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Notes to Accounts of Kakatiya Textiles Ltd.

Mar 31, 2015

1. Corporate Information

Kakatiya Textiles Limited is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The company is engaged in the manufacture and sale of cotton yarn.

2.1 The Company declares and pays dividends in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. In the event of the liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. Since the company has not declared dividends on the preference shares, the preference shareholders will have voting right equivalent to their holding. The distribution will be in proportion to the number of equity shares held by the shareholders.

3.1 Details of employee benefits as required by the Accounting Standard 15(Revised) are as under: a) Description of the company's defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972.

The terms of benefit are common for all the employees of the company.

The liability of the company as of 31st March 2014 is Rs, 45.41 lakhs out of which it has been funded to the extent of Rs, 7.80 lakhs.

The expenses has been included under the head "Contribution to Gratuity Fund" under the "Employees Benefit Expenses" in the statement of profit and loss.

e) Investment Details: LIC Group Gratuity(Cash Accumulation) Policy - 100% invested in Debt instruments.

The estimated rates of escalation of salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market.

4.1 Related Party Disclosure(as certified by the Management)

(I) Names of Related parties and description of Relationship

a) Key Management Personnel

Sumanth Ramamurthi, Managing Director

b) Other related parties

Super Spinning Mills Ltd Super Sara Textiles Ltd

Super Farm Products Ltd Precot Meridian Ltd

Elgi Electric and Industries Ltd Sara Elgi Envirotech LLP

Elgi Building Products Ltd Sara Elgi Arteriors Ltd

Elgi Ultra Industries Ltd Sara Elgi Industries Ltd

4.2 The company operates in one primary segment. Viz Textiles.

4.3 Previous year's figures have been regrouped and reclassified, wherever necessary, to correspond with the current year's classification / disclosure.


Mar 31, 2013

1 Corporate Information

Kakatiya Textiles Limited is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The company is engaged in the manufacturing and selling of cotton yarn.

2 Basis of preparation of financial statements

The financial statements are prepared in accordance with Generally Accepted Accounting Principles(GAAP) under the historical cost convention on the accrual basis except for certain financial instruments, which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules 2006, the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India(SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

3.1 The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting. In the event of the liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. Since the company has not declared dividends on the preference shares, the preference shareholders will have voting right equivalent to their holding. The distribution will be in proportion to the number of equity shares held by the shareholders.

4.1 Details of employee benefits as required by the Accounting Standard 15 (Revised) are as under:

a) Description of the company''s defined plan: The company operates a defined plan for payment of post employment benefits in the form of gratuity.

Benefits under the plan are based on pay and years of service and are vested on completion of five years of service, as provided in the Payment of Gratuity Act, 1972. The terms of benefit are common for all the employees of the company.

The estimated of rates of escalation of salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment Market.

4.2 The company operates in one primary segment. Viz Textiles.

4.3 Previous year''s figures have been regrouped and reclassified, wherever necessary, to correspond with the current year''s classification / disclosure.


Mar 31, 2012

Not Available


Mar 31, 2011

1. The term loan from Axis Bank limited with an outstanding balance of Rs.2.05 Crores is secured by a first charge on the present and future fixed assets of the company and second charge on the present and future current assets of the company. The loan is guaranteed by one of the directors of the company.

2. the opinion of the Board, the Current Assets, Loans & Advances and other Receivables have at least the value as stated in the Balance Sheet, if realized in the ordinary course of business.

3. The company has obtained information from suppliers who are covered under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro, small and medium enterprises, outstanding as on 31.03.2011.

4. Earnings in foreign exchange 31.03.2011 31.3.2010

- Export of goods (FOB Value) Nil Nil

5. Expenditure in Foreign Currencies

- Import of Components & Spares Nil Nil

6. Previous year figures have been regrouped / rearranged wherever necessary in line with the presentation of current year figures.


Mar 31, 2010

1. The company has provided depreciation on fixed assets for the period 1-4-2001 to 31-3-2006 amounting to Rs.256.72Lakhs during the year.

2. The term loan from AXIS Bank with an outstanding balance of Rs.4.10 Crores is secured by a first charge on the present and future fixed assets of the company and second charge on the present and future current assets of the company. The loan is guaranteed by one of the directors of the company.

3. Depreciation claimed for income tax purposes is less than depreciation for the current year as per books. The company has brought forward losses and unabsorbed depreciation under income tax.

4. Deferred tax revenue is recognized for the first time in the current financial year. The company has adopted the Balance Sheet method to workout the deferred tax assets. The assets and liabilities considered for deferred working are as follows^

5. In the opinion of the Board, the Current Assets, Loans & Advances and other Receivables have at least the value as stated in the Balance Sheet, if realized in the ordinary course of business.

6. The company has initiated the process of obtaining information from suppliers who are covered under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to Micro, Small and Medium Enterprises, outstanding as on 31.03.2010.

7. Related party disclosure as required by Accounting Standard 18 1. Names of related parties and description of relationship

a) Key Managerial Personnel : Shri.Sumanth Ramamurthi No remuneration is paid to Shri. Sumanth Ramamurthi

b) Other related parties Companies in which the Managing Director is interested as Managing Director / Director.

1.Super Spinning Mills Ltd 8. Elgi Building Products Ltd

2.Elgi Electric & Industries Ltd 9. Sara Elgi Industrial Research & Development Ltd

3.Elgi Ultra Industries Ltd lO.Super Sara Textiles Ltd

4.Precot Meridian Ltd 11.Super Sara Trading & Industrial Services Ltd 5.Sara Elgi Insurance Advisory Services Pvt Ltd 12.Sara Elgi Envirotech Ltd

6.Elgi Software & Technologies Ltd 13.Sara Elgi Arteriors Ltd

7. Super Farm Products Ltd

8. Employee benefits :

a. Gratuity benefits are managed through the Group Gratuity scheme of Life Insurance Corporation of India. The provision for gratuity liability is actuarially determined at the year-end and the liability arising on such valuation is charged to the Profit and Loss Account accordingly.

b. Provident Fund Contribution is as per the rates prescribed by the Employees Provident Funds Act, 1952 and the same is charged to revenue.

c. i) Description of the companys defined benefit plan : The Company operates a defined benefit plan for payment of post employment benefits in the form of Gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service as provided in the Payment of Gratuity Act, 1972. The terms of benefits are common for all the employees of the company.

ii) Reconciliation in respect of the changes in the present value of the Obligation: Rs. in lakhs

 
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