Steel Strips Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1. The Company has issued only one class of shares i.e. equity shares. All equity shares rank pari passu and carry equal rights with respectto voting and dividend. The dividend proposed by the Board of Directors is subjectto the approval of the shareholders in the ensuingAnnual General Meeting.

In the event of liquadation 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 bythe shareholders.

2. The details of Shareholders holding more than 5% shares.

3. Share reserved for issue under Options outstanding as at the end of the year on unissued share capital.

As on 31 March, 2014, 51,000 ( previous year Nil), employee stock option were outstanding underthe employee stock option scheme of the company Each option would entitle the holder thereof to subscribe to one equity share of Rs. 10/- each of the company.

4. Steel Strips Wheels Limited Deputy Managing Director, Employee stock option Scheme 2013.

The company has established an employee stock option scheme (ESOS) in accordance with the securities and exchange board of India ( employee stock option scheme & Employee Stock Purchase Scheme) guidance 1999 which has been approved by the board of Directors and shareholders. All options under ESOP are exercisable for equity shares. The company has granted upto 51000 option to Shri A.V. Unnikrishnan ( Deputy Managing Director of the company). Each option is exercisable for one equity shares of Rs.10/-each fully paid up on a payment of exercise price. The exercise price is Rs. 10 per share. Date of grant is 01.01.2014 and vesting period is one year. Exercise period for the option is within 4 years from the date of grant of the options.

5. Impact offair Valuation method on Net Profit under EPS

In March 2005, the institutes of Chartered Accountants of India has issued a guidance note on "Accounting for Employees Share based payments" applicable to Employee based share plan, the grant date in respect of which falls on or after April 1st, 2005. The said guidance note require the pro-forma Disclosures of the impact of fair value method of accounting of employee stock Compensation accounting in the financial statements. Applying the fairvalue based method defined in the said guidance note the impact on the reported net profit and earning per share would be as follows:

6. No Shares out of the issued, subscribed and paid up Share Capital were allotted in the last five years pursuant to the various scheme of amalgamation without payment being received in cash.

7. No Shares out of the issued, subscribed and paid up Share Capital were allotted as Bonus Shares in the last five years by capitalization of Securities Premium Reserves.

8. Land for Oragadam plant in Chennai is obtained on 99 years of lease basis from State Industrial Promotion corporation of

Tamilnadu Limited(SIPCOT), a Government of Tamilnadu enterprises. The total cost of Lease hold land is amortised over a period of 99 years. Accordingly a sum of Rs. 12.19 Lacs (Previous year Rs. 12.19 Lacs) is amortised during the period.

9. Preoperative Expenses/ Interest pending capitalization consist of expenses incurred/being incurred during implementation of project under installation of new fixed Assets. These will be capitalized with other fixed assets when project/fixed assets shall commence commercial production. Interest on term Loan of Rs. 78.59 Lacs (Previous year 191.52 Lacs) has been captalised during the year.

10. No Assets of the Company is given on lease hold basis to outsiders.

11. Addition in assets during the year also includes the reinstatement of Foreign Currency Term Loans.

12. Intangible Assets under Development re presents installation of SAP software in the Company.

13. Straight Line Method of Depreciation on Plant and Machineries is provided as under:

* In case of Oragadam ( Tamilnadu) unit on double shift basis except machineries of Phase I Ind, which is on single shift basis.

* Incase of Dappar( Punjab)unitontrippleshiftbasis.

* In case of Jamshedpur (Jharkhand) unit on Double Shift basis except utility plant and paint plant which is on single shift basis.

14. Depriciation of assets Costing Rs. 5000 or Less is provided 100% on pro rata basis for days put in use.

The Income TaxAssessment of the Company has been completed upto the Assessment year 2006-07. There is no demand on company. Therefore no provision has been made by the company.

The Company has entered into an agreement for purchase of land admeasuring 304 kanals approx at village Bir Farozari, Distt. Panchkula, at cost of Rs. 133.00 Lacs for setting up a auto component unit. The land has not yet been registered in the name of Company. Pending the same, the advance of Rs. 35.00 Lacs paid bythe Company has been shown as advances recoverable and being under legal suit, a provision forthe same has been made. The lower court has passed decree in favour of company and now the appeal have been filed in High Court by both the parties.

15. CONTINGENT LIABILITIES NOT PROVIDED FOR ON ACCOUNT OF :

Rs.in Lacs

PARTICULARS AS AT March 31, AS AT March 31, 2014 2013

A. Letter of Credit/ Bank of Guarantee Outstanding for Import/ 2,565.22 885.12 Purchase of Raw Materials, Spares and Plant and Machinery

B. Estimated amount of Contracts remaining to be executed 1,953.87 1,325.25 on account of Capital account and not provided for (net of advances)

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Mar 31, 2013

1. Contingent Liabilities not provided for amount to s Nil (Previous Year s Nil).

2 Previous year''s figures have been regrouped and rearranged wherever considered necessary to make them comparable with those of current year.

3. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

4. Sales Tax liability has been provided for as per Sales Tax Returns filed. Additional liability, if any arising on assessment, shall be provided for on completion of assessment.

5. Notes No.1 to 13 form an integral part of the Balance Sheet , Profit & Loss Account and Cash Flow Statement of the Company.

6. The debit & credit balances in the accounts of suppliers, customers, and others are subject to their confirmation and reconciliation.

7. The company has filed suits for recovery against certain debtors, suppliers and others, who have also filed counter claims/suits. The company has not accounted for these claims and counter claims in view of the policy of the company to account for the same on cash basis. The amount of claims/suits filed against the Company is s 376.75 Lacs (Previous year s 376.75 Lacs) and the same have been stayed in Court u/s 22 of S.I.C.A. or U/S 10 of code of civil Procedures Act.

8. There are no defferred tax liability or asset for the year.

9. The company is presently not in the business of manufacture and sale of any products.

10. Related Party Disclosures:

Detail of transaction entered into with related parties during the year as required by Accounting Standard-18 on " Related Party disclosures" issued by the Institute of

11. Leases

There were no non-cancellable lease agreements during the current year and previous year either for receipt or payments of lease rent. Accordingly, provisions of AS 19 are not applicable.

12. Additional information pursuant to the provisions of Paragraphs 2, 4C & 4D of Part-II of Schedule-VI of the Companies Act, 1956.

A. QUANTITATIVE DATA

Quantitative data relating to installed capacities, production, raw material consumed, opening & closing stocks of goods manufactured and sales are not applicable as there was no manufacturing activity during the year.

B. EXPENDITURE ON EMPLOYEES

There was no employee during the year (Previous Year nil ) who was drawing a remuneration of not less than s 6000000/- per annum, if employed throughout the year, or not less than s 500000/- per month, if employed for a part of the year.

C. IMPORTS & EXPORTS

There were no imports or other expenditure in foreign Currency during the current or previous year, nor there were any exports.

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Mar 31, 2012

1. Contingent Liabilities not provided for amount to Rs. Nil (Previous Year Rs. Nil).

2 Previous year's figures have been regrouped and rearranged wherever considered necessary to make them comparable with those of current year.

3. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

4. Sales Tax liability has been provided for as per Sales Tax Returns filed. Additional liability, if any arising on assessment, shall be provided for on completion of assessment.

5. Notes No.1 to 13 form an integral part of the Balance Sheet, Profit & Loss Account and Cash Flow Statement of the Company.

6. The debit & credit balances in the accounts of suppliers, customers, and others are subject to their confirmation and reconciliation.

7. The company has filed suits for recovery against certain debtors, suppliers and ' others, who have also filed counter claims/suits. The company has not accountedfor these claims and counter claims in view of the policy of the company to ' account for the same on cash basis. The amount of claims/suits filed against the Company is Rs 376.75 Lacs (Previous year 'Rs 376.75 Lacs) and the same have been stayed in Court u/s 22 of S.I.C.A. or U/f3 10 of code of civil Procedures Act.

8. There are no defferred tax liability or asset for the year.

9. The company is presently not in the business of manufacture and sale of any products.

B) Enterprises over which Key Management Personnel (KMP) are able to exercise significant control and with whom transactions have taken place during the year:

SAB Industries Ltd., Indian Acrylics Ltd. and Steel Strips Infrastructures Ltd.

C) Relatives and associates of the key management personnel (with whom transactions have taken place):

1. M/s Indian Acrylics Ltd 2. Sh. R. K Garg

10. Leases

There were no non-cancellable lease agreements during the current year and previous year either for receipt or payments of lease rent. Accordingly, provisions of AS 19 are not applicable.

11. Additional information pursuant to the provisions of Paragraphs 2, 4C & 4D of Part-ll of Schedule-VI of the Companies Act, 1956.

A. QUANTITATIVE DATA

Quantitative data relating to installed capacities, production, raw material consumed, opening & closing stocks of goods manufactured and sales are not applicable as there was no manufacturing activity during the year.

B. EXPENDITURE ON EMPLOYEES

There was no employee during the year (Previous Year nil ) who was drawing a remuneration of not less than Rs. 6000000/- per annum, if employed throughout the year, or not less than Rs. 500000/- per month, if employed for a part of the year.

C. IMPORTS & EXPORTS

There were no imports or other expenditure in foreign Currency during the current or previous year, nor there were any exports.

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Mar 31, 2010

1. Contingent Liabilities not provided for amount to Rs. Nil (Previous Year Rs. Nil).

2 Previous years figures have been regrouped and rearranged wherever considered necessary to make them comparable with those of current year.

3. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

4. Sales Tax liability has been provided for as per Sales Tax Returns filed. Additional liability, if any arising on assessment, shall be provided for on completion of assessment.

5. Schedules 1 to 9 form integral part of the Balance Sheet and Profit & Loss Account of the Company.

6. The debit & credit balances in the accounts of suppliers, customers, and others are subject to their confirmation and reconciliation.

7. The company has filed suits for recovery against certain debtors, suppliers and others, who have also filed counter claims/suits. The company has not accounted for these claims and counter claims in view of the policy of the company to account for the same on cash basis. The amount of claims/suits filed against the Company is Rs. 380.20 Lacs (Previous year Rs 386.00 Lacs) and the same have been stayed in Court u/s 22 of S. I. C. A. or U/S 10 of code of civil Procedures Act.

8. There are no taxable profits during the year. There is no deferred tax liabilities for the year. However, as per provisions of Accounting Standard 22 as prescribed by Institute of Chartered Accountants of India, Deferred Tax Assethas not been recognized in view of the fact that operations are closed and chances of its recovery,, in near future, are remote.

9. The company is in the business of manufacturer and sale of cold Rolled Steel Strips and there is no other segment as per Accounting Standards (AS-17) dealing with the segment reporting.

a) Key Management Sh. R.K. Garg Sh. H.K. Singhal Sh. Sanjay Garg Personnel Chairman Director Executive Director

b) Enterprises over which Key Management Personnel (KMP) are able to exercise significant control and with whom transactions have taken place during the year:

SAB Industries Ltd., Indian Acrylics Ltd. and Steel Strips Infrastructures Ltd.

c) Relatives and associates of the Key Management Personnel (with whom transactions have been taken place):

1. Mrs. Sunena Garg, wife of Sh. R.K. Garg, Director & Chairman.

2. M/s R.K. Garg & Sons - HUF (Sh. R.K. Garg - Karta)

Additional information pursuant to the provisions of Paragraphs 2, 4C & 4D of Part-ll of Schedule-VI of the Companies Act, 1956.

A. QUANTITATIVE DATA

Quantitative, data relating to installed capacities, production, raw material consumed, opening & closing stocks of goods manufactured and sales are not applicable as there was no manufacturing activity during the year.

B. EXPENDITURE ON EMPLOYEES

There was no employee during the year (Previous Year nil ) who was drawing a remuneration of not less than Rs. 2400000/- per annum, if employed throughout the year, or not less than Rs. 200000/- per month, if employed for a part of the year.

C. IMPORTS & EXPORTS

There were no imports or other expenditure in foreign Currency during the current or previous year, nor there were any exports.