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Notes to Accounts of Kavit Industries Ltd.

Mar 31, 2015

Not Available.


Mar 31, 2014

1. General Information

Kavit Industries Limited (Formerly known as Atreya Petrochem Limited) is Public Limited Company incorporated in India under the provisions of the Companies Act, 1956. The Company''s strength lies in the business process of manufacturing of various Petrochemical Downstream Products such as Specialty Oils, Petroleum Sulphonates, Solvents, etc. for Industrial Applications such as Rubber, Leather, Ink and Paint Industries. It is well recognized as a ''Partner of Choice'' by leading Companies across the country.

Terms/rights attached to equity shares :

2. 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 vote per share. The company declares and of pays dividends in Indian rupees. The dividend proposed, if any, by the Board Directors is Meeting. During the year ended 31st March subject to the approval of the shareholders in the ensuing Annual General 2014, was Rs. Nil (Previous Year Rs. Nil)the amount of per share dividend recognized as distributions to equity shareholders

3. The Company has issued 4,00,00,000 warrant fully convertible into equity shares of Rs. 15 each including premium of Rs. 5 during the current year.

4. The company has received Rs. 485275000 as share application money against 4,00,00,000 warrant Convertible issued.

As per records of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

5. The Management is of the Opinion that none of the employees falls within the provision of Gratuity, PF, ESIC and others, so no provision has been done.

6. The Company has not received information from vendors regarding their status under the Micro, Small & Medium Enterprises Development Act, 2006 and hence disclosure relating to amount unpaid at the year-end together with interest paid/payable under the Act have not been given.

7. Trade Payable having scheduled payment beyond 12 months after reporting date Rs. Nil (Previous Year . Nil)

8. Statutory dues includes VAT, Excise Duty, TDS, service tax & other statutory payables.

9. Advances received from customer includes advances against future Sales to be held in next 12 Months

*Provision for employee benefits includes provision of Gratuity, Bonus & leave encashment payable within 12 month

# Others includes salary and other expense payable to staff.

10. Investment in shares includes investments in various corporates & private limited companies. Investment are stated at cost.


Mar 31, 2013

A. Depreciation:

Company has been provided depreciation only for the 9 month period as production plant has been under maintenance and modification.

B. Trade Receivables:

In respect of Receivable for Sundry Debtors (Incl. Receivable on Sale of Investments) of Rs. 421.72 Lacs and Other Trade receivable, the amount of Bad & Doubtful Debts are is not ascertainable on account of non- receipt of confirmation from the party.

C. In terms of the reporting requirements of section 372A of the Companies Act, 1956, we state that the Company has made aggregate Inter-Corporate Loan of Rs. 343.65 Lacs and investment of Rs. 40.62 Lacs.

D. The Company has given loan of Rs. 127.01 Lacs to directors, Firms and to the Companies in which Director/ relative are/were interested as director / partner / proprietor and the same is not prejudicial to the Company.

E. In respect of loan and advances, the amount of bad and doubtful debts is not ascertainable on account of non- receipt of confirmation from the party.

F. In the opinion of the Directors, Current Assets, Loans & Advances have values at which they are stated in the Balance Sheet, if realized in the ordinary course of business. The provision for depreciation and all known liabilities is adequate.

G. Sundry Creditors, Unsecured loans, other liabilities, loans and advances, sundry debtors, and other current assets are subject to confirmation.

H. Micro Small & Medium Enterprise: The Company is in the process of compiling the relevant information. Dues to Micro and small enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by us.

I. In the opinion of the Management, the Provident Fund and ESI act are not applicable, hence no provision have been made for the same.

J. Earning & Expenditure in Foreign Currency :Nil (P.Y. – Nil)

K. Directors Remuneration: Nil (P.Y. – Nil)

L. Auditors Remuneration : 60000/- & Taxes (P.Y.60000)


Mar 31, 2012

In the absence of the necessary information with the company relating to the registration status of the suppliers under Micro, Small and Medium Enterprise Development Act, 2006, the information required under the said Act could not be complied and disclosed.

J. Claims, Demands and Contingencies :

Details of disputed and/ or contingent Liabilities are as follows:

As on As on 31.03.2012 30.06.2011

Bank Guarantee - Expired (Not Claimed by District Supply Office) 78,345 78,345

Motor Spirit Tax-Disputed (Remanded) 92,50,463 92,50,463

Income Tax Demanded-Disputed 1,66,66,195 1,66,66,195

Excise Duty - Disputed 8,87,65,288 8,87,65,288

K. In the opinion of the Management, the Provident Fund and ESI act are not applicable, hence no provision have been made for the same.

L. Earning & Expenditure in Foreign Currency :Nil (P.Y. - Nil)

M. Where no external evidence is available, the directors have approved all such transactions.

N. Directors Remuneration: Nil (P.Y. - Nil)

O. Auditors Remuneration : 40000/- & Taxes (P.Y.40000)


Mar 31, 2010

1) Provision for Current and Deferred Tax

a) In view of unabsorbed losses and in absence of Taxable income under the provisions of the Income Tax Act 1961 in the current year the company believes that there will be no tax liability no provision has been made for the same

b) The company has unabsorbed depreciation and carry forward losses under the Income Tax Act 1961 .In the absence of virtual certainty of sufficient future taxable income deferred tax assets are not recognized in the account

2) Claims Demands and contingencies

Details of disputed and / or contingent Liabilities are as follows

3) Inter Corporate Loan / Advances

The company has granted and taken Loans to /from various parties in past year which required to be covered in the register u/s 301 of the Act are as under

In absences of any covenants as to recovery in respect of above Loans we are unable to comment on overdue statues and no steps taken for the recovery of the principal and interest

No provision has been made for the interest of above loans,

In absences of any covenants as to repayment in respect of above Loans we are unable to comment on overdue status and steps taken for the payment of the principal and interest

4) Earnings & expenditure in foreign Currency Nil P.Y - Nil

5) Non renewal of MST and other license manufacturing activity of the company remains suspended since February 2000

6) Sundry Creditors Unsecured loans other liabilities loans and advances sundry debtors and other current assets are subject to confirmation and no exercise carried out to determine bad amount .If any

7) In respect of advances given in past year there are no efforts made for the recovery .No provision has been made for Bad & Doubtful Advances and interest there on

8) Accounts of Debtors are unconfirmed and no amount realize since F.Y 1999-2000 .No provision has been made for Bad & Doubtful Depts

9) Where no external evidence is available the directors have approved all such transaction

10)Directors Remuneration : Nil ( P.Y.-Nil)

11) Authors Remuneration : 25,000/- & taxes ( P.Y.15000 )

12) In the opinion of the Director Current Assets Lonans & Advances have value at which they are stated in the balance sheet if realized in the ordinary course of business .The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonable necessary

13) Quantities information

14)Related party disclosures

a) List of related parties with whom transaction have taken place

b) Significant transaction during the past year and current year with related parties

15)Previous year figures have been regrouped rearranged and reclassified wherever necessary.


Mar 31, 2008

1) Provision for Current and Deferred Tax :

a) In view of unabsorbed losses and in absence of Taxable income under the Provisions of the Income Tax Act, 1961 in the current year, the company believes that there will be no tax liability, no provision has been made the same.

b) The company has unabsorbed depreciation and carry former losses under the Income Tax Act, 1961. In the absence of Virtual certainty of sufficient future taxable income, deferred tax assets are not recognized in the account.

2. Claims, Demands and contingencies :

Details of disputed and / or contingent Liabilities are as follows ;

2007-08 2006-07

Bank Guarantee- Expired 78,345 78,345 (Not Claimed by District supply office)

Motor spirit Tax- Disputed 92,50,463 92,50,463

Income Tax Demanded-Disputed 1,66,66,195 1,66,66,195

Excise Duty-Disputed 8,87,65,288 8,87,65,288

3) Earning & Expenditure in Foreign Currency : Nil (P.Y. - Nil)

4) Non renewal of MST and other licenses manufacturing activity of the company remains suspended since February, 2000.

5) Sundry creditors, Unsecured loans, other liabilities, loans and advances, sundry debtors, and other current assets are subject to confirmation and no exercise carried out to determine bad amount. if any.

6) In respect of advances given in past years, there are no efforts made for the recovery. No provision has been made for Bad & Doubtful Advances and interest there on.

7) Accounts of Debtors are unconfirmed and no amount realize since F.Y. 1999-2000. No provision has been made for Bad & Doubtful Debts.

8) Where no external evidence is available, the directors have approved all such transactions.

9) Directors Remuneration: Nil (P.Y. - Nil)

10) Auditors Remuneration : 15,000/- & Taxes (P.Y.15000)

11) In the opinion of the Director, current Assets, Loans & Advances have value at which they are stated in the Balance sheet, if realized in the ordinary course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

12) Additional information as required by para 3,4 and 4-A to 4-D of part-II of schedule VI to the companies Act, 1956 is not required as there was no manufacturing activity during the year.

13) Previous years figures have been regrouped, rearranged and reclassified wherever necessary.

 
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