The rights preferences and restrictions attaching to equity shares and the repayment of capital is as under:
The Company has only one class of Equity Shares having a par value of Rs.10/- each. Each holder of Equity Shares 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 remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the Shareholders.
1 Provision for retirement benefits under the Payment of Gratuity Act and Provident Fund Act have not been made as the said act are not applicable to the company on account of the company having less than the required number of employees.
2 Contingent Liability - Rs. Nil (Previous Year Rs. Nil).
3 The company has filed legal suits against 5 customers for recovery of Loan and advances amounting to Rs. 11.45 crores (Previous year Rs. 11.45 crores). Since the loans and advances are fully secured, the company does not foresee any liability against it. The required provision on the aforesaid loans and advances has been made in the books of account as on 31st March’ 2018 as per RBI guidelines.
4 Estimated amount of contracts remaining to be executed on capital account Rs. Nil (Previous Year Rs. Nil).
5 SEGMENT REPORTING
Accounting Standard 17 on ‘Segment Reporting’ became applicable during the current year. The Company is engaged in financing by way of loans and sale of property. The Company does not have any reportable geographic segment. The Revenues profit and assets from the reportable business segment in terms of Accounting Standard 17 on ‘Segment Reporting’ as notified by the Companies (Accounting Standards) Rules 2006 are as given below:
6 DISCLOSURE AS PER ACCOUNTING STANDARDS-18 “RELATED PARTY DISCLOSURE”
As per AS-18 issued by the Institute of Chartered Accountants of India the following are related parties:
Key Managerial Personnel
Mr. Sharad Saluja Managing Director
Mr. Kuldeep Saluja Director & Relative of Mr. Sharad Saluja
Subsidiary Company
Atul Agro Pvt. Limited OJAS Suppliers Limited
Associate Company
Vardhman Business Ventures Limited
Companies/Persons in which Key Management Personnel and Relatives of Key Managerial Personnel have control:
Name of the Company:
Sterling Agro Industries Ltd.
Narayani Dealers Pvt. Ltd.
V. M. Estate Pvt. Ltd.
Kailashwati Buildcon Pvt. Ltd Vinay Packaging (India) Pvt. Ltd Kesar Builders Pvt. Ltd.
VRS Estate Pvt. Ltd.
Vinay Homes Pvt. Ltd.
VM Real Estates Pvt. Ltd.
Rajindra Hire Purchase & Leasing Co. Pvt. Ltd.
Vinay Real Estate Pvt. Ltd.
Mrs. Raman Saluja (Wife of Mr. Kuldeep Saluja) (w.e.f. 20.07.2017)
The company has entered into the following related party transactions. Such parties and transactions have been identified as per Accounting Standard 18 “Related Party Disclosures’ issued by the Institute of Chartered Accountants of India.
7 As per Section 135 of the Companies Act 2013 the Company is required to spend in every financial year at least two per cent of the average net profits of the company made during the three immediately preceding financial years on corporate social responsibility (CSR) activities. Accordingly the company was required to spend Rs 64.57 lacs (including Rs 47.01 lacs in respect of financial year 2014-15, 15-16 and 16-17) during the current financial year. The Company is in the process of undertaking projects related to CSR. The CSR committee has been examining and evaluating suitable projects for deployment of funds. During the current year, the company has contributed the following sums towards CSR initiatives.
8 Sundry debtors and Loans and Advances have value on realization in the ordinary course of business at least equal to the amount at which they are stated in the financial statement.
9 Debit and Credit Balances outstanding in the accounts of some of the parties are subject to confirmation/reconciliation.
10 Amount due to Micro Small and medium Enterprises.
There are no Micro and Small Scale Business Enterprises to whom the company owes dues which are outstanding for more than 45 days as at March 31st 2018. This information as required to be disclosed under the Micro Small and Medium Enterprises Development Act 2006 has been determined to the extent such parties have been identified on the basis of information available with the company. Therefore the prescribed disclosures for liability of interest on overdue payment have not been given.
11 Previous year figures
Figures of the previous year have been regrouped /reclassified wherever considered necessary to confirm to current year classification.
|