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Notes to Accounts of Surya Industrial Corporation Ltd.

Mar 31, 2015

1. Particulars of Employees in accordance with Sec. 197(12) of the Act. Read with Rules 5(2) and 5(3) of the Companies (Appointment and remuneration of Managerial Personnel) Rule, 2014. NIL

2. There are no dues to SSI Units outstanding for more than 30 days.

3. No confirmations were obtained from debtors/creditors as to the balances receivable from/payable to them as at year end.

4. Company has not provided Depreciation during the year as per Schedule II of the Companies Act, 2013.

5. As there is no timing difference of depreciation / loss, the provisions for deferred tax Liability does not arise as per Accounting Standard 22 (AS 22) issued by the ICAI and hence deferred income tax liability has not been provided.

6. Previous year's figures have been regrouped wherever necessary.

7. The figures have been rounded off to the nearest rupee.


Mar 31, 2014

Not Available.


Jun 30, 2013

Contingent liabilities and commitments

Contingent liabilities and commitments have not been accounted for but have been disclosed by note if any.

Sales Tax

Sales Tax liability was accounted for on the basis of sales tax return filed by the company in the years where the company was in operation. Additional liability on finality of the assessment are being taken into account in the year of finalisation. In the opinion of board of directors there were no such liability as on 30.06.2013.

(i) With the amount of VAT purchase cost of material has been reduced. However there was no purchase during the year.

Paid up amount on 3002100 forfeited Equity shares i.e. Rs.15010500/- which have not been reallotted have been shown under the head "Share Capital".


Jun 30, 2012

1.1. Out of above shares 120000 Equity Shares have been allotted as fully paid up bonus shares by capitalisation of General Reserve.

1.2. There has been no movement in the equity shares during the year.

1.3. The company has only one class of equity shares having a par value of Rs.10/- share. Each holder of equity shares is entitled to one vote per shares.

2.1.1 (i) Loan of U.P. Financial Corporation''s is secured by hypothecation of Plant & Machineries/Equipments and collaterally secured by mortgage of all immovable and movable properties and personal guarantees of Shri Vikas Jain and Shri Vivek Jain. Balance payable to UPFC as per OTS scheme after repayment has been shown as secured loan. Provision of Interest and penal Interest has not been done. However sufficient provision already exist as (Interest Payable) under the head Other Current Liabilities against this contingent liability. Balance is subject to confirmation.

(ii) Loans of PICUP''s is secured by hypothecation of plant & machineries/equipment and collaterally secured by joint equitable mortgage with UPFC of all immovable and movable properties and personal guarantees of Shri Vikas Jain and Shri Vivek Jain. Balance payable to PICUP as per OTS scheme after repayment has been shown as secured loan. Provision of Interest and penal Interest has not been done. However sufficient provision already exist as (Interest Payable) under the head Other Current Liabilities against this contingent liability. Balance is subject to confirmation.

3.1. Total outstanding dues of "Small Scale Industrial Undertakings'' and ''other than Small Scale Industrial Undertakings'' and the name of the Small Scale Industrial Undertakings to whom sthe company owe a sum of exceeding Rs.1.00 lac which is outstanding for more than 30 days are not disclosed on the balance sheet as the suppliers have not indicated their status whether they are Small Scale Industrial Undertaking or not on their documents and accordingly it was not possible for the company to bifercate the trade creditors.

4. CONTINGENT LIABILITIES / COMMITMENTS NOT PROVIDED FOR :

(a) Listing fee of Stock Exchange (Other than BSE) Rs.5.10 lacs (Prev. Year Rs.6.59 lacs)

(b) Electricity Department Rs.1.26 lalcs (Prev. Year Rs.1.26 lacs)

(c) Interest UPFC Rs.128.00 lacs (Prev. Year Rs.100.00 lacs)

(d) Interest PICUP Rs.160.00 lacs (Prev. Year Rs.120.00 lacs)

(e) House Tax Amount Ascertained


Jun 30, 2011

1. Secured Loans - UPFC

Loans of U.P. Financial Corporation are secured by hypothecation of Plant & Machineries/Equipments and collaterally se- cured by mortgage of all immovable and movable properties and personal guarantees of Shri Indra Kumar Jain (deceased), Shri Vikas Jain and Shri Vivek Jain. Balance payable to UPFC as per OTS scheme as reduced by repayment has been shown as secured loan. UPFC has cancelled OTS and has adjusted repayment amount against interest which is against the NPA guidelines of RBI. Company has disputed the action of UPFC and hope favorable result in the end. However, sufficient provision already exist as interest suspense under the head - Sundry Creditors - others against this contingent liability.

2. Secured Loans - PICUP

Loans of PICUP are secured by hypothecation of plant and machineries/equipment and collaterally secured by joint equitable mortgage with UPFC of all immovable and movable properties and personal guarantees of Shri Indra Kumar Jain (deceased), Shri Vikas Jain and Shri Vivek Jain. Balance payable to PICUP as per OTS scheme as reduced by repayment has been shown as secured loan. PICUP has cancelled OTS and has adjusted repayment amount against interest which is against the NPA guidelines of RBI. Company has disputed the action of PICUP and hope favorable result in the end. However, sufficient provision already exist as interest suspense under the head. Sundry Creditors - others against this contingent liability.

3. Contingent Liability

i) Claims not acknowledged by company - .NIL (Prev. Year Rs.8.30 lacs) only

ii) Company is also contingent liable for the following -

a) Listing fee of Stock Exchange Rs.6.59 lacs (Prev.year Rs.3.66 lacs)

b) Electricity Department Rs.1.26 lacs (Prev. year Rs.1.26 lacs)

c) InttUPFC Rs.100.00 lacs approx (Prev. year Rs.72.00 lacs)

d) Intt PICUP Rs.120.00 lacs approx (Prev. year Rs.83.00 lacs)

e) House Tax Amount unascertained

4. Retirement Benefits

There is no liability of retirement benefits to employees.

5. Balance of Debtors, Advances, Creditors, UPFC and PICUP are subject to confirmation / reconciliation. However, in the opinion of Board of Directors, the current assets and loans and advances are approx. of the value stated if realised in the ordinary course of the business and provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

6. Total outstanding dues of 'Small Scale Industrial Undertakings' and 'other than Small Scale Industrial Undertakings' and the name of the Small Scale Industrial Undertakings to whom the company owe a sum of exceeding Rs.1.00 lac which is outstanding for more than 30 days are not disclosed on the balance sheet as the suppliers have not indicated their status whether they are Small Scale Industrial Undertaking or not on their documents and accordingly it was not possible for the company to bifercate the trade creditors accordingly.

7. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PART II OF THE SCHEDULE VI OF THE COMPA- NIES ACT, 1956 (AS CERTIFIED BY THE DIRECTORS AND ACCEPTED BY THE AUDITORS):

Break up of Expenditure incurred on Employees who:

(i) If employed through out the year i.e. 01.07.2010 to 30.06.2011 were in receipt of remuneration for the period which in the aggregate was not less than Rs.24,00,000.00 or more - NIL

(ii) If employed for the part of the year were in receipt of remuneration for any part of that year at a rate in the aggregate was not less than Rs.2,00,000.00 per month or more - NIL

 
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