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Notes to Accounts of Sunshine Capital Ltd.

Mar 31, 2015

1.1 The company has only one class of equity Shares having Par Value of Rs. 10 per Share. All these Shares have Same right & preferences with respect to payment of dividend, repayment of Capital & Voting.

1.2 There is no Shareholders' having more than 5% Shares of the share capital.

1.3 The reconciliation of the number of Shares outstanding is set out Below:

2. Previous year's figures have been reworked, regrouped, rearranged & reclassified wherever necessary to confirm to the current year presentation.

3. In the opinion of Board of Director, the current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.

4. As per AS-13, all long term investments are to be carried at cost less diminution in the value except for temporary diminution. There is no provision of diminution in the value of Non Current Investment to the tune of " 12.00 Crore (P. Y. 12.06 Crore) by virtue of which profit of the company has been overstated by " 12.00 Crore.

5. As per the Provision of AS-2, Accounting of Inventories, Stock in trade should be valued at cost or market price whichever is lower, so that the company has valued it's currently purchased all stock in trade at less value that is cost.

6. Statutory Reserve represents the Reserve Fund created u/s 45-IC of the Reserve Bank of India Act, 1934. An amount of " 6, 69,848/-. (Previous Year" 26,97,551/-) representing 20% of Net Profit is transferred to the fund for the year.

7. Contingent liabilities and pending litigations:

(a) There is a pending Tax demand of " 35, 33, 80,053/- against the company. The above demand was raised by Department in A.Y. 2008-09 as the company has raised share capital of " 100 crore in A.Y. 2008-09. The same has been added by the Assessing Officer. The Company has filed an appeal with ITAT. The demand of appeal is pending before ITAT till date. The Company is hopeful to get relieved from ITAT.

(b) There is a pending penalty prosecution by CIT Appeals for the above Capital Addition of " 100 Crore. The amount of penalty demand by the department is of" 3,99,00,000/-.

(c) There is also a pending Tax demand of " 5,14,66,300/- against the company. The above demand was raised by Department in A.Y. 2009-10. The Company has filed an appeal with ITAT. The demand of appeal is pending before ITAT till date. The Company is hopeful to get relieved from ITAT.

8. Contingent Assets:

The company has filed suit for recovery of amount from Sunder deep Educational Society. The company has issued a notice in response of the same on 20th December, 2012 to the Sunder deep Educational Society, 35, Nyay Ganj, Sunder Deep Nagar, NH-24, Ghaziabad- 201001 and to Mr. Manoj Kumar Gupta Secretary of Sunder Deep Educational Society for recovery of Principal Amount of " 17,00,000/- along with interest of" 4,01,095/- i.e. a total sum of " 21,01,095/-. The case is pending before Hon'ble High Court and the company is hopeful of recovery.

9. Provision for Standard and Non-Performing Assets: Provision for non performing assets (NPAs) is made in the financial statements according to the Prudential Norms prescribed by RBI for NBFCs. The Company also makes additional provision towards loan assets, based on the management's best estimate. Additional provision of 0.25% on Standard assets has also been made during the year, as per stipulation of RBI on Standard assets. Company has made provisions for Standard Assets as well as Non-Performing Assets as per the table below:

10. Segment Reporting: The Company's business activity falls within single primary/secondary business segment viz.. Finance Activity. The disclosure requirement of Accounting Standard (AS) — 17 "Segment Reporting" issued by the Institute of Chartered Accountant of India, therefore is not applicable.

11. Information as required by Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007 is Furnished vide Annexure -1 Attached Herewith.

12. The company estimates the deferred tax charted/{credit) using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year.

13. Micro and Small Scale Business Industries:-

There are no Micro, Small and Medium Enterprises, to whom the company owes dues which outstanding for more than 45 days as at 31st March, 2015. This information as required to be disclosed under the Micro, Small and Medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.

Notes:

1. As defined in paragraph 2 (1) (xii) of the Non Banking Financial Companies acceptance of public deposits (Reserve Bank) directions, 1998.

2. Provisioning norms shall be applicable as prescribed in Non Banking financial

(Non- Deposit Accepting or Holding) companies Prudential Norms (Reserve Bank Directions, 2007.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investment and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investment and break up / fair value /NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in(4) above.

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not at arm's length basis

(a) Name(s) of the related party and nature of relationship: NIL

(b) Nature of contracts/arrangements/transactions: NIL

(c) Duration of the contracts/arrangements/transactions: NIL

(d) Salient terms of the contracts or arrangements or transactions including the value: NIL

(e) Justification for entering into such contracts or arrangements or transactions: NIL

(f) Date of approval by the Board: NIL

(g) Amount paid as advances: NIL

(h) Date on which the special resolution was passed in general meeting as required under first proviso to section 188: NIL

2. Details of material contracts or arrangement or transactions at arm's length basis

(a) Name(s) of the related party and nature of relationship: Surendra Kumar Jain (Director)

(b) Nature of contracts/arrangements/transactions: Operating (Remuneration)

(c) Duration of the contracts / arrangements/transactions: Yearly

(d) Salient terms of the contracts or arrangements or transactions including the value: NIL

(e) Date(s) of approval by the Board: 10/07/2010

(f) Amount paid as advances, if any: NIL


Mar 31, 2014

1. Previous year's figures have been reworked, regrouped, rearranged & reclassified wherever necessary to confirm to the current year presentation.

2. Balance standing to debit & credit of parties are subject to confirmation.

3. In the opinion of Board of Director, the current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.

4. As per AS.13, all long term investments are to be carried at cost less diminution in the value except for temporary diminution. There is non provision of diminution to the value of Non-Current Investment to the tune of K 12,06 Crore by virtue of which profit of the company has been overstated by Rs. 12.06 Crore.

5. As per the Provision of AS-2, Accounting of Inventories, Stock in trade should be valued at cost or market price whichever is lower, so that the company has valued it's currently purchased all stock in trade at less value that is cost.

6. Statutory Reserve represents the Reserve Fund created u/s 45-IC of the Reserve Bank of India Act, 1934. An amount of Rs. 26,97,551. (Previous Year NIL) representing 20% of Net Profit is transferred to the fund for the year.

7. Segment Reporting: The Company's business activity Mis within single primary/secondary business segment viz,, Finance Activity. The disclosure requirement of Accounting Standard (AS) - IT "Segment Reporting" issued by the Institute of Chartered Accountant or India, therefore is not applicable.

8. Related Party Disclosures : As per Accounting Standard 18 on Related Party disclosures issued by the Institute of Chartered Accountants of India, the nature and volume of transactions of the Company during the year with the related parties are enclosed :

9. The company estimates the deferred tax charted/I credit) using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year.

10. Micro and Small Scale Business Industries:-

There are no Micro, Small and Medium Enterprises, to whom the company owes dues which outstanding for more than 45 days as at 31st March, 2014, This information as required to be disclosed under the Micro, Small and Medium Development Act, 2006 has been determined to the Extent sueh parties have been identified on the basis of information available with company.-


Mar 31, 2013

A] Previous year's figures have been reworked, regrouped, rearranged & reclassified wherever necessary to confirm to the current year presentation

b) Balance standing to debit & credit of parties are subject to confirmation.

c) In the opinion of Board of Director, the current assets, loans & advances have a value on realization in the ordinary course of business at least equal to the amount at which these are stated.

d) There is no employee drawing remuneration in excess of Rs. 60,00,000 during the year ending 31st March, 2013 or Rs. 5,00,000 per month.

(Previous Year Nil).

Patel Pmvi. in for Son Hard and N™-Performing Assets: Provision for non performing assets (NPAs) is made in the financial statements according to the Prudential Norms prescribed by RBI for NBFCs. The Company also makes additional provision towards loan assets, based on the management's best estimate Additional provision of 0.25% on Standard assets has also been made during the year, as per stipulation of RBI on Standard assets. Company has made provisions for Standard Assets as well as Non-Performing Assets as per the table below:

e) Segment Reporting: The Company's business activity falls within single primary/secondary business segment viz., Finance Activity. The disclosure requirement of Accounting Standard (AS) - 17 "Segment Reporting" issued by the Institute of Chartered Accountant of India, therefore is not applicable.

f) Related Party Disclosures : As per Accounting Standard 18 on Related Party disclosures issued by the Institute of Chartered Accountants of India, the nature and volume of transactions of the Company during the year with the related parties are enclosed as per annexure I.

g) Earnings per Share as per "AS- 20" issued by the Institute of Chartered Accountants of India:

h) The company estimates the deferred tax charted/(credit) using the applicable rate of taxation based on the impact of timing differences between financial statements and estimated taxable income for the current year.

Details of Deferred tax Assets/ (Liabilities) are as follows:-

i) Micro and Small Scale Business Industries:-

There are no Micro, Small and Medium Enterprises, to whom the company owes dues which outstanding for more than 45 days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with company.


Mar 31, 2012

1. As informed to us by the management, Sundry Creditors does not include any amount of payable to small scale industrial units.

2 In the opinion of the management, the value on realization of current assets loans & advances in the ordinary courses of business will not be less than the amount at which these are stated in the Balance Sheet.

3 The management has confirmed that adequate provision has been made_ for all the known and determined liabilities and the same .s not in excess of the amount reasonably required. It is further confirmed that there is no liability of the company as on 31st March, 2012 in respect of retirement benefits, if any payable to its employee (s).

4 There has been no related party transaction, so no disclosure is required in accordance with Related party disclosure (As identified by the Management) in terms of accounting standard-18 related party disclosure issued by the institute of Chartered Accountant of India.

5 In the opinion of the management the company has only single business segment of investments & finance activities, therefore no segment reporting has been presented in terms of accounting standard-17 of "Segment Reporting" Issued by the Institute of Chartered Accountant of India.


Mar 31, 2011

(a) In the opinion of the management, the value on realization of current assets, loans & advances in the ordinary courses of business will not be less than the amount at which these are stated in the Balance Sheet.

(b) The management has confirmed that adequate provision has been made for all the known and determined liabilities and the same is not in excess of the amount reasonably required. It is further confirmed that there is no liability of the company as on 31st March, 2011 in respect of retirement benefits, if any payable to its employee (s).

(c) Related party disclosure (As identified by the Management) in terms of accounting standard- 18 related party disclosure issued by the institute of Chartered Accountant of India are as follows.

(d) In the opinion of the management the company has only single business segment of investments & finance activities, therefore no segment reporting has been presented in terms of accounting standard-17 of "Segment Reporting" Issued by the Institute of Chartered Accountant of India.

 
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