*During the year ended March 31, 2015, company has issued Bonus Equity Shares to the existing shareholders in the ratio of 1:1 on 19th January 2015
*The written down value of Fixed Assets whose lives have expired as at April 1,2014 have been adjusted net of tax ('398,194), in pursuant to the enactment of the Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II.
* includes external development charges/ internal development charges and interest payable thereon amounting to '6,18,78,489 (P.Y.'5,58,79,822)
# There are no amount due for payment to Investor Education and Protection Fund under section 124 of the Companies Act, 2013 at the year end.
##Out of which Rs,44,50,000/- has been paid subsequently up to the date of 8th June, 2016 ###The amount has been fully paid subsequently up to the date of 8th June, 2016
1. In the opinion of the management, the value on realization of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet and provisions for all known liabilities have been made.
2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs,296,145,484/- (previous Year Rs,363,876,628/-).
3. Employee benefits
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. Gratuity scheme is unfunded and the Company has provided for leave encashment which is also unfunded.
The following tables summaries the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the Balance Sheet for the respective plans (as per Actuarial Valuation as on March 31, 2016).
4. Segment Reporting
The Company is engaged in the businesses of promotion, construction and development of integrated townships, residential and commercial complexes, manufacturing of RMC and trading in the various parts of the country. Thus, the Company has three reportable business segments. The Company operates in the same geographical segment.
Note: Previous year's figures have been given in the bracket.
5. In accordance with Accounting Standard "AS-19 on Leases" the following disclosures in respect of operating leases is made as under:
A. Assets taken on operating lease:
a. The Company has taken an office on non-cancellable operating lease.
b. Lease payments recognized in statement of profit and loss amounting Rs,126,90,594 (previous year Rs,12,687,592)
c. Future commitments in respect of minimum lease payment payable in respect of aforesaid lease entered by the Company are as follows:
6. As per Accounting Standard-18, the Company’s related parties and transactions are disclosed below:
a) List of related parties and relationships, where control exists:
1) Holding Company
BTL Holding Company Limited (formerly known as BTL Investments & Securities Limited)
(SRS Holdings India limited merged with BTL Holding Company Limited)
2) Subsidiary Companies
i. SRS Real Estate Limited
ii. SRS Automotive Components Private Limited ( formerly known as SRS I-Tech Private Limited)
iii. SRS Retreat Services Limited
iv. Grand Reattach Limited (up to 26.02.2016)
v. SRS Mines Overseas Limited (Formerly known as Nav Nirman Realtech Limited)
vi. SRS Natural Resources Limited (formerly known as Arihant Dham Constructions Ltd.) (up to 17.08.2015)
3) Fellow Subsidiary Companies
i. SRS Limited
ii. SRS Healthcare and Research Centre Limited (Formerly known as Soaring Heights Limited)
4) Step Down Fellow Subsidiary Companies
i. Lotus SRS Buildtech Limited (up to 02.03.2016)
ii. SRS Mines & Minerals (FZC)
iii. SRS Worldwide (FZC)
5) Joint Venture
SRS Lotus Projects Private Limited
6) Associates
SRS Hi-tech Project Limited (up to 10.03.2015)*
b) Related parties and relationships with whom transactions have taken place during the year:
1) Key Management Personnel (KMP)
i. Dr. Anil Jindal Chairman
ii. Mr. Jitender Kumar Garg Managing Director
iii. Mr. Rajesh Singla Whole-Time Director & Chief Financial Officer
iv. Mrs. Shweta Marwah Company Secretary
2) Enterprises owned or significantly influenced by KMP and/or their relatives
i. SRS E-Retail Private limited
ii. SRS Global Securities Limited
iii. SRS Finance Limited
iv. SRS Knowledge & Technologies Limited (formerly known as SRS Professional Services limited) (up to 08.08.2015) * ceased to be associated w.e.f. 10.03.2015, hence transactions for the current year are not required to be disclosed.
7. Several High Courts have stayed the retrospective nature of amendment in The Payment of Bonus Act (Amendment), 2015 with effect from 1st April, 2014. The Company has consequently not made any provision for Bonus for the year 2014-15 Rs,1,03,768/-in the current financial year.
8. Previous year figures have been regrouped/rearranged and reclassified wherever necessary.
9. All amounts in the financial statements are presented in Rupees and rounded off to nearest rupee.
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