| 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.
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