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
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