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Notes to Accounts of Siel Financial Services Ltd.

Mar 31, 2015

1. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which are yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a "going concern" basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

2. During the year ended 31st March, 2015, Company has not received any confirmation or intimation from any party that it is covered under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) accordingly there are no Micro, Small and Medium Enterprises to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. The information required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the company. Accordingly information as required under Micro, Small & Medium Enterprises Development Act, 2006, has not been provided.

3. There were no employees in the company for the year ended 31st March, 2015. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by "Accounting Standard-15 on Employees Benefits", as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014.

4. As the Company's business activity falls within a single primary business segment "Financing Operations viz., inter corporate deposits and investments", the disclosure requirements of Accounting Standard (AS 17) "Segment Reporting" as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014 are not required to be furnished.

5. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the foreseeable future, in accordance with Accounting Standard (AS) 22 issued by the Companies (Accounting Standards) Rules, 2006, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the year ending 31st -March -2015.

6. Comparative Figures

Previous year figures have been re-grouped/reclassified, wherever necessary. The figures of current reporting period as well as previous period consist of 12 months ended on 31 March, 2015.


Mar 31, 2014

1. Contingent liabilities & other Commitments

As at As at March 31,2014 March 31,2013 RS. RS

(i) Unpaid preference dividend 5,91,70,000 5,55,20,000

2. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which are yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a "going concern" basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

3. The Company is a Non-Small and Medium Sized Company (Non-SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, Company has complied with the Accounting Standardsas applicable to a Non-Small and Medium Sized Company.

4. During the year ended 31st March,2014,Company has not received any Medium Enterprises Development Act, 2006 (MSMED) accordingly there are no Micro, Small and Medium Enterprises to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. The information required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the company. Accordingly information as required under Micro, Small & Medium Enterprises Development Act, 2006, has not been provided.

5. There were no employees in the company for the year ended 31st March, 2014. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by "Accounting Standard-15 on Employees Benefits", issued by Institute of Chartered Accountants of India.

6. As the Company''s business activity falls within a single primary business segment "Financing Operations viz., inter corporate deposits and investments", the disclosure requirements of Accounting Standard (AS 17) "Segment Reporting" ssue6 by Institute of Chartered Accountants of India are not required to be furnished.

7. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the forseeable future, in accordance with Accounting Standard (AS) 22 issued by the Companies (Accounting Standards) Rules, 2006, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the year ending 31st March -2014.

8. Comparative Figures

Previous year figures have been re-grouped/reclassified, wherever necessary. The figures of current reporting period as well as previous period consist of 12 months ended on 31 March, 2014.


Mar 31, 2013

1. Contingent liabilities & other Commitments

As at As at March 31, 2013 March 31, 2012 RS. RS.

(i) Unpaid preference dividend 5,55,20,000 5,18,70,000

(ii) Disputed Income tax demands - 1,76,95,278*

''This amount has charged off to Profit & Loss in current financial year.

2. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which are yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a "going concern" basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

3. The company had no outstanding dues to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006, (MSMED Act) as at March 31,2013.

4. There were no employees in the company for the period of twelve months ended 31 st March, 2013. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by "Accounting Standard-15 on Employees Benefits", issued by Institute of Chartered Accountants of India.

5. As the Company''s business activity falls within a single primary business segment "Financing Operations viz., inter corporate deposits and investments", the disclosure requirements of Accounting Standard (AS 17) "Segment Reporting"''issued by Institute of Chartered Accountants of India are not applicable.

6. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the forseeable future, in accordance with Accounting Standard (AS) 22 issued by the Companies (Accounting Standards) Rules, 2006, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the financial year ending31-March-2013.

7. Pursuant to the Scheme of Amalgamation of erstwhile Siel Financial Services Limited (erstwhile SFSL), a Non banking financial company with the Company i.e. Shriram Agro-Tech Industries Limited (since renamed as Siel Financial Services Limited) under section 391 and 394 of the Companies Act, 1956 as approved by the High Court of Madhya Pradesh and Delhi vide its Order dated November 11,1997 respectively which became effective on January 8,1998 on filing of the certified copy of the Order of the High Court of Delhi with the Registrar of Companies, Delhi and Haryana, all the properties, assets movable or immovable, rights and power together with all present and future liabilities, including contingent liabilities, obligations and reserves of the erstwhile SFSL were transferred to and vested in the Company with effect from the effective date i.e. April 1,1996 being the transfer date.

8. Comparative Figures

Previous Period''s figures have been re-grouped/reclassified, wherever necessary. The figures of current reporting period as well as previous period consist of 12 months ended on 31 March, 2013.


Mar 31, 2012

(i) Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, holder of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in propotionate to the number of equity shares held by the shareholders

(ii) Shares held by its holding company and their subsidiary:

Out of the equity shares issued by the Company, shares held by its holding and their subsidiaries are as below:

(vii) The 5% Cumulative Redeemable Preference Shares of Rs. 100 each, allotted on January 13,1998 are redeemable at par at the option of the Company at any time not later than the ninth year from the date of the issue. So, these shares are overdue for repayment on 12-January, 2007. However, due to losses & paucity of funds, capital redemption reserve could not be created & appropriate number of equity funds could not be brought in & accordingly the said shares could not be redeemed. The management of the Company intends to redeem it & efforts are being made to redeem the same.

Note - 1A

Reserve Fund maintained pursuant to section 45-IC of the Reserve Bank of India (Amendment) Act, 1997, is no longer required and the same has been transferred to General Reserve during financial year ended 31.03.2012.

Notes

2A Company has obtained interest free corporate deposit of Rs 1,20,00,000 & unsecured advance on current account of Rs 2,45,87,613 from Mawana Sugars Limited (formerly known as SIEL Limited) which is its Holding Company. The same shall be adjusted or paid as per mutually agreed terms.

Notes 3A The Company had obtained interest bearing Inter Corporate Deposit of Rs 1,57,00,000 from SFSL Investments Limited which was step down subsidiary of its holding company. SFSL Investments Limited, the step down subsidiary of its holding i.e. Mawana Sugars Limited, has been disposed off by holding company on 31st January, 2011 and is no longer a step down subsidiary of its holding company from 31 st January, 2011. The Company is not paying interest from last few years. The Company is negotiating with SFSL Investments Limited for waiver of interest amounting to Rs. 2,29,09,000 (including Rs. 2,10,25,000 upto 31st March, 2011) payable on the said inter corporate deposit. Accordingly, no provision for the same has been made in these accounts in the financial year ending 31 -March-2012.

1. Contingent liabilities & other Commitments_ As at As at March 31,2012 March 31,2011 RS; RS;

Unpaid preference dividend 5,18,70,000 4,82,20,000

Disputed Income tax demands 1,76,95,278 4,21,20,810

Disputed Interest tax demand - 1,30,537

Against the disputed income tax demand the company has been deposited Rs 1,76,95,278/-. .

2. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which is yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a “going concern” basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

3. The company had no outstanding dues to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006, (MSMED Act) as at March 31,2012.

4. There were no employees in the company during the financial year ended 31st March, 2012. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by ‘Accounting Standard-15 on Employees Benefits”, issued by Institute of Chartered Accountants of India.

5. As the Company's business activity falls within a single primary business segment “Financing Operations viz., inter corporate deposits and investments”, the disclosure requirements of Accounting Standard (AS 17) ‘Segment Reporting" issued by Institute of Chartered Accountants of India are not applicable.

6. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the forseeable future, in accordance with Accounting Standard (AS) 22 issued by the Institute of Chartered Accountants of India, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the financial year ending 31-March-2012.

7. Pursuant to the Scheme of Amalgamation of erstwhile Siel Financial Services Limited (erstwhile SFSL), a Non banking financial company with the Company i.e. Shriram Agro-Tech Industries Limited (since renamed as Siel Financial Services Limited) under section 391 and 394 of the Companies Act, 1956 as approved by the High Court of Madhya Pradesh and Delhi vide its Order dated November 11,1997 respectively which became effective on January 8,1998 on filing of the certified copy of the Order of the High Court of Delhi with the Registrar of Companies, Delhi and Haryana, all the properties, assets movable or immovable, rights and power together with all present and future liabilities, including contingent liabilities, obligations and reserves of the erstwhile SFSL were transferred to and vested in the Company with effect from the effective date i.e. April 1,1996 being the transfer date.

8. During the previous year ended 31s March, 2011, Mawana Sugar Limited became subsidiary of Usha International Limited. Accordingly, the company has also become step down subsidiary of Usha International Limited.

9. Comparative Figures

Previous year's figures have been re-grouped/reclassified, wherever necessary.

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