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Notes to Accounts of Steel Strips Infrastructures Ltd.

Mar 31, 2015

1. Contingent liabilities not provided for amount to '. NIL (Previous Year NIL)

2. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Sales Tax liability/Service Tax liability has been provided for as per returns filed. Liability arising on assessment, if any, shall be provided for at the time of final assessment.

4. The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. The Company has considered following business segments for disclosure.

(a) Real Estate business.

(b) Infrastructure Project of commercial parking under 'Built, Operate and Transfer' scheme.

(c) Trading and Agency business.

5. Leases :

The Company has leased facilities for rent receivable under cancellable and non- cancellable arrangements with lease term ranging from one to nine years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent received recognized during the year amounts to '.177.30 lacs (previous year Rs. 172.74 lacs). The future minimum lease rent receivable in respect of the non-cancellable operating leases as at 31st March 2015

The Company have also lease facilities for rent payable under cancellable and non cancellable arrangements with lease term ranging from one to nine years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent paid recognize during the year amounts to '.39.60 lac (previous year '.39.60 lacs). The future minimum lease rent payable in respect of the non-cancellable operating leases as at 31st March 2015 are :

6.Related Party Disclosures

Detail of transactions entered into with related parties during the year as required by Accounting Standard - 18 on

"Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as under: -

Notes:-

a. Key Management Personnel:

Sh. R. K. Garg Sh. Sanjay Garg Sh. H. K. Singhal Chairman Executive Director Director DIN-00034827 DIN-00030956 DIN-00044328

b. Enterprises over which Key Management Personnel (KMP) are able to exercise significant control and with whom transactions have taken place during the year:-

1. SAB Udyog Ltd.

2. Indian Acrylics Ltd.

3. DHG Marketing Ltd.

4. Ms Priya Garg

7. Additional information pursuant to the provision of Paragraphs 3 & 4 of Part II of Schedule VI of the Companies Act,1956:

a) The Company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; hence the quantitative data is not applicable.

b) There was no employee during the year (previous year nil) who was drawing a remuneration of not less than '. 6000000/ per annum, if employed throughout the year, or not less than '. 500000/- per month if employed for a part of the year.

8. The Company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2014-15 have been paid / provided for as per the requirements of AS - 15.

9. a). Previous year figures have been regrouped and re-arranged wherever considered necessary to make them comparable with those current year.

b). Figures have been rounded off to the nearest rupee.

10. Note No. 1 to 12 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.`


Mar 31, 2013

1. Contingent liabilities not provided for amount to Rs. NIL (Previous Year NIL).

2. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary

3. Sales Tax liability/Service Tax liability has been provided for as per returns filed. Liability arising on assessment, if any, shall be provided for at the time of final assessment.

4. Debit and credit balance in the accounts of a few suppliers and others are subject to confirmation and reconciliation.

5. The accounting policies adopted for segment reporting are in line with the accounting policies of the company. The company has considered following business segments for disclosure.

(a). Real Estate business.

(b). Infrastructure Project of commercial parking under ''Built, Operate and Transfer'' scheme.

(c). Trading and Agency business.

6. Additional information pursuant to the provision of Paragraphs 3 & 4 of Part II of Schedule VI of the Companies Act,1956:

a).The company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; hence the quantitative data is not applicable.

7. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2012-13 have been paid / provided for as per the requirements of AS – 15.

8. a). Previous year figures have been regrouped and re-arranged wherever considered necessary to make them comparable with those current year.

b). Figures have been rounded off to the nearest rupee

9. Note No. 1 to 11 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.


Mar 31, 2012

Note: In compliance with AS22 issued by ICAI on accounting for taxes on Income, a sum of Rs.358910/- has been considered as differed tax Assets in respect of timing difference for the year under consideration and the same has been credited to Profit & Loss A/c

*Note:- Trade payable does not include any amount payable to Micro and small undertaking which is outstanding for more than 45 days as at 31.03.2012 (Previous year A/c Nil)

*Note:- Advance from customers included Rs 65 00 Lac received from two customers against sale of shops at Sab Mall,Noida(U.P)

* Note:- The quoted investments are stated at cost. A provision for diminution in value is made if the diminution seems to be of permanent nature. A provision of Rs. 1 20,62,000/- has been made during the year under consideration as the value of shares of Indian Acrylics Limited decreased as compare to previous year. The overall provision towards dim notion in the value of shares stands at Rs 2,81,94,000/- as on 31.03.2012

* Directors Remuneration included in above is as under

* Note:- The details of Auditors Remuneration is as under.

1. Contingent liabilities not provided for amount to Rs. NIL (Previous Year NIL)

2. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Sales Tax liability/Service Tax liability has been provided for as per returns filed. Liability arising on assessment, if any, shall be provided for at the time of final assessment.

4. Debit and credit balance in the accounts of a few suppliers and others are subject to confirmation and reconciliation.

5. The accounting policies adopted for segment reporting are in line with the accounting policies of the company. The company has considered following business segments for disclosure.

(a). Real Estate business.

(b). Infrastructure Project of commercial parking under 'Built, Operate and Transfer' scheme.

(c). Trading and Agency business.

Note:- Diluted Earnings per share is not applicable as the same is anti- dilutive

6. Leases

The company has leased facilities for rent receivable under cancellable and non-cancellable operating leases arrangements with lease term ranging from one to nine years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent received recognized during the year amounts to Rs.241.40 lacs (previous year Rs.189.82 lacs). The future minimum lease rent receivable in respect of the non-cancellable operating leases as at 31st March 2012 are:

7. Related Party Disclosures

Detail of transactions entered into with related parties during the year as required by Accounting Standard - 18

a. Enterprises over which Key Management Personnel (KMP) are able to exercise significant control and with whom transactions have taken place during the year:-

Sh. R.K. Garg, Sab Udyog Ltd., Sab Industries Ltd., Steel Strips Ltd.

b. No transactions have taken place during the year with the relatives of the key Management Personnel.

8. Additional information pursuant to the provision of Paragraphs 3 & 4 of Part II of Schedule VI of the Companies Act,1956:

a). The company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; hence the quantitative data is not applicable.

b). There was no employee during the year (previous year nil) who was drawing a remuneration of not less than Rs. 6000000/- per annum, if employed throughout the year, or not less than Rs. 500000/- per month if employed for a part of the year.

9. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2011-12 have been paid / provided for as per the requirements of AS - 15.

10. a). Previous year figures have been regrouped and re-arranged wherever considered necessary to make them comparable with those current year.

b). Figures have been rounded off to the nearest rupee.

11. Note No. 1 to 11 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.


Mar 31, 2010

1. In compliance with AS 22 issued by ICAI on Accounting for the taxes of Income, a sum of Rs. 3,86,5207- (previous year Rs.3,48,095/-) has been considered as deferred tax Assets in respect of timing difference for the year under consideration and the same has been credited to profit & loss account.

2. The quoted investments are stated at cost. A provision for diminution in value is made if the diminution seems to be of permanent nature. An amount at Rs. 5,92,000/- was reversed in the Provisions during the year under Consideration as the value of shares of Indian Acrylics Limited increased as compared to previous year. The overall Provision towards diminution in the value of shares stands at Rs 1,82,04,000/- as on 31-03-2010

3. Contingent liabilities not provided for amount to Rs. NIL (Previous Year NIL)

4. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary..

5. Sales Tax liability/Service Tax liability has been provided for as per returns filed. Liability arising on assessment, if any, shall be provided for at the time of final assessment.

6. Debit and credit balance in the accounts of a few suppliers and others are subject to confirmation and reconciliation.

7. The accounting policies adopted for segment reporting are in line with the accounting policies of the company.

The company has considered following business segments for disclosure. (a). Real Estate business.

(b). InfrastructureProjectofcommercialparkingunderBuilt.OperateandTransferscheme. (c). Trading and Agency business. (d). Services.

8 Sundry creditors include a sum of Rs. Nil (Previous year Rs. Nil) due to Micro and Small Undertaking, which are outstanding for more than 45days as at 31.03.2010.

a. Key Management Personnel:

Sh. R.K.Garg Sh.SanjayGarg Sh. H.K.Singhal

Chairman Executive Director Director

b. Enterprises over which Key Management Personnel (KMP) are able to exercise significant control and with whom transactions have taken place during the year:-

Aswera International Mkt. Pvt. Ltd.

R.K. Garg & Sons (HUF), SAB Udyog Ltd., SAB Industries Ltd., Steel Strips Ltd.

c. No transactions have taken place during the year with the relatives of the key Management Personnel.

9. Additional information pursuant to the provision of Paragraphs 3&4 of Part II of Schedule VI of the Companies Act,1956:

a). The company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; hence the quantitative data is not applicable.

b). There was no employee during the year (previous year nil) who was drawing a remuneration of not less than Rs. 2400000/- per annum, if employed throughout the year, or not less than Rs. 200000/- if employed for part of the year.

10. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2009-10 have been paid / provided for as per the requirements of AS-15.

11. a). Previous year figures have been regrouped and re-arranged wherever considered necessary to make them comparable with those current year.

b). Figures have been rounded off to the nearest rupee.

12. Schedule A to S form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.

 
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