Home  »  Company  »  STG Lifecare  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of STG Lifecare Ltd.

Mar 31, 2015

1. Corporate information

STG Lifecare Ltd. (Formally known as software Technology Group International Ltd. (hereinafter refferred to as the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956 and relevant provisions of Companies Act, 2013. The Company is engaged in the business of Software Consulting and Training.

2. Basis of Accounting

The financial statements are prepared in accordance with Indian Generally Accepted Accounting principles (GAAP) under the historical cost convention on an accrual basis. GAAP comprise mandatory Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI), the provisions of the Companies Act, 1956 & relevant provisions of companies Act. 2013. and guidelines issued by the Securities and Exchange Board of India. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The Management evaluates all recently issued or revised accounting standards on an ongoing basis.

3. Contingent Liabilities and Commitments

31.03.2015 30.06.2014 (Rs.) (Rs.)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

-Additional demands raised by the Income Tax Dept which are under appeal 832,030 832,030

Demand u/s 143(1) of the Income tax Act. 9 489 090 10 223 720

(Rectification u/s 154 of Income tax Act. Filed)

- Legal Disputes - 1,892,020

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital NIL NIL account and not provided for

(b) Uncalled liability on shares and other investments partly paid. NIL NIL

4. Related party disclosures

Names of related parties and related party relationship

(a) Subsidiary

- Software Technology Group Inc, San Jose, California (USA)

(b) Key Management Personnel or Individuals having control or significant influence

- Mr. Yogesh C Vaidya (Chairman & CEO)

- Mrs. Prasanna Vaidya

(c) Relatives of key management personnel

- Mr. Ashish Vaidya

(d) Enterprises owned or significantly influenced by key management personnel or their relatives (either individually or with others)

- Associated Techno Plastics Private Limited

5. Segment Reporting

1. Segment Information has been prepared in confirmity with accounting policies adopted in preparation and presentation of financial statements of the company.

2. The Company has disclosed business segment as primary segment. The segment has been identified taking into account the nature of services, the different risks and returns, organisation structure and internal reporting system.

3. The Company is mainly engaged in the Business of imparting Software training (Training) and Software development (Consulting) and accordingly Training and Consulting have been identified as primary segments.

4. Segment revenue, Segment results, Segment assets, Segment liabilities includes respective amounts identifiable to segment and also includes amounts allocated on reasonable basis. The expenses which are not attributable to or allocated on reasonable basis to business segment are shown as unallocated corporate expenses.

5. Assets and Liabilities that can not be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

6. Segmental Information

6. As per information available with the Management, the dues payable to enterprises covered under "The Micro, small and Medium Enterprises Development Act, 2006" as at 31.03.2015 is Rs. Nil.

7. As per AS-15 issued by ICAI regarding Employe's benefits, the company has provided the employee;s future benefit determined on self calculation as against the actuarial valuation.

8. In the opinion of the Management, Investments, Current Assets and Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and the provisions for all known liabilities have been made and are adequate.

9. As per management there are no assets which need to be impaired at the period end.

10. The current period figures are of Nine months and previous year figures are twelve months and are therefore not comaparable.

11. The Statutory dues payable as on 31.03.2015 of Rs. 1,96,88,111/- includes Service tax Rs. 147.84 Lacs,TDS of Rs. 41.94 Lacs, PF of Rs. 0.06 Lacs & ESI of Rs. 7.04 Lacs.

12. The company has yet to file their Service Tax & TDS returns.

13. The board has represented that the Sundry balances to the tune of Rs.34.30 Lacs were unrecoverable, therefore the same are written off as bad debts.

14. Extra ordinary items of Rs. 1.09 Lacs represents written back of old credit balances, which were outstanding by more than 3 years. The board of directors has decided to written back and the same are barred by time limitation.

15. The management has represented that it has been in the process to recover the excess Income tax/TDS of Rs.69.67 Lacs from the Income Tax department.

16. Consequent to the enactment of the Companies Act, 2013 (The Act) and its applicability periods commencing on or after April 1, 2014, the Company has re-worked depreciation with reference to the useful lives of fixed assets prescribed by PART C of Schedule II to the Act. Where the remaining useful life of an asset is nil, the carrying amount of the asset after retaining the residual value as at April 1, 2014 has been adjusted to the Retained earning amounting to Rs. 41,37,816/- In other cases the carrying values have been depreciated over the remaining useful lives of the assets and recognised in the statement of Profit & Loss Account.

17. The name of the company has been changed to M/s STG Life Care Ltd. with effect from 27.01.2015 to explore the new business in consulting in healthcare services, but the company has not earned any Income from this business during the financial period ended on 31.03.2015.




Jun 30, 2013

1 Corporate information

Software Technology Group International Ltd. (hereinafter referred to as ''the Company'') is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. The Company is engaged in the business of Software Consulting and Training.

2 Basis of Accounting

The financial statements are prepared in accordance with Indian Generally Accepted Accounting principles (''GAAP") under the historical cost convention on an accrual basis. GAAP comprises mandatory Accounting Standards issued by the Institute of Chartered Accountants of India ("ICAI"),the provisions of the Companies Act, 1956. and guidelines issued by the Securities and Exchange Board of India. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The Management evaluates all recently issued or revised accounting standards on an ongoing basis.

3 As per information available with the Management, the dues payable to enterprises covered under The Micro, small and Medium Enterprises Development Act, 2006" as at 30.06.2013 is Rs. Nil.

4 The Balances of Sundry Debtors. Creditors and other parties including loans and advances and inoperative bank accounts are subject to confirmation.

5 In the opinion of the Management, Investments, Current Assets and Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and the provisions for all known liabilities have been made and are adequate.

6 As per management there are no assets which need to be impaired at the period end.

7 The previous year figures are of twelve months and current period figures are of fifteen months and are therefore not comaparable.

8 The Statutory dues payable as on 30.06 2013 of Rs 2,04,09,043/- includes Service tax Rs. 148.88 Lacs.TDS of Rs. 39.81 Lacs, PF of Rs. 8.44 Lacs & ESI of Rs. 6 96 Lacs

9 The company has yet to file their Service Tax & TDS returns.

10 The board has represented that the Sundry balances to the tune of Rs.72.99 Lacs were outstanding by more than 3 years and are not recoverable, therefore the same are written off as bed debts. Similarly the board has also considered the recovery of Sundry Debtors of Rs. 53.04 Lacs doubtful.

11 Extra ordinary items of Rs. 107.14 Lacs represents written back of old credit balances, which were outstanding by more than 3 years. The board of directors has decided to written back and the same are barred by time limitation.

12 The management has represented thai it has been in the process to recover the excess Income tax/TDS of Rs.69.66 Lacs from the Income Tax department.


Mar 31, 2012

1 Corporate information

Software Technology Group International Ltd. (hereinafter referred to as 'the Company') is a public company domiciled in India and incorporated under the provisions of the Companies Act,1956. The Company is engaged in the business of Software Consulting and Training.

2 Basis of Accounting

The financial statements are prepared in accordance with Indian Generally Accepted Accounting principles ("GAAP") under the historical cost convention on an accrual basis. GAAP comprises mandatory Accounting Standards issued by the Institute of Chartered Accountants of India ("ICAI"),the provisions of the Companies Act, 1956, and guidelines issued by the Securities and Exchange Board of India. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The Management evaluates all recently issued or revised accounting standards on an ongoing basis.

* The company has issued 1237140 shares to AKM Systems Pvt Ltd a non promoter entity on prefrential basis by converting its unsecured loan of Rs.1,23,71,400/- ( including interest accrued till 31.12.2010) into equity shares of the Company.

The Company has only one class of equity shares having a par value of Rs. 10 per share. All shares have equal rights with respect to voting rights and dividend.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

Nature of Security

Term Loan amounting to Rs. 606401 (March 31, 2011: Rs. 787118) is secured against hypothecation of vehicles financed by them.

Terms of Repayment

Repayable in 60 equated monthly installments commencing from December, 2010. Last installment due in November, 2015.

The opinion of the Management is not to recognise further deferred tax assets during the year as managament feels that deferred tax already created would be sufficient to meet future profits.

*Software Development WIP represents the software being developed by the company but nearing test run stage as on date. Mode of Valuation of inventories: refer note 2.1 (c)

In the opinion of the management debtors outstanding for more than six months are good and recoverable.

* Includes amount due from companies under the same management as defined U/S 370(IB) of Companies Act 1956

* Balances with inoperative bank amounting Rs.15,048/-has been charged as bank charges.

*Based on review by the management old creditors and employees dues were wriiten back during the period.

No additional provision is required to be made as per valuation report of actuarial for the year ended 31.03.2012

3. Contingent Liabilities and Commitments

31.03.2012 31.03.2011 (Rs.) (Rs.)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt-Additional demands raised by the Income Tax Dept which are under appeal 33,13,732 33,13,732

- Legal Disputes 4,304,380 6,454,380

(b) Guarantees issued by Banker on behalf of the company* - 416,698 * 100% Margin Money paid on Bank Guarantees during the year.

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for NIL NIL

(b) Uncalled liability on shares and other investments partly paid. NIL NIL

Names of related parties and related party relationship

(a) Subsidairy

- Software Technology Group Inc, San Jose, California (USA)

(b) Key Management Personnel or Individuals having control or significant influence

- Mr. Yogesh C Vaidya (Chairman & CEO)

- Mrs. Prasanna Vaidya

(c) Relatives of key management personnel

- Mr. Ashish Vaidya

- Ms. Shyamlee Vaidya

(d) Enterprises owned or significantly influenced by key management personnel or their relatives (either individually or with others)

- Associated Teckno Plastics Private Limited

- Y.P. Associates Private Limited

- Vaidya Associates Private Limited

- Bay Resources and Technolgy Corporation, USA

4. Segment Reporting

1. Segment Information has been prepared in confirmity with accounting policies adopted in preparation and presentation of financial statements of the company.

2. The Company has disclosed business segment as primary segment. The segment has been identified taking into account the nature of services, the different risks and returns, organisation structure and internal reporting system.

3. The Company is mainly engaged in the Business of imparting Software training (Training) and Software development (Consulting) and accordingly Training and Consulting have been identified as primary segments.

4. Segment revenue, Segment results, Segment assets, Segment liabilities includes respective amounts identifiable to segment and also includes amounts allocated on reasonable basis. The expenses which are not attributable to or allocated on reasonable basis to business segment are shown as unallocated corporate expenses.

5. Assets and Liabilities that can not be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

5. As per information available with the Management, the dues payable to enterprises covered under "The Micro, small and Medium Enterprises Development Act, 2006" as at 31.03.2012 is Rs. Nil.

6. (a) Balance of Debtors,creditors, loans and advances and some in-operative banks are subject to confirmation and / or reconciliation. (b) During the year the company has written off some of inoperative bank accounts by debiting bank charges.

7. In the opinion of the Management, Investments, Current Assets and Loans and Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and the provisions for all known liabilities have been made and are adequate.

8. As per management there are no assets which need to be impaired at the year end.

9. The previous period figures are of Eighteen months and current year's figure are of twelve months and are therefore not comaparable.

10. Previous year figures:

Till the year ended 31 March 2011, the Company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the Company.

The Company has re-classified/regrouped/rearranged previous year figures to conform to this year's classification. The adoption of revisedSchedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impactspresentation and disclosures made in the financial statements, particularly presentation of balance sheet.


Mar 31, 2011

1. (a) In the opinion of the Management, Investments, Current Assets and Loans and Advances have a value on realisation in the ordinary course of Business at least equal to the amount at which they are stated in the Balance Sheet and the provisions for all known liabilities have been made and are adequate.

(b) Based on review of Loan & Advances, Creditors and due to employees, old balances amounting to Rs. 33,29,653/- (Previous Year 3,62,03,888/-) have been written back and debit balance amounting to Rs. 24,714/- have been written off.

(c) Balances of Debtors, Creditors,Various Parties, Loan & Advance and some bank are subject to confirmation and / or reconciliation.

(d) The shareholders of the Company have appointed M/s Baweja & Kaul, Chartered Accountants as a New Statutory Auditors of the Company in the Extra- Ordinary General Meeting of the company held on 27.01.2011 in place of M/s Jain Singhal & Associates, who had resigned as Statutory Auditors of the Company.

(e) The provision for taxation/deferred tax has been made in accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by ICAI in view of brought forward losses and Depreciation, no provision for Income Tax is required.

(f) The other liabilities appearing in the balancesheet as part of current liabilities includes an amount of Rs.2,33,98,088/- which represents various statutory dues payable by the company to the extent of principal amount only. No provision for interest on delayed payments has been made.

(g) As per management there are no assest which needs to be impaired at the year end.

(h) The Registrar of Companies, NCT of Delhi & Haryana, New Delhi has granted permission for extension of financial year for 18 months u/s 210(4) of the Companies Act, 1956. Therefore, current financial year is for the period from 01/10/2009 to 31/03/2011 and there shall be 6 quarters in this financial year.

(i) The previous years figures are of twelve months and the current cumulative period figures are of eighteen months and are therefore not comparable.

(j) In the opinion of management debtors of Rs. 2,24,00,064 outstanding for more than 6 months are good and recoverable.

(k) As per the certification received from our R & T Agent that partly paid up shares have been decreased from 3,300 to 2,900. Transaction has been accounted by debiting bank charges, pending reconcilation.

(l) Provision for employee retirement benefits is provided on actuarial valution.

2. Contingent Liabilities not provided As at As at for in respect of:- 31.03.11 30.09.09

(i) Guarantees issued by Banker on behalf of the company 416,698 2,053,298

(ii) Additional demands raised by the Income Tax Dept. 33,13,732 33,13,732 which are under Appeal

(iii) Legal disputes 6,454,380 54,57,360

3. In accordance with the Accounting Standard - 22 (AS-22), regarding "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India, the Cummulative Tax effects of significant timing differences, that resulted in Deferred Tax Assets & Libilities and description of item thereof that creates these differences are as follows:

4. As per information available with the Management, the dues payable to enterprises covered under "The Micro, small and Medium Enterprises Development Act, 2006" as at 31.03.2011 is Rs. Nil.

5. Previous year figures have been regrouped/reclassified, wherever necessary.

6. Related Parties Disclosures

(A) Names of related parties and description of relationship:

1. Subsidiaries Software Technology Group Inc, San Jose, California (USA)

2. Individuals having control or Mr. Y.C.Vaidya Significant influence Ms. Prasanna Vaidya

3. Key Management Personnel Mr. Y.C.Vaidya

4. Enterprises over which person (1) Associated Teckno Plastic Pvt. Ltd., New Delhi under above items A (2) & A (3) have (2) Crescent Software Solution Pvt. Ltd. New Delhi significant influence (Under the process of strking off u/s 560 of Companies Act, 1956.)

(3) DNA Lab & Research (P) Ltd. New Delhi (Under the process of strking off u/s 560 of Companies Act, 1956.)

(4) Y.P.Associates Pvt. Ltd. - New Delhi

(5) Vaidya Associates Pvt. Ltd. - New Delhi

(6) BEI Confluence Communication Ltd. - New Delhi

(7) Bay Resources and Technology Corporation , USA

7. Segment Reporting

1. Segment Information has been prepared in confirmity with accounting policies adopted in preparation and presentation of financial statements of the company.

2. The Company has disclosed business segment as primary segment. The segment has been identified taking into account the nature of services, the different risks and returns, organisation structure and internal reporting system.

3. The Company is mainly engaged in the Business of imparting Software training (Training) and Software development (Consulting) and accordingly Training and Consulting have been identified as primary segments.

4. Segment revenue, Segment results, Segment assets, Segment liabilities includes respective amounts identifiable to each segment and also includes amounts allocated on reasonable basis. The expenses which are not attributable to or allocated on reasonable basis to business segment are shown as unallocated corporate expenses.

5. Assets and Liabilities that can not be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.


Sep 30, 2009

1. In the opinion of the Management, Investments, Current Assets and Loans and Advances have a value on realisation in the ordinary course of Business at least equal to the amount at which they are stated in the Balance Sheet and the provisions for all known liabilities have been made and are adequate.

Based on review of Loan & Advances, Creditors and due to employees, old balances amounting to Rs. 3,62,03,888/- (Previous Year 44,18,898/-) have been written back and debit balance amounting to Rs. 29,30,636/- have been written off.

Company has forfeited 19,00,000 warrants amounting to Rs. 29,90,000/- out of 30,00,000 warrants issued and allotted equity shares for balance 11,00,000 warrants at a premium of Rs. 3.50 per share.

The Company has defaulted in making payment against the cash credit limit. Same has been converted as a non performing asset by the bank. Hence no provision for interest has been made during the year.

Considering the potential non-payment of interest provided on unsecured loan availed from Associated Teckno Plastics Pvt. Ltd. (Company under the same management), amount of Rs. 48,93,275/- has been reversed in the books of accounts.

During the year, the company has changed its accounting policy in respect of treatment of deffered advertisement expenditure in accordence with AS- 26, Intangible Assets. Hence, the entire amount of expenditure capitalised in the earlier years has been written off in current year. Balances of Debtors, Creditors, Various Parties, Loan & Advance and some bank are subject to confirmation and / or reconciliation

6. In according with the Accounting Standard - 22 (AS-22), regarding "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India, the Cummulative Tax effects of significant timing differences, that resulted in Deferred Tax Assets & Libilities and description of item thereof that creates these differences are as follows:

14. Segment Reporting

1. Segment Information has been prepared in confirmity with accounting policies adopted in preparation and presentation of financial statements of the company.

2. The Company has disclosed business segment as primary segment. The segment has been identified taking into account the nature of services, the different risks and returns, organisation structure and internal reporting system.

3. The Company is mainly engaged in the Business of imparting Software training (Training) and Software development (Consulting) and accordingly Training and Consulting have been identified as primary segments.

4. Segment revenue, Segment results, Segment assets, Segment liabilities includes respective amounts identifiable to each segment and also includes amounts allocated on reasonable basis. The expenses which are not attributable to or allocated on reasonable basis to business segment are shown as unallocated corporate expenses.

5. Assets and Liabilities that can not be allocated between the segments are shown as a part of unallocated corporate assets and liabilities respectively.

 
Subscribe now to get personal finance updates in your inbox!