Accounting Policies of Steel Strips Infrastructures Ltd. Company

Mar 31, 2024

1. Steel Strips Infrastructures Limited (the Company) is a public limited Company registered in India under the Companies Act 2013 (Erstwhile Companies Act 1956). Its Shares are listed on Bombay stock Exchange. The Company is dealing in real estate business.

2. SIGNIFICANT ACCOUNTING POLICIESa) BASIS OF PREPARATION

The financial statements have been prepared in accordance with Indian Accounting Standards (‘Ind AS'') notified under section 133 of the Companies Act 2013, read together with the Companies (Indian Accounting Standards) Rules, 2015.

For all the periods up to and including the year ended 31 March, 2024, the Company prepared its financial statements in accordance with accounting standards notified under the section 133 of the Companies Act 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014.

The Standalone financial statements have been prepared under the historical convention, on the accrual basis of accounting. The accounting policies have been applied consistently over all the periods presented in the Standalone financial statements.

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

b) REVENUE RECOGNITION

Revenue is recognized to the extent that it is probable that economic benefits will flow to the Company and the revenue can be reliably measured.

3. ACCOUNTING FOR TAXES ON INCOME

Tax expense comprises current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the company operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date.

Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. In situations where the company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.

At each reporting date, the Company re-assesses unrecognized deferred tax assets. It recognizes unrecognized deferred tax asset to the extent that it has become reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which such deferred tax assets can be realized.

The carrying amount of deferred tax assets are reviewed at each reporting date. The Company writes-down the carrying amount of deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized. Any such write-down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set-off current tax assets against current tax liabilities and the deferred tax assets and deferred taxes relate to the same taxable entity and the same taxation authority.

4. CASH AND CASH EQUIVALENTS

Cash and cash equivalents balances include cash in hand, fixed deposits, margin money deposits, earmarked balances with banks, other bank balances such as dividend accounts, which have restrictions on repatriation, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value.

5. Significant accounting policies:a.Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 2013.

b. PPE

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

c. Depreciation

Pursuant to applicability of schedule II of Companies Act 2013, with effect from 1st April 2014. Management has reassessed the useful life of tangible assets based on the internal and external technical evaluation. The depreciation on fixed assets is provided on straight line method in accordance with applicable Schedule of the Companies Act, 2013.

d. Inventories

Inventory of Real Estate business has been valued at cost or market price whichever is lower.

e. Transactions in Foreign Currency

There were no foreign currency transactions during the year.

f. Interest

Interest in respect of fixed deposits from Bank have been accounted for on accrual basis.

g. Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

6. GST liability has been provided for as per returns filed. Liability arising on assessment, if any, shall be provided for at the time of final assessment.

7.	Detail of Provision as per IND AS-37					(''. in Lakhs)
	PARTICULARS	Employee Benefits (Gratuity)	Employee Benefits (Earned Leave)	Doubtful Debtors / Advances	Income Tax/ ( MAT)	Provision for the value of Investments
	Balance as at 01.04.23	21.30	3.65	-	-	-
	Provision made during the year/ Doubtful debtors	0.35	0.06	-	-	-
	Gratuity paid/ Provision Written off or w/back paid during the period	-	-	-	-	-
	Balance as at 31.03.24	21.65	3.71	-	-	-

8. Leases :

The company has leased facilities for rent receivable under cancellable and non- cancellable arrangements with lease term ranging from one to nine years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent received recognized during the year amounts to ''12.37 lakhs (previous year ''12.10 lakhs). The future minimum lease rent receivable in respect of the non-cancellable operating leases as at 31st March 2024 are :

(''. in Lakhs)
S. No.	Particulars	As at 31.03.24	As at 31.03.23
a)	Not later than one year	9.56	9.02
b)	Later than one year but not later than 5 year	-	9.56
c)	Later than 5 year	-	-

The company has also lease facilities for rent payable under cancellable and non cancellable arrangements with lease term ranging from one to nine years, which are subject to renewal at mutual consent thereafter. The cancellable arrangements can be terminated by either party after giving due notice. The lease rent paid recognize during the year amounts to ''18.95 lakhs (net of shared rent) (previous year ''15.92 lakhs).The future minimum lease rent payable in respect of the non-cancellable operating leases as at 31st March 2024 are :

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

Steel Strips Wheels Ltd.

11. Additional information pursuant to the provision of Paragraph 7 of Part II of Schedule III of division II of the Companies Act,2013:

a) . The company is dealing in Real Estate business only and hence the quantitative data is not applicable.

b) . There was no employee during the year (previous year nil) who was drawing a remuneration of not less than ''10200000/- per

annum, if employed throughout the year, or not less than '' 850000/- per month if employed for a part of the year.

12. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2023-24 have been paid / provided for as per the requirements of IND AS - 19.

13. a). Previous year figures have been regrouped and re-arranged wherever considered necessary to make them comparable with

those current year.

b). Figures have been rounded off to the nearest rupee.

14. Note No. 1 to 22 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.

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Mar 31, 2015

I) Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 2013.

ii) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii) Depreciation

The Company have revised depreciation rates on tangible fixed assets w.e.f.April 01,2014 as per the useful life specified in the Schedule II of the Companies Act, 2013. The depreciation has been calculated based on the remaining useful life of the assets.

iv) Inventories

Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v) Transactions in Foreign Currency

There were no foreign currency transactions during the year.

vi) Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii) Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii) Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

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Mar 31, 2013

I). Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956

ii) Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii). Depreciation

Depreciation on fixed assets is provided on straight line method as per rates specified in schedule XIV to Companies Act, 1956. Infrastructure project of commercial parking under ''Build Operate and Transfer'' scheme of Noida is being depreciated over a period of 12.35 years, which is the remaining period of the license agreement after capitalization, on straight line basis.

iv). Inventories

Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v). Transactions in Foreign Currency

There were no foreign currency transactions during the year.

vi). Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii). Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii). Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

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Mar 31, 2012

I). Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting standards and relevant presentational requirements of the Companies Act, 1956.

ii). Fixed Assets

Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii). Depreciation

Depreciation on fixed assets is provided on straight line method as per rates specified in schedule XIV to Companies Act, 1956. Infrastructure project of commercial parking under 'Build Operate and Transfer' scheme of Noida is being depreciated over a period of 12.35 years, which is the remaining period of the license agreement after capitalization, on straight line basis.

iv). Inventories

Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v). Transactions in Foreign Currency

There were no foreign currency transactions during the year.

vi). Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii). Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii). Recognition of Income/Expenditure

All revenues and expenses are accounted for on accrual basis.

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Mar 31, 2010

I). Convention

The financial statements are prepared under the historical cost convention in accordance with the applicable Accounting Standards and relevant presentational requirements of the Companies Act, 1956.

ii). Fixed Acsets Fixed Assets are stated at cost less depreciation. Cost of acquisition or construction is inclusive of duties, taxes and other incidental expenses.

iii). Depreciation

Depreciation on fixed assets is provided on straight line method as per rates specified in schedule XIV to Companies Act, 1956. Infrastructure project of commercial parking under Build Operate and Transfer scheme of Noida has been depreciated over a period of 11.35 years, which is the remaining period of the license agreement, on straight line basis.

iv). Inventories Inventory of Real Estate business and of Traded Goods has been valued at cost or market price whichever is lower.

v). Transactions in Foreign Currency.

There were no foreign currency transactions during the year.

vi). Retirement Benefits:-

Gratuity and Earned Leave have been provided for in the books of accounts on actuarial valuation basis at the end of the year.

vii). Interest

Interest in respect of fixed deposits from public or with Bank have been accounted for on accrual basis.

viii). Recognition of Income/Expenditure All revenues and expenses are accounted for on accrual basis.