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
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