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Notes to Accounts of Surya Roshni Ltd.

Mar 31, 2015

Note no. 1

Disclosure pursuant to Note no. T of Part I of Schedule III to the Companies Act, 2013 Contingent Liabilities and commitments (to the extent not provided for)

Particulars As at As at 31.03.2015 31.03.2014

Rs. Rs. Contingent Liabilities

Claims against the company not acknowleged as debt; 1,89,18,530 2,29,30,777

Guarantees; 57,11,62,451 87,74,13,692

Corporate Guarantee in favour of Banks for providing term loans to Surya Global Steel Tubes Limited:

Sanctioned term loans amount - Rs. 135 Crores;

Outstanding term loans amount 21,00,00,000 56,00,00,000

Bonds executed by the Company to Custom Department against export obligation under EPCG Scheme 24,70,92,877 27‚44‚70‚372

Other money for which the company contingently liable - -

Total 1,04,71,73,858 1,73,48,14,841

Commitments

Estimated amount of contracts remaining to be executed on capital 8,65,00,000 - account and not provided for;

Total 8,65,00,000 -

2 The figures of the previous year have been re-arranged and/ or re-grouped where ever considered necessary and practicable to make them comparable with current year's figures.

3 Consequent to the introduction of Schedule II of the Companies Act, 2013 becoming effective from

April 1, 2014, the company have re-worked depreciation with reference to the estimated useful lives of fixed assets prescribed under Schedule II of the Act or re-assessed by the Company as per technical evaluation. As a result, the charge for depreciation is higher by Rs. 48,06,121 for the quarter and is higher by Rs. 4,89,95,121 for the Year ended 31st March, 2015. Further based on transitional provision as per Note 7(b) of Schedule II, an amount of Rs. 11,65,04,928 has been adjusted to the retained earnings.

4 The Balance of Sundry Debtors and Sundry Creditors are subject to confirmation.

5 The Income-Tax Assessments of the Company have been completed up to Financial Year 2012-13 where in demands of Rs. 40,69,74,682 have been raised and for which company has filed appeal with stay of demand. However, based on the interpretations of the relevant provisions, decisions of Appellate authorities in the similar cases and as per consultations made by the company, the company is not liable for any tax and accordingly no provision has been made.


Mar 31, 2014

1. Contingent Liabilities and commitments (to the extent not provided for)

Disclosure pursuant to Note no.T of Part I of Schedule VI to the Companies Act, 1956

Particulars As at As at 31.03.2014 31.03.2013

Rs. Rs.

Contingent Liabilities

Claims against the company not acknowleged as debt; 2,29,30,777 2,29,30,777

Guarantees; 87,74,13,692 38,30,21,910

Corporate Guarantee in favour of Banks for providing term loans to Surya Global Steel Tubes Limited:

Sanctioned term loans amount - Rs. 135 Crores;

Outstanding term loans amount- Rs. 56 Crores 1,35,00,00,000 1,35,00,00,000

Bonds executed by the Company to Custom Department against export obligation under EPCG Scheme 27,44,70,372 33,25,45,469

Other money for which the company is contingently liable - -

Total 2,52,48,14,841 2,08,84,98,156

Commitments

Estimated amount of contracts remaining to be executed on capital - - account and not provided for;

Total - -

2.Consequent upon opting for Central Excise exemption w.e.f. 02-01-2006 based on Notification No. 50/2003 dated 10-06-2003, cenvat credit of Rs.1,34,61,135/- was claimed on account of input credits by Factory and the same shall be recognised in the year in which the matter will be finally settled by the appropriate authorities.


Mar 31, 2013

1.1 Consequent upon opting for Central Excise exemption w.e.f. 02-01-2006 based on Notifi cation No. 50/2003 dated 10-06- 2003, cenvat credit of Rs.1,34,61,135/- was claimed on account of input credits by Kashipur Factory and the same shall be recognised in the year in which the matter will be fi nally settled by the appropriate authorities.

1.2.1 Outstanding 54,75,000 Optionally Convertible Warrants (Series 3) of Rs. 111/- each (Rs. 27.75/- paid-up) due for conversion on or before 29th May, 2012 stands lapsed and the total consideration of Rs. 15,19,31,250/- as paid – up money has been forfeited by the Company due to non – exercising option of conversion by warrant holders on or before 29th May, 2012 as per Regulation 77(4) of SEBI (Issue of Capital & Didclosure Requirements) Regulations, 2009.

1.3 Related party disclosures

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given hereunder :

A. Relationship :

i) Subsidiary Company

- Surya Global Steel Tubes Ltd. ii) Other Companies

1. Surya Global Steel & Gen Power Limited

2. Surya Global Cement Limited

3. Surya Global Infrastructure Limited

4. Surya Roadlink and Infra Limited

5. Surya Vijay Nagar Steel & Power Limited

6. Surya Vijay Nagar Cement Limited

7. Surya Chhatisgarh Steel & Power Limited

8. Surya Chhatisgarh Power Limited

9. Surya Gujarat Power Limited

10. Surya Shimoga Lighting Limited

11. Surya Shimoga Steel Pipes Limited iii) Key Management Personnel

- Sh. J.P. Agarwal - (Chairman)

- Sh. Raju Bista - (Managing Director)

NOTE - 2

SEGMENTS INFORMATION for the year ended 31st March, 2013 and 31st March, 2012

The company has identifi ed the following two Primary Business Segments :

1. Steel - Engaged in the production of Steel Tubes & Pipes and Cold Rolled Strips

2. Lighting - Engaged mainly in the manufacture of different varieties of Lamps & related products Secondary Segment reporting has been performed on the basis of Geographical Locations.


Mar 31, 2012

Note no. 1

Disclosure pursuant to Note no.T of Part I of Schedule VI to the Companies Act, 1956

Contingent Liabilities and commitments (to the extent not provided for)

As at As at Particulars 31.03.2012 31.03.2011 Rs Rs;

Contingent Liabilities

Claims against the company not acknowleged as debt; 2,29,30,777 2,29,30,777

Guarantees; 28,49,86,993 26,20,59,274

Coporate Guarantee in favour of PNB and SBI for providing 1,35,00,00,000 1,35,00,00,000 term loans to Subisidiary Company

Bonds executed by the Company to Custom Department against export obligation under EPCG Scheme 33,25,45,469 33,25,45,469

Other money for which the company is contingently liable " -

Total 1,99,04,63,239 1,96,75,35,520

Commitments

Estimated amount of contracts remaining to be executed - 2,50,97,765 on capital account and not provided for;

Total - 2,50,97,765

NOTE NO. 2

2.1 Consequent upon opting for Central Excise exemption w.e.f. 02-01-2006 based on Notification No. 50/2003 dated 10-06-2003, cenvat credit of Rs.1,34,61,135/- was claimed on account of input credits by Kashipur Factory and the same shall be recognised in the year in which the matter will be finally settled by the appropriate authorities.

2.2 Company had outstanding 54,75,000 Optionally Convertible Warrants (Series 3) as on 31st March, 2012.

2.3 Related party disclosures

Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given hereunder :

A. Relationship :

i) Subsidiary Company

- Surya Global Steel Tubes Ltd

ii) Other Companies

1. Surya Global Steel & Gen Power Limited

2. Surya Global Cement Limited

3. Surya Global Infrastructure Limited

4. Surya Roadlink and Infra Limited

5. Surya Vijay Nagar Steel & Power Limited

6. Surya Vijay Nagar Cement Limited

7. Surya Chhatisgarh Steel & Power Limited

8. Surya Chhatisgarh Power Limited

9. Surya Gujarat Power Limited

10. Surya Shimoga Lighting Limited

11. Surya Shimoga Steel Pipes Limited

iii) Key Management Personnel & their Relatives :

Remuneration for the year 2011-2012 :

- Sh. J.PAgarwal (Chairman & Managing Director) Rs. 2,400

Sitting Fees for the year 2011-2012

Smt. Urmil Agarwal * (Director) Rs. Nil

* Resigned on 11th November, 2011'


Mar 31, 2010

1. Contingent liabilities not provided for in respect of :

(a) Letter of Credit / Bank Guarantees outstanding Rs. 41,29,62,403 (Previous year Rs. 40,50,64,835).

(b) Disputed Excise duties, Sales / VAT taxes liability Rs.3,21,97,554 (Previous year Rs. 1,88,03,777).

(c) Bonds executed by the company to custom department against fulfilment of export obligation under 5% EPCG Scheme Rs. 32,08,19,889 (Previous year Rs. 1,46,05,170).

(d) Disputed ESI liability Rs. 34,55,828 (Previous year Rs. 34,55,828).

(e) Disputed demand of Uttaranchal Power Corporation Rs. 41,27,000 (Previous year Rs. 41,27,000).

(f) Corporate Guarantee(s) of Rs. 90 Crores in favour of PNB and Rs. 45 Crores in favour of SBI for providing term loans to Surya Global Steel Tubes Limited, a subsidiary of the Company (Previous year . Nil).

2. Estimated amount of contracts remaining to be executed on capital account (less advances) Rs. 9,30,09,604 (Previous year - Rs. Nil )

3. Consequent upon opting for Central Excise exemption w.e.f. 02-01-2006 based on Notification No. 50/2003 dated 10-06-2003, cenvat credit of Rs.1,34,61,135/- was claimed on account of input credits by Kashipur Factory and the same shall be recognised in the year in which the matter will be finally settled by the appropriate authorities.

4. During the year, consequent to the shareholders approval in the Extra Ordinary General Meeting , the Company has issued 64,00,000 optionally convertible equity warrants on preferential basis of Rs. 10/- each at premium of Rs. 49/- per warrant to Promoter and Promoter Group. For the said 64,00,000 warrants, the Company has received the 25% upfront money on 15th December, 2009 amounting to Rs. 9,44,00,000/- Further, out of the said warrants, 18,30,000 warrants have been converted into Equity Shares, and 75% amount due on allotment amounting to Rs. 8,09,77,500/- has been duly received towards 18,30,000 equity shares to the applicants.

5. Segment Information for the year ended 31st March, 2010 and 31st March, 2009 The company has identified the following three Primary Business Segments :

1. Steel - Engaged in the production of Steel Tubes & Pipes and Cold Rolled Strips.

2. Lighting - Engaged mainly in the manufacture of different varieties of Lamps.

3. Real Estate - Engaged mainly in the develoment & trade in Real Estate Secondary Segment reporting has been performed on the basis of Geographical Locations

6. Related party disclosures Related party disclosures as required under Accounting Standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given hereunder :

A. Relationship : i) Subsidiary Company - Surya Global Steel Tubes Ltd. ii) Associates 1. Surya Global Steel & Gen Power Limited 2. Surya Global Cement Limited 3. Surya Global Infrastructure Limited 4. Surya Roadlink and Infra Limited 5. Surya Vijay Nagar Steel & Power Limited 6. Surya Chhatisgarh Power Limited 7. Surya Gujarat Power Limited iii)Key Management Personnel - Sh. J. P. Agarwal iv) Relatives of the Key Management Personnel

7. The exchange difference of Rs. Nil (previous year Rs. 18,68,856/-) on account of borrowing for the purpose of acquiring fixed assets is debited to Profit and Loss Account in accordance with the Accounting Standard 11 issued by the Institute of Chartered Accountants of India.

8. (a) Previous year figures have been regrouped and rearranged wherever necessary.

(b) Figures have been rounded off to the nearest rupee. Unit This year Previous year Quantity Value (Rs.) Quantity Value (Rs.) Schedules

 
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