Notes to Accounts of Steel Strips Infrastructures Ltd.

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

1. Contingent liabilities not provided for amount to '. NIL (Previous Year NIL)

2. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Sales Tax liability/Service Tax 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.

4. The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. The Company has considered following business segments for disclosure.

(a) Real Estate business.

(b) Infrastructure Project of commercial parking under 'Built, Operate and Transfer' scheme.

(c) Trading and Agency business.

5. 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 '.177.30 lacs (previous year Rs. 172.74 lacs). The future minimum lease rent receivable in respect of the non-cancellable operating leases as at 31st March 2015

The Company have 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 '.39.60 lac (previous year '.39.60 lacs). The future minimum lease rent payable in respect of the non-cancellable operating leases as at 31st March 2015 are :

6.Related Party Disclosures

Detail of transactions entered into with related parties during the year as required by Accounting Standard - 18 on

"Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as under: -

Notes:-

a. Key Management Personnel:

Sh. R. K. Garg Sh. Sanjay Garg Sh. H. K. Singhal Chairman Executive Director Director DIN-00034827 DIN-00030956 DIN-00044328

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

1. SAB Udyog Ltd.

2. Indian Acrylics Ltd.

3. DHG Marketing Ltd.

4. Ms Priya Garg

7. Additional information pursuant to the provision of Paragraphs 3 & 4 of Part II of Schedule VI of the Companies Act,1956:

a) The Company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; 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 '. 6000000/ per annum, if employed throughout the year, or not less than '. 500000/- per month if employed for a part of the year.

8. The Company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2014-15 have been paid / provided for as per the requirements of AS - 15.

9. 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.

10. Note No. 1 to 12 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.`

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Mar 31, 2013

1. Contingent liabilities not provided for amount to Rs. NIL (Previous Year NIL).

2. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary

3. Sales Tax liability/Service Tax 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.

4. Debit and credit balance in the accounts of a few suppliers and others are subject to confirmation and reconciliation.

5. The accounting policies adopted for segment reporting are in line with the accounting policies of the company. The company has considered following business segments for disclosure.

(a). Real Estate business.

(b). Infrastructure Project of commercial parking under ''Built, Operate and Transfer'' scheme.

(c). Trading and Agency business.

6. Additional information pursuant to the provision of Paragraphs 3 & 4 of Part II of Schedule VI of the Companies Act,1956:

a).The company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; hence the quantitative data is not applicable.

7. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2012-13 have been paid / provided for as per the requirements of AS – 15.

8. 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

9. Note No. 1 to 11 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.

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Mar 31, 2012

Note: In compliance with AS22 issued by ICAI on accounting for taxes on Income, a sum of Rs.358910/- has been considered as differed tax Assets in respect of timing difference for the year under consideration and the same has been credited to Profit & Loss A/c

*Note:- Trade payable does not include any amount payable to Micro and small undertaking which is outstanding for more than 45 days as at 31.03.2012 (Previous year A/c Nil)

*Note:- Advance from customers included Rs 65 00 Lac received from two customers against sale of shops at Sab Mall,Noida(U.P)

* Note:- The quoted investments are stated at cost. A provision for diminution in value is made if the diminution seems to be of permanent nature. A provision of Rs. 1 20,62,000/- has been made during the year under consideration as the value of shares of Indian Acrylics Limited decreased as compare to previous year. The overall provision towards dim notion in the value of shares stands at Rs 2,81,94,000/- as on 31.03.2012

* Directors Remuneration included in above is as under

* Note:- The details of Auditors Remuneration is as under.

1. Contingent liabilities not provided for amount to Rs. NIL (Previous Year NIL)

2. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary.

3. Sales Tax liability/Service Tax 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.

4. Debit and credit balance in the accounts of a few suppliers and others are subject to confirmation and reconciliation.

5. The accounting policies adopted for segment reporting are in line with the accounting policies of the company. The company has considered following business segments for disclosure.

(a). Real Estate business.

(b). Infrastructure Project of commercial parking under 'Built, Operate and Transfer' scheme.

(c). Trading and Agency business.

Note:- Diluted Earnings per share is not applicable as the same is anti- dilutive

6. Leases

The company has leased facilities for rent receivable under cancellable and non-cancellable operating leases 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 Rs.241.40 lacs (previous year Rs.189.82 lacs). The future minimum lease rent receivable in respect of the non-cancellable operating leases as at 31st March 2012 are:

7. Related Party Disclosures

Detail of transactions entered into with related parties during the year as required by Accounting Standard - 18

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

Sh. R.K. Garg, Sab Udyog Ltd., Sab Industries Ltd., Steel Strips Ltd.

b. No transactions have taken place during the year with the relatives of the key Management Personnel.

8. Additional information pursuant to the provision of Paragraphs 3 & 4 of Part II of Schedule VI of the Companies Act,1956:

a). The company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; 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 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.

9. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2011-12 have been paid / provided for as per the requirements of AS - 15.

10. 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.

11. Note No. 1 to 11 form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.

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Mar 31, 2010

1. In compliance with AS 22 issued by ICAI on Accounting for the taxes of Income, a sum of Rs. 3,86,5207- (previous year Rs.3,48,095/-) has been considered as deferred tax Assets in respect of timing difference for the year under consideration and the same has been credited to profit & loss account.

2. The quoted investments are stated at cost. A provision for diminution in value is made if the diminution seems to be of permanent nature. An amount at Rs. 5,92,000/- was reversed in the Provisions during the year under Consideration as the value of shares of Indian Acrylics Limited increased as compared to previous year. The overall Provision towards diminution in the value of shares stands at Rs 1,82,04,000/- as on 31-03-2010

3. Contingent liabilities not provided for amount to Rs. NIL (Previous Year NIL)

4. In the opinion of the Board, the current assets, loans & advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of amount considered reasonably necessary..

5. Sales Tax liability/Service Tax 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.

6. Debit and credit balance in the accounts of a few suppliers and others are subject to confirmation and reconciliation.

7. The accounting policies adopted for segment reporting are in line with the accounting policies of the company.

The company has considered following business segments for disclosure. (a). Real Estate business.

(b). InfrastructureProjectofcommercialparkingunderBuilt.OperateandTransferscheme. (c). Trading and Agency business. (d). Services.

8 Sundry creditors include a sum of Rs. Nil (Previous year Rs. Nil) due to Micro and Small Undertaking, which are outstanding for more than 45days as at 31.03.2010.

a. Key Management Personnel:

Sh. R.K.Garg Sh.SanjayGarg Sh. H.K.Singhal

Chairman Executive Director 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:-

Aswera International Mkt. Pvt. Ltd.

R.K. Garg & Sons (HUF), SAB Udyog Ltd., SAB Industries Ltd., Steel Strips Ltd.

c. No transactions have taken place during the year with the relatives of the key Management Personnel.

9. Additional information pursuant to the provision of Paragraphs 3&4 of Part II of Schedule VI of the Companies Act,1956:

a). The company is primarily dealing in Real Estate, Infrastructure and Trading & Agency business activities; 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 Rs. 2400000/- per annum, if employed throughout the year, or not less than Rs. 200000/- if employed for part of the year.

10. The company has taken the Group Gratuity and Group Leave encashment policies from LIC and entire premiums demanded by them for the year 2009-10 have been paid / provided for as per the requirements of AS-15.

11. 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.

12. Schedule A to S form an integral part of Balance Sheet, Profit & Loss Account and Cash Flow Statement.