2009-10 Annual Report - SPML

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SPML INFRA LIMITEDSPML INFRA LIMITED & ITS SUBSIDIARIES (formerly Subhash Projects and Marketing Limited)SCHEDULES FORMING PART OF THE CONSOLIDATED BALANCE SHEET AND PROFIT & LOSS ACCOUNT8. Based on the information / documents available with the Company, information as per the requirement of Section 22 of The Micro, Small andMedium Enterprises Development Act, 2006 are as under:(Rs.’000)2009-10 2008-09(i) Principal amount remaining unpaid to suppliers at the end of accounting year 15,439 8,160(ii) Interest due on above 224 67Total of (i) & (ii) 15,663 8,227(iii) Amount of interest paid by the Company to the suppliers Nil Nil(iv) Amounts paid to the suppliers beyond the respective due date 12,655 21,694(v) Amount of interest due and payable for the period of delay in payments (which have been paid 1,004 1,300beyond the due date during the year) but without adding the interest specified under the Act.(vi) Amount of interest accrued and remaining unpaid at the end of accounting year 4,379 3,151(vii) The amount of further interest remaining due and payable even in the succeeding years, until such 1,228 1,367date when the interest dues as above are actually paid to the small enterprise for the purpose ofdisallowance as a deductible expenditure under section 23 of the Micro Small and Medium EnterpriseDevelopment Act, 20069. Derivatives outstanding as at Balance Sheet date(In ‘000)Amount in Foreign CurrencyParticularsCurrencyAs at March 312010 2009Forward Contracts (Payable) USD 5,000 -EURO 880 -Note: All the above contracts are for hedging and not for speculation10. Construction contracts disclosureInformation relating to Construction contracts as per Accounting Standard 7 (Revised) issued by The Institute of Chartered Accountants of Indiaare given below:(Rs. in ’000)2009-10 2008-09Contract income recognized as revenue during the year 13,241,147 12,314,275Aggregate amount of costs incurred and recognized profits (less recognized losses) till date 46,257,074 33,267,605Advances received (unadjusted) 1,555,547 1,875,345Retention amount 1,569,952 1,940,882Gross amount due from customers for contract work 4,804,978 4,191,541Gross amount due to customers for contract work 373,601 292,29211. The Company had entered into an agreement in the past to sell 15 nos. of Windmills and an advance of Rs.99000 thousands was received thereagainst. Since the above assets are hypothecated with a nationalised bank against loans obtained from them, the Company could not transfer theseassets to the buyer. Accordingly, no adjustment has been made in the accounts for the above sale of assets and the same would be carried out indue course. The income and expenses in relation to these assets continue to be accounted for in the Company’s Books.12. The Company and certain subsidiaries are in the process of obtaining confirmations with respect to its debtors, creditors and advances.Adjustments, if any, arising out of such confirmations will be considered in subsequent period.102
ANNUAL REPORT 2009-10SPML INFRA LIMITED & ITS SUBSIDIARIES (formerly Subhash Projects and Marketing Limited)SCHEDULES FORMING PART OF THE CONSOLIDATED BALANCE SHEET AND PROFIT & LOSS ACCOUNT13. (a) Gratuity plans (AS 15 Revised)The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service is entitled to Gratuityon terms not less favorable than the provisions of The Payment of Gratuity Act, 1972. The scheme is unfunded.The following tables summarise the components of net benefit expenses recognized in the profit & loss account and amounts recognized inthe balance sheet for the respective plans.(Rs. in ’000)2009-10 2008-09Gratuity Gratuity(i) Net employee benefit expense (recognised in Employee Cost)Current service cost 7,101 9,220Interest cost on benefit obligation 2,316 1,911Net Actuarial (gain) / loss recognised in the year 57 (9,247)Total employer expense recognised in Profit and Loss Account 9,474 1,884(ii) Actual return on plan assets Not Applicable Not Applicable(iii) Benefit Asset / (Liability)Defined benefit obligation (32,380) (26,408)Benefit Asset / (Liability) (32,380) (26,408)(iv) Movement in benefit liabilityOpening defined benefit obligation 26,408 26,289Interest cost 2,316 1,911Current service cost 7,101 9,220Benefit paid (3,502) (1,765)Actuarial (gains)/losses on obligation 57 (9,247)Closing benefit obligation 32,380 26,408(v) Movement in fair value of plan assets Not Applicable Not Applicable(vi) The major categories of plan assets as a percentage of the fair value of total plan assets Not Applicable Not ApplicableThe Principal assumptions used in determining gratuity benefit obligation for the Company’s plan are shown below:Discount rate 8% 7.50%Withdrawal RateVarying between 2% per Varying between 2% perannum and 1% per annum annum and 1% per annumdepending on duration and depending on duration andage of employeesage of employeesExpected rate of return on Plan assets Not Applicable Not ApplicableExpected Average remaining working lives of employees (years) 23.32 23.72Experience Adjustments on Plan Liabilities Not Available Not Available(b) Amount incurred as expense for defined contribution plans(Rs. in ’000)2009 - 10 2008 - 09Contribution to Provident Fund 29,285 25,322103
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Scaling new heightsSPML INFRA LIMIT
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SPML, creating a green footstep for
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Credentials and recognizationOutsta
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ENERGYINFRASTRUCTUREdesigns and eng
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Our Areas of OperationEPCEngineerin
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Car Parking solutions, Toll/Link Ro
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Board of DirectorsMr. Anil Kr. Seth
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DIRECTORS’ REPORTANNUAL REPORT 20
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Shri Sarthak Behuria was appointed
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Major Orders Awardedi) Rs. 209.56 C
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Meetings & AttendanceSix (6) Board
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(vi) Committee for regular Banking
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ANNUAL REPORT 2009-10D) Extra-Ordin
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ANNUAL REPORT 2009-10(xi) Liquidity
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AUDITORS’ REPORTANNUAL REPORT 200
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ANNUAL REPORT 2009-10(viii) We have
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SPML INFRA LIMITED (formerly Subhas
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ANNUAL REPORT 2009-10SPML INFRA LIM
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2009-10 Annual Report - SPML

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