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Notes to Accounts of SRS Ltd.

Mar 31, 2015

1. Share Capital

The rights, preference and restrictions attached to each class of shares including restrictions on the distribution of dividends and the repayment of capital are as under :

Equity Shares

The equity shares have a par value of H10 per share. Each shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

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 & Commitments H in Lacs

Particulars As at As at 31st March 31st March 2015 2014

Contingent Liabilities

- Contingent Liabilities not provided for in respect of Legal Matters' 1,674.85 10.05

- Pending Export Obligations 0.09 134.75 (duty Forgone)

Commitments

- Capital Commitments:

Estimated amount of contracts remaining to be executed on capital account 254.08 179.76 and not provided for

3. Derivatives Instruments And Hedged/ Unhedged Foreign Currency Exposure

All derivative contracts entered into by the Company are for hedging purposes.

4. The amount of Exchange Difference (Net):

The Foreign Exchange Income of Rs. 505.36 lacs {PY Rs. 98.03 lacs} resulting from settlement and realignment of foreign exchange transaction has been adjusted in the Statement of Profit & Loss.

5. Employee Benefits

a) Defined Contribution Plans :-

The Company has recognised Rs. 257.96 lacs (PY Rs. 241.54 lacs) as expense in Statement of Profit & Loss.

b) Defined Benefit Plans :-

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 15 days salary (last drawn salary) for each completed year of service. The scheme is funded. The Company has also provided for Leave Encashment which is unfunded.

6. Segment Reporting

The Company has identified three reportable segments viz. Cinemas, Retail and Gold & Jewellery. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

7. Related Party Disclosure

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:

Holding Company

BTL Holding Company Limited

(Formerly known as BTL Investments & Securities Ltd.) (SRS Holdings India Ltd. merged with BTL Investments & Securities Limited w.e.f. 18.07.2013)

Subsidiary Company

SRS Worldwide (FZC) (From 12.11.2014)

SRS E Retail Ltd. (From 03.12.2014 to 06.02.2015)

SRS Talkies Ltd. (From 03.12.2014 to 06.02.2015)

Fellow Subsidiary Company

SRS Real Infrastructure Ltd. (From 18.07.2013)

Step Down Subsidiary Company

SRS Real Estate Ltd. (From 18.07.2013)

SRS Retreat Services Ltd. (From 18.07.2013)

b. Related parties & relationships with whom transactions have taken place during the year:

i. Key Management Personnel (KMP)

Dr. Anil Jindal - Chairman

Mr. Sunil Jindal - Managing Director

Mr. Raju Bansal - Whole Time Director

Mr. Vinod Kumar - Whole Time Director

Mr. Naresh kumar Goyal - Whole Time Director (From 1.10.2014 to 31.01.2015)

Mr. Bhagwan Das Gupta - Chief Financial Officer

Dr. (Ms.) Navneet Kwatra - COO & Company Secretary

ii. Enterprises owned or significantly influenced by KMP and/or their Relatives

SRS Finance Ltd.

BTL Holding Company Limited

(Formerly known as BTL Investments & Securities Ltd.) (SRS Holdings India Ltd. merged with BTL Investments & Securities Limited w.e.f. 18.07.2013)

SRS Real Infrastructure Ltd.

SRS Real Estate Ltd.

SRS Portfolio Ltd (Upto 10.12.2013)

SRS Global Securities Ltd.

SRS Cinemas & Entertainment Limited (From 20.05.2013 to 25.01.2014)

SRS Modern Retail Limited (From 24.05.2013 to 25.01.2014)

SRS Royal Bites Limited (From 1 1.06.2013 to 15.02.2014)

Jai Shiv Jewellers & Manufacturers Ltd (From 1.10.2014 to 31.01.2015)

8. In accordance with Accounting Standard "AS-19 on Leases" the following disclosures in respect of operating leases is made as under:

A. Assets taken on operating lease:

a) The Company has taken certain shops/offices/other Fixed Assets on non-cancellable operating lease. Minimum lease payments of Rs. 3421.69 lacs (PY Rs. 2,741.51 lacs) are charged to Statement of Profit & Loss during the year.

b) Total contingent rents (Calculated on Revenue Sharing Basis) recognized as expense in the statement of profit and loss for the year is Rs. 272.12 lacs (PY Rs. 259.81 lacs).

c) Future commitments in respect of minimum lease payments payable in respect of aforesaid lease entered by the Company are as follows:

d) Sub-lease payments received (on accrual basis) of Rs. 137.62 lacs (PY Rs. 135.78 lacs) are recognized in the Statement of Profit & Loss.

e) The total of future minimum sub-lease payments expected to be received under non-cancellable sub-leases at the Balance Sheet date are Rs. 315.34 lacs (PY Rs. 248.91 lacs).

9. In the opinion of the management, the value on realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and provisions for all known liabilities has been made.

10. Figures of previous year have been regrouped and/ or rearranged wherever necessary to make them comparable with those of the current year.

11. All amounts in the financial statements are rounded off to the nearest Rupee in lacs, except as otherwise stated.

12.Note 1 to 45 are annexed to and form an integral part of the Balance Sheet as at 31st March 2015 and Statement of Profit & Loss for the year ended as on that date.


Mar 31, 2014

1 Contingent Liabilities & Commitments Rs.In Lacs

As at As at Particulars 31/Mar/2014 31/Mar/2014

Contingent Liabilities

- Contingent Liabilities not provided for in respect of Legal 10.05 8.07 Matters''

- Pending Export Obligations (duty forgone) 134.75 -

Commitments

- Capital Commitments:

Estimated amount of contracts remaining to be executed on 179.76 745.40 capital account and not provided for

2 Utilisation of IPO Proceeds

Pursuant to the approval of the shareholders of the Company granted in their Extra-Ordinary General Meeting held on 27th April 2010, the Company came out with an Initial Public Offer ("IPO") of 3,50,00,004 Equity shares of Rs. 10 each at a premium of Rs. 48 per share and made allotment of 3,50,00,004 equity shares on 13th September 2011. The issue has been made in accordance with the terms of the Company''s prospectus dated 4th September, 2011 and the shares of the Company got listed on the Bombay Stock Exchange Limited and The National Stock Exchange of India Limited on 16th September 2011

3 The amount of Exchange Difference (Net):

The Foreign Exchange Income of Rs. 98.02 lacs (PY Rs. 621.43 lacs) resulting from settlement and realignment of foreign exchange transaction has been adjusted in the Statement of Profit & Loss.

4 Employee Benefits

a) Defined Contribution Plans :-

The Company has recognised Rs. 241.54 lacs (PY Rs. 215.14 lacs) as expense in Statement of Profit & Loss.

b) Defined Benefit Plans :-

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 15 days salary (last drawn salary) for each completed year of service. The scheme is funded. The Company has also provided for Leave Encashment which is unfunded.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit & Loss, the funded status and amounts recognized in the balance sheet for the respective plans (as per Actuarial Valuation as on 31st March 2014).

5 Segment Reporting

The Company has identified three reportable segments viz. Cinemas, Retail and Gold & Jewellery. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable"

6 Related Party Disclosure

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:

Holding Company

BTL Holding Company Limited

(Formerly known as BTL Investments & Securities Ltd.) (SRS Holdings India Ltd. merged with BTL Holding Company Limited w.e.f. 18.07.2013)

Subsidiary Company

SRS Cinemas & Entertainment Limited (From 20.05.2013 to 25.01.2014) SRS Modern Retail Limited (From 24.05.2013 to 25.01.2014)

Fellow Subsidiary Company

SRS Real Infrastructure Ltd. (From 18.07.2013)

Step Down Subsidiary Company

SRS Real Estate Ltd. (From 18.07.2013)

SRS Retreat Services Ltd. (From 18.07.2013)

b Related parties & relationships with whom transactions have taken place during the year:

i Key Management Personnel (KMP)

Dr. Anil Jindal -Chairman

Mr. Sunil Jindal -Managing Director

Mr. Raju Bansal -Whole Time Director

Mr. Vinod Kumar -Whole Time Director

ii Enterprises owned or significantly influenced by KMP and/or their Relatives SRS Finance Ltd.

BTL Holding Company Limited

(Formerly known as BTL Investments & Securities Ltd.) (SRS Holdings India Ltd. merged with BTL Holding Company Limited w.e.f. 18.07.2013)

SRS Real Infrastructure Ltd. SRS Real Estate Ltd. SRS Global Securities Ltd. SRS Portfolio Ltd (Upto 10.12.2013)

SRS Cinemas & Entertainment Limited (From 20.05.2013) SRS Modern Retail Limited (From 24.05.2013) SRS Royal Bites Limited (From 11.06.2013)

7 In accordance with Accounting Standard "AS-19 on Leases" the following disclosures in respect of operating leases is made as under:

A. Assets taken on operating lease:

a) The Company has taken certain shops/offices/other Fixed Assets on non-cancellable operating lease. Minimum lease payments of Rs. 2,741.51 lacs (PY Rs. 2,250.49 lacs) are charged to Statement of Profit & Loss during the year.

b) Total contingent rents (Calculated on Revenue Sharing Basis) recognized as expense in the statement of profit and loss for the year is Rs. 259.81 lacs (PY Rs. 630.66 lacs).

d) Sub-lease payments received (on accrual basis) of Rs. 135.78 lacs (PY Rs. 187.96 lacs) are recognized in the Statement of Profit & Loss.

e) The total of future minimum sub-lease payments expected to be received under non-cancellable sub-leases at the Balance Sheet date are Rs. 248.91 lacs (PY Rs. 160.03 lacs).

b) Total contingent rents (Calculated on Revenue Sharing Basis) recognized as income in the statement of profit and loss for the year is Rs. 27.12 lacs (PY Rs. 42.68 lacs).

8 In the opinion of the management, the value on realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and provisions for all known liabilities has been made.

9 All amounts in the financial statements are rounded off to the nearest Rupee in lacs, except as otherwise stated.

10 Note 1 to 45 are annexed to and form an integral part of the Balance Sheet as at 31st March 2014 and Statement of Profit & Loss for the year ended as on that date.


Mar 31, 2013

1 Contingent Liabilities & Commitments

Rs. in Lacs

Particulars As at 31st As at 31st March 2013 March 2012

Contingent Liabilities

- Contingent Liabilities not provided for in respect of Legal 8.07 23.24 Matters''

- Pending Export Obligations (duty forgone) 1.44

Commitments

- Capital Commitments:

Estimated amount of contracts remaining to be executed on 745.40 374.73

capital account and not provided for

2 The amount of Exchange Difference (Net):

The Foreign Exchange Income of Rs. 621.43 lacs {PY Rs. (-) 164.01 lacs} resulting from settlement and realignment of foreign exchange transaction has been adjusted in the Statement of Profit & Loss.

3 Employee Benefits

a) Defined Contribution Plans

The Company has recognised Rs. 215.14 lacs (PY Rs. 165.37 lacs) as expense in Statement of Profit & Loss.

b) Defined Benefit Plans :-

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 15 days salary (last drawn salary) for each completed year of service. The scheme is funded. The Company has also provided for Leave Encashment which is unfunded.

4 Segment Reporting

The Company has identified three reportable segments viz. Cinemas, Cash & Carry and Gold & Jewellery. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

5 Related Party Disclosure

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:

Holding Company

SRS Holdings India Ltd. (Formerly known as BTL Industries Ltd.) (w.e.f. 16.03.2012)

Subsidiary Company

SRS Gems & Jewellery Ltd. (upto 31st March, 2012)

b. Related parties & relationships with whom transactions have taken place during the year:

i Key Management Personnel (KMP)

Dr. Anil Jindal - Chairman Mr. Sunil Jindal - Managing Director Mr. Raju Bansal - Whole Time Director Mr. Vinod Kumar - Whole Time Director

ii Enterprises owned or significantly influenced by KMP and/or their Relatives SRS Finance Ltd.

SRS Holdings India Ltd. (Formerly known as BTL Industries Ltd.) (Upto 15th March 2012)

SRS Real Infrastructure Ltd.

SRS Real Estate Ltd.

SRS Global Securities Ltd.

SRS Portfolio Ltd.

SRS Entertainment Limited (Closed under exit scheme w.e.f. 31.10.2011)

SRS Retail Limited (Closed under exit scheme w.e.f. 31.10.2011)

SRS Value Bazaar Limited (Closed under exit scheme w.e.f. 31.10.2011)

6 In accordance with Accounting Standard "AS-19 on Leases" the following disclosures in respect of operating leases is made as under:

A. Assets taken on operating lease:

a) The Company has taken certain shops/offices/other Fixed Assets on non-cancellable operating lease. Minimum lease payments of 2,250.49 lacs (PY 2,280.90 lacs) are charged to Statement of Profit & Loss during the year.

b) Total contingent rents (Calculated on Revenue Sharing Basis) recognized as expense in the statement of profit and loss for the year is 630.66 lacs (PY 331.59 lacs).

d) Sub-lease payments received (on accrual basis) of 187.96 lacs (PY 67.58 lacs) are recognized in the Statement of Profit & Loss.

e) The total of future minimum sub-lease payments expected to be received under non-cancellable sub-leases at the Balance Sheet date are 160.03 lacs (PY 268.82 lacs).

7 In the opinion of the management, the value on realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and provisions for all known liabilities has been made.

8 All amounts in the financial statements are rounded off to the nearest Rupee in lacs, except as otherwise stated.

9 Note 1 to 45 are annexed to and form an integral part of the Balance Sheet as at 31st March 2013 and Statement of Profit & Loss for the year ended as on that date.


Mar 31, 2012

1.1 The rights, preference and restrictions attached to each class of shares including restrictions on the distribution of dividends and the repayment of capital are as under:

Equity Shares

The equity shares have a par value of Rs. 10 per share. Each shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2012, the amount of dividend per share recognised as distribution to equity holders was Re.1.00 (PY Rs.Nil). The total dividend appropriation for the year ended 31st March 2012 amounts to Rs. 1,392.91 lacs (PY Rs.Nil) excluding Dividend Distribution Tax of Rs. 225.96 lacs(PY Rs.Nil)

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.

* During the year the Company has become subsidiary of SRS Holdings India Ltd. (Formerly known as BTL Industries Limited) vide Court order in respect of amalgamataion of promoter group companies dated 16th March 2012

# During the year the Companies has been merged with SRS Holdings India Ltd. (Formerly known as BTL Industries Limited) vide Court order in respect of amalgamataion of promoter group companies dated 16th March 2012.

2 Contingent Liabilities & Commitments

R in Lacs

Particulars As at 31st As at 31st

March 2012 March 2011

Contingent Liabilities

- Contingent Liabilities not provided for in respect of Legal 23.24 51.60 Matters'

- Pending Export Obligations (duty forgone) 1.44 -

Commitments

- Capital Commitments:

Estimated amount of contracts remaining to be executed on 374.73 8.27

capital account and not provided for

Share issue expenses incurred during the financial year ended 31st March 2012 amounting to Rs. 1,045.18 lacs (PY Rs. 107.13 lacs) pertain to expenses incurred in connection with the public issue of equity shares of the Company. In accordance with the provisions of Section 78 of the Companies Act, 1956, these expenses were charged off against the available balance of the 'Security Premium' Account.

3 The amount of Exchange Difference (Net):

a) The Foreign Exchange Expense of Rs. 164.01 lacs (PY Rs. 0.27 lacs) resulting from settlement and realignment of foreign exchange transaction has been adjusted in the Statement of Profit & Loss.

b) Premium paid on Forward Contract of Rs. Nil (PY Rs. 30.69 lacs) is recognized as expense in Statement of Profit & Loss on time proportion basis.

4 Employee Benefits

a) Defined Contribution Plans :-

The Company has recognised Rs. 165.37 lacs (PY Rs. 143.22 lacs) as expense in Statement of Profit & Loss.

b) Defined Benefit Plans :-

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 15 days salary (last drawn salary) for each completed year of service. The scheme is funded. The Company has also provided for Leave Encashment which is unfunded.

The following tables summarize the components of net benefit expense recognized in the Statement of Profit & Loss, the funded status and amounts recognized in the balance sheet for the respective plans (as per Actuarial Valuation as on 31st March 2012).

5 Segment Reporting

The Company has identified four reportable segments viz. Cinemas, Food & Beverages, Cash & Carry and Gold & Jewellery. Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

a) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocable".

b) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as "Unallocable".

6 Related Party Disclosure

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:

Holding Company

SRS Holdings India Ltd. (Formerly known as BTL Industries Ltd.) (w.e.f. 16.03.2012) (Refer note no. 2.2)

Subsidiary Company

SRS Gems & Jewellery Ltd. (Formerly known as SRS Jewells Limited)

(Ceases to exist subsidiary w.e.f.31/03/2012)

b. Related parties & relationships with whom transactions have taken place during the year:

i Key Management Personnel (KMP)

Dr. Anil Jindal - Chairman

Mr. Sunil Jindal - Managing Director

Mr.Raju Bansal - Whole Time Director

Mr. Vinod Kumar - Whole Time Director

ii Enterprises owned or significantly influenced by KMP and/or their Relatives SRS Finance Ltd.

SRS Holdings India Ltd. (Formerly known as BTL Industries Ltd.) (Upto 15th March 2012)

SRS Real Infrastructure Ltd.

SRS Real Estate Ltd.

SRS Portfolio Ltd

SRS Entertainment Limited (Closed under exit scheme w.e.f. 31.10.2011)

SRS Retail Limited (Closed under exit scheme w.e.f. 31.10.2011)

SRS Value Bazaar Limited (Closed under exit scheme w.e.f. 31.10.2011)

Vinod Gas Agencies

7 In accordance with Accounting Standard "AS-19 on Leases" the following disclosures in respect of operating leases is made

as under:

A. Assets taken on operating lease:

a) The Company has taken certain shops/offices/other Fixed Assets on non-cancellable operating lease. Minimum lease payments of Rs. 2,280.90 lacs (PY Rs. 2,093.07 lacs) are charged to Statement of Profit & Loss during the year.

b) Total contingent rents (Calculated on Revenue Sharing Basis) recognized as expense in the statement of profit and loss for the year is Rs. 331.59 lacs (PY Rs. 85.12 lacs).

d) Sub-lease payments received (on accrual basis) of Rs. 67.58 lacs (PY Rs. 138.22 lacs) are recognized in the Statement of Profit & Loss.

e) The total of future minimum sub-lease payments expected to be received under non-cancellable sub-leases at the Balance Sheet date are Rs. 268.82 lacs (PY Rs. 320.90 lacs).

b) Total contingent rents (Calculated on Revenue Sharing Basis) recognized as income in the statement of profit and loss for the year is Rs. 42.55 lacs (PY Rs. 38.55 lacs).

8 In the opinion of the management, the value on realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and provisions for all known liabilities has been made.

9 Previous year figures have been redrawn to confirm to the current year's classification as per the notification of Revised Schedule VI under the Companies Act, 1956 for the financial year commencing on or after 1st April 2011.

10 All amounts in the financial statements are rounded off to the nearest Rupee in lacs, except as otherwise stated.

11 Note 1 to 45 are annexed to and form an integral part of the Balance Sheet as at 31st March 2012 and Statement of Profit & Loss for the year ended as on that date.

 
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