Mar 31, 2014
1. Terms attached to Equity Shares :
The Company has only one class of Equity Shares having a par value of
Rs. 10/- per share.
Each holder of Equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of the equity
shares would be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will
be in proportion to the number of the equity shares held by the
shareholders.
2. As per the records of the Company including its Register of
Shareholders / members and other declarations received from the
shareholders regarding beneficial interest, the above shareholding
represents both legal & beneficial ownership of the shares.
* Rs. 3990588/- (P.Y. Rs. 7806296/-) is secured by way of first charge
of equitable mortgage of the immovable properties of the Company
situated at Village Ognaj, Greenwood Lake Resort and building with
Rajkot Nagarik Sahakari Bank Ltd. and additionally secured by personal
guarantee of Chairman, Managing director, Director and two ex-directors
of the Company.
* Rs. 17196626/- (P. Y. Rs. Nil) is secured by way of first charge of
equitable mortage of the immovable Commercial property of the Company
situated at Sunrise Centre-1, Drive-In Cinema Road, Thaltej with Canara
Bank.
* Rs. 313694/- (P.Y. Rs. 675127/-) term loan from HDFC bank against
hypothecation of vehicles financed and personal guarantee of the
Chairman, Managing Director and ex-director of the Company.
* Rs. 626753/- (P. Y. Rs. 705891/-) term loan from State Bank of India
against hypothecation of vehicles financed and personal gurantee of the
Chairman, Managing Director and ex-director of the Company.
* Unsecured Loans:
The Unsecured Deposits/Loans, as informed, are from Directors and
Directors'' relatives and are in terms of stipulation of the lender Bank
- THE RAJKOT NAGRIK SAHAKARI BANK LTD.
3. Secured Loans :
* Rs. Nil (P.Y. Rs. 86,29,422/-) is secured by way of first charge of
equitable mortgage of the immovable properties of the company situated
at F.P. 530/TP1 Bodakdev, at Sun Rise Center, Ahmedabad with Axis Bank
consisting Shop No. 26 & 25 AB and additionally secured by personal
guarantee of Chairman, Managing Director, Director of the Company and
ex-director of the Company, bearing Rate of Interest of 16.00% p.a.
with monthly rests and is repayable on demand.
* Rs. 70,49,538/- (P.Y. Rs. Nil) is secured by way of Company''s Fixed
deposit with Canara Bank amounting to Rs. 85,00,000/- (P. Y. Rs. Nil)
* Rs. 17272406/- (P. Y. Rs. 6509461/-) is secured by way of Company''s
Fixed deposits with Rajkot Nagarik Sahakari Bank amounting to Rs.
2,00,23,627/- (P. Y. Rs. 1,50,00,000/-)
4. Based on the information available with the Company, there are no
suppliers who are registered as micro, small or medium enterprises
under "The Micro, Small and Medium Enterprises Development Act 2006" as
at March 31st 2014 & 2013.
5. Balance confirmation not called for, are subject to confirmation
and reconciliation, if any.
6. Long Term Loans and Advances :
Deposits made in earlier years to the Income tax authority against past
disputed tax liabilities as on 31/03/2014, Rs. 3808836/- (P.Y. Rs.
3808836/-). However, vide Order dated 28/02/2012, the disputed
assessment proceedings of A.Y. 1995-96, 1997-98, 2001-02 and 2002-03
were set aside. Further, during the year, the fresh assessment u/s
143(3) has been made and department has raised demand of Rs. 10087948/-
besides interest. Rs. 9249807/-. However, the credit as shown above is
not given by the department and is subject to confirmation,
reconciliation and adjustment to Profit & Loss account if any.
Note: 9 : The Company has given on lease its Resort to Shangar
Hospitality but due to non payment of lease rent, the Company has
initiated legal action and the matter is subjudice, the recovery of
rent is subject to final outcome of Court''s decision.
Note: 10 Events occuring after the Balance Sheet
The Company has vide lease deed with Shangar Hospitality given on lease
its Resort with effect from 1st June 2013. However, since November
2013, the lessee has defaulted in clearing the payment and/or not paid
lease rentals in terms of lease deed. The Company has taken legal
action for recovery of the dues and vacating the Resort. The matter is
subjudice and in the event of non recovery of dues, to the extent dues
and other amount not received will affect the financial statement of
the Company, the amount if any is subject to final Court verdict.
Year Ending Year Ending
Particulars 31/03/2014 31/03/2013
(Figures in Rs.) (Figures in Rs.)
Note: 11 Contingent Liabilities &
Commitments (to the extent not
provided for)
A) Service Tax Liability
Outstanding
(i) At CIT level - 547,939
(ii) At Appellate Tribunal Level 9,251,306 7,023,327
B) Income Tax Liability at CIT-(A)
Level - -
Against order passed by ITAT set asiding the disputed assessment of
A.Y. 1995-96, 1997-98, 2001-02, 2002-03. During the year the Income Tax
department has made fresh assessment u/s 143(3) raising demand of
Rs.10087948/- besides interest Rs. 9249807/- (Against which as per
records of the Company, in past company has deposited Rs. 3808836/- is
subject to confirmation/reconciliation by Income Tax Department)
C) Labour Laws 1,673,400 1,673,400
12 : The Company is also involved in certain litigation for lands
acquired by it for Development purposes, either through agreements or
through outright purchases. These cases are pending with various courts
and are scheduled for hearings. After considering the circumstances
and legal advice received, management believes that these cases will
not adversely affect its financial statements. The liabilities, if any,
are not ascertainable.
13 : The Company does not expect any reimbursement in respect of the
above contingent liabilities and it is not practicable to estimate the
timings of the cash out flows, if any, in respect of matters above
pending and it is not probable that an outflow of resources will be
required to settle the above obligations/claims.
Note : 14 Segment Reporting
For Management Purpose, the Company is currently organised into two
major operating activities - 1) Resort and 2) Real Estate Business.
These divisions are the basis on which the Company reports its primary
segment information
(i) Segment assets and liabilities:
Company is having two segments of business and Assets and Liabilities
could not be bifurcated segment wise.
(ii) Segment revenue and expenses
Segment revenue and expenses are taken directly as attributable to the
segment. It does not include interest income on inter- corporate
deposits, Profit on sale of investments, Interest expense, Provision
for Contingencies and income-tax.
Note 15 - Lease
(i) Operating Lease: - Rental is expensed with reference to lease terms
and other considerations.
Note 16 - Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the year is adjusted
for the events of bonus issue.
For the purpose of calculating diluted earning per share, net profit or
loss for the year attributable to equity shareholders and weighted
average number of shares outstanding during the year are adjusted for
the effect of all dilutive potential equity shares Basic Earning per
Share is disclosed in the profit and loss account. There is no Diluted
Earnings per Share as there are no dilative potential equity shares.
Note 17 : Previous year figures have been regrouped/rearranged so as to
make them comparable with current year''s figures.
Note 18 : The Provision for Current year''s Income Tax Rs. 2739587/-(
Previous Year Rs. 2847502/-) has been made on estimated basis for the
accounting year ended on 31/03/2014. The actual tax liabilities of the
Company will be determined on the basis of taxable income of the
Company for A.Y. 2014-15.
Note 19 : Based on the information available with the Company, there
are no suppliers who are registered as micro, small or medium
enterprises under "The Micro, Small and Medium Enterprises Development
Act 2006" as at March 31st 2014.
Mar 31, 2012
1. Figures of previous year have been regrouped / rearranged wherever
necessary.
1.2 Terms attached to Equity Share
The Company has only one class of Equity Shares having a par value of
Rs.10/- per share.
Each holder of Equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of the equity
shares would be entitled to receive remaining assets of the company,
after distribution of all preferential amounts.The distribution will be
in proportion to the number of the equity shares held by the
shareholders.
1.3 As per the records of the Company including its Register of
Shareholder/members and other declaration received from the
shareholders regarding beneficial interest, the above shareholding
represent both legal & beneficial ownership of the shares
2.1 Secured loan above:-
Rs.11113085/- is secured by way of first charge of equitable mortgage
of the immovable properties of the company situated at village Oganaj,
Greenwood Lake resort and building with Rajkot Nag. Sah. Bank Ltd. and
additionally secured by personal guarantee of Chairman, Managing
directors and two other Directors of the Company.
Rs. 1100184/- term loan from HDFC bank against hypothecation of
vehicles & equipment financed and personal guarantee of the Chaiman,
Director and Managing Director of the company.
Unsecured loan above:-
The Unsecured Deposits/Loans, as informed, are from Directors and
Director's relatives and are in terms of stipulation of the lender
Bank -THE RAJKOT NAGRIK SAHAKARI BANK LTD.
3.1 Secured loan above:-
Rs. 63,69,241.21 is secured by way of first charge of equitable mortgage
of the immovable properties of the company situated at F.P. 530/TP1
Bodakdev, at Sun Rise center, Ahmedabad with Axis Bank consisting Shop
No. 26 & 25 AB and additionally secured by personal Guarantee of
Chairman, Managing Director and Two Other Directors bearing Rate of
Interest of 16.00% p.a. with monthly rests and is repayable on demand.
Short Term Loan from Banks and Others of previous year are personally
guaranted by the Chairman and Managing Director.
4.1 Based on the information available with the company, there are no
suppliers who are registered as micro, small or medium enterprises
under"The Micro, Small and Medium Enterprises Development Act 2006"
as at March 31 st 2011 and 2012.
5.1 Long-term loans and advances: .
Deposits made to the Income tax authority against past disputed tax
liabilities as on 31/03/2012, Rs. NIL (P.Y. Rs 3608836).However, vide
IncomeTax AppellateTribunal Order dated 28/02/2012, the disputed
assessment proceedings of A.Y. 1995-96,1997-98,2001 -02 and 2002-03
have been set aside.The balance representsTax/lnterest paid till
respective balance sheet date for which provisions were not made.
Year Ending Year Ending
Particulars 31/03/2012 31/03/2011
(Figures in Rs.) (Figures in Rs.)
Note: 6 Contingent Liabilities
& Commitments (to the extent not
provided tor)
Contingent liabilities and
cormmitments (to the extent
not provided for)
A) Service Tax Liability
Outstanding .
(i) At CIT level 776,572 -
(ii) At AppellateTribunal 8,099,899 6,841,226
B)IncomeTax Liability
Outstanding
At AppellateTribunal NIL 5,652,180
Vide IncomeTax Appellate
Tribunal Order dated
28/02/2012,
the disputed assessment
proceedings of A.Y.
1995-96,1997-98,
2001-02 and 2002-03 have
been set aside for which
provisions were not made.
Rs. Nil (Paid
Rs. 38,08,836/-) (P.Y.
Demand
Rs. 92,61,016/- Paid
Rs. 36,08,836/-)
(C) Labour Laws 1,673,400 1,673,400
(D) For SEBI Notice( Note No 29.01)
6.01: The Company has been in receipt of a show cause notice under
Rule 4 of SEBI (Procedure for holding enquiry and imposing penalties by
adjudicating officerr) Rule 1995. Company is in the process of
participating in the enquiry proceedings and will endeavour the best to
defend the case of the Company.The liability, if any, is not yet
quantified.
6.02: The Company is also involved in certain litigation for lands
acquired by it for Development purposes, either through agreements or
through outright purchases.These case are pending with various courts
and are scheduled for hearings. After considering the circumstances
and legal advice received, management believes that these cases will
not adversely effect its financial statements. The liabilities, if any,
is not ascertainable.
6.03: The Company does not expect any reimbursement in respect of the
above contingent liability and it is not practicable to estimate the
timings of the Cash Out flows, if any, in respect of matters above
pending and it is not probable that an outflow of resources will be
required to settle the above obligations/claims.
Note: 7 Segment Reporting
For Management Purpose, the Company is currently organised into two
major operating activities -1) Resorts and 2) Real Estate Business.
These divisions are the basis on which the Company reports its primary
segment information
(i) Segment assets and liabilities:
Company is having two segments of business and Assets and Liabilities
could not be bifurcated segment wise.
(ii) Segment revenue and expenses
Segment revenue and expenses are taken directly as attributable to the
segment. It does not include interest income on inter- corporate
deposits, Profit on sale of investments, Interest expense, Provision
for Contingencies and income-tax.
Note: 8 - Related Party Disclosure
A. List Related Parties and Relations
1. Subsidiaries, Fellow Subsidiaries and Associates
Sterling Resorts Private Limited
2. Key Management Personnel
- Mr. B. Kumar
- Mr. Ankit Mathur
- Mrs. Meeta Mathur
- Mrs. Kusum B. Kumar
- Mr. UmangVyas
- Mr. Kunal Mathur
- Mr. Minesh Surti
3. List of Relatives of Key Managerial Personnel and Enterprise over
which Key Management Personnel and their relative excessive significant
influence with whom transaction have taken place during the year
Greenwood Organiser & Engineer Pvt. Ltd.
Greenwood Recreation Pvt Ltd.
- Sterling Resorts Private Limited
- Madhu Mittal
- Madhu Agarwal -NipurAgarwal
- Umeshchandra Agarwal
- Siddharth Seth
- Om Kumar- HUF -B.Kumar(HUF)
- Manorama Agarwal
- Banwarilal charitableTrust
- M/S ArchitectYetinder Mathur
Note 9-Lease
(i) Operating Lease: - Rental is expensed with reference to lease terms
and other considerations.
Notes:-
The company has taken on lease one villa in Sterling Resorts owned by
Banvarilal Charitable trust.The total Lease rent paid on the same
amounting to Rs. 90,000/- (RY. Rs. 90,000/-) is included under Other
Expense. The minimum lease rentals payable in respect thereof are as
follows:
- not later than one year Rs. 90,000/- .
- later than one year and not later than five years Rs. 450,000/-
- later than five years Rs. NIL
Lease payment recognised in profit and loss A/c for the period.
The total yearly lease payment is Rs. 90,000/- ,
Minimum lease per annum Rs. 90,000/-
Note 10 - Earning Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders (after deducting
preference dividends and attributable taxes) by the weighted average
number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the year is adjusted
for the events of bonus issue.
For the purpose of calculating diluted earning per share, net profit or
loss for the year attributable to equity shareholders and weighted
average number of shares outstanding during the year are adjusted for
the effect of all dilutive potential equity shares
Basic Earning per Share are disclosed in the profit and loss account.
There is no Diluted Earnings per Share as there are no dilative
potential equity shares.
Note 11 : Previous year figures have been regrouped/rearranged so as to
make them comparable with current year's figures.
Note 12 : The Provision for Current year's Income Tax Rs.
17,76,410/-( Previous Year Rs. 32,84,776/-) has been made on estimated
basis for the accounting year ended on 31/03/2012.The actual tax
liabilities of the company will be determined on the basis of taxable
income of the Company for A. Y. 2012-13
Note 13 :Based on the information available with the company, there are
no suppliers who are registered as micro, small or medium enterprises
under"The Micro, Small and Medium Enterprises Development Act 2006"
as at March 31 st 2012.
Note 14 :Till the year ended March 31 2012 the company was using pre
revised schedule VI toThe Companies act 1956, for preparation and
presentation of its financial statements. During the year ended March
31,2012, the revised schedule VI notified under the companies act 1956
has become applicable to the company. The company has reclassified
previous year figure to conform to this year's classification. The
adoption of revised schedule VI does not impact recognition and
measurement principles followed by the company for preparation of
financial statements. However, it significantly impacts presentation
and disclosure made in the financial statements, particularly
presentation of balance sheet.
Mar 31, 2011
1. Figures of previous year have been regrouped / rearranged wherever
necessary.
2. Directors Remuneration
3. Foreign Exchange Earning and Outgo
4. Service Tax Demand disputed and pending with Appellate Tribunal:- -
Against Resort & Hotel Business: Rs. 23,03,073/- in which the company
has deposited Rs. 1150000/- Service Tax Penalty Disputed and pending
with Appellate Tribunal: - - Against Real Estate Business: Rs.
34,10,080/- - Against Resort & Hotel Business: Rs. 23,03,073/- 6.
Looking to nature of business of the company, quantitative details of
land and stores are note herewith furnished.
Statement pursuant to section 212 of Companies Act, 1956 relating to
Subsidiary Company
1. Name of Subsidiary : Sterling Resorts Private Limited
2. Financial Year of Subsidiary Company ended on : 31/03/2011
3. Date from which it became Subsidiary : 06/05/1986
4. Number of shares held by Sterling Greenwoods Limited : 64179 Equity
shares of Holding Company) with its nominees in Rs. 10/- each fully
paid up The Subsidiary at the end of the Financial Year of the
Subsidiary
5. Extent of Shareholding interest of Holding Company : 95.08 At the
end of the Financial year of the Subsidiary
Note : The subsidiary company has not commence its business activity
hence details of profit & loss figures are not given.
Mar 31, 2010
AS -4 - Contingencies and Events occurring after Balance
sheet date.
Sr.
No. Particulars Amount (Rs.)
1 Contingent Liabilities Nil
2 Liabilities Disputed under Income Tax Nil
3 Estimated Amount of Contracts remaining
to be executed on Capital accounts and Nil
not provided for
4 Material Events occurring after Balance sheet date are taken into
cognizance. There have been no material changes or events since the
date of balance sheet affecting financial statements as on the Balance
sheet date. Further, the dates of Balance sheet, no events or
circumstances have occurred, though properly excluded from the
accounts, are of such importance that they ohould be disclosed through
any medium.
- AS - 5 - Net Profit and Loss for the period, extra ordinary items and
change in accounting policy.
1 Net Profit for the period
All items of income and expense in the period are included for
determination of net profit of the year unless specifically mentioned
elsewhere in the financial statements or required by an Accounting
Standard. Prior period items, extra ordinary items and changes in
accounting policy are disclosed only if those have material impact on
the affairs of the
company.
2 Prior Period items: All material items of Income/Expenditure
pertaining to prior period and expenses to subsequent period are
accounted separately.
3 Extra ordinary Items : Nil
4 Accounting Policies
The company has consistently followed accounting polices and there are
no material changes in accounting policy of the company from that
followed in previous year.
- AS - 6 - Depreciation Accounting
a) The Gross Block of fixed assets is stated at cost of acquisition or
construction including any cost attributable to bringing the assets to
their working condition for their intended use.
b) Depreciation on fixed assets is provided on Straight Line Basis at
the rate prescribed in Schedule XIV to the Companies Act, 1956. On
additions of Assets the depreciation is charged at full rate on
additions made before 30 September 2010. The addition made afterwards
is charged at half rate.
- AS -10 - Accounting of Fixed Assets
Fixed Assts reflected in the financial statements are stated at their
cost of acquisition including taxes, duties (Net of Refunds) and other
identifiable direct charges incurred upto date the asset is put to use
less accumulated depreciation where charged.
- AS -13 - Accounting for Investments:-
The investments of the company are classified in to investments held
for maturity and investment held other than for maturity. The company
values its investments held for maturity at cost price ignoring any
changes in the market price of the same. However, if change in value is
on permanent basis, the same is recognized as profit or loss in profit
and loss account. While investment held for other than maturity is
valued at Market price by recognizing the same in profit and loss
account.
- AS -15 - Accounting for retirement benefits
Contribution made to defined contribution retirement benefit plans viz
Provident fund, Gratuity fund (through LIC Group Gratuity Scheme),
which are recognized as expenses as they fall due and paid. All the
above expenditures are debited to profit and loss account. However, the
company has not made any provision of leave encashment during year.
- AS-17-Segment Reporting
(B) Segment accounting policies:
In addition to the significant accounting policies applicable to the
business segment as set out in notes to the accounts, the accounting
Policies in relation to segment accounting are as under: (a) Segment
assets and liabilities:
Company is having two segments of business and Assets and Liabilities
could not be bifurcated segment wise.
(b) Segment revenue and expenses
Segment revenue and expenses are taken directly as attributable to the
segment. It does not include interest income on inter- corporate
deposits, Profit on sale of investments, Interest expense, Provision
for Contingencies and income-tax
AS -18 - Related Party Disclosure
A. List Related Parties and Relations
1. Subsidiaries, Fellow Subsidiaries and Associates
- Sterling Resorts Private Limited
2. Key Management Personnel
- Shri B. Kumar - Smt. Kusum B.Kumar
- Smt. Meeta Mathur - Mr. Anurag Agarwal
- Mr. Kunal Mathur - Mr. Ankit Mathur
- Mr. Umang Vyas - Mr. P. V. R. N. Iyer
- Mr. Jitendra Vyas
3. List of Relatives of Key Managerial Personnel and Enterprise over
which Key Management Personnel and their relative excessive significant
influence with whom transaction have taken place during the year
- Greenwood Recreation Pvt. Ltd. - Greenwood Organiser & Engineer Pvt.
Ltd.
- Sterling Resorts Private
Limited - B.Kumar
- Ankit Mathur - Kusum Kumar
- B.Kumar(HUF) - MeetaMathur
- Gaurav Mittal - Om Kumar - HUF
- P.N. Zutshi - Madhu Mittal
- Manorama Agarwal - Radha Mittal
- Umeshchandra Agarwal - A & A Associates
- Paksh Developers Private Limited
AS-21 - Consolidated Financial Statements
Company is having a fully owned subsidiary namely "STERLING RESORTS
PRIVATE LIMITED" Consolidated Balance
Sheet has been prepared accordingly.
AS - 22 - Accounting for Taxes on Income
Provision for current income taxes is made on taxable income at the
rate applicable to the relevant assessment year.
There are deferred tax assets as calculated. However company has not
recognized & provided provisions for the assets in the books of
accounts.
AS - 28-Impairment of Assets
The carrying value of fixed assets is evaluated whenever events or
changes in circumstances indicate that the carrying amounts may not be
recoverable. There is no impairment loss recognized or identified
during the reporting period.
AS - 29- Provisions, Contingent Liabilities and Contingent Assets
Contingent liabilities are not provided for but are disclosed after a
careful evaluation of facts and legal aspects of the matter involved.
In general, liabilities and contingencies are provided for it. If, in
the opinion and at the discretion of the management, there are
reasonable prospects of such liabilities crystallizing or future
outcome of such contingencies is likely to be materially detrimental to
business.
Income Tax Liabilities (For the Asst. Year 1995-96) of which appeal by
Income Tax Department is pending before the Income Tax Appellate
Tribunal against the demand reduced by the C.I.T. Company is
contingently liable for the amounting of Rs.92,61,016/-. Company has
not made the provisions for the above nor it has provided demand of
interest U/s. 220 amounting of Rs.2,00,000 paid during the year
accounted with Advance Income Tax.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article