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Srinivasa Hatcheries Ltd. Notes to Accounts, Srinivasa Hatcheries Ltd. Company
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Notes to Accounts of Srinivasa Hatcheries Ltd.

Mar 31, 2014

1. a Employee Benefits

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

Defined Contributions :

Payments and provisions for employees include Rs. 74.39 lakhs (previous year Rs. 67.40 lakhs) recognised as expense in respect of defined contribution plans.

Defined Benefit Plans :

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death, permanent disablement in terms of the Payment of Gratuity Act, 1972.

Leave Encashment - Entitlement to annual leave is recognised when they accrue to employees. Annual leave can either be availed or encashed subject to a restriction on the maximum number of accumulated leaves.

Rs. in lakhs

As at As at 31.03.2014 31.03.2013

2. Contingent Liabilities

a. In respect of Income Tax matters 20.77 27.00 towards interest and penalty

b. In respect of Electricity Demands 0.85 0.85

3. Other Commitments

The Company remains exposed to liability towards fuel surcharge adjustments (FSA), which are notified by power distribution companies of Andhra Pradesh pertaining to the earlier years which are being adjusted in future tariff payable for consumption. Accordingly charges are accounted for in the year of payment/bill raised for the same.

Note No 4.

RELATED PARTY TRANSACTIONS NAMES OF ASSOCIATED COMPANIES

Srinivasa Foods and Feeds Private Limited, Varuna Hatcheries Private Limited, SHL Foods Private Limited, Srikrishnadeveraya Hatcheries Private Limited and Sauri Breeding Farms Private Limited

NAMES OF ASSOCIATED FIRMS

SHL Ventures and Srinivasa Ventures NAMES OF KEY MANAGEMENT PERSONNEL

Sri. C.Jagapati Rao, Sri. C.Suresh Rayudu, Dr.K.Somi Reddy and Sri.K.Ashok Reddy NAMES OF RELATIVES OF KEY MANAGEMENT PERSONNEL

Mrs.C.Mangayamma, Mrs.E.Padmaja, Mrs.P.Usha Lakshmi and Mrs. C.Anuradha

5. Previous year''s figures have been regrouped, rearranged and reclassified, wherever considered necessary, to conform to the current year''s classification.


Mar 31, 2013

Note No. 1.1 a

Employee Benef ts

As per Accounting Standard 15 "Employee Benef ts", the disclosures of Employee benef ts as def ned in the Accounting Standard are given below:

Def ned Contributions :

Payments and provisions for employees include Rs..67.40 lakhs (previous year Rs..61.97) recognised as expense in respect of def ned contribution plans.

Def ned Benef t Plans :

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death, permanent disablement in terms of the Payment of Gratuity Act, 1972.

Leave Encashment - Entitlement to annual leave is recognised when they accrue to employees. Annual leave can either be availed or encashed subject to a restriction on the maximum number of accumulated leaves.

The assumptions and other disclosures relating to the Actuarial Valuation of Gratuity and Leave encashment are as under:

Rs. in lakhs

As At As At 31.03.2013 31.03.2012

Note No. 1.2

Contingent Liabilities

a. In respect of Income Tax matters towards interest and penalty 27.00 32.37

b. In respect of Electricity Demands 0.85 0.85

Note No. 1.3

Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances).

Note No. 1.4

Other Commitments

The Company remains exposed to liability towards fuel surcharge adjustments (FSA), which are notif ed by power distri- bution companies of Andhra Pradesh pertaining to the earlier years which are being adjusted in future tarif payable for consumption. Accordingly charges are accounted for in the year of payment/bill raised for the same.

Note No. 1.5

Related party Transactions

NAMES OF ASSOCIATED COMPANIES

Srinivasa Foods and Feeds Private Limited, Varuna Hatcheries Private Limited, SHL Foods Private Limited, Srikrishnadeveraya Hatcheries Private Limited and Sauri Breeding Farms Private Limited

NAMES OF ASSOCIATED FIRMS

M/s SHL Ventures and Srinivasa Ventures

NAMES OF KEY MANAGEMENT PERSONNEL

Sri C.Jagapati Rao, Sri C.Suresh Rayudu, Dr.K.Somi Reddy and Sri.K.Ashok Reddy

NAMES OF RELATIVES OF KEY MANAGEMENT PERSONNEL

Mrs.C.Mangayamma, Mrs.E.Padmaja, Mrs.P.Usha Lakshmi and Mrs. C.Anuradha

Note No. 1.6

Previous year''s f gures have been recast/restated, wherever considered necessary, to conform to the current year''s classif cation.


Mar 31, 2012

The Company is having one class of Equity Shares of face value Rs 10 per share. Each holder of Equity shares is entitled to one vote per share.

Of the above subscribed and paid-up capital, 48,47,750 (Previous Year 48,47,750) Shares of Rs 10 each were allotted as fully paid up by way of issue of bonus shares out of Share Premium Account in the last 5 years immediately preceding the Balance Sheet date.

The Number of shares at the beginning and the end are the same. There are no fresh issue of shares or forfeiture during the current year and in the previous year.

The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Share holders in ensuing Annual General Meeting.

* Term Loan carries an interest rate of Base interest 2.25%. The term loan is to be repaid over 60 equal monthly installments commencing from August, 2011. The above loan is secured by first charge created on entire fixed assets pertaining to windmill project (excluding equitable mortgage on lease hold rights of the subject land) and collaterally secured by receivables from Karnataka State Electricity Board and certain freehold land & building at Vijayawada.

Notes:

1. Leasehold land is acquired for setting up 3 MW Wind Power Project in Karnataka, the registration thereof in favour of the Company, is pending execution.

2. Gross Block of Buildings includes Buildings constructed on leasehold lands amounting to Rs 17.00 lakhs (Previous YearRs 17.00 lakhs).

3. Gross Block of Plant and Machinery includes capitalisation of borrowing cost of R. 9.98 lakhs (includes transfer from WIPRs 4.48 lakhs) (Previous Year Nil).

4. Gross Block of Furniture, fixtures and Office Equipment includes Rs27.10 lakhs (Previous YearRs 27.10 Lakhs) of Company's share of computer hardware jointly owned with other companies.

5. Gross block of Intangible Assets represents Company's share, jointly owned with other companies.

* Balances with banks include unclaimed dividend of Rs 17.25 lakhs (Previous Year Rs 16.46 lakhs)

** Fixed Deposits with banks include deposit of Rs 1.43 lakhs (Previous Year Rs 1.01 lakhs) with maturity of more than 12 months.

* Loan to Associates represent loan to Srinivasa Ventures of Rs 226.09 lakhs (Previous Year Rs 800.00 lakhs) (in which some of the directors are interested). Further, the same has since been repaid in full.

* During the year an amount of Rs 227.50 lakhs has been received on maturity of key man insurance policies taken for key management personnel in earlier years.

NOTE No. 1.1 a Employee Benefits

As per Accounting Standard 15 "Employee Benefits', the disclosures of Employee Benefits as defined in the Accounting Standard are given below:

Defined Contributions:

Payments and provisions for employees include Rs 61.97 lakhs (Previous Year Rs 52.99 lakhs) recognised as expense in respect of defined contribution plans.

Defined Benefit Plans:

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death, permanent disablement in terms of the Payment of Gratuity Act, 1972

Leave Encashment - Entitlement to annual leave is recognised when they accrue to employees. Annual leave can either be availed or encashed subject to a restriction on the maximum number of accumulation of leaves.

The assumptions and other disclosures relating to the Actuarial Valuation of Gratuity and Leave Encashment are as under:

Rs in lakhs As At As At 31.03.2012 31.03.2011

NOTE No 1.2

Contingent Liabilities

a. In respect of Income Tax matters 32.37 6.23

b. In respect of Electricity Demands 0.85 0.85

NOTE No 1.3

RELATED PARTY TRANSACTIONS NAMES OF ASSOCIATED COMPANIES

Srinivasa Foods and Feeds Private Limited, Varuna Hatcheries Private Limited, SHL Foods Private Limited, Srikrishnadeveraya Hatcheries Private Limited and Sauri Breeding Farms Private Limited.

NAMES OF ASSOCIATED FIRMS

SHL Ventures and Srinivasa Ventures.

NAMES OF KEY MANAGEMENT PERSONNEL

Sri C.Jagapati Rao, Sri C.Suresh Rayudu, Dr.K.Somi Reddy and Sri.K.Ashok Reddy.

NAMES OF RELATIVES OF KEY MANAGEMENT PERSONNEL

Mrs.C.Mangayamma, Mrs.E.Padmaja, Mrs.P.Usha Lakshmi and Mrs. C.Anuradha

B. Secondary Segment: There are no reportable geographical segments.

C. Other disclosures:

a) Segments have been identified in line with Accounting Standard - 17. "Segment Reporting'

b) Segment reporting on the basis of internal organisation and reporting structure of the business of the Company.

c) The Company has identified business segment as the primary segment.

NOTE No 1.4

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act, 1956 ("the schedule") issued by Ministry of Corporate Affairs. Previous period's figures have been recast/restated to conform to the classification required by the revised Schedule VI.


Mar 31, 2011

In Rupees

As at As at

31.03.2011 31.03.2010

1 Contingent Liabilities

a. In respect of Income Tax matters 623,485 623,485

b. In respect of Electricity Demands 85,107 85,107

2 Employee Benefits

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below: 1 Defined Contributions Payments and provisions for employees include Rs.52,98,897(previous year Rs.32,17,221) recognised as expense in respect of defined contribution plans.

3 RELATED PARTY TRANSACTIONS

NAMES OF ASSOCIATED COMPANIES

Srinivasa Foods and Feeds Private Limited, Varuna Hatcheries Private Limited, SHL Foods Private Limited, Sri Krishnadeveraya Hatcheries Private Limited and Sauri Breeding Farms Private Limited

NAMES OF ASSOCIATED FIRMS

SHL Ventures and Srinivasa Ventures

NAMES OF KEY MANAGEMENT PERSONNEL

Sri C.Jagapati Rao,

Sri C.Suresh Rayudu,

Dr.K.Somi Reddy and

Sri.K.Ashok Reddy

NAMES OF RELATIVES OF KEY MANAGEMENT PERSONNEL

Mrs.C.Mangayamma,

Mrs.E.Padmaja,

Mrs.P.Usha Lakshmi and

Mrs.K.Anuradha

4 Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. Accordingly information relating to disclosure under the Act has been given only to the extent such information is readily available with the Company. This information has been relied upon by the auditors.

5 The Company has a standing cash credit facilities of Rs, 10 crores each from ICICI Bank Ltd and HDFC Bank Ltd., with pari passu charge on the Companys books debts, stocks and on the movable Plant & Machinery of the Company as security. There are no outstanding balances of the above cash credit facilities as on 31.03.2011.

6 The Company has entered into an agreement during the year with Suzlon Energy Limited and its affiliate companies for setting up of a 3MW Windmill Project at Karnataka. The work on the Project has already started and is expected to be operational during the financial year 2011-12. The Term Loan from bank during the year is taken for this project.

7 Previous years figures have been regrouped /reclassified, wherever necessary to conform to the current years classification.


Mar 31, 2010

As at As at 31.03.2010 31.03.2009 In Rupees In Rupees 1 Contingent Liabilities

a. In respect of Income Tax matters 623,485 2,118,397

b. In respect of Electricity Demands 85,107 85,107

c. Claims against Company not 0 0 acknowledged as debts

2. Estimated amount of contracts remaining to be executed on capital account and not provided for {net of advances}. 14,448,540 9,949,475



3 Bonus Shares

On 24th May 2010, the Board of Directors, in pursuance of approval granted by the shareholders through postal ballot dated 12th May 2010, alloted 48,47,750 equity shares of Rs.10 each as bonus shares in the ratio of 1:1 by capitalizing an amount of Rs.4,84,77,500 from share premium account.

For the purpose calculating diluted earnings per share the net profit or loss for the period attributable to equity shareholders and weighted average number of shares outstanding during the period (including previous years figures) are adjusted for the effects of all dilutive potential equity shares which include the subsequent issue of bonus shares as mentioned above.

4 Employee Benefits

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee benefits as defined in the Accounting Standard are given below:

1. Defined Contributions

Payments and provisions for employees include Rs.32,17,221 (previous year Rs.27,14,145) recognised as expense in respect of defined contribution plans.

Note: The estimate of future salary increases, considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

5 RELATED PARTY TRANSACTIONS

NAMES OF ASSOCIATED COMPANIES

Srinivasa Foods and Feeds Private Limited, Varuna Hatcheries Private Limited, SHL Foods Private Limited and Srikrishnadeveraya Hatcheries Private Limited.

6 Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from 2nd October, 2006, certain disclosures are required to be made relating to Micro, Small ana Medium Enterprises, Accordingly, information relating to disclosure under the Act has been given only to the extent such information is readily available with the Company. This information has been relied upon by the auditors.

7 The Company has a standing cash credit facility of Rs.10 crores from ICICI Bank Ltd, with pari passu charge on the Companys books debts, stocks and on the movable fixed assets as security. Further a cash credit facilty of Rs. 10 crores from HDFC Bank was sanctioned during the year secured by pari passu charge on all the Stocks, Book Debts and movable Plant & Machinery of the Company. There are no outstanding balances of the above cash credit facilities as on 31.03.2010.

8 Previous years figures have been regrouped /reclassified, wherever necessary to conform to the current years classification.

 
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