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Notes to Accounts of Surana Solar Ltd.

Mar 31, 2015

1. (a) There were no Bonus issues, forefieted shares and buy back of shares in last five years.

(b) During the year, the Equity Shares of Rs. 10/- each were sub-divided into Equtiy Shares of Rs. 5/- each, due to which there is an increase in no. of shares.

2.(a) Buyer's credit from banks

(i) Buyer's credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director. Accordingly due with in a Year is Rs. 509,806,556/- which is classified under short term borrowings.

(b) Car loan from bank / Financial Institutions

(i) Car loan from HDFC Bank Ltd is secured against hyphotication of car. The loan was taken during the financial year 2012-13 and is repayable in monthly installment of Rs. 131,972/- each. Accordingly due with in a year is Rs. 1,451,692/- which is clasified under current liabilities.

(ii) Car loan from Kotak Mahindra Prime Limited is secured against hyphotication of car. The loan was taken during the financial year 2013-14 and is repayable in monthly installment of Rs. 32,000/- each. Accordingly due with in a year is Rs. 384,000/- which is clasified under current liabilities.

(iii) Car loan from Daimler Financial Services India Private Limited is secured against hyphotication of car. The loan was taken during the financial year 2014-15 and is repayable in monthly installment of Rs. 353,760/- each. Accordingly due with in a year is Rs. 4,245,120/- which is clasified under current liabilities.

3.(a) Cash credit

Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director.

(b) Buyer's credit from scheduled banks due within a year is classified as short term borrowings

4.Provision for interest on buyer's credit from banks has been made on proportionate basis

5. The Board of Directors have recommended a dividend of Rs 0.50/- per share for the year ended 31st March, 2015 (Previous Year Rs.0.50/- per share). There is a subdivision of shares of Rs 10 each into 2 equity shares of Rs. 5/- each during the year. Hence, the dividend per share for the pervious year is restated to make it comparable.

As at As at Particulars 31.03.2015 31.03.2014

6. Commitments and contingent liabilities i Commitments/ contingent liabilities

a Guarantees issued by banks 18,424,116 3,062,116

b Letters of credit outstanding 65,076,532 44,256,894

Total 83,500,648 47,319,010

7. Related party disclosures

a. Related parties where significant inluence exists and with whom transactions have taken place during the year

1 Bhagyanagar India Limited

2 Surana Telecom and Power Limited

3 Solar Dynamics Private Limited

4 Surana Solar Systems Private Limited

5 Green Energy Systems Private Limited

6 Bhagyanagar Securities Private Limited

7 Bhagyanagar Green Energy Limited

8 Bhagyanagar Energy & Telecom Private Limited

b Associate Company

Solar World Exchange Private Limited

c Key Managerial Personnel

G.M Surana

Narender Surana

Devendra Surana

Manish Surana (Director Fin. & Tech)

Badarish H Chimalgi (Company Secretary)

8. Surana Solar Systems Private Limited ceased to be the subsidiary with effect from 09.06.2013

9. Retirement and Other Employees Benefits

The Company's employee benefits primarly cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue.

Gratutiy liabilty is a defined benefit obligation and is based on the actuarial valuation done. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

The following table summarises the components of Net Benefit expenses recognised in the Profit & Loss account and amount recognised in the Balance Sheet for the respective plans.

10.i. The Company is currently focused on two business segments: manufacturing of solar Photovoltic (SPV) modules and generation of wind power energy. The company's organisational stracture and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them.

ii. Previous years figures have been regrouped and recast wherever necessary to make them comparable with current year's figures.t year's figures.


Mar 31, 2014

1.1 (a) Cash credit

Cash credit from Scheduled Banks is secured by hypothecation of stock, trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director.

1.2 (b) Buyer''s credit from scheduled banks due with in a year is classified as short term borrowings

As at As at Particulars 31.03.2014 31.03.2013

Note: 2.1 Commitments and contingent liabilities

i Commitments/ contingent liabilities

a Guarantees issued by banks 3,062,116 4,638,000

b Letters of credit outstanding 44,256,894 122,695,892

Related parties where significant inluence exists and with whom transactions have not taken place during the year

1 AP Golden Apparels Private Limited 18 Bhagynagar Entertainment and Infra Development Company Private Limited

2 Bhagyanagar Capital Private Limited 19 Majestic Logistics Private Ltd

3 Bhagyanagar Industrial Park 20 Sha Sons Private Limited

4 Bhagyanagar Infrastructure Limited 21 Bhagyanagar Foods & Beverages Private Limited

5 Bhagyanagar Metals Limited 22 Andhra Electro Galvanising 6 Bhagyanagar Properties Private ltd 23 Bhagyanagar Entertainment Ltd

7 Scientia Infocom India Private Ltd 24 Bhagyanagar Ventures Pvt Ltd

8 Blossom Residency Private Limited 25 Everytime Foods Industries Private Limited

9 Celestial Solar Solutions Privae Ltd 26 Royal Skyscrapers India PvtLtd

10 Epicentre Entertainment Private Ltd 27 Surana Boichemicals Pvt Ltd

11 Globecom Infotech Private Limited 28 Site Tonic Websolutions Pvt Ltd

12 GMS Realtors Private Limited 29 Stealth Energy Private Limited

13 Green Energy Systems Private Ltd 30 Surana Technopark Pvt Ltd

14 Innova Biotech India Private Ltd 31 Metropolitan Venuters India Limited

15 Innova Infrastructure Private Ltd 32 Bhagyanagar Securities Private Limited

16 Innova Technologies Private Limited 33 Corpmedia Publications India Private Limited

17 Vpower Solutions Private Limited 34 Globecom Infra Ventures Pvt ltd (formerly Tranquil Avenues Private Limited)

Related parties where significant inluence exists and with whom transactions have taken place during the year

1 Bhagyanagar India Limited 5 Surana Infocom Private Limited

2 Surana Telecom and Power Limited 6 Value Infrastructure & Properties Private Limited

3 Solar Dynamics Private Limited 7 Bhagyanagar Green Energy Limited

4 Surana Solar Systems Private Ltd 8 Bhagyanagar Energy & Telecom Private Limited

b Associate Company c Key Managerial Personnel

Solar World Exchange Private Limited G.M Surana

Narender Surana

Devendra Surana

Manish Surana

Note: 2.2

Retirement and Other Employees Benefits

The Company''s employee benefits primarly cover provident fund, gratuity and leave encashment

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue Gratutiy liabilty is a defined benefit obligation and is based on the actuarial valuation done by the Life Insurance Corporation of India. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

The following table summarises the components of Net Benefit expenses recognised in the Profit & Loss account and amount recognised in the Balance Sheet for the respective plans.


Mar 31, 2013

1.1 Retirement and Other Employees Benefits

The Company''s employee benefits primarly cover provident fund, gratuity and leave encashment

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue

Gratutiy liabilty is a defined benefit obligation and is based on the actuarial valuation done by the Life Insurance Corporation of India. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

The following table summarises the components of Net Benefit expenses recognised in the Profit & Loss account and amount recognised in the Balance Sheet for the respective plans.

1.2 Segment Information

The company is in the business of manufacture and sale of solar products and Generation of wind Electricity. Considering the core activities of the company, management is of the view that there is no secondary segment.


Mar 31, 2012

1.1 (a) On scheme of merger, the shares of promoters and Group companies have been reduced to the extent of 60,00,000 by converting into debentures and the same were to be redeemed after a period of 18 Months from the date of issue.

(b) Out of which 1,56,03,300 shares have been allotted to the shareholders of M/s Surana Telecom and Power Limited in consideration of merger of its Solar Division as per the scheme of arrangement in the year 2011 as approved by the High Court of Andhra Pradesh.

(c) Equity shareholder holding more than 5% of equity shares along with the number of equity shares held is as given below.

Notes: Car Loan from Bank:

1.2 (a) Car loan from Axis Bank Ltd is secured against hypothecation of car. The loan was taken during the financial year 2010-11 and is repayable in monthly installment of Rs. 2,28,222/- each. Accord- ingly due with in a year is Rs 27,38,664/- which is clasified under current liabilities.

1.3 (b) Cash Credit & Buyer's Credit from banks

Cash Credit & Buyer's Credit from scheduled Banks is secured by hypothecation of stock, Trade receivables and first pari-passu charge on specific fixed assets of the company. Further, it has been guaranted by the Managing Director and Director.

Notes: In case of Trade payables, Letters seeking confirmation of year-end balances are sent to the respective parties. Hence the Balances are subject to confirmation and reconcilation.Further, as per the information about the industrial status of the creditor there are no dues to any micro and small enterprises under the micro small and medium enterprises development act 2006.

Notes: Debentures

1.4 (a) in lieu of scheme of merger, 60,00,000 Non-convertible secured debentures of Rs. 10/- each were issued and the same were to be redeemed after a period of 18 months from the date of issue. Accordingly, the debentures were redeemed in the current financial year.

1.4 (b) Provision for interest on Buyers Credit from banks has been made on proportionate basis.

Note: Proposed Equity Dividend

1.5 (a) The Board of Directors have recommended a dividend of Rs.0.50/- per share for the year ended 31st March, 2012 (Previous Year Rs. 1/- per share)

Note: Trade Receivables

1.6(a) Previous year's figures include Rs. 53,47,380/- which was receivable from a company in which directors are interested.

1.6(b) Includes Rs. 53,47,380/- receivable from related party in which Directors are interested.

1.6(c) In case of Trade receivables letters for confirmation of year end balances are sent. Hence, the balances as on the date of Balance Sheet are subject to confirmation and reconciliation.

(All amounts in ' except share data and unless otherwise stated)

1.7. Commitments and Contingent Liabilities

As at As at

31.03.12 31.03.11

i. Commitments/ Contingent Liabilities

a Guarantees issued by banks 2,208,000 30,000,000

b Letters of credit outstanding 12,930,255 62,952,255

1.8 Retirement and Other Employees Benefits

The Company's employee benefits primarly cover provident fund, gratuity and leave encashment.

Provident fund is a defined contribution scheme and the company has no further obligation beyond the contribution made to the fund. Contributions are charged to the Profit & Loss account in the year in which they accrue.

Gratuity liabilty is a defined benefit obligation and is based on the actuarial valuation done by the Life Insurance Corporation of India. The gratutiy liability and the net periodic gratutity cost is actually determined after considering discounting rates, expected long term return on plan assets and increase in compensation level. All actuarial gain/ lossess are immediately charged to the Profit & Loss account and are not deferred.

Previous years figures have been regrouped and recast wherever necessary to make them comparable with current year's figures.


Mar 31, 2011

1. Share Capital

Upon scheme of arrangement with M/s. Surana Telecom and Power Limited, becoming effective on 28.07.2010 equity shares have been allotted to the share holders of M/s Surana Telecom and Power Limited and the amount of Rs. 15,60,33,000/- as disclosed on the face of the Balance Sheet under the head "Share Capital Suspense Account'' as on 31.03.2010 has been transferred to Share Capital Account.

2. Secured Loans

Cash Credit limits from banks are secured by current assets of the company on pari-pasu-basis and respectively and personal guarantee of the Managing Director and Director.

3. Minimum Alternate Tax- MAT (Non Current Asset)

The management after a detailed review of future business growth prospect of the company, the provisions of applicable accounting standards to the company and the Guidance note issued by Institute of Chartered Accountant of India on Accounting and Disclosure of MAT Credit, is of the opinion that the MAT Credit would be reversed by way of adjustments to Income Tax Payable in the forthcoming years.

4. a) Capital Advances

Capital advances represents the advances given for setting of a PV Cell Manufacturing Unit at Fab city, Hyderabad with a capacity of 35 MW.

b) Capital Commitment

Capital commitment for setting up the PV Cell Manufacturing Unit is Rs. 7,127 lacs

5. Sundry Debtors and loans and advances

In case of balances in Sundry debtors, loans & advances and other current assets letters seeking confirmation of year end balances are sent to the concerned parties. The balances are subject to confirmation and reconciliation.

6. Contingent Liability not provided for (As certified by the management)

31.03.2011 31.03.2010 Particulars Rs. in lakhs Rs. in lakhs

Counter Guarantees given to the banks against guarantee 300.00 - issued by them

Letters of Credit opened by banks/ Buyer's Credit 629.52 144.26

Previous figures have been regrouped and recast wherever necessary to make them comparable with current year's figures.

 
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