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Notes to Accounts of Kaiser Corporation Ltd.

Mar 31, 2015

1 CORPORATE INFORMATION:

Kaiser Corporation Limited ("the Company") is engaged in the business of printing of labels and cartons in India. The Company was incorporated on 20 September 1993, having its registered office at Kaiser Corporation Limited, 2nd floor, Plot No. 112, 13th Road, MIDC, Andheri (E), Mumbai - 400 093 .The Company has two subsidiary namely, Powertel Engineering Private Limited engaged in manufacturing and trading of engineering goods and Xicon International Limited which is engaged in offering Turnkey Project Management and Engineering services.

2. Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs.1 per share(previous year Rs. 1 per share). Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on the date regarding their status under the above said Act, no disclosure has been made.

The Company has charged depreciation based on revised reman i ng useful life of the assets as per the requirement of Schedule II of Companies Act 2013 effective from 1 April 2014. Due to above, depreciation charged for the year ended is higher by Rs .3,382. Further, based on transitional provis ion in Note 7(b) to Schedule II, an amount of Rs. 7,205 (net of deferred tax Rs.3,222) has been adjusted to opening balance of the retained earnings.

3. SEGMENT INFORMATION

The Company operates in a single business and geographical segment viz. Printing of labels, packaging materials, Magazines and articles of stationery within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required.

4. RELATED PARTY DISCLOSURES

i) Related party relationships:

Subsidiary Company Powertel Engineering Private Limited Xicon International Limited

Key management personnel Mr. Jehangir R.Patel (Chairman and Managing Director)

Mr.Bhushanlal Arora (Whole Time Director)

Enterprises owned or significantly influenced by key management REPLXICON Engineers Private Limited (Till personnel or their relatives 2 March 2015)

Notes:

a) The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS) - 18 ,Related Party Disclosures' and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the current year and previous year, except where control exist, in which case the relationships have been mentioned irrespective of transactions with the related party.

5. The Company has a defined benefit plan namely Gratuity for all its employees in the form of Group Gratuity -cum- Life Assurance Scheme. However, the disclsoure information is not available and hence, the same is not disclosed.

6. Pursuant to the approval of the members at the Annual General Meeting held on September 30, 2013, the Company sub-divided (split) the face value of equity shares from Rs. 10 per equity share to Rs. 1 per equity share, which is effective for trading from November 22, 2013 as per notice received from Bombay Stock Exchange dated November 21,2013.

7. The Company has entered into one lease agreement for the use of office premises for a period of 33 months which is non cancellable in nature under operating lease.

8. The name of the Company has changed from "Kaiser Press Limited" to "Kaiser Corporation Limited" with effect from 5 November 2013.

9. (a) Provision for current tax for the year has been made under Minimum Alternate Tax (MAT) as per provisions of Section 115JB of the Income-Tax Act, 1961.

In accordance with the Guidance Note on Accounting for Credit Available in respect of MAT under the Income-Tax, 1961 issued by the Institute of Chartered Accountants of India (ICAI), the Company has recognized the MAT credit as an asset under the head "Loans and Advances" and has credited the same to the Profit and Loss Account under "Provision for Taxation" .

b) MAT credit entitlement of Rs.61,711; (Previous year Rs. 71,810) is recognized during the year being the difference of the tax paid under sub-section (1) of Section 115 JB and the amount of tax payable on the total income computed in accordance with the Income Tax Act, 1961.

10. In the opinion of management, trade receivables and short term loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount stated.

11. As the Company is yet to appoint a Company Secretary and Chief Financial Officer under Section 203 of the Companies Act, 2013, read with Rule 8 of The Companies (Appointment and Remuneration of Management Personnel) Rule, 2014, the accounts have not been signed by them.

12. Figures of the previous year are re-grouped and re-arranged, wherever considered necessary to conform to the current year's presentaion.


Mar 31, 2014

1 CORPROATE INFORMATION

Kaiser Corporation Limited ("the Company") is engaged in the business of printing of labels and cartons in India. The Company was incorporated on 20 September 1993, having its registered office at K. K. (Navsari) Chambers, Ground Floor, 39B, A. K. Nayak Marg, Fort, Mumbai, Maharashtra - 400001.The Company has two subsidiary namely, Powertel Engineering Private Limited engaged in manufacturing and trading of engineering goods and Xicon International Limited which is engaged in offering Turnkey Project Management and Engineering services.

2. Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs.1 per share (previous year Rs. 10 per share). Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note :

The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on the date regarding their status under the above said Act, no disclosure has been made.

3. CONTINGENT LIABILITIES

Current Year Previous Year ended ended Particulars 31 March 2014 31 March 2013 (Rs.) (Rs.)

Guarantees given to bank on behalf of a subsidiary company 82,375,000 72,375,000

Total 82,375,000 72,375,000

4. SEGMENT INFORMATION

The Company operates in a single business and geographical segment viz. Printing of labels, packaging materials, Magazines and articles of stationery within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required.

Notes:

a) The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS) - 18 ''Related Party Disclosures'' and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the current year and previous year, except where control exist, in which case the relationships have been mentioned irrespective of transactions with the related party.

5. The Company has a defined benefit plan namely Gratuity for all its employees in the form of Group Gratuity -cum- Life Assurance Scheme. However, the disclsoure information is not available and hence, the same is not disclosed.

6. Pursuant to the approval of the members at the Annual General Meeting held on September 30, 2013, the Company sub-divided (split) the face value of equity shares from Rs. 10 per equity share to Rs. 1 per equity share, which is effective for trading from November 22, 2013 as per notice received from Bombay Stock Exchange dated November 21, 2013. In compliance with Accounting Standard (AS)-20 "Earnings Per Share" the Company has given effect to the said sub-division of shares in computing earnings per share for all comparative periods.

7. The name of the Company has changed from "Kaiser Press Limited" to "Kaiser Corporation Limited" with effect from 5 November 2013.

8. (a) Provision for current tax for the year has been made under Minimum Alternate Tax (MAT) as per provisions of Section 115JB of the Income-Tax Act, 1961.

In accordance with the Guidance Note on Accounting for Credit Available in respect of MAT under the Income-Tax, 1961 issued by the Institute of Chartered Accountants of India (ICAI), the Company has recognized the MAT credit as an asset under the head "Loans and Advances" and has credited the same to the Profit and Loss Account under "Provision for Taxation".

b) MAT credit entitlement of Rs. 71,810 is recognized during the year being the difference of the tax paid under sub-section (1) of Section 115 JB and the amount of tax payable on the total income computed in accordance with the Income Tax Act, 1961.

9. In the opinion of management, trade receivables and short term loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

10. The Company is yet to appoint a Company Secretary as required under Section 383A of the Companies Act, 1956, as such the accounts have not been signed by a Company Secretary.

11. Figures of the previous year are re-grouped and re-arranged, wherever considered necessary to conform to the current year''s presentaion.


Mar 31, 2013

1 SEGMENT INFORMATION

The Company operates in a single business and geographical segment viz. Printing of labels, packaging materials, Magazines and articles of stationery within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required.

2 (a) Provision for current tax for the year has been made under Minimum Alternate Tax (MAT) as per provisions of Section 115JBof the Income-Tax Act, 1961.

In accordance with the Guidance Note on Accounting for Credit Available in respect of MAT under the Income-Tax, 1961 issued by the Institute of Chartered Accountants of India (ICAI), the Company has recognized the MAT credit as an asset under the head "Loans and Advances" and has credited the same to the Profit and Loss Account under "Provision for Taxation".

b) MAT credit entitlement of Rs. 57,040 is recognized during the year being the difference of the tax paid under sub-section (1) of Section 115 JB and the amount of tax payable on the total income computed in accordance with the Income Tax Act, 1961.

3 In the opinion of management, trade receivables and short term loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

4 The Company is yet to appoint a Company Secretary as required under Section 383A of the Companies Act, 1956, as such the accounts have not been signed by a Company Secretary.

5 Figures of the previous year are re-grouped and re-arranged, wherever considered necessary to conform to the current year''s presentaion.


Mar 31, 2012

1 CORPROATE INFORMATION

Kaiser Press Limited ("the Company") is engaged in the printing of labels and cartons in India. The Company was incorporated on 20 September 1993, having its registered office atK. K. (Navsari) Chambers, Ground Floor, 39B, A. K. NayakMarg, Fort, Mumbai, Maharashtra-400001.The Company has two subsidiary namely, Powertel Engineering Private Limited engaged in manufacturing of engineering goods and Xicon International Limited which was an associate company till 30 April 2011 and w.e.fl May2011 has became subsidiary company. Xicon International Limited is engaged in offering Turnkey Project Management and Engineering services.

a Terms/rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note :

As at 31 March 2011, the Company had received an amount of Rs. 2,806,000 towards share application money for 280,600 equity shares of the Company at a premium of Rs. Nil. During the year, the Company has alloted 232,477 equity shares of Rs. 10 each at premium of Rs. 2.07 on 05 December 2011 as per SEBI Preferential Issue Guidelines and completed other allotment formalities.

Note :

The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

Note:

In previous period, there was an impairment loss on fixed assets amounting to Rs. 10,312,489, comprises of Goodwill Rs. 8,500,000 and Plant and Machinery Rs. 1,812,489 on the basis of review carried out by the management in accordance with Accounting Standard (AS) - 28 "impairment of Assets".

In previous period, certain items of plant and machinery were identified and transferred from fixed assets to assets held for disposal amounted to Rs. 1,456,921 at book value, which management considers to be a realizable value.

* Upto previous year, Furniture and Fixtures and certain portion of Computers were wrongly clubbed under the head Plant and Machinery and depreciated at the rate of Plant and Machinery instead of at the rate of Furniture and Fixtures and Computers. Thus, during the year, the same has been rectified and error in calculation of depreciation pertaining to earlier years were reflected as Prior period depreciation.

2 CONTINGENT LIABILITIES

Current Year Previous Period ended 31 March ended 31 March Particulars 2012 2011

(Rs)

Guarantees given to bank on behalf of a subsidary company 72,375,000 -

Total 72,375,000 -

3 SEGMENT INFORMATION

The Company operates in a single business and geographical segment viz. Printing of labels, packaging materials, Magazines and articles of stationery within India. Accordingly, no separate disclosures for primary business and secondary geographical segment are required.

Notes:

a) The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS) -18 'Related Party Disclosures' and the same have been relied upon by the auditors.

b) The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the current year and previous period, except where control exist, in which case the relationships have been mentioned irrespective of transactions with the related party.

Note : In previous period, as per para 28 of Accounting Standard (AS) - 20 'Earning Per Share', for the purpose of calculation of earning per share, share application money pending for allotment or any advance share application money as at the balance sheet date, which is not statutorily required to be kept separately and is being utilised in the business of the enterprise, is treated in the same manner as dilutive potential equity shares for the purpose of calculation of diluted earnings per share.

4 In the opinion of management, trade receivables and short term loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet. The provision for depreciation and all known liabilities is adequate and not in excess of the amount reasonably stated.

5 The Company is yet to appoint a Company Secretary as required under Section 383A of the Companies Act, 1956, as such the accounts have not been signed by a Company Secretary.

6 Till the period ended 31 March 2011, the Company was using pre-revised Schedule VI of the Companies Act, 1956 for the preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised schedule VI notified under the Companies Act, 1956 has become applicable to the Company. Therefore, the Company has reclassified previous period figures to conform to the current year's presentation.

7 During the previous period, the Company had changed its financial year from 30 June to 31 March. As such, the previous period was of nine months i.e. from 01 July 2010 to 31 March 2011 as compared to current year of twelve months i.e. from 01 April 2011 to 31 March 2012 and hence, the current year's figures are not comparable with the figures ofthe previous period.


Mar 31, 2011

Notes:

1. The related party relationships have been determined on the basis of the requirements of the Accounting Standard (AS)-18 'Related Party Disclosures' and the same have been relied upon by the auditors.

2. The relationships as mentioned above pertain to those related parties with whom transactions have taken place during the current year and previous year.

3. The Company had two primary business segments viz: 1) Printing of labels, packaging materials, Magazines

and articles of stationery and 2) Textile trading in Fabric during the year ended 30 June 2010 and only one business segment viz. Printing of labels, packaging materials, Magazines and articles of stationery during the current period. The Company does not have any reportable geographical segment. Primary segment information for previous year is as under:

1. a)In the opinion of the management, current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated and provision for all known and determined liabilities are adequate and not in the excess of the amount reasonably stated.

b) Balances of certain debtors, creditors, unsecured loans and advances given are subject to confirmation / reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation / adjustments.

2. The Company is in the process of compiling relevant information from its suppliers about their coverage under the Micro, Small and Medium Enterprises Development Act, 2006. As the Company has not received any information from its suppliers as on date regarding their status under the above said Act, no disclosure has been made.

3. Additional information pursuant to Part II of Schedule VI to the Companies Act, 1956

Quantitative/Value Information:

a) Licensed Capacity - Not Applicable

b) Installed Capacity - Not Applicable

c) Purchases, Production Turnover and Stock:

The Company is in the business of "Printing of labels, packaging materials, Magazines and articles of stationery" wherein materials manufactured and purchased are of heterogeneous nature. Considering the peculiarity of activities, the quantitative information of consumption of materials as required under Part II of Schedule VI of the Companies Act, 1956 could not be ascertained.

4.The Company is yet to appoint a Company Secretary as required under Section 383A of the Companies Act, 1956, as such the accounts have not been signed by a Company Secretary.

5. a) Previous year figures have been rearranged or regrouped, wherever considered necessary to conform to the current year's presentation.

b) During the year, the Company has changed its financial year from 30 June to 31 March. As such, the current financial year is of nine months i.e. from 01 July 2010 to 31 March 2011 as compared to previous year of twelve months i.e. 01 July 2009 to 30 June 2010 and hence, the current period's figures are not comparable with the figures of the previous year.

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