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Notes to Accounts of Surana Corporation Ltd.

Mar 31, 2015

1. The Company's activities during the year revolve around Manufacturing and Trading in Bullion and Jewellery and power generation from Windmill. Considering the nature of Company's business and operations, there are no separate reportable segments (business and/or geographical) in accordance with the requirements of Accounting Standard 17 - 'Segment Reporting', issued by the Institute of Chartered Accountants of India (ICAI). trade worth Rs.125 crores on 20.06.2012. Company in terms of significant accounting policy on Provisioning under Accounting Standard – 29 had prudently provided for an amount of Rs.28,38,52,800/- towards this ascertained liability in the previous financial year. During the year CBI (ACB) Chennai has filed a final charge sheet claiming an amount of Rs.13.86 crores only. Consequently the company during the year has written back the excess provision of Rs.14,52,52,800/- 2.2 The company during the year received Show cause notice from Directorate of Revenue Intelligence under customs Act.1962 claiming the differential duty amounting to Rs.15,81,93,090 towards the import of Jewellery from Thailand. This provision has been prudently made for under Accounting Standard -29. The show cause notice is agitated before the appropriate authorities.

2. The DRI during the year seized Jewellery weighing 2.34 Kgs Gold and the Company has provided for the same.

3. Company has identified that there is no material impairment of assets and as such no provision is required as per AS-28 issued by ICAI.

4. Brief particulars of Employees who were entitled to receive or were in receipt of emoluments aggregating to Rs.60,00,000/- or more per annum and /or Rs.5,00,000/ - or more per month, if employed, for a part of the year is NIL (Previous Year - NIL)

5. Confirmation of Balance for Sundry Debtors & Sundry Creditors were obtained except for few. However Advances is subject to confirmation.

6. As per Accounting Standard 18 (AS-18) 'Related Party Disclosures', issued by ICAI, the disclosures of transactions with the related parties as defined in AS-18 are given below:

1. RELATED PARTY DISCLOSURES

a. Related parties where Control Exists

- M/s. Surana Wind Energy Private Limited.

- M/s. Gurudev Wind Energy Private Limited.

- M/s. Surana Projects Private Limited.

- M/s. Surana Overseas DMCC, Dubai.

b. Names of the Key Personnel

- Sh. VijayrajSurana - Managing Director

- Sh.Tilakchand - Independent Director *

- Sh. S. Guruswamy - Director Marketing* *Resigned during the year


Mar 31, 2014

I GENERAL

1. RELATED PARTY DISCLOSURES

a. Related parties where Control Exists

- M/s. Surana Wind Energy Private Limited.

- M/s. Gurudev Wind Energy Private Limited.

- M/s. Surana Projects Private Limited.

- M/s. Surana Overseas DMCC, Dubai.

b. Names of the Key Personnel

- Sh. Shantilal Surana - Chairman *

- Sh. Vijayraj Surana - Managing Director

- Sh. Tilakchand - Independent Director *

- Sh. S. Guruswamy - Director Marketing

- Sh. Deepak Surana - Executive Director *

- Sh. Sandeep Surana-Executive Director *

*Resigned during the year

*Yield during the year has fallen down because of higher usage of scrap gold as Input as against imported bars of the previous year.

*During the year 2Kgs (4.65Kgs) of metal was recovered from the gross wastage of 2.161 Kgs (4.78 Kgs) was used for manufacturing and sale. *

Contingent liabilities and As at 31st As at 31st commitments (to the March 2014 March 2013 extent not provided for)

(a) Contingent Liabilities 13,539,725 13,539,725

i. Other money for which the company is contingently liable*

ii. Guarantees fully secured by - - Fixed Deposits

13,539,725 13,539,725

* This relates to Steel division of erstwhile company since amalgamated with your company.

Note 2:

1. 1. MMTC is litigating and claiming old un- reconciled dues amounting to Rs.18.43 crores and interest thereon in various legal forums and departments. It was also instrumental in foisting a complaint with CBI (ACB), Chennai, which conducted searches and have seized accounted hypothecated stock in trade worth Rs.125 crores on 20.06.2012. Company in terms of significant accounting policy on Provisioning under Accounting Standard - 29 had prudently provided for an amount of Rs.28,38,52,800/- towards this ascertained liability in the previous year. During the year CBI (ACB) Chennai has filed a final charge sheet claiming an amount of Rs.13.86 crores only. Consequently the company during the year has written back the excess provision of Rs.14,52,52,800.

2. The company during the year received Show cause notice from Directorate of Revenue Intelligence under customs Act.1962 claiming the differential duty amounting to Rs.15,81,93,090 towards the import of Jewellery from Thailand. This provision has been prudently made for under Accounting Standard -29.

The show cause notice is agitated before the appropriate authorities

Note 3:

Company has identified that there is no material impairment of assets and as such no provision is required as per AS-28 issued by ICAI.

Note 4:

Brief particulars of Employees who were entitled to receive or were in receipt of emoluments aggregating to Rs.60,00,000/- or more per annum and /or Rs.5,00,000/- or more per month, if employed, for a part of the year is NIL (Previous Year - NIL)

Note 5:

Confirmation of Balance for Sundry Debtors & Sundry Creditors were obtained except for few. However Advances is subject to confirmation.

Note 6:

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

Note 7:

1.Figures have been rounded off to the nearest rupee.

2. The above Cash Flow statement has been prepared under the ''indirect method'' specified in Accounting Standard AS-3 on ''Cash Flow Statements'' issued by ICAI.

3. Previous year''s figures have been regrouped / recast wherever necessary.

4. Figures have been rounded off to the nearest rupee.


Mar 31, 2012

1. SECURED LOAN

a. All the fixed assets of the Company excluding the fixed and current assets of Wind Mills Division are charged to Banks who are providing working capital of the company.

2. UNSECURED LOAN

The unsecured loans are interest free

3. The Company has filed a writ through the Association of SEZ Owners and Units, Chennai challenging the applicability of retrospective amendment to the Income Tax Act levying Minimum Alternate Tax on Profits earned by SEZ units. The writ has been admitted by the High court of Madras and decision is awaited. Hence, the company has not provided for Minimum Alternate Tax on SEZ profits.

* This relates to Steel division of erstwhile company since amalgamated with your company.

Note 4:

Confirmation of Balance for Sundry Debtors & Sundry Creditors were obtained except for a few. However Advances are subject to confirmation.

Note 5:

Previous year's figures have been regrouped / recast wherever necessary Note 29:

Figures have been rounded off to the nearest rupee

1. The above Cash Flow statement has been prepared under the 'indirect method' specified in Accounting Standard AS-3 on 'Cash Flow Statements issued by ICAI.

2. Previous year's figures have been regrouped / recast wherever necessary.

3. Figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. UNSECURED LOAN

The unsecured loans are interest free

2. DEFFERRED REVENUE EXPENDITURE

This includes amalgamation expenses and certain interior renovation works. The Practice of the company was to write off 1/5th of such expenses each year till 2007-08. The Management has decided to write off the same for a period of two years viz.. previous year 2008-09 & current year 2009-10.The amount of expenses not written off as on 31.03.2009 was Rs. 506,528/-. This amount was written off during 2009-10.

IV GENERAL

1. RELATED PARTY DISCLOSURES

a. Names of the Key Personnel

- Sh. Shantilal Surana - Chairman

- Sh. Vijayraj Surana - Managing Director

- Sh. Sandeep Surana - Senior Vice President

3. Contingent Liabilities:

2010-11 2009-10

Disputed customs duty 13,539,725 (*) 13,539,725

(*) This relates to Steel division of erstwhile Company since amalgamated with your Company.

4. Confirmation of Balance for Sundry Debtors & Sundry Creditors were obtained except for a few. However Advances are subject to confirmation.

5. Previous years figures have been regrouped / recast wherever necessary.

6. Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1.UNSECURED LOAN

The unsecured loans are interest free

2.DEFFERRED REVENUE EXPENDITURE

This includes amalgamation expenses and certain interior renovation works.The Practice of the company was to write off 1/5*of such expenses each year till 2007-08.The Management has decided to write off the same for a period of two years viz.,previous year 2008-09 ¤t year 2009-10.The amount of expenses not written off as

I GENERAL

1.RELATED PARTY DISCLOSURES

a.Names of the Key Personnel Sh.Shantilal Surana -Chairman Sh.Vijayraj Surana -Managing Director Sh.Mahaveer Surana -President Sh.Sandeep Surana -Vice President

on 31.03.2009 was Rs 506,528/-.This amount was written off during 2009-10.

35. Contingent Liabilities:

2009-10 2008-09

Disputed customs duty 13,539,725(*) 13,539,725

(*) This relates to Steel division of erstwhile Company since amalgamated with your Company.

 
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