1. Equity Shares
The equity shares have a par value of Rs. 10/- per share. Each
shareholder is entitled to one vote per share
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts, if any. The
distribution will be in proportion to the number of equity shares held
by the shareholders
2. Contingent Liabilities
Contingent liability not provided for in respect of :-
(Amount in
Particulars As at 31.3.2015 As at 31.3.2014
Outstanding Bank Guarantee 1,00,000 1,00,000
3. Unadmitted Claims
There has been a demand of Rs. 23,77,572/- raised by the Income Tax
Department for the financial year 1996-97. The company is contesting
the same at Income Tax Appellate Tribunal, New Delhi and the management
understands that there exists a very strong case in its favour and,
therefore, no provision had been made against it. In the meanwhile the
company has paid Rs.12,00,000/- under protest to the department and for
balance amount, stay has been obtained from the department.
The Income-Tax Assessments of the Company related to Search Cases have
been completed during the year. The assessed tax liability was
Rs.16,73,634 and the Company has not filed any appeal against the
assessment order. The Company has made the provision of Rs.16,73,634 in
the financial statement for the year ended 31st March, 2015.
In addition to the above, the Company is a party to other few legal
proceedings in the normal course of business. The Company does not
expect the outcome of these proceedings to have a material adverse
effect on the Company's financial conditions, results of operations or
cash flows.
4. The management is of the opinion that none of the assets of the
company has suffered from impairment during the period.
5. Company has not incurred any expenses in foreign currency during
the period.
The Company has a defined benefit gratuity plan which is unfunded.
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. The Company has also provided for Leave
Encashment which is unfunded.
The following tables summarize the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet for the respective plans (as per Actuarial Valuation as
on March 31, 2015).
6. Related Party Transactions
As per Accounting Standard (AS)-18 "Related Party Disclosures", the
Company's related parties and transactions are disclosed below:
(a) List of related parties & relationships, where control exists: Nil
(b) Associate Company:
i. SRS Modern Sales Limited.
ii. SRS E-Retail Limited
iii. SRS Talkies Limited
(c) Key Management Personnel (KMP)
i. Mr. Dinesh Khatri - Whole Time Director (upto 12.05.2014)
ii. Mr. Raju Gupta: - Managing Director (upto 17.06.2014)
iii. Mr. Ankit Sachdeva - Managing Director & CEO
(Whole Time Director upto 16.06.2014)
iv. Mr. Naveen Kumar Tayal - Whole Time Director & CFO (from
12.05.2014)
(d) Related Parties owned or controlled by Key Management Personnel
(KMP)
i. SRS Limited
ii. SRS Real Infrastructure Limited
7. Management considers that all the Current Assets, Loans & Advances
are fully recoverable at the value at least equal to the value
disclosed in the books and there is no other than temporary diminution
in the value of long term Investments.
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