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Notes to Accounts of SRK Industries Ltd.

Mar 31, 2015

1. Contingent Liabilities And Commitment

Contingent Liabilities not provided for in respect of Claims against the company not acknowledge as debt on Stamp duty of Rs.27.20 lacs (Previous Year Nil).

2. The Company has not received any information / memorandum from the suppliers (as required to be filed by Suppliers / Vendors with the notified authority under Micro, Small & Medium Enterprises Development Act,2006), claiming their status as Micro, Small or Medium Enterprises. Consequently, the amount paid / payable together with interest paid / payable to these parties under the Act is Nil.

3. Impairment of Asset (AS28)

The Management is following the consistent practice of not amortizing Goodwill but is tested for impairment loss. As per the Management there is no impairment loss on any of its assets including Goodwill. Now the company has adopted the policy in which the goodwill will be written off in subsequent 10 years w.e.f. 01.04.2015

4. Segment Information ( AS 17 )

The primary segment reporting format is determined to be business segments as the company's risks and rates of return are affected predominantly by differences in the segments being operated, Secondary information is reported geographically. Accordingly, the Company has identified " Textiles"," Real Estate Development", "Software development" as the operating segments.

The Company operates only in India and therefore the analysis of geographical segments is limited to Indian operations only.

5. Related Party Disclosures, as required by AS-18 are given below:

a. Key Management Personnel:

Rakeshchand M. Jain - Managing Director

b. The related enterprises / persons are:

Premium Multitrade Pvt Ltd - Associated Company

Rekha Jain - Spouse of Director

Rakeshchand M. Jain - Managing Director

a. The above loans /advances do carry interest.

b. The above related party information is disclosed to the extent such parties have been identified by the management on the basis of information available. This is relied upon by the auditors.

6. Foreign Currency Transactions

There was no Foreign Exchange transactions during the year.

7. Quarterly financial results are published in accordance with the guidelines issued by SEBI. The recognition and measurement principles as laid down in the standards are followed with respect to such results

8. At the balance sheet date, an assessment is done to determine whether there is an indication of impairment in the carrying amount of the fixed assets. No. impairment loss is determined.

9. Previous year's figures have been rearranged / regrouped wherever necessary.


Mar 31, 2014

Terms / rights attached to equity shares

The company has only one class of equity shares having a face value of Rs . 5/- per share (Previous Year Rs.10/-). Each holder of equity shares is entitled to one vote per share.

Each Equity shares of face value of Rs 10 has been converted into two Equity share of Rs 5/- each as per Resolution passed in the Last Annual General Meeting

1 Related party disclosures as required in terms of Accounting Standardard (AS-18) on Related Party disclosures issued by The Institute of Chartered Accountants of India are as under

1. Key Management Personnel : Rakeshchand M. Jain - Managing Director Kamal S. Jain (Resign on 29.05.2014) - Director Harish R. Jain - Director

2. The related enterprises / persons are :

Premium Multitrade Pvt Ltd - Associated Company Rekha Jain - Spouse of Director

3 Details of transaction / payments :

NAME Particulars Amount (Rs) Premium Multitrade Pvt Ltd Loan Outstading (cr) 54,40,484 Rakeshchand M. Jain 1. Remuneration 3,00,000

2. Loan Taken 7,50,000

3. Loan Repaid 7,50,000 Rekha Jain Car Rent 96,000

a. The above loans /advances did not carry any charge for interest

b. The above related party information is disclosed to the extent such parties have been identified by the management on the basis of information available. This is relied upon by the auditors.

2. The Company has not received any information / memorandum from the suppliers (as required to be filed by Suppliers / Vendors with the notified authority under Micro, Small and Medium Enterprises Development Act,2006), claiming their status as Micro, Small or Medium Enterprises. Consequently, the amount paid / payable together with interest paid / payable to these parties under the Act is Nil.

3. In terms of provisions of Section 217(2A) of the Companies Act,1956 read with the Companies (Particulars of Employees) Rules,1975 none of the employees are in receipt of remuneration in excess of Rs 5,00,000 per month or Rs 60,00,000 p.a.as per the limits stated in the provisions.

4. Segment Information (AS 17)

The primary segment reporting format is determined to be business segments as the company''s risks and rates of return are affected predominantly by differences in the segments being operated, Secondary information is reported geographically. Accordingly, the Company has identified "Textiles", " Real Estate development", "Software development"as the operating segments.

The Company operates only in India and therefore the analysis of geographical segments is limited to Indian operations only.

5. Government Grants (AS 12)

Rs 13.38 Lacs is being disclosed as balance in ''Subsidy Received from Government'' under ''Reserve & Surplus'' group in the Balance Sheet as on 31.3.2014. This had been received, as per Management at the time of Grant Of Sales Tax Loan. The adjustment/utilisation of the credit balance is to be ascertained.)

6. Intangible Assets (As 26)

Initial expenditure on Development of new product is being amortised as per Company''s consistent practice at @ 20% p.a. This is in contradiction of the Accounting Standard 26 on ''Intangible Assets''. Thus the profits of the year has been overstated by Rs15.79 lacs.

7. On 22.11.2013 the board of directors of the Company have declared an interim dividend on equity shares @1% for the year ended March 31,2014. The same has been provided for in the financial statements for the year ended March 31.2014.

8. Impairment of Asset (AS28)

The Management is following the consistent practice of not amortizing Goodwill but is tested for impairment loss. As per the Management there is no impairment loss on any of its assets including Goodwill.

9. Previous year''s figures have been rearranged / regrouped wherever necessary.


Mar 31, 2013

1 The Company has not received any information / memorandum from the suppliers (as required to be filed by Suppliers / Vendors with the notified authority under Micro,Small and Medium Enterprises Development Act,2006), claiming their status as Micro,Small or Medium Enterprises. Consequently, the amount paid / payable together with interest paid / payable to these parties under the Act is Nil.

2 Particulars of employees - The details as required pursuant to Section 217(2A) of the Companies Act, 1956 read with the companies (particulars of employees) Rule 1975 as amended, is not given, sine your company has no person in its employment drawing salary above the prescribed monetary ceiling.

3 (Accounting Standard ) Rules 2006 is not relevant to the Company as informed by the management that retirement benefits are not given to the employees of the Company. Thus no actuarial valuation has been done and provided by the Company.

4 Current tax is determined on the basis of taxable income and tax credit computed in accordance with provisions of Income Tax Act, 1961

5 The accounts stated here is of the erstwhile Transcend Commerce Ltd which has since been merged with SRK Ltd with effect from 1.04.2012 as per order of Hon''ble high court of Chennai dated 22.02.2013 and order dated 21.12.2012 of Hon''ble high court of Bombay.

6 Previous year''s figures have been rearranged / regrouped wherever necessary.


Mar 31, 2012

1 Miscellaneous Expenditure Development of New product expenditure is written off at 10% during this year, since the nature of business of the company is changed and no further expenditure will be incurred for the development of new products. Hence it is decided by the Company to write off this expenditure over a period of 10 years.

2 In accordance with the requirement for disclosure of amounts due to the SSI units, the company has no dues to the Sundry creditors during this year.

3 Confirmation of Balances in respect of Creditors, Debtors, Loans and Advances as at Balance Sheet date are not entirely received.

4 Number of Employees employed during the year or part of the year in receipt of not less than Rs.24,00,000 /- per annum or Rs.2,00,000- per month -Nil (Previous year Nil)

5 As per Sick Industrial Companies Act 1985, the accumulated losses of the Company at the end of financial year resulted erosion of fifty percent of peak net work.

6 Previous years figures have been regrouped and reclassified wherever found necessary to confirm this year' s classification.


Mar 31, 2011

1 Miscellaneous Expenditure

Preliminary expenses and Public Issue Expenses has been fully written off during this year. Development of New product expenditure is written off at 10% during this year, since the nature of busienss of the company is changed and no further expenditure will be incurred for the development of new products. Hence it is decided by the Company to write off this expenditure over a period of 10 years.

2 In accordance with the requirement for disclosure of amounts due to the SSI units, the company has no dues to the Sundry creditors during this year

3 Confirmation of Balances in respect of Creditors, Debtors, Loans and Advances as at Balance Sheet date are not entirely received.

4 Number of Employees employed during the year or part of the year in receipt of not less than Rs.24,00,000 /- per annum or Rs.2,00,000- per month -Nil (Previous year Nil)

5 As per Sick Industrial Compaines Act 1985, the accumulated losses of the Company at the end of financial year resulted erosion of fifty percent of peak net work.

6 Prevoius years figures have been regrouped and reclassified wherever found necessary to confirm this year's classification.


Mar 31, 2010

1 Miscellaneous Expenditure

Preliminary expenses are being written off every year at 10%. The Indian Textile Machinery Exhibition expenses and public issue expenses are written off at 10% every year. The company is in the process of developing rubber related new products. No expenditure was incurred under this head during the year. However the development process is yet to complete and is expected to be completed in the forth coming year. No amount of this expenses has been written off during the year.

2 In accordance with the requirement for disclosure of amounts due to the SSI units, the company is in the process of compiling the list of its sundry creditors who would satisfy this criteria. _ Subject to this finalisation, the information relating to payment overdue to SSI units cannot be guarantees by the directors.

3 Confirmation of Balances in respect of Creditors, Debtors, Loans and Advances as at Balance Sheet date are not entirely received.

4 Number of Employees employed during the year or part of the year in receipt of not less than Rs.24,00,000 /- per annum or Rs.2,00,000- per month -Nil (Previous year Nil)

5 As per Sick Industrial Companies Act 1985, the accumulated losses of the Company at the end of financial year resulted erosion of fifty percent of peak net work.

6 Prevoius years figures have been regrouped and reclassified wherever found necessary to confirm this years classification.


Mar 31, 2009

1 In accordance with the requirement for disclosure of amounts due to the SSI units, the company is in the process of compiling the list of its sundry creditors who would satisfy this criteria. Subject to this finalisation , the information relating to payment overdue to SSI units cannot be guarantees by the directors.

2 Confirmation of Balances in respect of Creditors, Debtors, Loans and Advances as at Balance Sheet date are not entirety received.

3 Number of Employees employed during the year or part of the year in receipt of not less than Rs.24,00,000 /- pec annum or Rs.2,00,000 per month -Nit (Previous year Nil)

4 As per Sick Industrial Compaines Act 1985, the accumulated losses of the Company at the end of financial year resulted erosion of fifty percent of peak net work.

5 Prevoius years figures have been regrouped and reclassified wherever found necessary to confirm this years classification.

 
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