2009-10 Annual Report - SPML

More documents

Recommendations

Info

SPML INFRA LIMITEDSPML INFRA LIMITED & ITS SUBSIDIARIES (formerly Subhash Projects and Marketing Limited)SCHEDULES FORMING PART OF THE CONSOLIDATED BALANCE SHEET AND PROFIT & LOSS ACCOUNTNote:a. The estimates of future salary increase considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevantfactors, such as supply and demand in the employment market.b. The gratuity liability is unfunded. Accordingly, information regarding planned assets are not applicable.c. Amounts for the current and previous two periods are as follows:(Rs. in ‘000)Description March 31, 2010 March 31, 2009 March 31, 2008Defined Benefit Obligation 32,380 26,408 26,289Assets/ ( Liability) (32,380) (26,408) (26,289)The information in respect of defined benefit obligation for years prior to 2007-08 are not available and hence not furnished.14. Prior period items as indicated in the Profit & Loss Account comprise of the following:(Rs. in ’000)Particulars 2009-10 2008-09Debit:Share of Loss from SPML CISC JV 7,191 10,671Materials consumed - 31,973Direct Expenses 20,930 -Interest on Mobilisation advance 457 23,777Others 3,443 1,364Total (A) 32,021 67,785Credit:Purchase/Expenses wrongly recorded in earlier years now written back 9,321 44,254Total (B) 9,321 44,254Net (A-B) 22,700 23,53115. The Company has claimed 80IA benefits of Rs.2,052,698 thousands (Rs. 1,235,414 thousands) approx. having tax impact of Rs. 561,400thousands including Rs.183,900 thousands for the year, approx. under Income Tax Act, 1961 on construction contracts for certain infrastructureprojects executed on behalf of various departments / agencies of different State Governments during the financial years 2003-04 onwards. Thetax assessments for the financial years upto 2007-08 are already completed and the above claims have been fully allowed by the Tax Authorities.However, in-view of the recent amendment in the Finance Act ‘2010, the company has filed a writ with the Honorable Calcutta High Court,which has been admitted as well, challenging the validity of above retrospective amendment which as per legal opinion obtained, is ultra vires tothe main section of the Act. The Company does not expect any tax liability in this regard and thus no provision thereof, has been made in theseaccounts.16. Pursuant to resolution passed at the meeting of the Board of Directors of the Company held on February 27, 2010, the Company has decided todispose/sell its ‘ Cement Pole’ manufacturing unit situated at Tumkur in Karnataka and accordingly sold the said unit to the buyer for a lump sumconsideration of Rs. 6,515 thousands.The disclosure required by the Accounting Standard – 24, in respect of the said ‘ Discontinued Operation’ is given below:(Rs. in ’000)Particulars 2009-10 2008-09Revenue from discontinuing operations 6,613 9,546Expenses from discontinuing operations 6,263 10,063Pre-tax Profit/(loss) from activities attributable to discontinuing operations 350 (516)Carrying amount of assets as at balance sheet date 2,000 21,660Carrying amount of liabilities as at balance sheet date Nil 174Net cash flows attributable to the discontinuing operation 9,946 (17,080)104
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 ACCOUNT17. 1,32,73,800 No. of Shares of Subhash Kabini Power Corporation Limited (SKPCL), 250,000 No. of shares of Luni Power Company (P) Limitedand 1,293,000 No. of shares of Neogal Power Company (P) Limited, subsidiaries of the Company, are pledged with Banks against loans obtainedby the respective Companies. The Company has also given an undertaking to the Bank not to sell its share holding till the full repayment of theLoan by the subsidiaries.18. Certain subsidiaries are in the process of construction and no commercial activity has yet started from the date of their incorporation to 31stMarch, 2010. Accordingly no Profit & Loss Account has been prepared with respect to these Companies. However, the particulars of ProjectDevelopment expenses incurred so far, are given below which are pending allocation to various fixed assets and would be capitalized on thecommissioning of the respective plants/projects.(Rs. in ‘000)Particular of ExpensesAs atAs atMarch 31, 2010 March 31, 2009a) Employee ExpensesSalaries, Wages and Allowance 33,454 24,508Gratuity 384 251b) Administration, Selling & Other ExpensesRent 2,605 1,896Rates and Taxes 12,807 10,652Insurance 4,231 2,304Repairs & Maintenance- Others 454 200Travelling & Conveyance 12,500 10,554Professional Charges & Consultancy Fees 21,054 16,434Communication Expenses 764 579Advertisement 390 382Charity & Donation 663 644Miscellaneous Expenses 17,888 14,178Water & Electricity 1,007 632Equipment Hire Charges 1,942 1,942Depreciation 1,167 348c) Interest & Finance ExpensesInterest & Finance Expenses 101,656 23,403Total 212,966 108,907Less: IncomeTender Application Money 875 876Interest on Fixed Deposit 287 60Profit on Sale of Assets - 1Total 211,804 107,970105
Page 1 and 2:
Scaling new heightsSPML INFRA LIMIT
Page 3 and 4:
SPML, creating a green footstep for
Page 5 and 6:
Credentials and recognizationOutsta
Page 7 and 8:
ENERGYINFRASTRUCTUREdesigns and eng
Page 9 and 10:
Our Areas of OperationEPCEngineerin
Page 11 and 12:
Car Parking solutions, Toll/Link Ro
Page 13 and 14:
Board of DirectorsMr. Anil Kr. Seth
Page 15 and 16:
DIRECTORS’ REPORTANNUAL REPORT 20
Page 17 and 18:
Shri Sarthak Behuria was appointed
Page 19 and 20:
Major Orders Awardedi) Rs. 209.56 C
Page 21 and 22:
Meetings & AttendanceSix (6) Board
Page 23 and 24:
(vi) Committee for regular Banking
Page 25 and 26:
ANNUAL REPORT 2009-10D) Extra-Ordin
Page 27 and 28:
ANNUAL REPORT 2009-10(xi) Liquidity
Page 29 and 30:
AUDITORS’ REPORTANNUAL REPORT 200
Page 31 and 32:
ANNUAL REPORT 2009-10(viii) We have
Page 33 and 34:
SPML INFRA LIMITED (formerly Subhas
Page 35 and 36:
Page 37 and 38:
ANNUAL REPORT 2009-10SPML INFRA LIM
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56: ANNUAL REPORT 2009-10SPML INFRA LIM
Page 59 and 60: SPML INFRA LIMITED (formerly Subhas
Page 71 and 72: ANNUAL REPORT 2009-10Alahabad Waste
Page 105: ANNUAL REPORT 2009-10SPML INFRA LIM
Page 111 and 112: SPML INFRA LIMITED(formerly Subhash
Page 113 and 114: SPML INFRA LIMITED(formerly Subhash
Page 115: our people, our powerSPML INFRA LIM
show all

2009-10 Annual Report - SPML

Create successful ePaper yourself

Delete template?

Save as template?