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Notes to Accounts of SER Industries Ltd.

Mar 31, 2014

1 RELATED PARTY TRANSACTIONS:

Name of the Related Party Nature of Relationship Madiwala Charitable Trust The Director(s) of the Company are the Trustee(s) of the Trust Chhabildas Memorial Foundation The Director(s) of the Company are the Trustee(s) of the Trust

Varun Engineering Works (Partnership Firm) The Director''s relatives are the Partners in the firm

Nandanvan Roadways (Partnership Firm) The Director''s relatives are the Partners in the firm

Mr. Narendra Goel Director and CEO t

Mrs. Savita Goel Customer Relationship Manage, relative of a Director

2 SEGMENTAL REPORTING:

Based on the guiding Principles given in Accounting Standards on Segment Reporting specified under the Companies (Accounting Standards) Rules, 2006, the Company is having only one segment as primary segment based on its nature of service rendered.

3 CONTINGENT LIABILITIES & COMMITMENTS As at 31.03.2014 As at31.03.2013

Claims against the Company / Disputed Liabilities not acknowledged as debts - 1,32,76,112

Income Tax Demand Notice received ;

The Company''s Income Tax Assessment for the A.Y. 2008-09 is completed and a demand raised by the Assessing Officer amounting to Rs. 1,37,76,112. The Company has preferred an appeal against the Order and the same is pending before the CIT (Appeals). The CIT (Appeals) has substantially allowed the appeal of the Company vide Order dated 28.03.2014

Guarantees outstanding Nil Nil

Estimated amount of contracts remaining to be executed on capital Nil Nil account and not provided for

Other Commitments Nil Nil

4 The previous year figures have been regrouped or reclassified wherevemecessary to confirm to the current year presentation


Mar 31, 2013

1. The previous year figures have been regrouped or reclassified wherever neccessary to confirm to the current year presentation.


Mar 31, 2012

During the year a sum of Rs. 1,95,520/- is written off as bad debts which is outstanding for more than six months as the same were not recoverable and the Company has no transactions with these parties.

No debts due by directors or other officers of the Company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any director is a partner or a director or a member (Previous Year Rs. Nil ).

Interest income represents interest received from deposits with banks and security deposits with customers.

Dividend Received Rs. 17,200 ( Previous Year Rs. 100) is from Long Term Investments

Net gain on investment Rs. 3,46,874 (Previous Year Rs. Nil) is from Long Term Investments

'Contribution for Provident Fund is deposited with the Provident Fund Authorities.

Defined Benefit Plan: The Company's Gratuity plan is not funded. The liability is provided on the basis of independent actuarial valuation basis using projected unit cost method, which recognises each period of service as giving raise to additional unit of employee benefit entitlement and measures each unit separately to build up the financial obligation. The liability towards leave encashment is also provided in the same manner as gratuity

1 SEGMENTAL REPORTING:

Based on the guiding Principles given in Accounting Standards on Segment Reporting specified under the Companies (Accounting Standards) Rules, 2006, the Company is having only one segment as primary segment based on its nature of service rendered.

As at As at

2 CONTINGENT LIABILITIES & COMMITMENTS: 31.03.2012 31.03.2011

Claims against the Company / Disputed Liabilities not acknowledged as debts

Income Tax Demand Notice received 13,776,112 13,776,112

The Company's Income Tax Assessment for the A.Y. 2008-09 is completed and a demand raised by the Assessing Officer amounting to Rs. 1,37,76,112. The Company has preferred an appeal against the Order and the same is pending before the CIT (Appeals)

Guarantees outstanding Nil Nil

Estimated amount of contracts remaining to be executed on Nil Nil

capital account and not provided for Nil Nil Other Commitments

3 The previous year figures have been regrouped or reclassified wherever necessary to confirm to the current year presentation


Mar 31, 2011

1. Claims against the Company not acknowledged as debt: Rs. -Nil- ( Previous Year: Rs. -Nil-)

2. Uncalled liability on shares partly paid Rs. Nil ( Previous Year Rs. Nil)

3. Contingent Liabilities not provided for : Rs. -Nil- ( Previous Year: Rs. -Nil-)

4. Estimated amount of contracts remaining to be executed on Capital Accounts not provided for : Rs. -Nil- ( Previous Year : Rs. -Nil- )

5. Value of Imports calculated on CIF basis Rs. Nil ( Previous Year Rs. Nil)

6. Earnings in Foreign Currency: Rs. Nil ( Previous Year: Rs. -Nil-)

7. Expenditure in Foreign Currency: Rs. -Nil- ( Previous Year: Rs. -Nil-)

9. None of the Creditors of the Company have confirmed that they are covered under the provisions of Micro, Small and Medium Enterprises Development Act, 2006.

10. Employee Benefits: The Company's gratuity plan and Leave Encashment plan is not funded and the liability is provided for in the books of account on the basis of independent actuarial valuation.

11. Earnings Per Share : The basic and Diluted earnings per share for the year is Rs. (-)0.96 ( Previous Year Rs. 0.23 )

12. Additional Information required: Paragraphs 3, 4C and 4D of Part II of Schedule - VI to the Companies Act, 1956, is applicable to the extent it relates to Gross income derived from services rendered and major expenditure etc. These information have been given at appropriate places in the profit and loss account. Other requirements of these paragraphs are not applicable, as the Company is rendering services and is not engaged in any manufacturing or trading activity of any kind.

13. Previous year figures have been regrouped or rearranged wherever necessary.


Mar 31, 2010

1. Claims against the Company not acknowledged as debt: Rs. -Nil- ( Previous Year: Rs. -Nil-)

2. Contingent Liabilities not provided for : Rs. -Nil- ( Previous Year: Rs. -Nil-).

3. Estimated amount of contracts remaining to be executed on Capital Accounts not provided for : Rs. -Nil- ( Previous Year : Rs. -Nil- ).

4. Earnings in Foreign Currency: Rs. Nil ( Previous Year: Rs. -Nil-).

5. Expenditure in Foreign Currency: Rs.-Nil- ( Previous Year: Rs. -Nil-).

6. Remuneration to Directors: Current Year Previous Year Remuneration paid to Mr. Narendra Goel Rs. 1,52,133/- 1,01,412/- (Director and CEO) Companys contribution to Provident Fund Rs. 7,020/- 4,680/-.

7. None of the Creditors of the Company have confirmed that they are covered under the provisions of Micro, Small and Medium Enterprises Development Act, 2006.

8. Employee Benefits: The Companys gratuity plan and Leave Encashment plan is not funded and the liability is provided for in the books or account on the basis of independent actuarial valuation.

9. Earnings Per Share : The basic and Diluted earnings per share for the year is Rs. 0.23 ( Previous Year Rs. (-) 0.52 ).

10. During the period, the Company has made a provision of Rs. 13,100/- (Previous Year Rs. 14,400/-) for current tax which is worked out on the profit as computed under tjie provisions of Income Tax Act. Provision for deferred tax asset amounting to Rs 3,12,397/- (Previous Year deferred tax liability of Rs. 13,784/-) has been made during the year. The major component of deferred tax assets and deferred tax liabilities arising out of timing differences are as under:

11. Additional Information required: Paragraphs 3, 4C and 4D of Part II of Schedule -VI to the Companies Act, 1956, is applicable to the extent it relates to Gross Income derived from services rendered and major expenditure etc. These information have been given at appropriate places in the profit and loss account. Other requirements of these paragraphs are not applicable, as the Company is rendering services and is not engaged in any manufacturing or trading activity of any kind.

12. Previous year figures have been regrouped or rearranged wherever necessary.

 
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