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Notes to Accounts of Karnimata Cold Storage Ltd.

Mar 31, 2015

1. Corporate Information:

Karnimata Cold Storage Limited was incorporated as a private limited company on 29th of April, 2011 later on converted into a public limited company w.e.f. 4th December, 2012 under the provisions of the Companies Act, 1956. The company is engaged in cold storage business. It initially set up during FY 2011-12, 18,000 M.T. Cold storage in Medinipur district (West Bengal) for preservation of potatoes and during the FY 2013-14 the capacity was increased by 7,500 M.T. The company came with Initial Public Offering (IPO) of Rs 303.6 Lakhs during the FY -13-14, and was listed on SME Platform BSE Limited on 18th March 2014.

2. Basis of preparation of financial statements:

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting following generally accepted accounting principles in India (GAAP) and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India & notified under the Companies (Accounting Standards) Rules 2006 as amended and the relevant provisions of the Companies Act, 2013. The financial statements are presented in Indian rupees.

3. Terms/Rights attached to Equity Shares

Equity Shares carry voting rights at the General Meeting of the Company and are entitled to dividend and to participate in surplus, if any, in the event of winding up.

* Secured by way of equitable mortgage of land,situated at Chekuasole, Goalture, Paschim Medinipur, 2 residential flats - one situated at paschim medinipur and one situated at kolkata, land & building at Salbony(paschim medinipur) fixed deposits of Rs. 65 lacs, SBI Life Insurance of Rs. 5 lacs and third party guarantee given by directors of the company.

Sactioned Rs. 6 crores on 18.11.2011 and now bears interest @ 12.80% p.a. repayable in 16 half yearly installments comprising of 1st 6 installments of Rs. 30 lacs each next 6 installments of Rs. 40 lacs each and last 4 installments of 'Rs.45 lacs each due on 30thJune and 31st December each year, starting from 30/06/2012.

Sactioned Rs.3 crores on 28.01.2014 and now bears interest @ 13.55% p.a. repayable in 16 half yearly installments comprising of 1st 4 installments of Rs. 10 lacs each next 8 installments of Rs.15 lacs each next 2 installments of Rs.30 lacs each and last 2 installments of Rs.40 lacs each due on 30th September and 31st March each year, starting from 30/09/2014.

* Bearing Intrerest @ 12.35% p.a. sanctioned on 30.01.2015, secured by way of assignment of receipts of potatoes stored.

** Secured against hypothecation of stocks, fuel, lubricants, book debts, rent receivables and other current assets of the company, bearing interest @ 13.50% p.a.

*** Without any Interest, Repayable on demand

4. Contingent liability 2,000,000 1,300,000

(For bank guarantee given in favor of WBSED CO.LTD.)

5. Deferred Tax Asset

On Carry forward of losses for the year under Income Tax Act in compliance with AS 22 and in consideration of prudence, no deferred tax asset has been created as there is no virtual certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized. On the same grounds no deffered tax Assets has been created in respect of Preliminary expenses.

6. Government grants:

The Company has applied for state subsidy under The West Bengal State Support for Industries Scheme, 2008, but no capital subsidy received during the year.

Revenue subsidy, in the form of waiver of electricity duty Rs 122,847 received during the year and the same has been duly recognised in the statement of Profit and Loss vide Note No. 19

7. Related Party Disclosure

(Parties with whom transactions have taken place during t he year.)

Name of the related parties Short Name Relationship

(i) Pradeep Lodha PL Managing Director

(ii) Asha Ladia AL Director

(iii) Sushila Lodha SL Wife of PL

(iv) Supreme Lodha SPL CEO & Son of PL & SL

(v) Subrat Kumar Nayak SKN Company Secretary

(vi) Karunamoy Bandyopadhyay KB Manager

(vii) Nand Lal Lodha NLL Father of PL

(viii) Janu Infrastructure Private Limited JIPL Associates of the Company

(ix) Pratyush Mercantile Private Limited PMPL Associates of the Company

(x) SRG Trading Private Limited STPL Associates of the Company

8. In the opinion of the board of directors, the current assets, loans and advances are approximately of the realizable value in the ordinary course of business unless otherwise stated. The Provision for all known liabilities is adequate and is not in excess of the amount reasonably necessary.

9. Based on the Information available with the company, the balance due to micro, small and medium enterprises as defined under the "Micro, small & medium enterprises development Act, 2006" is NIL

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


Mar 31, 2014

1. Corporate Information:

Karnimata Cold Storage Limited was incorporated as a private limited company on 29th of April, 2011 later on converted into a public limited company w.e.f. 4th December, 2012 under the provisions of the Companies Act, 1956. The company is engaged in cold storage business. It initially set up during FY 2011-12, 18,000 M.T. Cold storage in Medinipur district (West Bengal) for preservation of potatoes and during the FY 2013-14 the capacity was increased by 7,500 M.T. The company came with Initial Public Offering (IPO) of Rs 303.6 Lakhs during the year and was listed on SME Platform BSE Limited on 18th March 2014.

2. Basis of preparation of financial statements:

The financial statements have been prepared and presented under the historical cost convention on the accrual basis of accounting following generally accepted accounting principles in India (GAAP) and comply with the Accounting Standards issued by the Institute of Chartered Accountants of India & notified under the Companies (Accounting Standards) Rules 2006 as amended and the relevant provisions of the Companies Act, 1956. The financial statements are presented in Indian rupees.

3. Terms/Rights attached to Equity Shares

Equity Shares carry voting rights at the General Meeting of the Company and are entitled to dividend and to participate in surplus, if any, in the event of winding up.

4. Secured by way of equitable mortgage of land,situated at Chekuasole, Goalture, Paschim Medinipur, 2 residential flats - one situated at paschim medinipur and one situated at kolkata, land & building at Salbony(paschim medinipur) fixed deposits of Rs. 65 lacs, SBI Life Insurance of Rs. 5 lacs and third party guarantee given by directors of the company.

Sactioned Rs. 6 crores on 18.11.2011 and now bears interest @ 12.95% p.a. repayable in 16 half yearly installments comprising of 1st 6 installments of Rs. 30 lacs each next 6 installments of Rs. 40 lacs each and last 4 installments of Rs.45 lacs each due on 30thJune and 31st December each year, starting from 30/06/2012.

Sactioned Rs.3 crores on 28.01.2014 and bears interest @ 13.70% p.a. repayable in 16 half yearly installments comprising of 1st 4 installments of Rs. 10 lacs each next 8 installments of Rs.15 lacs each next 2 installments of Rs.30 lacs each and last 2 installments of Rs.40 lacs each due on 30th September and 31st March each year, starting from 30/09/2014.

5. Extraordinary Items are income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the company and, therefore, are not expected to recur frequently or regularly. Rs. 4,38,753 treated as extraordinary item in the Statement of Profit & Loss pertains to loss due to robbery that took place in the previous year.

6. Contingent liability 1,300,000 1,300,000

(for bank guarantee given in favour of WBSED CO.LTD.)

7. Deferred Tax Asset

On Carry forward of losses for the year under Income Tax Act in compliance with AS 22 and in consideration of prudence, no deferred tax asset has been created as there is no virtual certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized. On the same grounds no deferred tax Assets has been created in respect of Preliminary expenses.

Government grants: The Company has applied for state subsidy under The West Bengal State Support for Industries Scheme, 2008 but no subsidy received during the year.

8. In the opinion of the board of directors, the current assets, loans and advances are approximately of the realsiable value in the ordinary course of business unless otherwise stated. The Provision for all known liabilites are adequate and are not in excess of the amount reasonably necessary.

9. Based on the Information available with the company, the balance due to micro, small and medium enterprises as defined under the "Micro, small & medium enterprises development Act, 2006" is NIL

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

 
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