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Steel City Securities

BSE: 0|NSE: STEELCITY|ISIN: INE395H01011|SECTOR: Miscellaneous
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Notes to Accounts Year End : Mar '18

Notes on Standalone Financial Statements

Note No.29

Provision for Taxation has been made after taking into account, the difference between depreciation in the accounts and the depreciation allowable as per the Income Tax Act, 1961 and other deductions /additions allowable/disallowable under the Income Tax Act, 1961.

Note No.30

Related party disclosures:

Nature of relationship

Name of Party

(a)

Related Parties where control exists :

Subsidiaries Croup Companies

Steel City Commodities Private Limited Steel City Financial Services Private Limited

(b)

Other related parties :

Key Management Personnel

Mr. C. Sree Rama Murthy

Mr. K. Satyanarayana

Mr. Satish Kumar Arya

c ) Significant transaction with related parties:

Nature of Transaction

SI

No.

Nature of Relationship

Name of the Related Party

Remuneration

Corporate guarantee given

Advance Returned

Advance Taken

Dividend Paid/(received)

Brokerage Received

1

Subsidiary Company

Steel City Commodities Private Ltd

0.00

4,00,00,000.00

1,70,08,522.34

1,70,08,522.34

(16,73,000)

0.00

2

Associate Company

Steel City Financial Services Private Ltd

0.00

0.00

0.00

0.00

23,95,500

0.00

3

Chairman and Managing Director upto 05-11-2017

G Sree Rama Murthy

23,47,000.00

0.00

0.00

0.00

92,59,662

3,318.10

4

Executive Chairman w.e.f. 24-11-2017

K Satyanarayana

31,00,000.00

0.0

0.00

0.00

47,30,700

3,470.80

5

Managing Director w.e.f. 24-11-2017

Satish Kumar Arya

26,00,000.00

0.00

0.00

0.00

23,87,520

5,91,317.31

6

Relative of fey Management -Wife of Sri K Satyanarayana

K Mahalakshmi

0.00

0.00

0.00

0.00

154,800

6,350.93

7

Relative of fey Management - son of Sri K Satyanarayana

K S V Ramesh Babu

5,82,500.00

0.00

0.00

0.00

2,83,900

4004.80

8

Relative of fey Management - wife of Sri Satish Kumar Arya

Nirmala Devi Arya

0.00

0.00

0.00

0.00

1,40,400

50056.00

Total

86,29,500.00

4,00,00,000.00

1,70,08,522.34

1,70,08,522.34

1,76,79,482.00

6,58,517.94

Note: Transactions between group companies comprise of extension and return of temporary adjustment of common clients accounts as identified by the Company''s management from the Holding/Subsidiary Company''s Account

(d) Amount due to / from related parties

(Amount in Rs.)

Nature of Transaction

Due to / (from)

Steel City Commodities Private Ltd.

0.00

Steel City Financial Services Private Ltd.

2,80,760.00

C. Sree Rama Murthy

0.00

K. Satyanarayana

0.00

Satish Kumar Arya

0.00

Note No. 31

Statement of utilisation of Initial Public Offering (''IPO'') as on 31st March, 2018:

In February, 201 7 the Company approached the capital market by way of an SME IPO. The utilisation of the proceeds from IPO in the current year is set out below:

(Amount in Rs. Lakhs)

Particulars

Proposed amount as per Prospectus

Proposed amount as per the Resolution passed through Postal Ballot on 02.01.2018

Amount utilized as on 31.03.2018

Investment in Technology Upgradation and office infrastructure for expansion of E-Covernance business

390.00

194.02

194.02

Setting up AADHAAR Enrolment centre at all our existing Branches

264.00

0.87

0.87

Enhancement of our Company''s brand through advertising and other brand-building activities

250.00

1.00

1.00

Working Capital Requirement

200.00

887.04

887.04

Offer Expenses

220.00

241.07

241.07

General Corporate Purposes

175.40

175.40

175.40

Total

1499.40

1499.40

1499.40

Note No.32

Defined Benefit Plan - Gratuity

The Company provides gratuity benefitto its employees, which is funded with Life Insurance Corporation of India. The following table sets out the funded status of the defined benefit scheme and the amounts recognised in the financial statements:

31st March 2018

31st March 2017

Net Asset / (Liability) recognised in the Balance Sheet:

Present Value of Defined Benefit Obligation

89,98,968

83,65,556

Fair Value of Plan Assets

90,49,859

70,21,518

Funded Status [Surplus / (Deficit)]

50,891

(13,44,038)

Unrecognised Past Service Costs

Net Asset / (Liability) recognised in the Balance Sheet

50,891

(13,44,038)

Change in Defined Benefit Obligations (DBO) during the Year:

Present Value of DBO at the beginning of the Year

83,65,556

65,40,376

Current Service Cost

9,88,116

9,08,784

Interest Cost

5,94,912

4,97,540

Actuarial (Gains)/ Losses

Past Service Cost

Benefits Paid

(4,32,147)

(4,84,811)

Actuarial loss/(gain) on obligation (balancing figure)

(5,17,469)

9,03,667

Present Value of DBO at the end of the Year

89,98,968

83,65,556

Change in Fair Value of Assets during the Year:

Plan Assets at the beginning of the Year

70,21,518

63,13,573

Expected Return on Plan Assets

5,81,761

5,43,674

Actual Company Contributions

18,00,000

6,50,000

Actuarial Gain / (Loss)

78,727

(918)

Benefits Paid

(4,32,147)

(4,84,811)

Plan Assets at the end of the Year

90,49,859

70,21,518

Actual Return on Plan Assets

6,60,488

5,42,756

Composition of Plan Assets is as follows:

Government Bonds

Not Received

Not Received

Debentures and Bonds

Not Received

Not Received

Fixed Deposits

Not Received

Not Received

Others

Not Received

Not Received

* - Funds are managed by Life Insurance Corporation of India and

composition of the fund as at the balance sheet date was not provided

by the insurer.

90,49,859

70,21,518

Assumption used in accounting for Gratuity Plan:

Discount Rate

7.71

7.30

Salary Escalation Rate

5.00

5.00

Expected rate of return on plan assets

7.55

7.55

Note No.33

Corporate Social Responsibility

a) Cross Amount required to be spent by the Company during the year Rs.15,11,01 7.00

b) Total Amount spent during the year is Rs.15,11,017.00 as detailed below:

Particulars

Amount (Rs.)

Amount Contributed to Sweekaram Education Society of Greater Visakhapatnam Municipal Corporation, Visakhapatnam.

5,00,000.00

Amount Contributed to Prime Minister National Relief Fund

6,11,017.00

Amount Contributed to Lebenshilfe, Visakhapatnam.

2,00,000.00

Amount Contributed to The Akshaya Patra Foundation, Visakhapatnam.

2,00,000.00

Total

15,11,017.00

Note No.34 Segment Reporting 1 .Business Segment:

(i) The business segment has been considered as the primary segment.

(ii) The Company''s primary business segments are reflected based on principal business activities, the nature of service, the differing risks and returns, the organisation structure and the internal financial reporting system

(iii) The Company''s primary business comprises of two business segments viz., Stock Broking & DP Operations and E-Covernance Operations

(iv) Segment revenue, results, assets and liabilities include amounts identifiable to each segments allocated on a reasonable basis.

(v) The accounting policies adopted for segment reporting are in line with the accounting policies adopted for preparation of financial information

Information about the Primary Segment:

Particulars

Stock Broking & Dp Operations

E-Governance Operations

Grand Total

A. Segment Revenue

External Segment

31,29,23,663.01

32,32,43,235.73

63,61,66,898.74

Internal Segment

-

-

-

Total Revenue

31,29,23,663.01

32,32,43,235.73

63,61,66,898.74

B. Segment Results Profit/Loss

8,91,99,914.69

7,66,11,882.87

16,58,11,797.56

Less: Depreciation

86,27,809.94

Less: Income Taxes (Current, Deferred Tax)

4,63,97,592.96

ProfitALoss) After Tax

11,07,86,394.66

C. Segment Assets

97,46,86,474.10

26,79,67,538.99

1,24,26,54,013.09

D. Segment Liabilities

35,64,25,151.31

20,18,23,356.59

55,82,48,507.90

E. Capital Expenditure

92,96,043.74

38,21,654.52

1,31,17,698.26

F. Depreciation

74,09,492.17

12,18,317.77

86,27,809.94

2. Geographical Segment

Further the Company has no geographical segments which are subject to different risk and returns. Hence, no separate disclosure in terms of Accounting Standard (AS -17) on segment reporting is considered necessary.

Note No.35

Previous year''s figures have been regrouped/reclassified wherever necessary to confirm to the current year''s classification/disclosures

In terms of our report attached

For SARC & ASSOCIATES

For STEEL CITY SECURITIES LIMITED

Chartered Accountants

Firm Reg.No.006085N

CHANDRA SEKHAR AKULA

K SATYANARAYANA

SATISH KUMAR ARYA

GSR PRASAD

Partner

EXECUTIVE CHAIRMAN

MANAGING DIRECTOR

DIRECTOR

Membership No.206704

PLACE: VISAKHAPATNAM

NRAMU

M SRIVIDYA

DATE : 29.05.2018

CHIEF FINANCIAL OFFICER

COMPANY SECRETARY

Source : Dion Global Solutions Limited
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