Notes to Accounts of S & T Corporation Ltd.

Mar 31, 2023

12. Provisions, Contingent Liabilities and Contingent Assets:- (AS-29)

Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.

Contingent Liabilities is disclosed in Notes to the account for:-

(i) Possible obligations which will be confirmed only by future events not wholly within the control of the company or

(ii) Present Obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are not recognized in the financial statement since this may result in the recognition of the income that may never be realized.

General:

Except wherever stated, accounting policies are consistent with the generally accepted accounting principles and have been consistently applied.

(B) Notes on Financial Statements

1. The SSI status of the creditors is not known to the Company; hence the information is not given.

2. Salaries includes directors remuneration on account of salary Rs.NIL (Previous Year Rs.NIL)

3. Trade receivables, Trade payables, Loans & Advances and Unsecured Loans have been taken at their book value subject to confirmation and reconciliation.

4. Loans and Advances are considered good in respect of which company does not hold any security other than the personal guarantee of persons.

5. No provision for retirement benefits has been made, in view of accounting policy the impact of the same on Profit & Loss is not determined.

6. Related Party disclosure as identified by the company and relied upon by the auditors:

(A) Related Parties and their Relationship

• The Share of Profit & Interest for the FY 2022-23 from the firms in which the company is partner is not accounted for as the Books of accounts of the firms are not finalized & the effects on the financial statements have not been determined.

• The share of Firm Tax for the previous FY of the firms in which the company is partner amounting to Rs. 12, 63,753.82 is accounted in this financial year as firms books of accounts were finalized only after the company’s previous financial year accounts were finalized.

• During the year under review company had established a LLP in the name of SSAVAI SMART ABODES LLP with initial capital of Rs.1,00,000/- wherein 95% stake will be held by the company LLP is yet to commence business operations

7. Additional Regulatory Information/disclosures as required by General Instructions to Schedule III to the Companies Act, 2013 are furnished to the extent applicable to the Company.

8. Previous year figures have been regrouped/rearranged wherever necessary.

In terms of Our Separate Audit Report of Even Date Attached.

For S & T Corporation Ltd. For JPMK AND COMPANY

Chartered Accountants FRN- 124193W

AJAY SAVAI DHAVAL SAVAI

Managing Director Executive Director & CFO CA. PANKAJ M JAIN

DIN01791689 DIN07003711 M. No.: 155845

UDIN- 23155845BGUZAO8260

DEEPIKA JAGDALE Company Secretary ACS65539

Place: Mumbai Date: 17/05/2023

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Mar 31, 2016

1. Company has taken unsecured loans from directors/shareholders time to time for the expenses incurred by the company & in our opinion this loans are not prejudicial to the interest of the company.

2. The Company has paid Managerial remuneration as under

3. Preliminary expenditure is being written/off over a period of five years.

4. As-15(Revised): accounting for the retirement benefits stipulates provision for retirement benefits on accrual basis. However, the company has been accounting for such payments of gratuity & leave encashment as and when it is actually paid.

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Mar 31, 2015

1. Company has taken unsecured loans from directors/shareholders time to time for the expenses incurred by the company & in our opinion this loans are not prejudicial to the interest of the company.

2. During the company has paid directors remuneration of Rs.8, 00,000/- to the directors of the company (P.Y. R 8, 00,000/-).

3. The current assets, loans & advances are fully recoverable at the values stated if realized in the ordinary course of business.

4. Preliminary expenditure is being written/off over a period of five years.

5. As-15(Revised): accounting for the retirement benefits stipulates provision for retirement benefits on accrual basis. However, the company has been accounting for such payments of gratuity & leave encashment as and when it is actually paid.

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Mar 31, 2014

1. The Share of Profit from the firms in which the company is partner is not accounted for as the books of accounts of the firms are not finalized & the effects on the financial statements have not been determined.

2. Related Party Transaction:

3. According to information & explanations given to us there is no amount for which the company is contingently liable.

4. Preliminary expenditure is being written/off over a period of five years.

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Mar 31, 2013

1. The current assets, loans & advances are fully recoverable at the values stated if realized in the ordinary course of business.

2. Company has taken unsecured loans from directors/shareholders time to time for the expenses incurred by the company & in our opinion this loans are not prejudicial to the interest of the company.

3. Current Assets & Current Liabilities are subject to confirmations.

4. During the year the company has paid directors remuneration of Rs.9,80,000/- to the directors of the company (RY. Rs.2,00,000/-)

5. The Share of Profit from the firms in which the company is partner is not accounted for as the books of accounts of the firms are not finalized & the effects on the financial statements have not been determined.

6. Related Party Transaction:

7. According to information & explanations given to us there is no amount for which the company is contingently liable.

8. Preliminary expenditure is being written/off over a period of five years.

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Mar 31, 2012

NOTE:

PERSUANT TO SCHEME OF AMALGAMATION OF SHUBH MANAGEMENT CONSULTANTS PRIVATE LTD. APPROVED BY HIGH COURT BOMBAY VIDE ITS ORDER DATED 30/03/2012, THE VALUE OF THE NET ASSETS OF THE TRANSFEROR COMPANY OVERTHE PAID UP VALUE OF EQUITY SHARES TO BE ISSUED IS CREDITED TO AMALGAMATION RESERVE.

NOTE : 1 - SHARE APPLICATION MONEY PENDING ALLOTMENT

PESUANT TO SCHEME OF AMALGAMATION OF SHUBH MANAGEMENT CONSUULTANTS PVT. LTD. WITH THE COMPANY, HAS TO ALLOT 42,00,870 EQUITY SHARES OF RS. 10/- EACH TO THE SHARE HOLDERS OF SHUBH MANAGEMENT CONSUULTANTS PVT. LTD.

THE COMPANY NEEDS TO INCREASE THE AUTHORISED CAPITAL TO COVER THE ALLOTMENT OF THESE SHARES, PENDING ALLOTMENT APPLICATION MONEY PENDING ALLOTMENT.

Pursuant to the Scheme, the Company has to allot 4,20,0870 equity shares of 10/-each to the share holders of Shubh Management Consultants Pvt. Ltd.

Increase in Authorised Capital for the allotment of this shares is pending

Details of assets and liabilities acquired on amalgamation and treatment of the difference between the net assets acquired by the Company together with the shares to be issued to the shareholders is as under

Share application money pending allotment

As at 31 March 2012, the Company has outstanding amount of RS.4,20,08,700 towards share application money towards 42,00,870 equity shares of the Company The share application money is outstanding in pursuant to scheme of amalgamation of Shubh Management Consultants Pvt. Ltd. With the company approved by the High Court Bombay ,the Company is required to complete the allotment formalities.

The Company has to increase the authorised capital to cover the allotment of these shares. Pending allotment of shares, the amount is credited to share application money pending allotment.

2. There is no amount for which the company is contingently liable.

3. Preliminary expenditure is being written/off over a period of five years.

4. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure & are not strictly comparable as previous years figures are pre-merger & current year figures are post merger.

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Mar 31, 2010

1) The current assets, loans & advances are fully recoverable at the values stated if realized in the ordinary course of business.

2) Company has taken unsecured loans from directors / shareholders time to time for the expenses incurred by the company & in our opinion this loans are not prejudicial to the interest of the company.

3) Current Assets & Current Liabilities are subject to confirmations.

4) There is no amount for which the company is contingently liable.

5) Previous years figures are regrouped & recanted wherever necessary.