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Notes to Accounts of Suryodaya Investment & Trading Ltd.

Mar 31, 2012

1.1 Terms/rights attached to shares

The company has one class of equity shares having a par value of Rs. 10/- each. Each shareholder is eligible for one vote per share held, in the event of liquidation the equity share holders are eligible to receive remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.

2. Contingent liability not provided for in respects of disputed Income Tax demand for the Assessment Year 1991-92 and 1997-98 which the Department has preferred an appeal with the Tribunal/High Court Rs.4565969 (P.Y. Rs. 4565969). Rs.5,16,523/- has been deposited for the assessment year 1991-92 against the appeal filed for the said assessment year with Income-tax Tribunal and it has been shown under the head Advance Income- tax. and TDS

The related party information is as identified by the management based on the information available and relied upon by the auditors.

3. The company has given an undertaking to vacuous Financial Institutions not to transfer, assign, pledge, hypothecate or otherwise dispose off in any manners its investments in equity shares in LML Limited without prior approval of the Institutions so long as the advances to LML Limited by Institutions remain outstanding.

4. Pursuant to amendments in RBI Act, 1934, the Company had applied for registration under the new scheme with RBI. In response to the application. RBI has vide letter No.DNBS (MRO).No.4223/02.04 Regn./97-98 dated April 24, 1998, precluded the company from accepting or renewing any fresh public deposits. The NOF as on March 31, 2012 is more than the minimum stipulated limit of Rs. 25 lakhs. Pending any further communication from RBI, the Company continues to carry on its existing business activities and it has not accepted any public deposits.

5. The outstanding balances as at March 31, 2012 in respect of some of the Payables. Loans and Advances are subject to confirmation from the respective parties and consequential reconciliation / adjustments arising there from, if any. The management, however, does not expect any material variation.

6. In the opinion of the Board, the value of realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and the provision for known and determined liabilities is adequate and not in excess if amount reasonably required.

7. In view of time limitations on carry forward losses and as a matter of prudence deferred tax assets arising on account of brought forward losses/unabsorbed depreciation under tax laws and provision for diminution in the value of long term investments has not been recognized,

8. The company operates only in one segment i.e. Investment & Finance Activities and therefore no separate segment wise detail is given as required by Accounting Standard -

9. ''Segment Reporting'' issued by the Institute of Chartered Accountants of India.

10. Additional information pursuant to Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

11. There are no dues to Micro and Small Enterprises. This information as required to be disclosed under the Micro. Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

12. For the year ended March 31, 2012 the Revised Schedule VI notified under the Companies Act 1956 has become appraisable for preparation and presentation of financial statements. The preparation of financial statements based on the Revised Schedule VI does not impact the recognition and measurement principles followed for preparation of the financial statements. However it has significant impact on the presentation and disclosures made in the financial statements. However, it has required / reclassified (he previous year figure in accordance with the requirement applicable in the current year.


Mar 31, 2010

1. Contingent liability not provided for in respect of disputed Income Tax demand for the Assessment Year 1991-92 and 1997-98 which the Department has preferred an appeal with the Tribunal/High Court Rs.45,65,969 (Previous Year Rs. 45,65,969)

2. Rs.5,16,523/- has been deposited for the assessment year 1991-92 against the appeal filed for the said assessment year with Income-tax Tribunal and it has been shown under the head Advance Income-tax and TDS.

3. The company has given an undertaking to various Financial Institutions not to transfer, assign, pledge, hypothecate or otherwise dispose off in any manners its investments in equity shares in LML Limited without prior approval of the Institutions so long as the loans, advances to LML Limited by Institutions remain outstanding.

4. Pursuant to amendments in RBI Act, 1934, the company had applied for registration under the new scheme with RBI. In response to the application, RBI has vide letter No.DNBS (MRO).No.4223/02.04.Regn./97-98 dated April 24, 1998, precluded the company from accepting or renewing any fresh public deposits. The NOP as on March 31. 2010 is more than the minimum stipulated limit of Rs. 25/- lakhs. Pending any further communication from RBI. the Company continues to carry on its existing business activities and it has not accepted any public deposits.

5. The outstanding balances as at March 31, 2010 in respect of some of the Creditors, Loans and Advances and certain bank accounts are subject to confirmation from the respective parties and consequential reconciliation / adjustments arising there from, if any. The management, however, does not expect any material variation.

6. In the opinion of the Board, the value of realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount a( which they are stated in the Balance Sheet and the provision for known and determined liabilities is adequate and not in excess if amount reasonably required.

7. There are no dues to Micro and Small Enterprises. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

8. In view of time limitations on carry forward losses and as a matter of prudence deferred tax assets arising on account of brought forward losses/unabsorbed depreciation under tax laws and provision for diminution in the value of long term investments has not been recognized.

9 Disclosure requirements as per Accounting Standard (AS-18) on "Related Party Disclosure" issued by die Institute of Chartered Accountants of India.

(i) List of Related Parties and Relationships.

S.No Name of the Related Party Relationship

1. Acme Investments Ltd. } Associate

2. Mimosa Finance P. Trading Ltd. } Companies

3. Ragini Singhania } Major Shareholders } of the company 4. Shardha Singhania } able lo exercise } significant influence.

5. Gayatri Singhania } Relatives of major

6. A.K. Singhania } Shareholders of the

7. Deepak Singhania } Company.

8. Anurag Singhania }

9. Dhan Sharda Merchantile (P) Ltd. } Companies over which } relatives major 10. Iid Hitech Enterprises Pvt. Ltd. } shareholders of } the SITC 11. Ginideep Finance & Investments } able to exercise (P) Ltd. } significant influx

12. Bina Fin ivest Pvt. Ltd, }

13. Rasoi Trading" & Agencies Pvt. Ltd.}

14. Inlac Trading &, Agencies Pvt. Ltd.}

15. Preyasa Finance & Investment Pvt. } Ltd.

16. Archil Finance & Trading Ltd. }

17. Payal Investment & Trading Pvt. Limited } Subsidiaries 18. Mahalaxmi Holding Limited

10 The company operates only in one segment i.e. Investment & Finance Activities and therefore no separate segment wise detail is given as required by Accounting Standard - 17 'Segment Reporting' issued by the Institute of Chartered Accountants of India.

11 The Previous year's figures have been, regrouped, rearranged and reclassified wherever necessary.

12 Additional information pursuant to provisions of paragraph 3, 4C and 4D oPPart II of Schedule VI to the Companies Act, are not applicable to the Company.

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