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Notes to Accounts of Mauria Udyog Ltd.

Mar 31, 2014

1. a) Term Loan from Karnataka Bank Limited is Secured by way of hypothecation of Plant and Machinery funded and collaterally secured by way of Equitable mortgage of Land & Building/lndustrial infrastructure situated at Sohna Road, Mauza Gouchi, Ballabgarh District, Faridabad, Plant & Machinery and other fixed assets and Personal Guarantees of Shri V.K, Sureka, Managing Director, Shri Navneet Sureka, Director and Shri Akhil Sureka, Director. The principal due within the period of next twelve months are Rs.96,00,000.

b) The Rupee Term Loan from Religare Finvest Limited consist two joint loans secured against mortgage of Property at Farm House at Mustil NO.18, Khasra No.20/2, 21, 23/1, Village Samalaka, Vasant Vihar, New Delhi belongs to M/s S.K.D. Estates Private Limited, Since the Loan was disbursed to/and utilised by the co-applicant M/s Mauria Udyog Limited, hence all the transaction related thereto have been recorded in the Financial Statements of the Company, as detailed hereunder:

(i) Jointly in the name of M/s S.K.D. Estates Private Limited, Mauria Udyog Limited, Mr. Vishnu Kumar Sureka, Mrs. Prem Lata Sureka, Mr. Navneet Kumar Sureka, Mrs. Deepa Sureka and Mr. Akhil Kumar Sureka The Instalments due within the period of next twelve months are Rs. 1,25,63,983 (Previous year 1,09,31,456)

(ii) Jointly in the name of M/s S.K.D. Estates Private Limited, Mauria Udyog Limited, Mr. Mrs. Prem Lata Sureka, Mr. Navneet Kumar Sureka, Mrs: Deepa Sureka and Mr. Pramod Kumar Agarwai and Bihariji Infotech Pvt. Ltd. The principal due within the period of next twelve months are Rs. 93,26,396 (Previous year 85,72,742)

c)(i)Term Loan from ICICI Home Finance is a joint loan in the name of M/s. Bihariji Ispat Udyog Ltd. and Shri Navneet Kumar Sureka, where Mauria Udyog Limited , is a Co-applicant. The loan is secured by way of equitable mortgage of Property by way of deposit of the title deeds for mortgage in respect of the Property at apartment No. PNA011, The Pinnacle In DLF City Gurgaon owned by the company, and also personal guarantee of Mr. Navneet Kumar Sureka, Managing Director of the Company. Since the loan was disbursed to/and utilised by the co-applicant M/s Mauria Udyoug Limited , hence, all the transaction related there to have been recorded in the financial statements of the said co- applicant .The principal due within the period of next 12 months are Rs. 20,04,682 (Previous year Rs.17,61,721).

(ii)Term Loans from ICICI Home Finance are joint loans in the name of M/s. Mauria Udyog Limited ,Shri Navneet Kumar Sureka and Shri Vishnu Kumar sureka. The loans are secured by First and exclusive charge over the property situated at A-24, 24th floor, Tower-Z, A-25, Tower-X and C-4, Tower-Y , sector-50, TGB Meghdutam Noida and personal guarantee of Mr. Navneet Kumar Sureka, Managing Director of the Company and Sh. Vishnu Kumar Sureka chairman of the company. Since the loans were disbursed to/and utilised by the co-applicant M/s Mauria Udyoug Limited , hence, all the transaction related there to have been recorded in the financial statements of the said co- applicant .The principal due within the period of next 12 months are Rs.61,45,698 (Previous year Rs.NIL).

d) Term Loan from Housing Development Finance Corporation Limited is a joint loan in the name of Shri Navneet Kumar Sureka, M/s Bhama Properties Private Limited, Mrs. Prem Lata Sureka,M/s. Mauria Udog Limited, Sh. Vishnu Kumar Sureka and Mrs. Deepa Sureka , where Mauria Udyog Limited , is a Co-applicant. The loan is secured by way of equitable mortgage of Property by way of deposit of the title deeds in respect of the agricultural Land measuring 12 Bigha out of Khasara No. 921/1min(1-9),922(5-5)and 923(5-6), Situated at village Rajokari, tehsil Vasant Vihar, New Delhi owned by the M/s Bhama Properties Pvt. Ltd. Since the loan was disbursed to/and utilised by the co-applicant M/s Mauria Udyog Limited , hence, all the transaction related there to have been recorded in the financial statements of the said co- applicant. The instalments due within the period of next 12 months are Rs.67,91,024(Previous Year 65,23,619)

e) Term Loan from HDB Financial Services Limited is a joint loan in the name of M/s. Mauria Udog Limited, Bihariji InfoTech Private Limited, Navneet Kumar Sureka HUF, Mrs. Deepa Sureka, Sh Pramod Kumar Agarwai, Shri Navneet Kumar Sureka and Mrs. Prem Lata Sureka , where Mauria Udyog Limited , is a Co-applicant. The loan is secured by way of equitable mortgage of Property by way of deposit of the title deeds in respect of the Property at Plot No. 662, Udyog Vihar, Phase-V, Gurgaon, Haryana owned by the Bihariji InfoTech Pvt. Ltd. Since the loan was disbursed to/and utilised by the co-applicant M/s Mauria Udyog Limited , hence, all the transaction related there to have been recorded in the financial statements of the said co- applicant. The installments due within the period of next 12 months are Rs. 1,12,91,613 (Previous year 99,46,586).

f) Over Draft /Shipping Loan- Pre Shipment Credit/ Bills Limit- Post Shipment Credit and Non-Fund Base Limits for Letter of Credits, Bank Guarantees and/or Forward Exchange contracts from Karnataka Bank Limited are Secured by way of charge over entire current assets of the Company, both present and future on pari-passu with Allahabad Bank and also collaterally secured by way of Equitable mortgage of Land & Building/lndustrial infrastructure situated at Sohna Road, Mauza Gouchi, Ballabgarh District, Faridabad, Plant & Machinery and other fixed assets (except vehicles which are financed by other financial institutions) and Personal Guarantees of Shri V.K. Sureka, Managing Director, Shri Navneet Sureka, Director and Shri Akhil Sureka an Ex- Director, Outstanding Bank Guarantees/Letters of Credit were also secured by charge created in favour of the Bank.

g) Working Capital Limits from Allahabad Bank consists of Fund Base Limits of Rs. 20,00,00,000/- (Rupees Twenty Crores only) and Letter of Credit Limit of Rs. 80,00,00,000/- (Rupees eighty Crores only) are secured by way of charge over entire current assets of the Company, both present and future on pari-passu with Karnataka Bank and Allahabad Bank and also collaterally secured by way of Registered mortgage of 4.09 Acre agricultural Land known as Mauria Garden situated at samalka village , tehsil Vasant Vihar, Dist. South West Near Rajokri Flyover NH-8 New Delhi and Personal Guarantees of Shri V.K. Sureka, Chairman, Shri Navneet Sureka, Managing Director and Shri Akhil Sureka, an EX- Director and Corporate Guarantees of M/s Deepak Hotels Pvt; Limited in favour of the Bank . -

h) Working Capital Limits from Indian Overseas Bank consists of Fund Base Limits of Rs. 15,00,00,000/- (Rupees Fifteen Crores only) and Letter of Credit Limit of Rs. 15,00,00,000/- (Rupees Fifteen Crores only) are secured by way of charge over entire current assets of the Company, both present and future on pari-passu with Karnataka Bank and Allahabad Bank and also collaterally secured by way of charge on Land admeasuring 23.34 acres & & Building/lndustrial infrastructure thereon situated at Sohna Road, Mauza Gouchi, Ballabgarh District, Faridabad, and Personal Guarantees of Shri V.K. Sureka, Chairman, Shri Navneet Sureka, Managing Director and Shri Akhil Sureka, an EX- Director.

i) The Auto and Equipments Loans from HDFC , BMW Financial Services Limited and ICICI Bank Limited are secured by way of Hypothecation of the Vehicles/Equipments financed by the Bank and Personal Guarantee of Shri V.K. Sureka, Chairman and Shri Navneet Sureka, Managing Director of the company.

j) Rs.2,77,62,983 Equivalent UAE Dirham 1651575.46 (Previous year Rs. 2,88,91,246 Equivalent UAE Dirham 19,54,752.76 ) in respect of a Forward Lease Housing arrangement with M/s Tamweel PJSC, Dubai, UAE entered by the Dubai Branch of the Company, against which the title deeds of the property of the company at commercial Unit No. 511, Liberty House, DISC, Dubai, UAE, costing Rs.7,16;65,245(Equivalent UAE Dirham 58,50,224.06)has been put as mortgage with the Tam well PJSC.

The total exposure under the aforesaid agreement in foreign currency amounting to UAE Dirham 28,84,000 is repayable in 111 Equated monthly instalments (EMI of UAE Dirham 39,951 per month) along with a pre determined Variable Rental @10% p.a. (termed as profit in the respective agreement with the party) and taxes/levies thereto . Since the amount of variable rental paid together with the State Levy in the form of " Takaful Family Protection contribution" are in the nature of "payment of Interest on borrowings", hence forth the said variable Rental paid during the year amounting to Rs, 27,73,897 Equivalent UAE Dirham 1,65,014.70 (Previous year Rs. 29,63,625 Equivalent UAE Dirham 2,00,515.90) has been shown under the head Interest to others .

The outstanding balance as on the balance sheet date has been converted into reporting currency at the exchange rate prevailing as on that date. The Installments due within the period of next twelve months are Rs.44,41,132 (Equivalent UAE Dirham 4,79,412).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: Current year Previous year Rs. Rs.

a) Letters of Credit/Guarantees/ 248,416,865 304,054,621 Bond issued by Banks

b) Letters of Credit/Guarantees 953,426 NIL /Bond issued by Foreign Banks $ Euro 202,461 Euro 36668

c) Proportionate value of duty 7,777,847 4,394,432 saved in terms of Letter of Undertaking given to Jt. Director General of Foreign Trade under Advance Authorisation Scheme and Export Promotion Capital Goods Scheme, where export obligation can be completed in future years

d) Claims against the Company not Amount Amount acknowledged as debts Unascertained Unascertained

e) Surety Bond issued in favour 200,000 200,000 of Haryana Sales Tax Department Towards VAT and Central Sales Tax Liability of a third party M/s Balaji

3. The Income tax department has carried out a search and seizer operation on 7th of August 2013, U/S 132 of the Income Tax Act, 1956"(Act)", the Income Tax Department have seized a bunch of documents and Cash worth Rs.32Lacs . The cash so siezed has been adjusted as Advance Income tax payments in accounts. However, no discrepancies have been reported by the department till date.

4. As per consistent accounting practice followed by the Company, Excise Duty aggregated approximately to Rs. 61,41,725 (Rs.53,81,796) on finished goods not cleared from factory is neither provided for nor the same as considered for valuation of Closing Stock. This policy has no impact on the profit for the year.

5. Estimated amount of contracts remaining to be executed on Capital accounts Rs. 2,21.10.327 (Rs. 2,97,04,829 ) against which advances made amounting to Rs. 2,49,85,277(Rs. 3,84,60,751).

6. The Company purchased building and plant & machinery in Court Auction for Rs.85,21,000 in earlier years out of which Rs.43.00 Lacs was allocated to Land & Building vide Court Order for registration of properties, the Board of Directors allocated Rs. 10.00 Lacs to Land and Rs.33.00 Lacs to Building respectively and depreciation charged accordingly. Out of plant & machinery so purchased certain machineries have been sold in earlier years in respect of which sale value has been adjusted in the cost of plant & machinery in the respective years.

7. The Company has filed a suit against the Hong-Kong and Shanghai Banking Corporation for realisation of Rs.19,34,730 for expenses incurred in connection with clearing the title of Property which was purchased in Court Auction and other damages/losses suffered by the Company for which no adjustment has been made in the books of accounts.

8.(i) In pursuance of liberal policy of Government to allow parallel marketing of Liquefied Petroleum Gas.

Company started LPG division for marketing of Liquefied Petroleum Gas during the year 1993-1994, but due to unfeasibility, the said division as per an agreement made on 12th August, 1994 had already been transferred to another Company M/s BYGGING INDIA LIMITED and all the expenditures, income and liabilities had been transferred to the said Company from the date of inception to the date of agreement.

(ii) Recovery suit for Rs.32,40,707 filed against Bygging India Ltd.by the dealers of the above referred LPG Division is also pending with the Honorable Delhi' High Court wherein the Company has also been made a party.

9.(i) The Competition Commission of India vide order dated 24/02/2012 in re. Suo Motu case no. 3/2011 against

LPG Cylinders manufacturers has imposed a penalty of Rs. 36,37,86,806 . The Company has preferred an appeal against the said order before the Honorable Competition Appellate Tribunal. The Tribunal in its interim order dated 10/10/2012. has granted a stay order subject to deposit of Rs. 3.64,06,655 being 10% of total demand and and to furnish a Guarantee for balance Rs.32,74,08,126 being 90% of total demand. The Honorable tribunal vide its order dated 23/12/2013 further decided that the aforesaid interim order will stay till the Commission made an final order afresh.

(iii) Claims Includes Rs. NIL (previous Year Rs. 7,02,05,400) in respect of insurance claim lodged on United India Insurance co . limited (New Delhi), for damage caused due to fire broke out on 19/10/2012 in the Terry Towel Unit of the company in Faridabad.

11.In the opinion of the management, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Sundry Creditors and Loans and Advances and commission on sales & purchases are however, subject to confirmations and adjustments, if any.

12. Sales is net of:

(i) Gain on Exchange fluctuation (net) Rs. 3,14,91,076(previous year Loss Rs. 46,49,934 ),though in consonance with the accounting policy consistently followed by the company but is in contravention of Accounting Standard AS 11. where the same should have been reported separately.

(ii) Expense on repairs of exported goods outside India Rs. 1,10,93,000 (previous year Rs. nil)

15 RELATED PARTY DISCLOSURE (AS IDENTIFIED BY THE MANAGEMENT), AS REQUIRED BY ACCOUNTING STANDARD 'AS-18' :

1) LIST OF RELATED PARTIES

(a) Where Control Exists:-

(i) Akshi Exports (P) Ltd-.

(ii) Bhama Properties (P) Ltd.

(iii) Bihariji Fancy Fibers & Fabrics Ltd.

(iv) Bihariji Ispat Udyog Ltd.

(v) Bihariji Solar Power Pvt. Ltd.

(vi) Bihariji Vidyut Pvt. Ltd.

(vii) Chakra Exports (P) Ltd.

(viii) Deepak Hotels Private Ltd.

(ix) G L Estates Pvt. Ltd.

(x) J.S.T. Engineering Services Ltd.

(xi) Jotindra Steel & Tubes Ltd.

(xii) JST Solar Energy Pvt. Ltd.

(xiii) JST Solar Vidyut Pvt. Ltd.

(xiv) Magnum Products Pvt. Ltd

(xv) Mauri a Power Generation Pvt. Ltd

(xvi) Mauria Power Projects Pvt. Ltd.

(xvii) Mauria Solar Pvt. Ltd.

(xviii) Puranmal Foods India Pvt. Ltd.

(ixx) Quality Synthetic industries Ltd.

(xx) Ram Forgings Pvt. Ltd.

(xxi) S.K.D. Estates Private Ltd.

(xxii) Saroj Metal Works Pvt. Ltd.

(xxiii) Sri Narayan Steel industries Pvt. Ltd.

(xxiv) Srinarayan Raj Kumar

(xxv) Srinarayan Raj Kumar Merchants Ltd.

(xxvi) Sureka Tubes Industries Pvt. Ltd.

(xxvii) Udayanchal Leasing Exports (P) Ltd.

(xxviii) VL Estates (Pj Ltd.

(xxix) VL Land & Housing Pvt. Ltd.

(xxx) V.K. Flats Pvt. Ltd.

(xxxi) Vaishnoudevi Properties Pvt. Ltd.

(xxxii) Vee Em Infocentre Pvt. Ltd.

(xxxiii) Vee Kay Surgical Pvt. Ltd.

(xxxiv) Bihariji Infotech Pvt.Ltd.

(xxxv) Eurospa Terry Towels Pvt. Ltd.

(xxxvi) Taanz Fashions India Pvt. Ltd

(xxxvii) G.L. Land and Housing Pvt. Ltd

(b) Key Management Personnel

1 Mr, V.K.. Sureka (Managing Director)

2 Mr. N.K., Sureka (Managing Director)

3 Mr. A.K. Sureka (Director)

4 Mr. K. M Pai (Whole Time Director)

(c) Relative of key Management

personnel (with whom transaction have taken place during the

1. Smt. P.L.Sureka (Wife of Chairman)

2. Smt. Deepa Sureka (Wife of Managing Director)

3. Smt. Anuradha Pai (Wife of a Director)

20. Comparative figures for the previous year have been re-grouped re-cast and re-arranged wherever necessary and figures in brackets represent previous year figures.


Mar 31, 2013

1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF: Current year Previous year RS. RS.

a) Letters of Credit/Guarantees/Bond issued by Banks 304,054,621 1,163,978,472

b) letters of Credit/Gudrantees/Bond issued by Foreign Banks Euro 36668 Euro 26668

c) Proportionate value of duty saved in terms of Letter of Undertaking 4,394,432 4,394,432 given to

d) Director General of foreign Trade under Advance Authorisation Scheme or promotion Capital Goods Scheme, where expert obligation can in future years Company not Amount Amount acknowledged as debts Unascertained Unascertained

e) need in favour Sales lax Department 200,000 200,000 towards

2 Provision has not been made in accounts in respect the following disputed dues :

Sl. Name of the Statute Amount Nature of dues No RS.

1 Competition Act, 2002 363,786,806 Penalty

(363,786,806)

2 Central Excise Act, 1944 NIL Penalty Service Tax GTA (and Cenvat Credit Rule (361,009) for the Year 2006-07

697.712 Service Tax(GTA)

(697 712)

697.712 Penalty Service Tax(GTA)

(697 712)

577,959 Service Tax Credit Availed

(577,959) on Outward Transport

3 Income Tax Act, 1961 1,273,754 Asst. Year 2003-04

See Note Below Order U/s 263 and 143(3)

See Note Asst. Year 2004-05 Below Order U/s 263 and 143(3)

613,148 Asst. Year 2007-08

(613,148) Order U/s 143(3)

Sl. Name of the Statute From Where Dispute is Pending No

1 Competition Act, 2002 Competition Appellate Tribunal

2 Central Excise Act, 1944 Central Excise and Service Tax (and Cenvat Credit Rule Appellate Tribunal New Delhi

Commissioner (Appeals) Central Excise, Faridabad

Commissioner (Appeals) Central Excise, Faridabad

pending for Adjudication before Deputy Commissioner Central Excise, Faridabad

3 Income Tax Act, 1961 Rectification pending before Dy. Comm. Income Tax ,Cir(7) Kolkata

Rectification pending before Dy. Comm. of Income Tax ,Cir(7) Kolkata

Rectification pending before Dy. Comm. of Income Tax ,Cir(7) Kolkata

Note:

The liability for the Asst, year 2003-04 & 2004-05 in respect of the demand raised by the Income tax department, has been provided , though the Appeal before the Commissioner Appeals are yet to be Disposed off.

3 As per consistent accounting practice followed by the Company, Excise Duty aggregated approximately to Rs. 53,81,796 (Rs.37,32,679) on finished goods not cleared from factory is neither provided for nor the same as considered for valuation of Closing Stock. This policy has no impact on the profit for the year.

4 Estimated amount of contracts remaining to be executed on Capital accounts Rs. 2,97,04,829 (Rs. 4,12,79,084 ) against which advances made amounting to Rs. 3,84,60,751 (Rs. 3,11,48,754).

5 The Company purchased and, building and plant & machinery in Court Auction for Rs.85,21,000 in earlier years out of which Rs.43.00 Lacs was allocated to Land & Building vide Court Order for registration of properties, the Board of allocated Rs. 10.00 Lacs to Land and Rs.33.00 Lacs to Building respectively and depreciation charged Accordingly. Out of plant & machinery so purchased certain machineries have been sold in earlier years in respect which sale value has been adjusted in the cost of plant & machinery in the respective years.

6. Company has filed a suit against the Hong Kong and Shanghai Banking Corporation for realisation of Rs.19,34,730 for expenses incurred in connection with clearing the title of Property which was purchased in Court Auction and other damages/losses suffered by the Company for which no adjustment has been made in the books of accounts.

7 (i) In pursuance of liberal policy of Government to allow parallel marketing of Liquefied Petroleum Gas. Company started LPG division for marketing of Liquefied Petroleum Gas during the year 1993-1994, but due to unfeasibility, the said division as per an agreement made on 12th August,1994 had already been transferred to another Company M/s BYGGING INDIA LIMITED and all the expenditures, income and liabilities had been transferred to the said Company from the date of inception to the date of agreement.

(ii) Recovery suit for Rs.32,40,707 filed against Bygging India Ltd. by the dealers of the above referred LPG Division is also pending with the Honourable Delhi' High Court wherein the Company has also been made a party.

8 (i) The Competition Commission of India vide order dated 24/02/2012 in re. Suo Motu case no. 3/2011 against LPG Cylinders manufacturers has imposed a penalty of Rs. 36,37,86,806 . The Company has preferred an appeal against the said order before the Honourable Competition Appellate Tribunal. The Tribunal in its interim order dated 10/10/2012. has granted a stay order subject to deposit of Rs.3,64,06,655 being 10% of total demand and and to furnish a Guarantee for r balance Rs.32,74,08,126 being 90% of total demand , which were loot from the company's employees On 15/3/2013, in Ghaziabad. A case has been by the Police Department under section 392 of the Indian Penal Code against unnamed persons. investigations an amount of Rs.6.35,000 have been recovered till the signing of the management is hopeful of recovery the balance amount as well, under the circumstances the amount is shown os recoverable and considered good.

in respect of insurance claim lodged on United India Insurance co limited (New Delhi), for damage cased due to fire broke out on 19/10/2012 in the Terry Towel Unit of the company in Faridabad. The Claim lodges is as under and the same has been included in the turnover:

9 The Company is in the process of identifying Micro, Small and Enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore, it is not possible for the Company to ascertain whether payment to such enterprises has been done within 45 days from the date of acceptance of supply of goods or services rendered by such enterprises and to make requisite disclosure. The disclosure as required under the said act

a; Principal amount due to supplier Not ascertained Not ascertained under MSMED Act

b) Interest due to suppliers on above. N.A. N.A.

c) Any payment made to suppliers beyond appointed date (Section 16 of the Not ascertained Not ascertained

d) Interest due and payable to suppliers under MSMED Act. N.A. N.A.

e) Interest accrued & remaining unpaid as at 31.03.2010 N.A. N.A.

f) Interest remaining due & payable as per Section 23 of the Act. N.A. N.A.

10 In the opinion of the management, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated. The balances of Sundry Debtors, Sundry Creditors and Loans and Advances and commission on sales & purchases are however, subject to confirmations and adjustments, if any.

11 Sales is net of:

(i) Loss on Exchange fluctuation (net) Rs. 46,49,934.22(previous year Gain Rs. 4,02,27,776 ),though in consonance with the accounting policy consistently followed by the company but is in contravention of Accounting Standard AS 11. where the same should have been reported separately.

12. RELATED PARTIES

i) LIST OF RELATED PARTIES

(a) Where Control Exists:-

(i) Akshi Exports (P) Ltd.

(ii) Bhama Properties (P) Ltd.

(iii) Bihariji Fancy Fibers 8, Fabrics Ltd.

(iv) Bihariji Ispat Udyog Ltd.

(v) Bihariji Solar Power Pvt. Ltd.

(vi) Bihariji Vidyut Pvt. Ltd.

(vii) Chakra Exports (P) Ltd.

(viii) Deepak Hotels Private Ltd.

(ix) G L Estates Pvt. Ltd.

(x) J.S.T. Engineering Services Ltd.

(xi) Jotindra Steel & Tubes Ltd.

(xli) JST Solar Energy Pvt. Ltd.

(xiii) JST Solar Vidyut Pvt. Ltd.

(xiv) Magnum Products Pvt. Ltd

(xv) Mauria Power Generation Pvt. Ltd

(xvi) Mauria Power Projects Pvt. Ltd.

(xvii) Mauria Solar Pvt. Ltd.

(xviii) Puranmal Foods India Pvt. Ltd.

(ixx) Quality Synthetic Industries Ltd.

(xx) Ram Forgings Pvt. Ltd.

(xxi) S.K.D. Estates Private Ltd.

(xxii) Saroj Metal Works Pvt. Ltd.

(xxiiij Sri Narayan Steel Industries Pvt. Ltd.

(xxiv) Srinarayan Raj Kumar

(xxv) Srinarayan Raj Kumar Merchants Ltd.

(xxvi) Sureka Tubes Industries Pvt. Ltd.

(xxvii) Udayanchal Leasing Exports (P) Ltd.

(xxviii) VL Estates (P) Ltd.

(xxix) VL Land & Housing Pvt. Ltd.

(xxx) V.K. Flats Pvt. Ltd.

(xxxi) Vaishnoudevi Properties Pvt. Ltd.

(xxxii) Vee Em Info centre Pvt. Ltd.

(xxxiii) Vee Kay Surgical Pvt. Ltd.

(xxxiv) Bihariji Infotech Pvt.Ltd.

(xxxiv) Eurospa Terry Towels Pvt. Ltd.

(b) Key Management Personnel

1 Mr. V.K.. Sureka (Chairman)

2 Mr. N.K.. Sureka (Managing Director)

3 Mr. A.K.. Sureka (Director)

4 Mr. K. M Pai (Whole Time Director)

(c) Relative of key Management personnel (with whom transaction have taken place during the year).

1 Smt. P.L.Sureka (Wife of Chairman)

2 Smt. Deepa Sureka (Wife of Managing Director)

(d) Other related parties NIL

13 Comparative figures for the previous year have been re-grouped re-cast and re-arranged wherever necessary and figures in brackets represent previous year figures.


Mar 31, 2012

1. Derivative Instruments and Unhedged Foreign Currency Exposure (i) Forwarded Contract Outstanding at the Balance sheet date.

Particulars of Contract 2011-12 2010-11

Sale Euro to INR ( US$to INR) 5,500,000.00 2,000,000.00

Sale Euro to US ${Euro to INR) - 1,000,000.00



Particulars of Contract Purpose

Sale Euro to INR ( US$to INR) Hedged as expected receivables against future sales

Sale Euro to US ${Euro to INR) Hedged as expected receivables against future sales

The company has entered into Forward contracts to the tune of US$ 55,00,000 (Previous year $ 30,000,000 and 30,000,000 ) for hedging its US Dollar ($) and Indian Rupee [Previous year US Dollar 20,00,000($) and Euro 10,00,000(Rs.)] revenues for a period up to nine months from the date of the Balance Sheet. The Premium paid has been allocated in proportion to the period cover under the balance sheet and future period premium has been carried as prepaid premium on such contracts. Under the said Contracts , the rate of USD INR and Euro INR has been fixed for the entire period of the contract. Valuation of these contracts computed as on March 31,2012 indicates gain/(Loss) of Rs. 2,36,02,500 (previous Year Rs. 11,37,000) which has been provided for and disclosed as exchange fluctuation in the Profit and Loss Account.

2. RELATED PARTY DISCLOSURE (AS IDENTIFIED BY THE MANAGEMENT), AS REQUIRED BY ACCOUNTING STANDARD AS-16' ARE GIVEN BELOW:

I) LIST OF RELATED PARTIES

(a) Where Control Exists: -

(i) Akshi Exports (P) Ltd.

(ii) Bhama Properties (P) Ltd

(iii) Bihariji Fancy Fibers & Fabrics Ltd.

(iv) Bihariji Ispat Udyog Ltd.

(v) Bihariji Solar Power Pvt Ltd.

(vi) Bihariji Vidyut Pvt. Ltd.

(vii) Chakra Exports (P) Ltd.

(viii) Deepak Hotels Private Ltd.

(ix) G L Estates Pvt. Ltd.

(x) J.S.T. Engineering Services Ltd.

(xi) Jotindra Steel & Tubes Ltd.

(xii) JST Solar Energy Pvt Ltd.

(xiii) JST Solar Vidyut Pvt. Ltd.

(xiv) Magnum Products Pvt Ltd

(xv) Mauria Power Generation Pvt Ltd.

(xvi) Mauria Power Projects Pvt. Ltd.

(xvii) Mauria Solar Pvt. Ltd.

(xviii) Puranmal Foods India Pvt. Ltd.

(ixx) Quality Synthetic Industries Ltd.

(xx) Ram Forgings Pvt. Ltd

(xxi) S K.D. Estates Private Ltd.

(xxii) Saroj Metal Works Pvt Ltd.

(xxiii) Sri Narayan Steel Industries Pvt. Ltd.

(xxiv) Sri narayan Raj Kumar

(xxv) Sri narayan Raj Kumar Merchants Ltd.

(xxvi) Sureka Tubes Industries Pvt. Ltd.

(xxvii) Udayanchal Leasing Exports (P) Ltd.

(xxviii) VL Estates (P) Ltd

(xxix) VL Land & Housing Pvt Ltd

(xxx) V.K. Flats Pvt. Ltd.

(xxxi) Vaishnoudevi Properties Pvt Ltd.

(xxxii) Vee Em Into centre Pvt Ltd.

(xxxiii) Vee Kay Surgical Pvt. Ltd

(xxxiv) Bihariji Infotech pvt. Ltd,

(b) Key Management Personnel

1 Mr, V.K.. Sureka (Chairman)

2 Mr N K Sureka (Managing Director)

3 Mr A.K. Sureka (Director) Part Of the year

(c) Relative of key Management personnel (with whom transaction have taken place during the year).

1 Smt. P L Sureka (Wife of Chairman)

2 Smt. Deepa Sureka (Wife of Managing Director)

(d) Other related parties NIL

3. Comparative figures for the previous year have been re-grouped re-cast and re-arranged wherever necessary and figures in brackets represent previous year figures.

 
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