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Salasar Techno Engineering Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 158.96 Cr. P/BV 0.84 Book Value (₹) 142.59
52 Week High/Low (₹) 304/115 FV/ML 10/1 P/E(X) 4.78
Bookclosure 28/09/2019 EPS (₹) 25.04 Div Yield (%) 2.09
Year End :2018-03 


Salasar Techno Engineering Limited (the 'Company') is a public limited company domiciled in India. Its shares are listed on two stock exchanges in India viz, the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE'). The Company is engaged in manufacturing and sale of Galvanized Steel Structure including Telecom Towers, Transmission Line Towers and Solar Panels. The Company has two manufacturing facilities at Jindal Nagar, Hapur (UP) and Khera Dehat, Hapur (UP).

D. Rights, Preferences and restrictions attached to shares

The company has only one class of equity shares having a par value of Rs. 10/- per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all prefential amounts, in proportion of their shareholding.

E. The Company has issued 33,28,964 Equity Shares at a premium of Rs.98 per share in pursuant to IPO dated 25-July-2017.

Note 1 : Segment Information in accordance to Ind AS- 108 - 'Operating Segments'.

The Company primarily engaged in manufacturing of Galvanise M.S. Steel Structures and related activities. Information reported to and evaluated regularly by the Coperational Decision Maker (CODM) i.e. Managing Director for the purpose of resouce allocation and assessing performance focuses on the business as whole. The CODM reviews the Company's performance focuses on the analysis of profit before tax at an overall entity level. Accordingly, there is no other seperate reportable segment as defined by Ind As 108 "Operating Segments”. As the Company also prepares the Consolidated Financial Statements (CFS), other relevent segment information is disclose in the CFS.

Note 2 : Employee Benefit Obligations

(i) Defined Contribution Plans:

The Company makes Provident Fund, Superannuation Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.63.67 (Year ended 31 March, 2017 Rs.45.53) for Provident Fund contributions, and Rs.26.53/- (Year ended 31 March, 2017 Rs.19.32) for Employee State Insurance Scheme contributions in the statement of profit and loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(ii) Defined Benefit Plans (Unfuded):

(a) Gratuity: The Company has an unfunded defined benefit gratuity plan which entitles every employee who departs after the completion of 5 or more years of service to a gratuity calculated at fifteen days salary (last drawn salary) for each completed year of service, in accordance with the Payment of Gratuity Act, 1972. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous service.

(b) Leave Encashment : The employees are entitled for each year of service and part thereof and subject to the limits specified, the unavailed portion of such leaves can be accumulated or encashed during/at the end of the service period. The plan is not funded.

Note 3 : Micro, Small and Medium Enterprises.

Information related to Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 (MSME Development Act), are given below.

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as Micro, Small and Medium Enterprises. Consequently the amount paid/ payable to these parties during the year is not ascertainable. Consequently, as of now, it is neither possible for the Company to ascertain whether payment to such enterprises has been made within 45 days from the date of acceptance of supply of goods or services rendered by a supplier nor to give the relevant disclosures as required under the Act. This has been relied upon by the auditors.

Note 4 : First Time Ind AS Adoption Reconciliations:

An explanation of how the transition from the Previous GAAP to Ind AS has affected the Company's Balance Sheet, other equity, Statement of Profit and Loss and other comprehensive income and Cash Flows is set out in the following tables and notes that accompany the tables.

1. Explanation of material adjustments to Statement of cash flow for the year ended 31 March, 2017:

There are no material adjustments to Statement of Cash Flows as reported under the Previous GAAP except for increase in cash from investing activities and corresponding decrease in cash and cash equivalents of '383.18 Lakh for the year ended 31 March, 2017.

2. Notes to reconciliations:

(a) Fair valuation of investments FVTPL Investments

In respect of FVTPL investments, fair value adjustment under Ind AS has resulted in an decrease in profit before tax under Ind AS by Rs.8.53 Lakh for the year ended 31 March, 2017.

(b) Remeasurements of defined benefit plans

Under the Previous GAAP, actuarial gains and losses, are charged to profit or loss, however under Ind AS, they form part of remeasurement of defined benefit liability/asset and are recognised in OCI. As a result Rs.1.36 Lakh have been recognised in the OCI net of tax, for the year ended 31 March, 2017.

(c) Discounting of Security Deposit

In respect of Security Deposit, discounting adjustment under Ind AS has resulted in an increase in profit before tax under Ind AS by Rs.2.74 Lakh for the year ended 31 March, 2017.

3. Deferred tax

Various transitional adjustments resulted in temporary differences between taxable profits and accounting profits. Tax adjustments includes deferred tax impact on account of difference between the Previous GAAP and Ind AS on the adjustments discussed above in notes 1 to 3.

Note 5: In the opinion of the Board of Directors, all the Known liabilities and expenses have been provided in the books of accounts.

Note 6: Balances under the head loans and advances, sundry debtors, sundry creditors are relied upon and subject to reconciliation and confirmation.

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