Mar 31, 2015
1. Equity Shares
The equity shares have a par value of Rs. 10/- per share. Each
shareholder is entitled to one vote per share
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held
by the shareholders
2. Contingent Liabilities
Contingent liability not provided for in respect of :-
(Amount in
Particulars As at 31.3.2015 As at 31.3.2014
Outstanding Bank Guarantee 1,00,000 1,00,000
3. Unadmitted Claims
There has been a demand of Rs. 23,77,572/- raised by the Income Tax
Department for the financial year 1996-97. The company is contesting
the same at Income Tax Appellate Tribunal, New Delhi and the management
understands that there exists a very strong case in its favour and,
therefore, no provision had been made against it. In the meanwhile the
company has paid Rs.12,00,000/- under protest to the department and for
balance amount, stay has been obtained from the department.
The Income-Tax Assessments of the Company related to Search Cases have
been completed during the year. The assessed tax liability was
Rs.16,73,634 and the Company has not filed any appeal against the
assessment order. The Company has made the provision of Rs.16,73,634 in
the financial statement for the year ended 31st March, 2015.
In addition to the above, the Company is a party to other few legal
proceedings in the normal course of business. The Company does not
expect the outcome of these proceedings to have a material adverse
effect on the Company's financial conditions, results of operations or
cash flows.
4. The management is of the opinion that none of the assets of the
company has suffered from impairment during the period.
5. Company has not incurred any expenses in foreign currency during
the period.
The Company has a defined benefit gratuity plan which is unfunded.
Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each
completed year of service. The Company has also provided for Leave
Encashment which is unfunded.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 31, 2015).
6. Related Party Transactions
As per Accounting Standard (AS)-18 "Related Party Disclosures", the
Company's related parties and transactions are disclosed below:
(a) List of related parties & relationships, where control exists: Nil
(b) Associate Company:
i. SRS Modern Sales Limited.
ii. SRS E-Retail Limited
iii. SRS Talkies Limited
(c) Key Management Personnel (KMP)
i. Mr. Dinesh Khatri - Whole Time Director (upto 12.05.2014)
ii. Mr. Raju Gupta: - Managing Director (upto 17.06.2014)
iii. Mr. Ankit Sachdeva - Managing Director & CEO
(Whole Time Director upto 16.06.2014)
iv. Mr. Naveen Kumar Tayal - Whole Time Director & CFO (from
12.05.2014)
(d) Related Parties owned or controlled by Key Management Personnel
(KMP)
i. SRS Limited
ii. SRS Real Infrastructure Limited
7. Management considers that all the Current Assets, Loans & Advances
are fully recoverable at the value at least equal to the value
disclosed in the books and there is no other than temporary diminution
in the value of long term Investments.
Mar 31, 2013
1.1 Unadmitted Claims
There has been a demand of Rs. 23,77,572/- raised by the Income Tax
Department for the financial year 1996-97. The company is contesting
the same at Income Tax Appellate Tribunal, New Delhi and the management
understands that there exists a very strong case in its favour and,
therefore, no provision had been made against it. In the meanwhile the
company has paid Rs.12,00,000/- under protest to the department and for
balance amount, stay has been obtained from the department.
There has been a demand of Rs. 23,15,157/- raised by the Income Tax
Department for the financial year 2008-09. The company is contesting
the same at Income Tax Commissioner (Appeal). No provision had been
made against it. In the meanwhile the company has paid Rs.11,57,600/-
under protest to the department and for balance amount, stay has been
obtained from the department.
b) No interest payments have been made during the year.
c) The above information and that given in "Trade Payables" shown in
Balance sheet regarding dues to Micro Enterprises and Small Enterprises
has been determined to the extent such parties have been identified on
the basis of information available with the company.
1.2 The management is of the opinion that none of the assets of the
company has suffered from impairment during the period.
1.3 Company has not incurred any expenses in foreign currency during
the year.
1.4 Employee''s Benefits
The Company has a defined benefit gratuity plan which is unfunded.
Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each
completed year of service. The Company has also provided for Leave
Encashment which is unfunded.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 31, 2013).
1.5 Management considers that all the Current Assets, Loans & Advances
are fully recoverable at the value at least equal to the value
disclosed in the books and there is no other than temporary diminution
in the value of long term Investments.
1.6 Related Party Transactions
As per Accounting Standard (AS)-18 "Related Party Disclosures", the
Company''s related parties and transactions are disclosed below:
(a) List of related parties & relationships, where control exists:
Subsidiary: SRS Modern Sales Ltd.
Associate Company: SRS Limited
(b) Related parties & relationships with whom transactions have taken
place during the year:
Key Management Personnel (KMP)
i. Mr. Dinesh Khatri - Whole Time Director
ii. Mr. Raju Gupta - Managing Director
Mar 31, 2012
1.1 Unadmitted Claims
There has been a demand of Rs. 23,77,572/- raised by the Income Tax
Department for the financial year 1996-97. The company is contesting
the same at Income Tax Appellate Tribunal, New Delhi and the management
understands that there exists a very strong case in its favour and,
therefore, no provision had been made against it. In the meanwhile the
company has paid Rs.12,00,000/- under protest to the department and for
balance amount, stay has been obtained from the department.
There has been a demand of Rs. 23,15,157/- raised by the Income Tax
Department for the financial year 2008-09. The company is contesting
the same at Income Tax Commissioner (Appeal). No provision had been
made against it. In the meanwhile the company has paid Rs.11,57,600/-
under protest to the department and for balance amount, stay has been
obtained from the department.
1.2 The management is of the opinion that none of the assets of the
company has suffered from impairment during the period.
1.3 Company has not incurred any expenses in foreign currency during
the year.
1.4 Employee''s Benefits
The Company has a defined benefit gratuity plan which is unfunded.
Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each
completed year of service. The Company has also provided for Leave
Encashment which is unfunded.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 31, 2013).
1.5 Management considers that all the Current Assets, Loans & Advances
are fully recoverable at the value at least equal to the value
disclosed in the books and there is no other than temporary diminution
in the value of long term Investments.
1.6 Related Party Transactions
As per Accounting Standard (AS)-18 "Related Party Disclosures", the
Company''s related parties and transactions are disclosed below:
(a) List of related parties & relationships, where control exists:
Subsidiary: SRS Modern Sales Ltd.
Associate Company: SRS Limited
(b) Related parties & relationships with whom transactions have taken
place during the year: Key Management Personnel (KMP)
i. Mr. Dinesh Khatri - Whole Time Director
ii. Mr. Raju Gupta - Managing Director
Mar 31, 2011
A.) Cash Credit Facility from Corporation Bank amounting Rs.
9,95,25,475 (Previous Year Rs. Nil) is secured against Hypothecation of
Inventory cum book debts/current assets.The facility is further secured
by Equitable Mortgage of certain properties of SRS Real Estate Limited
and Personal Guarantee of Chairman of SRS Group - Dr. Anil Jindal.
b.) Vehicle loans were secured by hypothecation of respective vehicles.
c.) Loan against Securities Facility is secured against stock of
securities.
1. Contingent Liabilities Not Provided for in respect of:
As at 31.03.2011 As at 31.03.2010
(Rs.) (Rs.)
Corporate Guarantees 30,00,00,000 30,00,00,000
Outstanding Bank Guarantee 1,00,000 1,00,000
2. Unadmitted Claims
There has been a demand of Rs.23,77,572/- raised by the Income Tax
Department for the financial year 1996-97. The company is contesting
the same at Income Tax Appellate Tribunal, New Delhi and the management
understands that there exists a very strong case in its favour and,
therefore, no provision had been made against it. In the meanwhile the
company has paid Rs.12,00,000/- under protest to the department and for
balance amount a stay has been obtained from the department.
3. Management considers that all the Current Assets, Loans & Advances
are fully recoverable atthe value at least equal to the value disclosed
in the books and there is no other than temporary diminution in the
value of long term Investments.
b) No interest payments have been made during the year.
c) The above information and that given in "Current Liabilities" in
Schedule No.12 regarding dues to Micro Enterprises and Small
Enterprises has been determined to the extent such parties have been
identified on the basis of information available with the company.
4. The management is of the opinion that none of the assets of the
company has suffered from impairment during the period.
5. Company has not incurred any expenses in foreign currency during
the year.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 31,2011).
6. Related Party Transactions
As per Accounting Standard-18, the Company''s related partiesand
transactions are disclosed below:
a. List of related partiesand relationships, where control exists: i.
SRS Modern Sales Ltd. (upto 30.04.2010)
b. Related parties and relationships with whom transactions have taken
place during the year:
i. Associate Company: SRS Limited
ii. Investing Company: NIL
iii. Key Management Personnel (KMP)
Mr. Dinesh Kumar Khatri-Whole-Time Director&CFO
7. Previous year figures have been given in brackets.
8. The figures of previous period''s/years'' have been
regrouped/reclassified, wherever necessary to conform to the current
period''s/years'' presentation.
Mar 31, 2010
1. Contingent Liabilities
As per the assessment of the management, bank guarantee of Rs.1,00,000
is the only outstanding contingent liabilities for the year ending 31st
March, 2010.
2. Unedited Claims
There has been a demand of Rs. 23,77,572/- raised by the Income Tax
Department for the Financial year 1996-97. The company is contesting
the same at Income Tax Appellate Tribunal, New Delhi and the management
understands that there exists a very strong case in its favors and,
therefore, no provision had been made against it. In the meanwhile the
company has paid Rs.12,00,000/- under protest to the department and for
balance amount a stay has been obtained from the department.
3. Management considers that all the Current Assets, Loans & Advances
are fully recoverable at the value at least equal to value disclosed in
the books and there is no other than temporary diminution in the value
of long term Investments.
b) No interest payments have been made during the year.
c) The above information and that given in "Current Liabilities" in
Schedule No.12 regarding dues to Micro Enterprises and Small
Enterprises has been determined to the extent such parties have been
identified on the basis of information available with the company.
4. The management is of the considered opinion that none of the assets
of the company has suffered from impairment during the period.
5. Company has not incurred any expenses in foreign currency during
the year.
6. Employee''s Benefits I
The Company has a defined benefit gratuity plan which is unfunded.
Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each
completed year of service. The Company has also provided for Leave
Encashment which is unfunded.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 31,2010).
7. Segment Reporting
Company''s business activities mainly comprise of three segments namely
"Restaurants", "Finance and investment" and "Wholesale Trading".
8. Related Party Transactions
As per Accounting Standard-18 issued by the Institute of Chartered
Accountants of India, the Company''s related parties and transactions
are disclosed below:
a. List of related parties and relationships, where control exists:
i. SRS Modern Sales Ltd.
b. Related parties and relationships with whom transactions have taken
place during the year:
i. Associate Company: SRS Limited
ii. Investing Company: NIL
iii. Key Management Personnel (KMP)
Mr. Dinesh Kumar Khatri-Whole-Time Director & CFO
Mr. Raju Bansal - Whole-Time Director (From 01.11.2009 to 09.02.2010)
Note:
1. Previous year figures have been given in brackets.
2. Quantitative information is not possible for restaurant items due
to dealing in numerous items and different units of measurement.
3. Quantitative information is not given for foreign currency since it
is a monetary item.
9. The previous period''s/year''s have been regrouped/reclassified,
wherever necessary to conform to the current period''s/year''s
presentation.
Mar 31, 2009
1. Scheme of Amalgamation of "BTL Investments Limited and S.B.S
Finance Limited with the Company "
- Subsequent to the amalgamation of BTL Investments Limited and S.B.S
Finance Limited with the Company, all the assets and liabilities of the
amalgamating companies have been transferred to and vested in the
Company, through the Scheme of Amalgamation ("Scheme") under
section 39l to section 394 of the Companies Act, l956 approved by
Honorable High Court of Delhi vide its order dated l0th February 2009,
becoming effective on 9th March 2009 on filing of the certified copies
of the aforesaid order with the Registrar of Companies, Delhi & Haryana
w.e.f. 7th July, 2008 (the Appointed date of the Scheme) and
accordingly:
- All assets and liabilities of BTL Investments Limited and S.B.S
Finance Limited have been transferred and stand vested with the Company
with effect from the appointed date at their respective book values on
that date. Both the Companies carried on all their businesses and
activities for the benefit of and in trust for, the Company from the
appointed date. Thus, the assets, profit or income accruing or arising
to BTL Investments Limited and
S.B.S Finance Limited, and liabilities, expenditure or losses arising
or incurred by them from the appointed date are treated as the profit
or income or expenditure or loss as the case may be, of the Company.
The Scheme has accordingly been given effect to in these accounts & all
transactions amongst Amalgamated and Amalgamating companies have been
netted off.
- The amalgamation have been accounted for under the "Pooling of
Interests Method" as prescribed by Accounting Standard l4 -
Accounting for Amalgamations (AS l4) issued by the Institute of
Chartered Accountants of India (ICAI). Accordingly, the assets,
liabilities and reserves of BTL Investment Limited and SBS Finance
Limited have been taken over at their book values on the Appointed
Date, subject to adjustments, if any specified in the respective
Scheme.
- The difference between the consideration of Rs.l,55,l0,892 (being
face value of Equity Shares of the Company issued) for amalgamation and
the Net Book Value, after adjusting reserves of BTL Investments Ltd.
and S.B.S. Finance Ltd., is transferred to Goodwill account, in
accordance with AS-l4 "Accounting on Amalgamations" issued by the
Institute of Chartered Accountants of India and the respective Scheme,
as detailed hereunder:
2. Pursuant to the Scheme and approved share exchange ratio, on l0th
February,2009, SRS Finance Limited has allotted 4,99,88,85l and
2,84,83,842 Equity Shares of Rs.l0/- each to the shareholders of BTL
Investment Ltd. And S.B.S. Finance Ltd. respectively in the ratio of
5.028375 and 3.l28l8 fully paid-up Equity Share of Rs.l0/- each of the
Company for every l fully paid-up Equity Shares of Rs.l0/- each held in
BTL Investments Ltd. and S.B.S. Finance Ltd respectively.
3. The necessary steps and formalities in respect of transfer of
properties from BTL Investment Limited and S.B.S Finance Limited in
favour of company, modification of charges etc., are under
implementation. Documentation relating to transfer of titles, rights,
obligations, liabilities, etc., in favour of the company is in
progress. However, these vest in SRS Finance Limited by operations of
Statute viz. section 39l to 392 of the Companies Act, l956.
4. In terms of the Scheme, the New Equity Shares shall rank pari-passu
in all respects with the existing Equity Shares of the Company.
Accordingly, the appropriation for the proposed dividend includes the
dividend amount on entire restructured Share Capital.
5. In view of the aforesaid Schemes of Arrangement with effect from
July 7, 2008, the figures for the current year are not comparable to
those of the previous year.
6. Contingent Liabilities
As per the assessment of the management, bank guarantee of Rs.l,00,000
is the only outstanding contingent liabilities for the year ending 3lst
March, 2009.
7. Unedited Claims
There has been a demand of Rs. 23,77,572/- raised by the Income Tax
Department with respect to periods till A/Y l997 - 98. The company is
contesting the same at Income Tax Appellate Tribunal, New Delhi and the
management understands that there exists a very strong case in its
favour and, therefore, no provision had been made against it. In the
meanwhile the company has paid Rs.l2,00,000/- under protest to the
department and for balance amount a stay has been obtained from the
department.
8. Management considers that all the current assets, Loans & Advances
are fully recoverable at the value at least equal to value disclosed in
the books and there is no other than temporary diminution in the value
of long term investments.
9. The management is of the considered opinion that none of the assets
of the company has suffered from impairment during the period.
10. Company has capitalized borrowing costs of Rs. Nil (Previous year
5,06,432/-) relating to the period of the construction of the project
during the year.
11. Expenditure in Foreign Currency: NIL
12. Directors Remuneration
During the year ended on 3lst March 2009, remuneration of Rs.
4,33,380/-(Previous Year Nil) has been paid to the directors of the
company.
13. Employee''s Benefits
The Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at
l5 days salary (last drawn salary) for each completed year of service.
The Company has also provided for Leave Encashment which is unfunded.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 3l, 2009).
Note:- Deferred Tax Asset tfd from Merged Entities Rs. 8,0l,069.00 18.
Related Party Transactions
As per Accounting Standard-l8 issued by the Institute of Chartered
Accountants of India, the Company''s related parties and transactions
are disclosed below:
a. List of related parties and relationships. where control exists:
NIL
b. Related parties and relationships with whom transactions have taken
place during the year:
i. Associate Company: SRS Entertainment & Retail Ltd.
ii. Investing Company: NIL
iii. Key Management Personnel (KMP)
Raju Gupta Dinesh Khatri
iv. Enterprises owned or significantly influenced by KMP and/or their
Relatives
SRS Real Estate Ltd.*
BTL Investments Ltd. *
BTL Industries Ltd. *
SRS Housing Finance Ltd. (Formerly known as BTL Commercial Ltd.) *
S.B.S Finance Ltd.*
Three -D food & Beverages Pvt. Ltd.
Fortune Portfolio Pvt. Ltd.
* Related party relationship with these companies has ceased to exist
during the financial year.
Note: Figures in brackets are for previous year.
1. Quantitative information is not possible for restaurant items due
to dealing in numerous items and different units of measurement.
2. Quantitative information is not given for foreign currency since it
is a monetary item.
3. Previous year figures are given in brackets.
14. The previous period''s/year''s have been regrouped/reclassified,
wherever necessary to conform to the current period''s/year''s
presentation