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ii) economic benefits in the form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal tax after the tax holiday period. Accordingly, it is recognized as an asset in the balance sheet when it is probable that the future economic benefit associated with it will flow to the Company and the asset can be measured reliably. The tax effect of the timing differences that result between taxable income and accounting income and are capable of reversal in one or more subsequent periods are recorded as a deferred tax asset or deferred tax liability. Deferred tax assets and liabilities are recognized for future tax consequences attributable to timing differences. They are measured using the substantively enacted tax rates and tax regulations at the reporting date. The carrying amount of deferred tax assets at each balance sheet date is reduced to the extent that it is no longer reasonably certain that sufficient future taxable income will be available against which the deferred tax asset can be realized. Tax on distributed profits payable in accordance with the provisions of Section 115O of the Income Tax Act, 1961 is in accordance with the Guidance Note on “Accounting for Corporate Dividend Tax” regarded as a tax on distribution of profits and is not considered in determination of profits for the year. Foreign Entities: Foreign Companies recognize tax liabilities and assets in accordance with local laws. 11. Earnings per Share The Company reports Basic and Diluted Earnings Per Share (EPS/DEPS) in accordance with Accounting Standard 20 on “Earnings Per Share”. Basic EPS is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted EPS is computed by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares, except where the results are anti-dilutive. 12. Impairment of assets The carrying amount of assets, other than inventories is reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the assets is estimated. The recoverable amount is the greater of the asset’s net selling price and value in use which is determined based on the estimated future cash flow discounted to their present values. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. 13. Provisions, Contingent Liabilities and Contingent Assets The Company recognises provisions when there is present obligation as a result of past event and it is probable that there will be an outflow of resources and reliable estimate can be made of the amount of the obligation. A disclosure for Contingent liabilities is made in the notes on accounts when there is a possible obligation or present obligations that may, but probably will not, require an outflow of resources. Contingent assets are neither recognised nor disclosed in the financial statements. : : 105 : :
SUJANA METAL PRODUCTS LIMITED SCHEDULE 23: NOTES 1 Principles of Consolidation: The Consolidated Financial Statements relate to <strong>Sujana</strong> Metal Products Limited (“ the Company”) and its subsidiary companies (“the <strong>Group</strong>”) . The Consolidated Financial Statements have been prepared on the following basis. a) The financial statements of the Company and its subsidiary companies have been consolidated on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra -group balances and unrealised profits or losses on intra-group transactions as per Accounting Standard 21 - “Consolidated Financial Statements” notified by the Companies (Accounting Standards) Rules, 2006. b) In case of foreign subsidiaries being non-integral foreign operations, revenue items are consolidated at the average rate prevailing during the period. All assets and liabilities are converted at the rates prevailing at the end of the period. Any exchange difference arising on consolidation is recognised in ‘’Foreign Currency Translation Reserve’’. c) The excess of cost to the Company, of its investment in the subsidiaries over the Company’s share of equity is recognised in the financial statements as Goodwill and tested for impairment annually. d) Minority interest in the net assets of the consolidated subsidiaries is identified and presented in consolidated balance sheet separately from current liabilities and the equity of the Company’s share holders. Minority interest in the net assets of the in the consolidated subsidiaries consists of: i) The amount of equity attributable to minorities at the date on which investment in a subsidiary is made; and ii) The minorities share of movements in the equity since the date the parent subsidiary relationship came into existence. e) Minority interest share of net profit for the period of consolidated subsidiaries is identified and adjusted against profit after tax of the group. The Financial Statement of Subsidiaries used in the consolidation are drawn up to the same reporting date as that of the Company i.e. March 31,2011. f) The list of Subsidiary companies which are included in the consolidation and the Company’s holdings therein are as under. Name of the Company Subsidiaries Proportion of Ownership Interest 31.03.2011 30.09.2009 Country of Incorporation 1). Glade Steel Pvt Ltd. 51.15% 100% India 2). Alpha Ventures Ltd. 100% 100% Cayman Islands 3). Asian Tide Enterprises Ltd. 100% 100% Hong Kong : : 106 : :
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BOARD OF DIRECTORS CORPORATE INFORM
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NOTICE NOTICE is hereby given that
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opportunity to register their e-mai
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and/or Foreign Currency Convertible
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to do all such acts, deeds, matters
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proper or desirable and to settle a
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Board recommends the alteration of
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and Exchange Board of India (Issue
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Dear Members, DIRECTORS’ REPORT Y
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DCS/AMAL/NTP24(f)/983/2010-11 dated
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14. Directors’ Responsibility Sta
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Company, including Building, Plant
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31. Appreciations: The Board of Dir
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The Financial year of the Holding C
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FORM A (See Rule 2) A. PARTICULARS
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The growth in 2010 exceeded the pre
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Market Size Steel industry is of gr
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Statutory Auditors to ascertain the
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Persons constituting Group coming w
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5. Shri S. Hanumantha Rao Executive
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v v v v v v Changes, if any, in acc
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(iii) Remuneration Packages paid to
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(iv) No. of Shareholders Complaints
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(iii) Details of special resolution
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(iv) Management Discussion and Anal
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(iv) Market Price Data : The monthl
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(v) Share Transfer System Your Comp
Page 56 and 57: CEO & CFO CERTIFICATION We, R.K.Bir
Page 58 and 59: Annexure to the Auditor’s Report
Page 60 and 61: (x) In our opinion and according to
Page 62 and 63: PROFIT AND LOSS ACCOUNT FOR THE EIG
Page 64 and 65: SCHEDULES FORMING PART OF THE BALAN
Page 70 and 71: SCHEDULES FORMING PART OF THE PROFI
Page 72 and 73: SCHEDULES FORMING PART OF THE PROFI
Page 74 and 75: a price, significant risks and rewa
Page 76 and 77: SCHEDULE 23: NOTES 1 Contingent Lia
Page 78 and 79: I. List of Related Parties A Subsid
Page 80 and 81: 11 Employee Benefits The company li
Page 82 and 83: Information about primary business
Page 84 and 85: (b) Turnover A B Manufacturing Clas
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Page 88 and 89: a) Rs.3,051.00 lakhs to be paid in
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Page 92 and 93: CONSOLIDATED BALANCE SHEET AS AT MA
Page 94 and 95: CONSOLIDATED CASH FLOW STATEMENT FO
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Page 98 and 99: SCHEDULES FORMING PART OF THE CONSO
Page 104 and 105: SCHEDULE 22: SIGNIFICANT ACCOUNTING
Page 108 and 109: 2 Contingent Liabilities not provid
Page 110 and 111: i) Discount Rate ii) The discount r
Page 112 and 113: 7 Earnings per Share (Rupees in lak
Page 114: ii) Short term loan availed from ba
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