NBFC)

1.1 The Reserve Bank Of India ( RBI vide its Notification No DNBS.222/CGM(US)- DATED 17TH January 2011 has issued directions to all NBFCs (Deposit Accepting) or holding and non deposit accepting or holding to make provision of 0.25 % on the standard Assets. Accordingly, the Company has made a contingent provision ofRs. 11386/- previous Year Rs. 37,106/- on the standard assets outstanding at the end of the year.

1.2 Dues to Micro Small and Medium Enterprises:

The Company does not possess information as to which of it''s suppliers are ancillary Industrial undertaking/ small scale undertaking holding permanent registration on certificate issued by the director of the industrial of state or union territory consequently the liabilities if any, of interest which would be payable under interest on deferred payment to small scale land ancillary industrial undertaking ordinance,1992 can not be ascertained. However the Company has not received any claim in respect of interest from such suppliers.

1.3 The company has not accounted interest on loan of Rs. 15.75 lacs given to M/s. Anchor Soaps Private Limited as the interest on the ioan is considered doubtful and irrecoverable. The Interest; if any, will be accounted for as and when the same is received. the above loans are outstanding for more than one years old .however based on negotiation, discussion with the party, the company is confident that these amounts will be recovered in full and hence no provision is made in the accounts for the aforesaid loan.

1.4 The Company is engaged only in one operational Business i.e. Finance Business (Loan Company) and Hence Segment reporting is not applicable to the company

1.5 Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India.

Note: related party relationship is as identified by the company and relied upon by the auditor.

1.6 Balances in respect of Loans & advances and Liabilities in most of the cases are subject to confirmations, reconciliations and adjustments, if any.

1.7 In the opinion of the management. Loans & Advances have a value on realization in the ordinary course of the business at least equal to the amount at which they are stated in the books of accounts.

1.8 The previous year''s figures have been regrouped & recast wherever necessary to make them comparable.


Mar 31, 2012

Companies Overview:

Shikhar Leasing & Trading Limited (the company) is a public Limited company incorporated under the provisions of the companies Act, 1956 vide CIN : L18101MH1984PLC034857 carry on business of Non banking Finance under the category of Loan Company (NBFC)

1. The Reserve Bank Of India (RBI vide its Notification No DNBS.222/CGM(US)- DATED 17TH January 2011 has issued directions to all NBFCs (Deposit Accepting) or holding and non deposit accepting or holding to make provision of 0.25 % on the standard Assets. Accordingly, the Company has made a contingent provision of Rs 37106/- previous Year Rs 13870/* on the standard assets outstanding at the end of the year.

1.1 Dues to Micro Small and Medium Enterprises:

The Company does not possess information as to which of it's suppliers are ancillary Industrial undertaking/ small scale undertaking holding permanent registration on certificate issued by the director of the industrial of state or union territory consequently the liabilities if any, of interest which would be payable under interest on deferred payment to small scale land ancillary industrial undertaking ordinance,1992 can not be ascertained. However the Company has not received any claim in respect of interest from such suppliers.

1.2 The company has not accounted interest on loan of Rs.15.75 lacs given to M/s. Anchor Soaps Private Limited as the interest on the loan is considered doubtful and irrecoverable. The Interest, if any, will be accounted for as and when the same is received, the above loans are outstanding for more than one years old .however based on negotiation, discussion with the party, the company is confident that these amounts will be recovered in full and hence no provision is made in the accounts for the aforesaid loan.

1.3 The Company is engaged only in one operational Business i.e Finance Business (Loan Company) and Hence Segment reporting is not applicable to the company

1.4 Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India.

1.5 C.I.F. value of import: Rs Nil (Previous Year Rs NIL).

1.6 F.O.B value of goods exports: Rs Nil (Previous year Rs Nil).

1.7 Expenditure in foreign currency: Rs Nil (Previous year Rs Nil)

1.8 Earnings in foreign currency: Rs Nil (previous year Rs Nil)

1.9 Earning per Shares.(EPS)

1.10 Previous year's figures have been regrouped, recast and reclassified wherever necessary to make them comparable with the figures of current year.


Mar 31, 2010

A. Provision for accrual of liability for gratuity in accordance with Accounting Standard (As) 15 (revised 2005) " Employees Benefit" issued by Institute of Chartered Accountant of India has not been made in the accounts. The Liability on account of Gratuity has not been ascertained/quantifiable.

B. "The Micro , Small and Medium Enterprises Development Act, 2006" has come in to force from October 2, 2006 which has repealed the provisions of Interest on delayed payment to small scale and ancillary Industrial undertaking Act ,1993

The Company is in communication with its suppliers to ascertain the applicability of this Act. As on the date of this Balance sheet, the company has not received any communications from any of its suppliers regarding the applicability of this Act to them. This has been relied upon by the Auditors.

The business segments have been identified taking in to consideration.

1. The Nature of the Product.

2. The Differential risks and returns of the segments.

3. The Organisation structure.

4. The Internal Financial Reporting systems.

Business Segments:

- Leasing and Finance Activity

- Service Activity

Inter segment transfer pricing :-

Inter segment prices are normally negotiated amongst the segment with reference to the cost, market prices and business risks, within an overall optimisations objective.

A) Basis for allocating revenues and expenses to the segments.

Revenue and expenses have been accounted for based on the basis of their relationship to the operating activities of the segment. Revenue and expenses, which relates to the enterprise as a whole and are not allocable to segment on the reasonable basis, have been included under "Unallocable Expenses" and or "Unallocalbe Income".

C.Sundry debtors, Sundry creditors and advances are subject to confir- mation and reconciliation if any.

D. Following are the major components of Deferred Tax(Assets)/Liability:-

E. Deferred tax Assets arising on account of Long term Capital loss is not accounted in view of uncertainty as to utilisation of Deferred tax assets in the near future . II. Calculation of deferred tax (Assets)/ Liabilities as on 31st March, 2010 is as given bellow.

F. Event occurring after balance sheet date:. The Company has close down it activities of manufacturing of electrical goods carried on contract basis in the month of July,2010 at Khergam, Valsad, Gujarat and settled claims of all the workers

G. Related party disclosure in accordance with the Accounting Standard 18-issued by the Institute of chartered Accountants of India are given below.

NAME OF THE RELATED PARTY RELATIONSHIP

Shri Girish Boradia Director-Key Managerial Personnel

Shri Damji Lalji Shah Director-Key Managerial Personnel

Shri SanjayAmritlal DesaiDirector-Key Managerial Personnel

Shri Kantilal Samji MarooDirector-Key Managerial Personnel

Shri Vipul Popatlal Chheda[ Director-Key Managerial Personnel

Related parties are identified by the management and relied upon by the auditor. The following transactions were carried out with the related parties in the ordinary course of business.

 
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