1. Corporate Information
Sharika Enterprises Ltd. (SEL), was incorporated on 6th May 1998 to undertake activities of consultancy and marketing services primarily in the power sector for Indian and International Power Equipment Manufacturers. The company has added trading of Electrical items primarily comprising of LED lights and other related products and components. Its operations also include a composite range of activities comprising of engineering, procurement, construction and servicing etc. of Power plants and equipments.
The Company made its Initial Public Offering in November, 2017 and met with overwhelming response wherein the public offering was oversubscribed by more than 59 times, a testament to the growth story and future outlook of the Company. The Company was listed on the Bombay Stock Exchange on 27th November, 2017.
The Bank Facilities from J&K Bank [Cash Credit] are secured by hypothecation of Company’s entire stocks and receivables.
Unsecured Loans:
The amount taken as unsecured loans from Directors are usually payable on demand but the company reserves its right to defer the payment of the same for a period exceeding 12 months. The amount has been repaid partially during the year. However, no provision for Interest on the amount payable has been made in the absence of any defined terms.
As per Accounting Standard -22 on Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India the provision for Deferred Tax Assets as at 31-3-2018 are Rs.ll,75,100/-. Since, provision for Deferred Tax Assets of Rs. 11,42,636 was made upto 31/3/2017, therefore, Rs 32,364/- have been written back in the current year Statement of Profit & Loss Account.
2. Contingent Liabilities and Commitments
a) Contingent liabilities: Nil. (Nil)
b) Estimated cost of contracts remaining to be executed on capital account and not provided for Nil (previous year Rs. Nil).
c) Others: Defaults on account of Short deduction & Deposition of TDS and/or delay in filing of TDS returns has been provided for on the basis of Notices received till the Audit Date. However, the final settlements are pending.
3. Disclosure required by Micro, Small and Medium Enterprises (Development) Act, 2006.
In the absence of necessary information in relation to the suppliers registered as Micro or Small enterprises under Micro, Small and Medium Enterprises (Development) Act, 2006, the company has not been able to identify such suppliers and the information required under the said Act could not be complied and disclosed.
4. Related Party Disclosure:
A. Related Party transactions as required by AS-18, “Related Party Disclosures are as given below.
i) Related Parties in the Group where common control exists:
a. Elettromeccanica India Pvt. Ltd. (EIPL) - JV of SEL holding 49% Equity Shares.
b. Sharika Lightec Pvt. Ltd. (SLPL)- Wholly Owned Subsidiary of SEL.
c. Sunruf Energy Pvt. Ltd.-Subsidiary Company of SEL holding 51% Equity Shares.
ii) Key Management Personnel of the Company.
a. Shri Rajinder Kaul
b. Shri Ravinder Bhan
c. Shri Arun Kaul
d. Shri Sanjay Verma
e. Shri Mahesh Pandey & Shri Vikas Pandey
iii) Relative of the Key Management Personnel
a. Ms. Mukta Mani Kaul - Wife of Mr. Rajinder Kaul (Director)
b. Mr. Chuni Lai Kaul- Relative of Mr. Rajinder Kaul (Director) e. Mr. MK Koul- Father of Mr. Arun Kaul (Director)
d. Ms. Shefali Bali Bhan- Wife of Mr. Ravinder Bhan (Director)
e. Ms. Sukhwinder Kaur Verma-Wife of Mr. Sanjay Verma
5. All amounts in the financial statements are presented in Rupees except Share Data.
6. Previous years’ figures have been regrouped, rearranged and reclassified wherever necessary to correspond with the current years’ classification and disclosure.
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