STI Products India Ltd. के अकाउंट के लिये नोट

Mar 31, 2013

1 Even though no manufacturing operations and business activities have been carried out during the yean the accounts of the Company have been prepared on a going concern basis keeping in v.ew the management''s active efforts to revive the Company. 14. Balances appeamation and consequential reconciliation, if any, from the respective lenders. The effect of which will be considered in the year of such reconciliation.

2 (a) Based on the order of Debt Recovery Tribunal (DRT) and OTS with Indsind Bank the Company has settled the dues with the bank except the interest due on the same amounting to Rs. 493.46 lacs, which is payable in 24 monthly installments commencing from 1.1.2011. The Company has accordingly paid 100.17 till 2012-13 Howeverthe Company has not strictly adhered the terms of the OTS, due to which the Company is liable additional interest on delay amount of which is presently un ascertainable. Considering the settlement as above the Company has not provided for any additional interest on delay on the said term loan. (b)The Company is in the process of having one time Settlement against the deposit accepted from Madya pradesh State Industrial Development Corporation Ltd (MPSIDC), a financial institution amounting to Rs 955 lacs In the opinion of the management, the interest on said deposit either will not be payable or will be not material as compared to the amount due from the present interest rates, hence the provision for the interest on the same have not been considered in the books of accounts continuously.

The approximate amount of interest provision for the year Rs. 1982.33 (Previous Year 1682.33) with a cumulative interest of Rs. 9866.05 (Previous year-7883.72). Due to the said non-provision the losses for the year are understated by Rs. 1982.33 with and corresponding understatement of Long term borrowings.

3 Term Loan taken from other represents the amount against the property mortgaged by said lender in favor of a bank. The said property has been sold subsequently in order to repay the term loan of Company.

4 In the opinion of the management, the Current Assets and Loans and Advances are realizable at the values stated in the financial statements in the ordinary course of business and adequate provision for all known liabilities has been made in the accounts.

4. No Remuneration was paid /provided in respect of the directors during the current as well as the previous year.

5. Since there were no employees with the Company during the year, no retirement benefits were provided in the books within the purview of Accounting Standard -15(AS-15), Employee Benefits''.

6. Short term loans from bank represent the loan payable by the company in respect of vehicle loans taken by ex employees in the earlier years and have not settled the same which has devolved on the Company. Due to this reason the balance is subject confirmation.

7. Details of amounts due to Micro, Small and Medium Enterprises under the head Current liabilities, to be given under the Micro, Small and Medium Enterprises Development Act, 2006, based on the information available with the Company and relied upon by the auditors- Nil (Previous Year- Nil).

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Mar 31, 2011

1 The Company has not received the confirmation of balances from Sundry Debtors, Sundry Creditors, Financial Institutions and other Group Companies.

2 The Company has not made provision for interest of Rs. 30,099,071/-for the year on account of Unsecured loans from Banks and other Institutions. (Cumulative upto the year Is Rs. 196,654,688/-)

2(b) The Company is in receipt of demand notice dated 2nd June 20QB of Rs. 1,62,097 from ESI towards recovery of damages u/s S5(B) (2) of the ESI act for delayed payment of ESI contributions for the period from April 03 to September 03. The above liability has not been considered in the Accounts. The loss for the year would have been higher at R5.30,192,27B/-and the balance in Profit &. Lobs account would have been Rs. 461,973,559/v

3 No confirmation of balance on deposit of Rs. 9,55,00,000/- is received from MP SI DC as on 31st March, 2011. Similarly, there is no confirmation from Indus land Bank Ltd., for the Un Secured Loan of Rs. 4,93,00,000/-.

The Company is in the process of having an one time settlement of the dues with the Bank & the Institutions. It is felt by the Company that the settlement amount would be very much lower than the outstanding amount,

4 The accounts of the Company have not been prepared on a going concern basis, because the Company does not own any manufacturing facility as on the date of Balance Sheet. Hence, the information relating to Licensed, Installed capacity, Production of Goods manufactured, Turnover, Stocks and Finished Goods etc., as per Clause 4, Part II of Such VI of Companies Act, 1956 are not applicable.

5 DIRECTOR'S REMUNERATION:

No remuneration has been paid to any of the Directors during the year.

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Mar 31, 2009

1 The Company has not received the confirmation of balances from Sundry Debtors, Sundry Creditors, Financial Institutions and other Group Companies.

2 The Company has not made provision for interest of Rs. 13,47,20,451 for the year on account of Unsecured loans from Banks and other Institutions. The loss for the year would have been higher at Rs. 13,48,28,181 and the Miscellaneous expenditure would have been Rs.41,72,11,855/-

3 No confirmation of balance is received from Gujarat Mercantile Credit Sahakarita Ltd for Rs. 1,98,90,000/- which is outstanding as on 31st March, 2009.

Similarly, no confirmation of balance on deposit of Rs. 9,55,00,000/- is received from MPSIDC as on 31st March, 2009.

There is no confirmation from Indusind Bank Ltd., for the Un Secured Loan of Rs. 14,30,00,000/-

The Company is in the process of having an one time settlement of the dues with the Bank & the Institutions. It is felt by the Company that the settlement amount would be very much lower than the outstanding amount.

4 The Company has not made any provision in respect of gratuity and leave salary since there are no employees in the Company as on 31st March 2009.

5 The Company is in receipt of demand notice dated 2nd June 2008 of Rs. 1,62,097 from ESI towards recovery of damages u/s 85(B) (2) of the ESI act for delayed payment of ESI contributions for the period from April 03 to September 03. The above liability has not been considered in Accounts.

6 The accounts of the Company have not been prepared on a going concern basis, because the Company does; not own any manufacturing facility as on the date of Balance Sheet. Hence, the information relating to Licenced, Installed capacity, Production of Goods manufactured, Turnover, Stocks and Finished Goods etc., as per Clause 4, Part II of Sch VI of Companies Act, 1956 are not applicable.

7 DIRECTORS REMUNERATION:

No remuneration has been paid to any of the Directors during the year.

8 AUDITORS REMUNERATION: 2008-2009 2007-2008 Rs. Rs. Audit Fees . 40000 40000 Other Services 2500 2500

9 Related party disclosures: There is no transactions with related parties to be disclosed as required by AS - 18 of ICAI

10 Calculation of Basic & Diluted Earnings per Share 2008-2009 2007-2008 a. Numerator used - Loss 197,730 155,653 b. Denominator used -Number of equity shares 4,000,000 4,000,000

11 Taxes on Income pursuant to AS-22:

The deferred lax asset arising on carry forward losses and un-absorbed depreciation is not recognised, sirce there is no virtual certainty of sufficient future profits against which such deferred tax ass;et can realised.

12 Since there is no business carried out during the year and there are no fixed assets existing there is no requirement of disclosure under AS 17 Segment Reporting issued by ICAI.

13 Loans & Advances includes Rs.3,32,200/- (Previous Year Rs.3,32,200/-) due from a party against whom the Company has filed a suit for recovery.

14 Investment in Shares held by the Company is a long term Investment. No provision is made for the diminution in the value of these investments keeping in mind the vageries in the market value.

15 As. per provisions of Micro, Small and Medium Enterprises development Act, 2006 (MSMED ACT, 2006), no amounts due beyond 45 days payable to Micro, Small & Medium Enterprises as on 31.03.09.

16 Previous years figures have been regrouped wherever necessary to conform with that of current years presentation.