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Notes to Accounts of Kalindee Rail Nirman (Engineers) Ltd.

Mar 31, 2015

1. Details of dues to micro and small enterprises defined under the MSMED Act, 2006

The company has not received any information from the suppliers regarding there status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosure, if any, relating to the amount paid as at the year end together with interest payable/paid as required under the said act has not been furnished.

2. Segment information

The company's operations predominantly relates to construction as EPC contractors for railway sector and there is no segregated supply business. Accordingly during the current year, the financials of the company represent a single primary segment (railway construction work), and therefore there are no additional disclosures to be provided under Accounting Standard 17 "Segment Reporting".

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realisation of loans, advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

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

5. The Company is in the process of reconciliation of its trade receivables/loans & advances subsequent to the change of management. Pursuant to such reconciliation, the company has made a provision for bad debts of Rs 1621.05 lacs in its statement of profit & loss account for the year ended 31st March 2015. This provision relates to trade receivables prior to the change of management, and disclosed the same as exceptional items. Further adjustments, if any which are undetermined presently, arising on completion of this reconciliation shall be adjusted in the subsequent periods.

6. In the opinion of the management except for matters as mentioned above, there are no impairment indicator and as such the impairment exercise has not been carried out by the management.

7. Employee benefits

Defined Benefit Plan (Gratuity Funded and Leave Encashment Non-funded) - As per Actuarial Valuation on 31.03.2015

The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The Scheme is funded with an insurance company in the form of a qualifying insurance policy. Earned leave not availed during the year can be accumulated with subsequent year upto maximum 90 days. The earned leave accumulated beyond 90 days can be encashed at any point of time.

a) The expected return on plan assets has been determined considering several applicable factors mainly the composition of plan assets held, associated risks of assets management, historical results of returns and policies for plan assets.

b) The estimates of future salary increase considered in actuarial valuation take into account inflation, seniority, promotions and other relevant factors such as supply and demand factors in the employment market.

c) Based on the Guidance Note from the Institute of Actuaries of India, the Company's Actuary has reliably measured the provident fund liability in respect of Provident Fund (Trust) and there is no shortfall.

d) Defined Contribution Plan Employer's contribution to Provident Fund and Other Funds aggregating to Rs. 9,634,547 (Previous year Rs. 3,219,366) has been included under Note 22 - Employee bebefit expense.

e) Acturial valuation for liability towards Gratuity & Leave encashment started fron the current financial year 2014-2015.


Mar 31, 2013

1. Terms/rights attached to equity shares:

The company has only one class of share capital, i.e. equity shares having face value of Rs 10/- per share. Each holder of equity share is entitled to one vote per share

2. Loans repayable on demand from banks include fund based working capital viz cash credits and demand loans. The secured portion of working capital facilities and other non fund based facilities viz bank guarantees and letters of credit are secured by :

Property (land & building) at Flat no. 103 measuring 65.02 sq metres, Ground Floor, Plot no. C-4-A, Silver Oak, Sawai Jai Singh Highway, Bani Park, Jaipur, Rajasthan, Room measuring 135.62 sq metres, Basement, Plot no. C-4-A, Silver Oak, Sawai Jai Singh Highway, Bani Park, Jaipur, Rajasthan, Flat no. C-102 measuring 1120 sq feet, First Floor, Wing C, Gautam Complex, Plot no. 17/18 Sector-11, CBD Belapur, Navi Mumbai, Flat no. C-104 measuring 1120 sq. feet, First Floor, Wing C, Gautam Complex, Plot no. 17/18, Sector-11, CBD Belapur, Navi Mumbai, 206 Sec 55 Gurgaon, Hypothecation of inventories, book debts and receivables & personal gurantee of Directors Sh R D Sharma, Kalpana Gemini and Sunita Gemini.

3. CONTINGENT LIABILITIES COMMITMENTS

Contingent liabilities and March 31,2013(Rs.) commitments (to the extent not provided for)

(I) Contingent Liabilities

(a) Bank Guarantees The contingent liabilities towards Guarantees given to Railways & other Customers for Rs. 140.85 crore & by State Bank of India, New Delhi; Rs. 71.01 crore from State Bank of Patiala, New Delhi; Rs. 4.48 crore by Yes Bank Ltd., New Delhi; Rs. 28.28 crore by Axis Bank Ltd., New Delhi; Rs. 0.92 crore by The Royal Bank of Scotland crore N.V., New Delhi and Rs. 4.00 crore by HDFC Bank Ltd., New Delhi; Rs. 12.75 crore & 21.03 crore Bangladesh Taka by Standard Chartered Bank, New Delhi, Rs. 8.13 crore by Indusind Bank Ltd. against which company has provided part security by way of cash margin.

(b) Service tax liability (excluding penalty) 11.82 CR that may arise in respect of which the company is in appeal

(c) Income tax liability excluding penalty) 0.37CR that may arise in respect of which the company is in appeal

Contingent liabilities and March 31,2012(Rs.) commitments (to the extent not provided for)

(I) Contingent Liabilities

(a) Bank Guarantees The contingent liabilities towards Guarantees given to Railways & other Customers for Rs. 86.04 crore & $ 0.05 crore by State Bank of India, New Delhi; Rs. 65.38 crore from State Bank of Patiala, New Delhi; Rs. 14.92 crore by Yes Bank Ltd., New Delhi; Rs. 19.07 crore by Axis Bank Ltd., New Delhi; Rs. 1.00 by The Royal Bank of Scotland N.V., New Delhi and Rs.1.61 crore by HDFC Bank Ltd., New Delhi; Rs. 4.10 crore & 21.03 crore Bangladesh Taka by Standard Chartered Bank, New Delhi against which company has provided part security by way of cash margin.

(b) Service tax liability (excluding penalty) — that may arise in respect of which the company is in appeal

(c) Income tax liability excluding penalty) — that may arise in respect of which the company is in appeal

Notes 1. The company does not expect any reimbursements in respect of the above contingent liabilities.

2. It is not practicable to estimate the timing of cash outflows, if any, inrespect of matters above pending resolution of the arbitration/appellate proceedings.

1. The Balance Sheet as on March 31,2013 and the Statement of Profit & Loss for the year ended March 31,2013 are drawn and presented as per the new format prescribed under schedule VI to the Companies Act 1956 .

2. Additional liability (if any) for taxes, duties under direct and indirect taxes as well as deposits thereof are made under protest and income of refunds for pending assessments / appeals / revisions / reference as well as financial effect for pending court cases of claims are accounted for at the time of final settlement/decision.

4. Contingent Liabilities:

a) Claims against company to be acknowledged as Debts. - Nil

b) Uncalled liability on share partly paid. - Nil

c) Arrear for fixed cumulative dividend. - Nil

d) Contracts remaining to be executed on capital account, which is not provided for. - Nil

e) The contingent liabilities towards Guarantees given to Railways & other Customers for Rs.140.85 crores by State Bank of India, New Delhi (previous year Rs. 86.04 crores & $ 0.05 crores); Rs. 71.02 crores from State Bank of Patiala, New Delhi (previous year Rs.65.38 crores); Rs. 4.48 crores by Yes Bank Ltd., New Delhi (previous year Rs. 14.92 crores); Rs. 28.28 crores by Axis Bank Ltd., New Delhi (Previous year Rs. 19.07 crores) ; Rs. 0.92 crores by The Royal Bank of Scotland N.V., New Delhi (previous year Rs. 1.00 crores ); Rs. 4.00 crores by HDFC Bank Ltd., New Delhi (previous year Rs. 1.61crores); Rs. 12.75 crores & BDT 21.03 crores by Standard Chartered Bank, New Delhi (previous year Rs. 4.10 crores & BDT 21.03 crores) Rs. 8.14 crores by IndusInd Bank, New Delhi against which company has provided part security by way of cash margin.

5. In the opinion of Board of Directors, value on realization of assets, loans and Advances in the ordinary course of business, will not be less than the value of which they are stated in the Balance Sheet.

6. Gratuity:

Company has obtained Actuarial Valuation in respect of Gratuity pursuant to AS-15 issued by ICAI, New Delhi.

7. Segment Reporting

The company's operations predominantly relates to construction as EPC contractors for railway sector and there is no segregated supply business.

Accordingly during the current year, the financials of the company represent a single primary segment (railway construction work), and therefore there are no additional disclosures to be provided under Accounting Standard 17 "Segment Reporting".

8. Quantitative Detail

The company is engaged as EPC contractors. Such activity cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of work executed as required under paragraphs 3, 4C and 4D of part II of Schedule VI of the Companies Act, 1956.

9. The company has not received any information from the suppliers regarding there status under the Micro Small and Development Act 2006. Hence disclosure, if any, relating to the amount paid as at the year end together with interest payable/paid as required under the said act has not been furnished.

10. Figures of previous year have been regrouped and rearranged wherever deemed necessary.


Mar 31, 2012

NOTE 1 A

Terms/rights attached to equity shares:

The company has only one class of share capital, i.e. equity shares having face value of Rs 10/- per share. Each holder of equity share is entitled to one vote per share

6(i) Loans repayable on demand from banks include fund based working capital viz cash credits and demand loans. The secured portion of working capital facilities and other non fund based facilities viz bank guarantees and letters of credit are secured by:

Property (land & building) at Flat no. 103 measuring 65.02 sq metres, Ground Floor, Plot no. C-4-A, Silver Oak, Sawai Jai Singh Highway, Bani Park, Jaipur,Rajasthan, Room measuring 135.62 sq metres,Basement,Plot no. C-4-A, Silver Oak, Sawai Jai Singh Highway, Bani Park, Jaipur, Rajasthan, Flat no. G102 measuring 1120 sq feet, First Floor, Wing C, Gautam Complex, Plot no. 17/18 Sector-1 1, CBD Belapur, Navi Mumbai, Flat no. C-104 measuring 1 120 sq. feet , First Floor, Wing C, Gautam Complex , Plot no. 17/18, Sector-1 1, CBD Belapur, Navi Mumbai, Hypothecation of inventories, book debts and receivables & personal gurantee of Director Sh R D Sharma & Sh Arvind Gemini who got expired on 21/06/201 2

NOTE 1 NOTES TO THE ACCOUNTS:

1. The Balance Sheet as on March 31, 2012 and the statement of Profit & Loss for the year ended March 31, 201 2 are drawn and presented as per the new format prescribed under schedule VI to the Companies Act 1956 applicable for the financial year commencing from April 1, 2011. The amount pertaining to previous financial year have been recast to conform with the new format.

2. Additional liability (if any) for taxes, duties under direct and indirect taxes as well as deposits thereof are made under protest and income of refunds for pending assessments / appeals / revisions / reference as well as financial effect for pending court cases of claims are accounted for at the time of final settlement/decision.

3. Contingent Liabilities:

a) Claims against Company to be acknowledged as Debts. - Nil

b) Uncalled liability on share partly paid. - Nil

c) Arrear for fixed cumulative dividend. - Nil

d) Contracts remaining to be executed on capital account, which are not provided for. - Nil

e) The contingent liabilities towards Guarantees given to Railways & other Customers for Rs. 86.04 crore INR & $ 0.05 crore by State Bank of India, New Delhi; Rs. 65.38 crore from State Bank of Patiala, New Delhi; Rs.14.92 crore by Yes Bank Ltd., New Delhi; Rs. 19.07 crore by Axis Bank Ltd., New Delhi; Rs.1.00 crore by The Royal Bank of Scotland N.V., New Delhi, Rs. 1.61 crore by HDFC Bank Ltd., New Delhi; and Rs. 4.10 cr INR & 21.03 crore Bangladesh Taka) by Standard Chartered Bank, New Delhi (Previous Year Rs. 98.32 crore, Euro 677,072.92, Taka 68,000,000 & $ 908,567 by State Bank of India, New Delhi; Rs. 68.24 crore from State Bank of Patiala, New Delhi; Rs. 1 3.78 crore by Yes Bank Ltd., New Delhi; Rs. 19.02 crore by Axis Bank Ltd., New Delhi; Rs. 7.1 8 crore by The Royal Bank of Scotland N.V., New Delhi, Rs. 2.1 8 crore by HDFC Bank Ltd., New Delhi; and Rs. 0.34 crore by Standard Chartered Bank, New Delhi) againstwhich Company has provided part security by way of cash margin.

4. In the opinion of Board of Directors, value on realisation of assets, loans and Advances in the ordinary course of business, will not be less than the value of which they are stated in the Balance Sheet.

5. Gratuity:

Company has obtained Actuarial Valuation in respect of Gratuity pursuant to AS-15 issued by ICAI, New Delhi.

6. Segment Reporting

The company's operations predominantly relates to construction as EPC contractors for railway sector and there is no segregated supply business.

Accordingly during the current year, the financials of the company represent a single primary segment (railway construction work), and therefore there are no additional disclosures to be provided under Accounting Standard 17 "Segment Reporting".

7. Quantitative Detail

The company is engaged as EPC contractors. Such activity cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of work executed as required under paragraphs 3, 4C and 4D of part II of Schedule VI of the Companies Act, 1956.

8. Deffered Taxation

During the year, the company has accounted for Rs.13.47 lacs [previous year Rs.38.57 lacs] towards deffered tax liability and the same has been debited to Profit & Loss account of the current year.

9. Disclosures in respect of joint ventures pursuant to Accounting Standard (AS) 27 " Financial Reporting of Interests in Joint Ventures"

10. The company has not received any information from the suppliers regarding there status under the Micro Small And Development Act 2006. Hence disclosure, if any, relating to the amount paid as at the year end together with interest payable/paid as required under the said act has not been furnished.

11. Figures of previous year have been regrouped and rearranged wherever deemed necessary.


Mar 31, 2011

1 Additional liability (if any) for taxes, duties under direct and indirect taxes as well as deposits thereof are made under protest and income of refunds for pending assessments / appeals / revisions / reference as well as financial effect for pending court cases of claims are accounted for at the time of final settlement/decision.

2. Contingent Liabilities:

a) Claims against Company to be acknowledged as Debts. - Nil

b) Uncalled liability on share partly paid. - Nil

c) Arrear for fixed cumulative dividend. - Nil

d) Contracts remaining to be executed on capital account, which are not provided for. - Nil

e) The contingent liabilities towards Guarantees given to Railways & other Customers for Rs. 98.32 crore, Euro 677,072.92, Taka 68,000,000 & $ 908,567 by State Bank of India, New Delhi; Rs. 68.24 crore from State Bank of Patiala, New Delhi; Rs. 13.78 crore by Yes Bank Ltd., New Delhi; Rs.19.02 crore by Axis Bank Ltd., New Delhi; Rs. 7.18 crore by The Royal Bank of Scotland N.V., New Delhi and Rs. 2.18 crore by HDFC Bank Ltd., New Delhi; Rs. 0.34 crore by Standard Chartered Bank, New Delhi (Previous year Rs. 61.40 crore by State Bank of India,

New Delhi; Rs. 42.55 crore by State Bank of Patiala, New Delhi; Rs. 0.63 crore by Yes Bank Ltd., New Delhi; Rs.10.44 crore by Axis Bank Ltd., New Delhi; Rs. 5.98 crore by The Royal Bank of Scotland N.V., New Delhi and Rs. 2.29 crore by HDFC Bank Ltd., New Delhi) against which Company has provided part security by way of cash margin.

3. In the opinion of Board of Directors, value on realisation of assets, loans and Advances in the ordinary course of business, will not be less than the value of which they are stated in the Balance Sheet.

4. Gratuity:

Company has obtained Actuarial Valuation in respect of Gratuity pursuant to AS-15 issued by ICAI, New Delhi.

5. Segment Reporting

The company's operations predominantly relates to construction as EPC contractors for railway sector and there is no segregated supply business.

Accordingly during the current year, the financials of the company represent a single primary segment (railway construction work), and therefore there are no additional disclosures to be provided under Accounting Standard 17 "Segment Reporting".

6. Quantitative Detail

The company is engaged as EPC contractors. Such activity cannot be expressed in any generic unit.Hence it is not possible to give the quantitative details of work executed as required under paragraphs 3, 4C and 4D of part II of Schedule VI of the Companies Act, 1956.

7.Deffered Taxation

During the year, the company has accounted for Rs. 38.57 lacs [previous year Rs. 43.43 lacs] towards deffered tax liability and the same has been debited to Profit & Loss account of the current year. Deffered Tax liability as on 01/04/2010 Rs. 146.33

Add: Provision made during the year Rs. 38.57

Total as on 31 March 2011 Rs. 184.90

8. The company has not received any information from the suppliers regarding there status under the Micro Small And Development Act 2006. Hence disclosure, if any, relating to the amount paid as at the year end together with interest payable/paid as required under the said act has not been furnished

9. Figures of previous year have been regrouped and rearranged wherever deemed necessary.


Mar 31, 2010

1. Additional liability (if any) for taxes, duties under direct and indirect taxes as well as deposits thereof are made under protest and income of refunds for pending assessments/appeals/revisions/reference as well as financial effect for pending court cases of claims are accounted for at the time of final settlement/decision.

2. Contingent Liabilities:

(a) Claims against Company to be acknowledged as Debts. - Nil

(b) Uncalled liability on share partly paid. - Nil

(c) Arrear for fixed cumulative dividend. - Nil

(d) Contracts remaining to be executed on capital account, which are not provided for. - Nil

(e) The contingent liabilities towards Guarantees given to Railways & other Customers for Rs. 61.40 crore by State Bank of India, New Delhi; Rs. 42.55 crore from State Bank of Patiala, New Delhi; Rs. 0.63 crore by Yes Bank Ltd., New Delhi; Rs. 10.44 crore by Axis Bank Ltd., New Delhi; Rs. 5.98 crore by Royal Bank of Scotland N.Y, New Delhi and Rs. 2.29 crore by HDFC Bank Ltd., New Delhi (Previous year Rs. 43.99 crore by State Bank of India, New Delhi; Rs. 34.1 7 crore by State Bank of Patiala, New Delhi; Rs. 8.78 crore by Yes Bank Ltd., New Delhi; Rs. 15.71 crore by Axis Bank Ltd., New Delhi; Rs. 4.14 crore by Royal Bank of Scotland N.V., New Delhi and Rs. 5.03 crore by HDFC Bank Ltd., New Delhi) against which Company has provided part security by way of cash margin.

(f) The contingent liability towards Sales tax Demand relevant to financial year 2003-2004 amounting to Rs. 25.30 lacs and for the year 2004-2005 amounting to Rs. 18.85 lacs have not been provided in books of accounts due to pending appeals in both the years as it has been disputed by the company and is very likely to be waived off.

3. In the opinion of Board of Directors, value on realisation of assets, loans and Advances in the ordinary course of business, will not be less than the value of which they are stated in the Balance Sheet.

4. Out of the 0.5% Unsecured FCCB [$5,200,000] which were due for redemption in 2012, equity share of Rs. 10/- each [numbering 1,022,356] have been issued at a premium of Rs. 150/- per share to the extent of bonds $3,700,000. The exchange rate for the purpose of conversion of equity shares has been taken as 44.21 as per terms of the offer letter. The remaining FCCB [$1,500,000] have been bought back by the company at a discounted value of $1,080,000 and the remaining $420,000 has been shown as other income of the company, after conversion in equivalent Indian rupee.

5. Gratuity:

Company has obtained Actuarial Valuation in respect of Gratuity pursuant to AS-15 issued by ICAI, New Delhi.

6. Segment Reporting

The companys operations predominantly relates to construction as EPC contractors for railway sector and there is no segregated supply business.

Accordingly during the current year, the financials of the company represent a single primary segment (railway construction work), and therefore there are no additional disclosures to be provided under Accounting Standard 1 7 "Segment Reporting".

7. Quantitative Detail

The company is engaged as EPC contractors. Such activity cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of work executed as required under paragraphs 3, 4Cand 4D of part II of Schedule VI of the Companies Act, 1956.

8. Deferred Taxation

During the year, the company has accounted for Rs. 43.47 lacs [previous year Rs. 42.99 lacs] towards deferred tax liability and the same has been debited to Profit & Loss account of the current year.

Deferred Tax liability as on 01/04/2009 : Rs. 102.90

Add: Provision made during the year : Rs. 43.43

Total as on 31st March 2010 : Rs. 146.33

9. The company has not received any information from the suppliers regarding there status under the Micro Small And Development Act 2006. Hence disclosure, if any, relating to the amount paid as at the year end together with interest payable/paid as required under the said act has not been furnished

10. Figures of previous year have been regrouped and rearranged wherever deemed necessary.

 
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