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Notes to Accounts of Sterling Guaranty & Finance Ltd.

Mar 31, 2014

1. There is no Contingent Liability (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2013 to 31.03.2014 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2013 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. The Income Tax assessments have been completed up to assessment year 2013 - 2014. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

5. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

6. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

7. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

8. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company''s'' related parties in terms of AS 18 are disclosed below:

Key Management Personnel: Mr. Dhiren D. Mehta - Executive Chairman (Honorary)

Others

None

The company''s related party transactions are as follows:

Rs. Nil Remuneration including salary was paid during the year

9. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

10. (a) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act ,1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.1 lacs which is outstanding for more than 30 days.

(b) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

11. The Previous years'' figures have been re-grouped/re-arranged/ reclassified /re-casted/re-stated wherever necessary.


Mar 31, 2013

1. There is no Contingent Liability (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2012 to 31.03.2013 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2012 and Deferred Tax Assets for the current year have not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. The Income Tax assessments have been completed up to assessment year 2011 - 2012. Demands for A.Y. 2000-01 of Rs.2781 (previous year Rs.2, 781) have been raised which the company has contested for rectification/preferred appeals which are pending.

5. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

6. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

7. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

8. AS-18 Related party Transactions:

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company''s'' related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Dhiren D. Mehta - Executive Chairman (Honorary)

Others

None

The company''s related party transactions are as follows:

Nil Remuneration including salary was paid during the year.

9. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

10. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act , 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs. 1 lacs which is outstanding for more than 30 days.

(b) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

11. The Previous years'' figures have been re-grouped/re-arranged/ reclassified /re-casted/re-stated wherever necessary.


Mar 31, 2012

1. There is no Contingent Liability (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2011 to 31.03.2012 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2011 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. The Income Tax assessments have been completed up to assessment year 2008 - 2009. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

5. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

6. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

7. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

8. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company''s'' related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Dhiren D. Mehta – Executive Chairman (Honorary)

Others

None

The company''s related party transactions are as follows:

Rs. Nil Remuneration including salary was paid during the year

9. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

10. As per AS-20 on "Earning Per Share (EPS)" issued by The Institute of Chartered Accountants'' of India, the particulars of EPS for Equity shareholders are as follows :

11. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act , 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.1 lacs which is outstanding for more than 30 days.

( b ) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

12. The Previous years'' figures have been re-grouped/re-arranged/ reclassified /re-casted/re-stated wherever necessary in view of the financial statements of the current year prepared in the format prescribed by the revised Schedule VI of the Companies Act 1956.


Mar 31, 2010

1. Contingent Liability not provided for Rs. Nil (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2009 to 31.03.2010 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2009 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. Managerial Remuneration included in the Profit & Loss Account under the head personnel expenses.

No commission is paid to the Manager - Director during the current year & previous year.

5. The Income Tax assessments have been completed up to assessment year 2007 - 2008. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

6. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

7. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Financial Companies regarding Asset Classification, Provisioning for and income recognition performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the rr prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Acce Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as appl the company are appended to the Balance Sheet.

8. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

9. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Charter* Accountants of India ,the companys related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Mahendra K.Gandhi- Manager & Director Others

None

The companys related party transactions is as follows:

1) Mr. Mahendra K. Gandhi - Manager & Director - Remuneration including salary was paid during the year Rs. 48,000/-

10. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute < Chartered Accountants of India is not applicable to the company, as company has operated only in ot segment i.e. finance and its related activities during the year under report.

11. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act, 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.l lacs which is outstanding for more than 30 days.

( b ) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

12. The Previous years figures have been re-grouped/re-arranged/ reclassified wherever necessary.

 
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