| 1. CONTINGENT LIABILITIES NOT PROVIDED FOR
(All Figures in Rs.)
As at As at
31.03.2015 31.03.2014
i) Bills Discounted with Banks 174,310,291 190,758,602
ii) Bank Guarantees given
by Banks 2,190,998,109* 4,842,284,816
iii) Claims contested by
the Company 500,000 500,000
iv) Corporate Guarantee
Given to Banks on account of
Subsidiaries 500,240,000** 301,404,500**
*BGs taken for Release of Advance Money, Retention Money and as
security for procurement of Raw Material are not considered under
Contingent Liabilities as the same are already grouped under Other
Liabilities and Trade Payables.
**Corporate Guarantee of USD 8,000,000 (Previous Year 5,000,000) is
offered to UCO Bank, Singapore and Habib Bank, Singapore for the limits
granted to BS Global Resources Pvt. Ltd (100% Subsidiary of BS
Limited). 1 USD = Rs. 62.53/- (Previous Year 1 USD = Rs. 60.2809)
2. MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT
The Company has not received intimation from vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence names of Micro, Small and Medium Enterprises to whom the
Company owes any sum together with interest unpaid as on the date of
Balance Sheet is not ascertainable.
The Company has issued Bonus Shares in the proportion of 1:1 on the
ESOP allotted during the Current Financial year in accordance with the
approval of Shareholders. EPS reported for the Year ended March 31,
2014 has been derived considering the increase in the number of Equity
Shares on account of Bonus Shares issued in the Current Financial Year
2014-15 in accordance with the Disclosure Requirements as per
Accounting Standard -20 on "Earning Per Share".
3. DEPRECIATION
In accordance with the provisions of Schedule II of the Act, in case of
Fixed Assets which has completed their useful life as at April 01,
2014, the Carrying Value (Net of Residual Value) amounting to Rs.
2,640,832/- as a transitional provision has been recognized in the
Retained Earnings.
Further, in case of Assets acquired prior to April 01, 2014, the
Carrying Value of Assets (Net of Residual Value) is depreciated over
the remaining useful life as determined effective April 01, 2014.
Depreciation expenses for the year would have been lower by Rs.
153,540,401/-, has the Company continued with the previous rates of
Depreciation as prescribed under Schedule XIV to the Companies Act,
1956.
4. Balances relating to Debtors, Creditors, Loans and Advances are
subject to reconciliation & confirmation.
5. During the Current Period the Company has made an Investment of Rs.
26,664,000/- in SPV for BOOM Project awarded by Rural Electrification
Corporation Limited and Rs. 6,272,669 in BS Limited FZE Dubai (100%
Subsidiary).
6. As per Section 135 of the Companies Act 2013, a Corporate Social
Responsibility Committee has been formed by the Company and Rs.
17,220,000/- allocated for CSR Activities. The areas for CSR activities
are eradication of Hunger and Malnutrition, Promoting education, Health
Care and Rural Development Projects. These funds were primarily
allocated to a corpus and yet to be utilized for the specified purposes.
7. Figures for the Previous Year have been rearranged/ regrouped /
recast wherever necessary to conform to the Current Year presentation/
classification.
8. Figures are rounded of to the nearest rupee.
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