Notes to Accounts of Sterling Holiday Financial Services Ltd.

Mar 31, 2014

1. SHARE CAPITAL

a. The number of shares at the beginning and at the end of the reporting period are the same.

b. Details of Shareholders holding more than 5% of Equity Shares of the Company

c. Terms/Rights attached to Equity Shares

Company has only one class of Equity Shares having a par value of Rs. 10/- per share. Each shareholder has a right to participate in General Meeting and is eligible for one vote per share held.

2. OTHER NOTES

2.1.1 SECURED DEBENTURES

Debentures of Rs. 2,76,200 includes:

a. 19.5% debentures of Rs. 1,19,000 redeemable at par at the end of 17 months and 25 days from the date of allotment (i.e 1st March, 1997).

b. Zero Coupon Bonds of Rs. 1,57,200 with a maturity value of Rs. 2,20,000 redeemable at the end of 17 months and 25 days from the date of allotment (i.e. 1st March, 1997).

c. An amount of Rs. 2,70,000 has been deposited with ICICI Bank Limited, the Trustee, from and out of which the remaining debenture holders will be paid as and when the request is received from the debenture holders.

2.2.2 Loans and advances includes a sum of Rs. 216.92 lakhs (Rs. 216.92 lakhs) advanced to certain companies out of which a sum of Rs. 117.01 lakhs (Rs. 117.01 lakhs) is to a subsidiary company. The above amounts have been advanced towards investment in shares in the respective companies which are pending allotment. No provision is considered necessary at this point of time as the proposed investments are considered long term in nature and wherever possible the Company is taking steps to recover the amount.

2.2.3 Loans and advances include Loans to Officers of the Company Rs. 49,505 (Rs. 51,005) [Maximum amount due at any time during the year Rs. 49,505 (Rs. 51,005)].

2.2.4 Sundry Creditors for other finance includes amounts due to Group Company Rs. 6,22,707 (Rs. 6,22,707).

2.2.5 No provision is considered in the accounts in respect of diminution in value of investments aggregating to Rs. 191.88 lakhs (Rs. 191.37 lakhs) as in the opinion of the management the same is considered as long term in nature.

2.2.6 Confirmation of balances and reconciliation, if any, have not been received in respect of hire purchase, lease, bills, inter corporate deposits, loans and advances, trade receivables, certain bank accounts, unsecured loans, secured loans and other liabilities. Adjustments if any, which may arise upon confirmation/reconciliation, is not ascertainable at this stage and not provided for.

2.2.7 Provision aggregating to Rs. 71.32 lakhs (Rs. 74.47 lakhs) is not considered in respect of certain Non-Performing Advances (NPA) in deviation to RBI guidelines for provisioning.

2.2.8 No provision is considered in the accounts in respect of interest payable to the Debenture Holders and the same will be considered at the time of settlement of dues to them.

2.2.9 During the year 2000-2001 Reserve Bank of India had rejected the Certificate of Registration given to the Company.

2.3 PROFIT AND LOSS ACCOUNT

2.3.1 DIRECTORS'' REMUNERATION

The Company has made an application to the Central Government for seeking prior approval for payment of remuneration on the terms and conditions contained in the resolutions approved by the members at the Annual General Meeting held on 28th September, 2012 to Mr. R. Ramesh, Whole-time Director from the date of his appointment and the approval from the Central Government is awaited. The details of salaries and perquisites paid to the director for the said period are as follows:

2013-2014 2012-2013

Mr. R. Ramesh Rs. 6,35,000 Rs. 5,25,000

2.3.2 The Company has received a notice of demand from income tax department towards income tax for a sum of Rs. 145.12 lakhs for income tax assessment year 1997-1998 against which appeal has been filed with the department. The Company also received a notice of demand for a sum of Rs. 17.32 lakhs for assessment year 1995-1996 for which the Company has preferred an appeal and is still pending before Tribunal. In view of above, no provision is considered in the accounts towards such disputed liabilities.

2.3.3 Since the Company is negotiating for waiver of overdue interest including penal interest with the depositors, no interest provision is considered in the accounts and liability if any, will be accounted in the year of payment.

2.3.4 The Company is engaged primarily in the business of financing and accordingly there are no separate reportable segments as per Accounting Standard-17 dealing with Segment Reporting.

2.4 TAXES ON INCOME

The deferred tax asset has mainly arisen on account of provision for non-performing advances, carry over losses and depreciation available for set off in future and the deferred tax liability is on account of timing difference on depreciation. Having regard to the past performance and also current level of operations the management believes that there is an uncertainty with regard to the earning of future taxable income and hence as a prudent measure decided not to recognise the Deferred Tax Asset (Net).

2.5 RELATED PARTY TRANSACTIONS

As per Accounting Standard-18 (AS-18) issued by the Institute of Chartered Accountants of India, the Company''s related parties are disclosed below:

Promoter Company: Sterling Holiday Resorts (I) Ltd. (SHRIL)

Enterprises under common control of the promoter:

1. Sterling Securities & Futures Ltd. (SSFL)

2. Sterling Holiday Finvest Ltd. (SHFL)

3. Sterling Resorts Home Finance Ltd. (SRHFL)

Key Management Personnel

1. Mr. K. Chandrasekaran, Managing Director

2. Mr. R. Ramesh, Wholetime Director

The related party balances and transactions are summarised below:

Related Party Description of the Amount outstanding transaction and amount as on 31.03.2014 of transaction during (Rs. in Lakhs) the year

Sterling Holiday Resorts Hire Purchase Amount due from (India) Limited transaction entered SHRIL towards HP during earlier years dues - Rs. 89.69 (Rs. 89.69)

Investment in Equity Amount invested - Shares Rs. 0.66 (Rs. 0.66)

Timeshares allotted Timeshares worth - Rs. 653.58 (Rs. 654.31) allotted in settlement of HP dues

ICD Received Amount due to SHRIL - Rs. 50.00 (Rs. 50.00)

Sterling Securities & Amount paid during Amount due from Futures Limited earlier years SSFL - Rs. 3.01 (Rs. 3.01)

Investment in Equity Amount invested - Shares Rs. 46.00 (Rs. 46.00)

Advance for Investment Amount advanced - Rs. 114.00 (Rs. 114.00)

Sterling Holiday Finvest Amount received during Amount due from Limited earlier years SHFL - Rs. 0.76 (Rs. 0.76)

Investment in Equity Amount invested - Shares Rs. 18.00 (Rs. 18.00)

Sterling Resorts Home Amount received during Amount due to Finance Limited earlier years SRHFL - Rs. 6.23 (Rs. 6.23)

Investment in Equity Amount invested - Shares Rs. 50.00 (Rs. 50.00)

Key Management Personnel Remuneration & Amount paid - Perquisites Rs. 6.35 (Rs. 5.25)

2.6 GENERAL

2013-2014 2012-2013

2.6.1 Contingent liability in

a. Unpaid/Uncalled liability on partly paid-up shares 14,55,000 14,55,000

2.6.2 Expenditure in foreign currency on account of travel Nil Nil

2.6.3 Figures have been rounded off to the nearest rupee.

2.6.4 Previous year''s figures are shown within brackets.

2.6.5 Previous year''s figures have been regrouped wherever necessary to conform to the current year classification.

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Mar 31, 2013

1.1.1 SECURED DEBENTURES

Debentures of Rs.2,76,200 includes:

a. 19.5% debentures of Rs.1,19,000 redeemable at par at the end of 17 months and 25 days from the date of allotment (i.e 1st March, 1997).

b. Zero Coupon Bonds of Rs.1,57,200 with a maturity value of Rs.2,20,000 redeemable at the end of 17 months and 25 days from the date of allotment (i.e 1st March, 1997).

c. An amount of Rs.2,70,000 has been deposited with ICICI Bank Limited, the Trustee, from and out of which the remaining debenture holders will be paid as and when the request is received from the debenture holders.

1.1.2 Loans and advances includes a sum of Rs.216.92 lakhs (Rs.216.60 lakhs) advanced to certain companies out of which a sum of Rs.117.01 lakhs (Rs.116.69 lakhs) is to a subsidiary company. The above amounts have been advanced towards investment in shares in the respective companies which are pending allotment. No provision is considered necessary at this point of time as the proposed investments are considered long term in nature and wherever possible the Company is taking steps to recover the amount.

1.1.3 Loans and advances include Loans to Officers of the Company Rs.49,505 (Rs.51,005) [Maximum amount due at any time during the year Rs.49,505 (Rs.51,005)].

1.1.4 Sundry Creditors for other finance includes amounts due to Group Company Rs.6,22,707 (Rs.6,35,707).

1.1.5 No provision is considered in the accounts in respect of diminution in value of investments aggregating to Rs. 191.37 lakhs (Rs. 192.01 lakhs) as in the opinion of the management the same is considered as long term in nature.

1.1.6 Confirmation of balances have not been received in respect of hire purchase, lease, bills, inter corporate deposits, loans and advances, certain bank accounts, unsecured loans, secured loans and other liabilities. Adjustments if any which may arise upon confirmation is not ascertainable at this stage and not provided for.

1.1.7 Provision aggregating to Rs.74.47 lakhs (Rs.101.86 lakhs) is not considered in respect of certain Non-Performing Advances (NPA) in deviation to RBI guidelines for provisioning.

1.1.8 No p''ovisiori is considered in the accounts in respect of interest payable to the Debenture Holders and the same wi." ''_ „ considered at the time of settlement of dues to them.

1.1.9 During the year 2000-2001 Reserve Bank of India had rejected the Certificate of Registration given to the Company.

1.1 PROFIT AND LOSS ACCOUNT

1.2.2 The Company has received a notice of demand from income tax department towards income tax for a sum of Rs.145.12 lakhs for income tax assessment year 1997 - 1998 against which appeal has been filed with the department. The Company also received a notice of demand for a sum of Rs.17.32 lakhs for assessment year 1995 - 1996 for which the Company has preferred an appeal and is still pending before Tribunal.

1.2.3 Since the Company is negotiating for waiver of overdue interest including penal interest with the depositors, no interest provision is considered in the accounts and liability if any, will be accounted in the year of payment.

1.3 TAXES ON INCOME

The deferred tax asset has mainly arisen on account of provision for non-performing advances, carry over losses and depreciation available for set off in future and the deferred tax liability is on account of timing difference on depreciation. Having regard to the past performance and also current level of operations the management believes that there is an uncertainty with regard to the earning of future taxable income and hence as a prudent measure decided not to recognise the Deferred Tax Asset (Net).

1.4 RELATED PARTY TRANSACTIONS

As per Accounting Standard - 18 (AS-18) issued by the Institute of Chartered Accountants of India, the Company''s related parties are disclosed below:

Promoter Company: Sterling Holiday Resorts (I) Ltd (SHRIL)

Enterprises under common control of the promoter:

1. Sterling Securities & Futures Ltd (SSFL)

2. Sterling Holiday Finvest Ltd (SHFL)

3. Sterling Resorts Home Finance Ltd (SRHFL)

Key Management Personnel

1. Mr K Chandrasekaran, Managing Director

2. Mr R Ramesh, Wholetime Director

1.5.1 Figures have been rounded off to the nearest rupee

1.5.2 Previous year''s figures are shown within brackets

1.5.3 Previous year''s figures have been regrouped wherever necessary to conform to the current year classification.

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Mar 31, 2012

E. Terms / Rights attached to Equity Shares

Company has only one class of Equity Shares having a par value of Rs.10/- per share. Each shareholder has a right to participate in General Meeting and is eligible for one vote per share held.

1.1.1 SECURED DEBENTURES

Debentures of Rs.2,76,200 includes:

a. 19.5% debentures of Rs.1,19,000 redeemable at par at the end of 17 months and 25 days from the date of allotment (i.e 1st March, 1997).

b. Zero Coupon Bonds of Rs.1,57,200 with a maturity value of Rs.2,20,000 redeemable at the end of 17 months and 25 days from the date of allotment (i.e 1st March, 1997).

c. An amount of Rs.2,70,000 has been deposited with ICICI Bank Limited, the Trustee, from and out of which the remaining debenture holders will be paid as and when the request is received from the debenture holders.

1.1.2 SECURED LOANS FROM BANKS

Secured by hypothecation of assets covered by Hire Purchase and Lease Agreements and assignment of Lease Rentals. The loans are also secured by personal guarantee of three Directors.

During the year the Company has paid One Time Settlement to State Bank of Travancore Ltd. As per the OTS proposal the Company has paid an amount of Rs.1,50,00,000/-. The interest due outstanding in the books over and above the interest paid under OTS aggregating to Rs.9,86,447/- is written back to the Statement of Profit and Loss and reflected as an exceptional item. Principal waiver of Rs.5,30,07,575/- is credited to Capital Reserve.

1.1.3 Loans and advances includes a sum of Rs.216.60 lakhs (Rs.216.50 lakhs) advanced to certain companies out of which a sum of Rs.116.69 lakhs (Rs.116.59 lakhs) is to a subsidiary company. The above amounts have been advanced towards investment in shares in the respective companies which are pending allotment. No provision is considered necessary at this point of time as the proposed investments are considered long term in nature and wherever possible the Company is taking steps to recover the amount.

1.1.4 Loans and advances include Loans to officers of the Company Rs.51,005 (Rs.49,505) [Maximum amount due at any time during the year Rs.51,005 (Rs.49,505)].

1.1.5 Sundry Creditors for other finance includes amounts due to Group Company Rs.6,35,707 (Rs.6,35,707).

1.1.6 No provision is considered in the accounts in respect of diminution in value of investments aggregating to Rs.192.01 lakhs (Rs.190.92 lakhs) as in the opinion of the management the same is considered as long term in nature.

1.1.7 Confirmation of balances have not been received in respect of hire purchase, lease, bills, inter corporate deposits, loans and advances, certain bank accounts, unsecured loans, secured loans and other liabilities. Adjustments if any which may arise upon confirmation is not ascertainable at this stage and not provided for.

1.1.8 Provision aggregating to Rs.101.86 lakhs (Rs.195.54 lakhs) is not considered in respect of certain Non-Performing Advances (NPA) in deviation to RBI guidelines for provisioning.

1.1.9 No provision is considered in the accounts in respect of interest payable to the Debenture Holders and the same will be considered at the time of settlement of dues to them.

1.1.10 During the year 2000-2001 Reserve Bank of India had rejected the Certificate of Registration given to the Company.

1.2 PROFIT AND LOSS ACCOUNT

1.2.1 Other Income includes Rs.0.82 lakhs (Rs.8.47 lakhs) being profit on sale of Sterling Happy Vistas Units.

1.2.2 DIRECTORS'REMUNERATION

The Company has made an application to the Central Government for seeking prior approval for payment of remuneration on the terms and conditions contained in the resolutions approved by the members at the Annual General Meeting held on 26,h December, 2005 to Mr Ramesh K Shrivastav and Mr R Ramesh, Wholetime Directors from the date of their appointment and the approval from the Central Government is awaited. The details of salaries and perquisites paid to the directors for the said period are as follows:

1.2.3 The Company has received a notice of demand from income tax department towards income tax fdr a sum of Rs.144.53 lakhs for income tax assessment year 1997 - 1998 against which appeal has been filed with the department. The Company also received a notice of demand for a sum of Rs. 17.32 lakhs for assessment year 1995 - 1996 for which the Company has preferred an appeal and is stil! pending before the Appellate Tribunal.

1.2.4 Since the Company is negotiating for waiver of overdue interest including penal interest with the depositors, no interest provision is considered in the accounts and liability if any, will be accounted in the year of payment.

1.3 TAXES ON INCOME

The deferred tax asset has mainly arisen on account of provision for non-performing advances, carry over losses and depreciation available for set off in future and the deferred tax liability is on account of timing difference on depreciation. Having regard to the past performance and also current level of operations the management believes that there is an uncertainty with regard to the earning of future taxable income and hence as a prudent measure decided not to recognise the Deferred Tax Asset (Net).

1.4 RELATED PARTY TRANSACTIONS

As per Accounting Standard -18 (AS-18) issued by the Institute of Chartered Accountants of India, the Company's related parties are disclosed below:

Promoter Corhpany: Sterling Holiday Resorts (I) Ltd (SHRIL)

Enterprises under common control of the promoter:

1. Sterling Securities & Futures Ltd (SSFL)

2. Sterling Holiday Finvest Ltd (SHFL)

3. Sterling Resorts Home Finance Ltd (SRHFL)

1.5.1 Figures have been rounded off to the nearest rupee

1.5.2 Previous year's figures are shown within brackets

1.5.3 Previous year's figures have been regrouped wherever necessary to conform to the current year classification.

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Mar 31, 2011

1. BALANCE SHEET

1.1 SECURED DEBENTURES

Debentures of Rs.2,83,800 includes:

a. 19.5% debentures of Rs.1,19,000 redeemable at par at the end of 17 months and 25 days from the date of allotment {i.e. 1st March, 1997).

b. Zero Coupon Bonds of Rs.1,64,800 with a maturity value of Rs.2,20,000 redeemable at the end of 17 months and 25 days from the date of allotment (i.e. 1st March, 1997).

c. An amount of Rs.2,70,000 has been deposited with ICICI Bank Limited, the Trustee, from and out of which the remaining debenture holders will be paid as and when the request is received from the debenture holders.

1.2 SECURED LOANS FROM BANKS

a. Secured by hypothecation of assets covered by Hire Purchase and Lease Agreements and assignment of Lease Rentals. The loans are also secured by personal guarantee of three Directors.

b. During the year, the Company has paid One Time Settlement to Union Bank of India. As per the OTS proposal, Company has paid an amount of Rs.2,25,62,00,000 as against balance outstanding in the books amounting to Rs. 1,36,58,243. The excess amount paid Rs.89,03,757 over and above the balance as per books of accounts is debited to Profit & Loss Account and is reflected as an exceptional item - interest paid.

c. During the year the Company has written back certain liabilities which are no longer payable, aggregating to Rs.69,13,578. This amount is reflected under Exceptional Item. Further Income Tax Provision no longer required amounting to Rs.9,40,000 is written back to the credit of Profit & Loss Account.

1.3 Loans and advances includes a sum of Rs.216.50 lakhs (Rs.217.29 lakhs) advanced to certain companies out of which a sum of Rs.116.59 lakhs (Rs.117.38 lakhs) is to a subsidiary company, The above amounts have been advanced towards investment in shares in the respective com- panies which are pending allotment. No provision is considered necessary at this point of time as the proposed investments are considered long term in nature and wherever possible the Company is taking steps to recover the amount.

1.4 Loans and advances include Loans to officers of the Company Rs.49,505 (Rs.49,505) [Maxi- mum amount due at any time during the year Rs.49,505 (Rs.49,505)].

1.5 Sundry Creditors for other finance includes amounts due to Group Company Rs.6,35,707 (Rs.6,45,707).

1.6 No provision is considered in the accounts in respect of diminution in value of investments aggregating to Rs.190.92 lakhs (Rs. 192.41 lakhs) as in the opinion of the management the same is considered as long term in nature.

1.7 Confirmation of balances have not been received in respect of hire purchase, lease, bills, inter corporate deposits, loans and advances, certain bank accounts, unsecured loans, secured loans and other liabilities. Adjustments if any which may arise upon confirmation is not ascertainable at this stage and not provided for.

1.8 Provision aggregating to Rs.195.54 lakhs (Rs.229.16 lakhs) is not considered in respect of certain Non-Performing Advances (NPA) in deviation to RBI guidelines for provisioning.

1.9 No provision is considered in the accounts in respect of interest payable to Banks and Debenture Holders and the same will be considered at the time of settlement of dues to them.

1.10 During the year 2000-2001 Reserve Bank of India had rejected the Certificate of Registration given to the Company.

2. PROFIT AND LOSS ACCOUNT

2.1 Other Income includes Rs.8.47 lakhs being profit on sale of Sterling Happy Vistas Units.

2.2 DIRECTORS' REMUNERATION

The Company has made an application to the Central Government for seeking prior approval for payment of remuneration on the terms and conditions contained in the resolutions approved by the members at the Annual General Meeting held on 26th December, 2005 to Mr.R Ramesh, Whole time Director from the date of his appointment and the approval from the Central Government is awaited, The details of salaries and perquisites paid to the directors for the said period are as follows:

2.3 The Company has received a notice of demand from income tax department towards income tax for a sum of Rs.144.53 lakhs for income tax assessment year 1997 - 1998 against which appeal has been filed with the department. The Company also received a notice of demand for a sum of Rs.16.73 lakhs for assessment year 1995 -1996 for which the Company has preferred an appeal and is still pending before CIT (Appeals).

2.4 Since the Company is negotiating for waiver of overdue interest including penal interest with the depositors, no interest provision is considered in the accounts and liability if any, will be ac- counted in the year of payment.

3. TAXES ON INCOME

The deferred tax asset has mainly arisen on account of provision for non-performing advances, carry over losses and depreciation available for set off in future and the deferred tax liability is on account of timing difference on depreciation. Having regard to the past performance and also current level of operations the management believes that there is an uncertainty with regard to the earning of future taxable income and hence as a prudent measure decided not to recognise the Deferred Tax Asset (Net).

4. RELATED PARTY TRANSACTIONS

As per Accounting Standard -18 (AS-18) issued by the Institute of Chartered Accountants of India, the Company's related parties are disclosed below:

Promoter Company: Sterling Holiday Resorts (I) Ltd (SHRIL)

Enterprises under common control of the promoter:

1. Sterling Securities & Futures Ltd (SSFL)

2. Sterling Holiday Finest Ltd (SHFL)

3. Sterling Resorts Home Finance Ltd (SRHFL) Key Management Personnel

1. Mr K Chandrasekaran, Managing Director

2. Mr R Ramesh, Whole time Director

5. GENERAL

2010-2011 2009-2010

5.1 Contingent liability in

a. Unpaid/Uncalled liability on partly paid-up shares 14,55,000 14,55,000

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Mar 31, 2010

1. PROFIT AND LOSS ACCOUNT

1.1 DIRECTORS REMUNERATION

The Company has made an application to the Central Government for seeking prior approval for payment of remuneration on the terms and conditions contained in the resolutions approved by the members at the Annual General Meeting held on 26th December, 2005 to Mr. Ramesh K Shrivastav and Mr. R. Ramesh, Wholetime Directors from the date of their appointment and the approval from the Central Government is awaited.

1.2 The Company has received a notice of demand from income tax department towards income tax for a sum of Rs.145.12 lakhs for income tax assessment year 1997 - 1998 against which appeal has been filed with the department. The Company also received a notice of demand for a sum of Rs.17.32 lakhs for assessment year 1995 -1996 for which the Company has preferred an appeal and is still pending before CIT (Appeals).

1.3 Since the Company is negotiating for waiver of overdue interest including penal interest with the depositors, no interest provision is considered in the accounts and liability if any, will be accounted in the year of payment.

2. TAXES ON INCOME

The deferred tax asset has mainly arisen on account of provision for non-performing advances, carry over losses and depreciation available for set off in future and the deferred tax liability is on account of timing difference on depreciation. Having regard to the past performance and also current level of operations the management believes that there is an uncertainty with regard to the earning of future taxable income and hence as a prudent measure decided not to recognise the Deferred Tax Asset (Net)

3. RELATED PARTY TRANSACTIONS

As per Accounting Standard -18 (AS -18) issued by the Institute of Chartered Accountants of India, the Companys related parties are disclosed below:

Promoter Company: Sterling Holiday Resorts (India) Limited (SHRIL)

Enterprises under common control of the promoter:

1. Sterling Securities & Futures Limited (SSFL)

2. Sterling Holiday Finvest Limited (SHFL)

3. Sterling Resorts Home Finance Limited (SRHFL)

Key Management Personnel

1. Mr. K. Chandrasekaran, Managing Director

2. Mr. Ramesh K Shrivastav, Director

3. Mr. R. Ramesh, Wholetime Director

The related party balances and transactions are summarised below:

Description of the

Related Party transaction and amount of

transaction during the year

Sterling Holiday Resorts Hire Purchase transaction

(India) Limited entered during earlier years

Investment in Equity Shares

Timeshares allotted

Sterling Securities & Futures Amount paid during

Limited earlier years

Investment in Equity Shares

Advance for Investment

Sterling Holiday Finvest Amount received during

Limited earlier years

Investment in Equity Shares

Sterling Resorts Home Amount received during Finance Limited earlier years

Investment in Equity Shares

Key Management Personnel Remuneration & perquisites

Professional Fees paid

Related Party Amount outstanding as on

31.03.2010

(Rs. in Lakhs)

Sterling Holiday Resorts (India) Limited Amount due from SHRIL towards HP dues - Rs.90.69 (Rs.,90.69)

Amount invested - Rs.0.66 (Rs.45.86)

Timeshares worth Rs.724.60 (Rs.724.60) allotted in settlement of HP dues

Sterling Securities & Futures Limited Amount due from SSFL - Rs.3.38 (Rs.3.38)

Amount invested - Rs.46.00 (Rs.46.00) Amount advanced - Rs.114.00(Rs.114.00)

Sterling Holiday Finvest Limited Amount due from SHFL - Rs.0.20 (Rs.0.18)

Amount invested - Rs.18.00 (Rs.18.00) Sterling Resorts Home Finance Limited Amount due to SRHFL - Rs.6.45 (Rs.6.45)

Amount invested - Rs.50.00 (Rs.50.00)

Key Management Personnel Amout paid as per existing pay structure

- Rs.3.92 (Rs.3.95)

Amount paid Rs.2.00 (Rs.4.00)

4. GENERAL

2009-2010 2008-2009

4.1 Contingent liability in

a. Unpaid/Uncalled liability on partly paid-up shares 14,55,000 14,55,000

4.2 Expenditure in foreign currency on account of travel NIL NIL



4.3 Figures have been rounded off to the nearest rupee

4.4 Previous years figures are shown within brackets

4.5 Previous years figures have been regrouped wherever necessary to conform to the current year classification Signatures to Schedule 1 to 15.