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Notes to Accounts of Shreevatsaa Finance & Leasing Ltd.

Mar 31, 2014

Note:1 CONTINGENT LIABILITIES :-

As per the management estimate and belief there is no contingent liability as at 31.03.2014 (Previus Year Nil)..

Note: 2 PROFIT ON SALE OF SHARES

In the previous year the company has sold 70010 shares of M/s PSS Agro & Investments Pvt. Ltd., which were held as non-current investment. The shares have been sold for a total sale consideration of Rs. 3.50 Crores and the resulting profit thereon amounting to Rs. 3,14,99,500/- has been transferred to Profit & Loss A/c. Though the transaction forms part of ordinary activities of the company, being NBFC, but the sale consideration as well as profit derived from the sale is an exceptional item for the company.

Note:3 The company is predominantly engaged in NBFC business. There is no other business or geographical segments with in the meaning of Accounting Standard - 17 issued by the institute of Chartered Accountants of India.

Note:4 The company has accounted for the MAT credit entitlement for the F.Y. 2007-08 and 2012-13 amounting to Rs. 12,31,760/- and Rs. 10,97,388/- respectively which were erroneously not taken into account in those years. Mat credit entitlement has also been accounted for the F.Y.2013-14 amounting to Rs.6,550/-.

Note:5 Expenditure in foreign currency: Nil

Note:6 Earning in foreign currency: Nil

Note:7 Balances of the parties are subject to confirmation and reconciliation , if any.

Note:8 In the opinion of the Board, the Current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all knows liabilities are made.

Note 9 The Company has been transferred an amount of Rs.4,74,700/- to Special Reserve Fund during the year, which was created in terms of Section 45 IC of the Reserve Bank of India Act,1934.

Note:10 Loans and advances include Rs. 383.50 Lacs (P.Y Rs. 387.00 Lacs) advances to a company in which the director of the company is a director.

Note:11 As per the information available with the company no amount is due to Micro, Small and Medium Enterprise a defined under the Micro, Small and Medium Enterprise Development Act, 2006.

Note:12 The figures of Previous year have been regrouped/recast wherever consider necessary to make them comparable with those of current year.


Mar 31, 2013

Note:1 CONVERSION OF INVESTMENT INTO STOCK IN TRADE

All the Quoted Investment standing in the books as on 31.03.2011 have been converted into Stock in Trade at the fair market value as at 01.04.2011. Resulting in an overall loss of Rs. 3143756/- which has been shown as extra ordinary item in the Statement of profit & loss..

Note: 2 PROMT ON SALE OF SHARES

The company has sold 7UUJU shares ot M/s res Agro &, Investments Pvt. Ltd. Which were held as non-current investment, the shares have been sold tor a total sale consideration of Rs. 3.50 Crores and the resulting profit thereon amounting to Rs. 3,14,99,500/- has been transferred to Profit & Loss A/c. Though the transaction forms part of ordinary activities of the company, being NBFC, but the sale consideration as well as profit derived from the sale is an exceptional item

Note:3 The company is predominantly engaged in NBFC business. There is no other business or geographical segments with in the meaning of Accounting Standard - 17 issued by the institute of Chartered Accountants of India.

Note:4 Expenditure in foreign currency: Nil Notc:32 Earning in foreign currency: Nil

Ncli:5 Balances of the parlies are subject Id confirmation unci reconciliation , if any

NHic6 In ilic opinion ul Ik ll.i.ml. Hie ( niiciii assets. loans and advances arc approximately of the value sluled, il''realized in the ordinary course of business and provision lor all knows liabilities arc nuule.

Noic:7 Loans and advances include Ks 1X7.00 I,acs (I''.Y Ks. 116.67 Lacs) advances to a company in whieh the director of the company is a director. information available wiih the company no amount is due to Micro, Small and Medium Knterprise a defined under the Micro, Small and Medium inlerprise Development Acl, 2006.

Notr:8 figures of Previous year have been regrouped/recast wherever consider necessary to make them comparable with those of current year,


Mar 31, 2011

1. Contingent Liabilities : Nil (Prev Year : Nil)

2. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all known liabilities are made.

3. Loans and advances include Rs. 105.00 Lacs (P.Y Rs. 20.00 Lacs) advances to a company in which the director of the Company is a director.

4. As per the information available with the Company, no amount is due to Small Scale Ancillary Industrial Undertakings as at 31st March, 2011.

5. Gratuity liability is not provided, as none of the employees have completed the qualifying period of service.

6. The Company is predominantly engaged in the business of NBFC, and there is no business or geographical segment with in the meaning of accounting standard 17 "Segment Reporting".

7. Deferred Tax Assets/Liability

Consequent to the Accounting Standard-22 on " Accounting for Taxes on Income", the deferred tax credit/(debit) of Rs. 1,333/- cr (P.Y Rs. 74,164 (dr)) is recognized in the Profit & Loss Account. Deferred Tax Asset (As shown in the braket below) and deferred tax liability has been worked out as under:

8. Additional information pursuant to Part II of Schedule VI to the Companies Act, 1956, is being furnished separately at Annexure A.

9. Previous year figures have been regrouped, rearranged or recasted wherever considered necessary.

10. Schedule A to P form integral part of the accounts and are duly authenticated.


Mar 31, 2010

1. Contingent Liabilities : Nil (Prev Year : Nil)

2. In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for all known liabilities are made.

3. Loans and advances include Rs. 20.00 Lacs (P.Y Rs. Nil) advances to a company in which the director of the Company is a director.

4. As per the information available with the Company, no amount is due to Small Scale Ancillary Industrial Undertakings as at 31st March, 2010.

5. Gratuity liability is not provided, as none of the employees have completed the qualifying period of service.

6. The Company is predominantly engaged in the business of NBFC, and there is no business or geogoraphical segment with in the meaning of accounting standard 17 "Segment Reporting".

7. Related Party Disclosure:

As per Accounting Standard 18 " Related Party Disclosure", issued by the ICIA, the disclosures of transactions with the related prices are as follows:

Sr. Name of the party Relationship No.

1 Praveen Kumar Arora Key Management Personnel

The company took the following transactios with the related party during the year:

Sr. Name of the party Amount(Rs.) No.

1 Praveen Kumar Arora 12.00 Lacs(P.Y Rs. 600 Lacs)

8. Market Value of Arrow Textile Ltd. as at 31.03.2009 is not available due to restructuring and merger respectively.

9. Additional information pursuant to Part II of Schedule VI to the Companies Act, 1956, is being furnished separately at Annexure A.

10. Previous year figures have been regrouped,rearranged or recasted wherever considered necessary.

11. Schedule A to P form integral part of the accounts and are duly authenticated.

 
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