Home  »  Company  »  BKV Industries Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of BKV Industries Ltd.

Mar 31, 2015

Pursuant to the Scheme of Arrangement sanctioned by the Hon'ble High Court of Andhra Pradesh, Hyderabad on 13/02/2009, the company issued 91,69,184 new shares with the face value of Rs. l/-each to the specified creditors against the amount standing to the credit of their respective accounts at "Discovered New Share Issue Price" and convert the same in to share capital by crediting to Paid-up Share Capital Rs, 91,69,184 and Rs 2,11,80,815 towards Share Premium Reserve.

The Equity Share Holders are entitled to receive dividends as and when declared. A right to vote in proportion to holding etc., and their right, preferences and restrictions are governed by/ in terms of their issue under the provisions of Companies Act, 2013.

Details of Shareholders holding shares more than 5% shares.

1. Contingent Liabilities & Provisions:

Contingent Liabilities - Litigation and related disputes:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for: - NIL -

(b) Claims against the company by 59.07 Lakhs. (Previous year Rs.56.36 Lakhs).

2. The Prawn farm was given on operating lease even though some part of the farm is under Coastal Regulation Zone. But it was not applicable to creek.

3. Related Party Disclosures:

1. Key Management Personnel: Sri Bommidala Ramakrishna and Mr. Arisetty Sai Prasad.

2. Associate Companies / Firms

1) Bommidala Tobacco Exporters Pvt., Ltd

2) Hotel Shivam International (P) Ltd

3) Bommidala Exports (P) Ltd

4) Digital Keyboard (P) Ltd.,

5) Sampath Hotels and Resorts (P) Ltd.,,

6) Meghalaya Hotels (P) Ltd.,

7) A One Duty Free (P) Ltd.,

8) Hindustan Tobacco Co., (Partnership Firm)

9) Bommidala Ventures (P) Ltd.,

10) Bommidala Exports (Partnership Firm)

4. In view of carried forward losses/unabsorbed depreciation in respect of past years and the company does not have the taxable income in the near future and hence, cumulative net deferred tax assets after deducting deferred tax liabilities have not been recognized by the company on prudence basis in accordance with the Accounting Standard prescribed under Companies Act, 2013

5. The Company is engaged only in a single business segment viz. shrimp business and lease of the shrimp farm, hence, no separate segment report is made.

6. No Provision for Taxes made during the year, as the adequate carry forward business loss and depreciation is available as per records.

7. The financial statements were prepared on going concern basis as the Farm was given operating lease getting consistant income. Further the company will undertake business operations after completion of lease.

8. There was no demand from the concerned department regarding Non- Agriculture Tax during the year. Howerver, the company had shown an amount of Rs.59.07 lakhs as contignet liability as the matter was in the Court.

9. Figures have been rounded off to the nearest rupee and figures in brackets have been reduced from the totals. Previous Year numbers have been regrouped, where ever necessary.


Mar 31, 2014

1. Pursuant to the Scheme of Arrangement sanctioned by the Hon''ble High Court of Andhra Pradesh, Hyderabad on 13/02/2009, the company issued 91,69,184 new shares with the face value of Rs. l/- each to the specified creditors against the amount standing to the credit of their respective accounts at "Discovered New Share Issue Price" and convert the same in to share capital by crediting to Paid-up Share Capital Rs. 91,69,184 and Rs. 2,11,80,815 towards Share Premiun Reserve.

The Equity Share Holders are entitled to receive dividends as and when declared. A right to vote in proportion to holding etc., and their rights, preferences and restrictions are governed by/in terms of their issue under the provisions of the Companies Act, 1956.

2. Contingent Liabilities & Provisions:

Contingent Liabilities - Litigation and related disputes:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for: - NIL -

(b) Claims against the company by Rs. 56.36 Lakhs. (Previous year Rs.53.65 Lakhs)

3. The Prawn farm was given on lease for a part of the year even though some part of the farm is under Coastal Regulation Zone as it is not applicable to creek.

4. In view of substantial carry forward losses / unabsorbed depreciation in respect of past years and there is no conformity that the company will have profit in near future and hence, cumulative net deferred tax assets after deducting deferred tax liabilities have not been recognized by the company on prudence basis in accordance with the Accounting Standard prescribed under Companies Act, 1956.

5. The Company is engaged only in a single business segment viz. shrimp business and lease of the shrimp farm, hence, no separate segment report is made.

6. No Provision for Taxes made during the year, as the adequate carry forward business loss and depreciation is available as per records.

7. Figures have been rounded off to the nearest rupee and figures in brackets have been reduced from the totals.


Mar 31, 2013

1) Contingent Liabilities & Provisions:

Contingent Liabilities – Litigation and related disputes:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for: –NIL –

(b) Claims against the company by 53.65 Lakhs. (Previous year Rs.50.94 Lakhs)

2) The Prawn farm was given on lease for a part of the year even though some part of the farm is under Coastal Regulation Zone as it is not applicable to creek.

3) Related Party Disclosures:

1. Key Management personal 1) Sri B.Rama Krishna

2. Associate Companies / Firms

1) Bommidala Tobacco Exporters Pvt Ltd

2) Hotel Shivam International (P) Ltd

3) Bommidala Exports (P) Ltd

4) Bommidala Exim (P) Ltd

5) Sampath Aqua Farm, a partnership Firm in which the directors relatives are partners.

6) Bommidala Ventuers (P) Ltd.,

7) Bommidala Exports (Patnership firm)

4) In view of carried forward losses/unabsorbed depreciation in respect of past years and the company does not have the taxable income in the near future and hence, cumulative net deferred tax assets after deducting deferred tax liabilities have not been recognized by the company on prudence basis in accordance with the Accounting Standard prescribed under Companies Act, 1956.

5) The Company is engaged only in a single business segment viz. shrimp business and lease of the shrimp farm, hence, no separate segment report is made.

6) No Provision for Taxes is made during the year, as the adequate carry forward business losses and unabsorved depreciation losses are available as per records.

7) Figures have been rounded off to the nearest rupee and figures in brackets have been reduced from the totals.


Mar 31, 2012

1) Contingent Liabilities & Provisions:

Contingent Liabilities - Litigation and related disputes:

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for:- NIL-

(b) Claims against the company by Non Agricultural Land Assessment in earlier years but not acknowledged as debts are Rs. 50.94 Lakhs. (Previous year Rs.48.23 Lakhs)

2) The Shrimp farm was given on lease even though some part of the farm is under Coastal Regulation Zone in view of the fact that it is not applicable to creek.

3) Segment reporting:

Engaged in single business segment i.e in shrimp and operating in domestic market only, hence no Separate segment report is furnished.

4) The management has taken a decision to write off the Scheme expenses for five years period from this year instited of 10 years considered early. But for this decision profit would have been higher by Rs. 1,24,916/-.

5) Related Party Disclosures:

1. Key Management personal

1) Sri B.Rama Krishna

2. Associate Companies / Firms

1) Bommidala Tobacco Exporters Pvt Ltd

2) Hotel Shivam International (P) Ltd

3) Bommidala Exports (P) Ltd

4) Bommidala Exim (P) Ltd

5) Sampath Aqua Farm, a partnership Firm in which the directors relatives are partners.

6) Bommidala Ventuers (P) Ltd.,

7) Bommidala Exports (Partnership firm)

6) The company has received an amount of Rs. 1,00,00,000/- towards advance for sale of Hatchery in 'as is where is' condition in March 2012 and the same is shown under other current liabilities

7) Farm Given on Lease

The Company has given it's Farm assets for an operating lease for 26 Months to a concern in which the Directors relatives are interested in March, 2011.

d. The Farm assets are given for 26 months to a concern in which the directors relatives are interested. The total amount receivable during the lease period is Rs. 39.00 Lakhs out of which Rs. 18 Lakhs has been earned for the year ended 31-03-2012. In addition to the minimum lease rent, 2% gross receipts generated out of the farm productions shall be received as an additional income and shown an amount of Rs. 2,33,737/- under other operating income.

e. The direct costs for maintenance of the leased assets are recognised as an expense in the statement of the Profit and Loss for the year ended 31.03.2012.

8) Deferred Tax:

In view of carried forward losses/unabsorbed depreciation In respect of past years and the company do not have the taxable Income in the near future and hence, cumulative net deferred tax assets after deducting deferred tax liabilities have not been recognized by the company on prudence basis in accordance with the Accounting Standard prescribed under Companies Act, 1956.

9) These financial statements have been prepared In the format prescribed by the revised schedule - VI to the companies act, 1956. Previous year figures have been recasted/restated to conform to the classification of the current year.

10) Figures have been rounded off to the nearest rupee and figures in brackets have been reduced from the totals.


Mar 31, 2010

A) Contingent Liabilities & Provisions:

Contingent Liabilities - Litigation and related disputes:

Estimated amount of contracts remaining to be executed on capital account and not provided for - NIL -

Claims against the company by NALA in earlier years but not acknowledged as debts are Rs. 45.52 Lakhs. (Previous year Rs.42.81 Lakhs)

B) The company had received a notice dated 15.3.97 from Collector and District Magistrate, Nellore directing the company to close the shrimp farming activity in 68.60 acres of land, alleging that the above land falls within the Coastal Regulation zone, pursuant to the Supreme Court Judgment dated 11/12/96. However the Government had since stayed the operation of the above notice and during September 97 Larger Bench of Supreme Court had passed orders restraining from further seeding in the grow out ponds until further orders. Hence the Shrimp production was completely stopped in farm and subsequently due to paucity of working capital and continuous losses, the seed production was also stopped. However, the Accounts for the year ended 31.03.2010 have been drawn up on a going concern basis in view of farming operations near Shrimp Hatchery.

C) The Managing Director has been remunerated at a salary of Rs.1.92 lakhs (previous Year Rs.1.92 lakhs) per annum.

D. Related Party Disclosures:

1. Key Management personal

1) Sri B.Ramakrishna

2. Associate Companies

1) Bommidala Tobacco Exporters Pvt Ltd

2) Hotel Shivam International (P) Ltd

3) Bommidala Exports (P) Ltd

4) Bommidala Exim (P) Ltd

E. Scheme of Arrangement:

i) The company filed a Scheme of Arrangement u/s. 391 to 394 of the Companies Act, 1956 read with sections 78, 100 to 104 of the Companies Act, 1956, for reduction of share capital by diminishing the face value of the shares from Rs. 10/- to Re.1/- per share and conversion of the monies owed to the secured creditors to equity with Honble High Court of Andhra Pradesh.

ii) In terms of Scheme of Arrangement which has been sanctioned by Honble High Court of Andhra Pradesh on 13/02/2009 received on 06/03/2009 and 23/03/2009 and filed on 23/03/2009 and 01/04/2009 whereby the share capital of the company stands reduced from fully paid up equity share of Rs. 10/-each to Re.1/- amounting to Rs. 6,27,94,000/- to Rs. 62,79,400/- and consequently debit balance of Profit & Loss Account will get reduced by Rs. 5,65,14,600/- from the effective date from April 1, 2009 (the date on which the Scheme has been filed before the Registrar of Companies, Andhra Pradesh.)

iii) Pursuant to Scheme, the company issued 91,69,184 new shares with face value of Rs. 1/- each to specified secured creditors against the amount standing to the credit of their respective accounts at "Discovered New Share Issue Price" and converted the same into share capital by crediting to paid up share capital.

F. Provision for Taxation:

In view of carried forward losses/unabsorbed depreciation in respect of past years and the company may not have the taxable income in the near future and hence, cumulative net deferred tax assets after deducting deferred tax liabilities have not been recognized by the company on prudence basis in accordance with the Accounting Standards prescribed under Companies Act, 1956. S. Confirmation of balances have not been obtained in respect of few Debtors, Loans, advances and creditors.

G. Previous year figures have been regrouped wherever necessary.

H. Figures have been rounded off to the nearest rupee and figures in brackets have been reduced from the totals.

 
Subscribe now to get personal finance updates in your inbox!