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Notes to Accounts of Kemp & Company Ltd.

Mar 31, 2015

1. Segment Information for the year ended 31st March, 2015 (i) Information about primary business segment

2. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identifed considering the organizational structure, internal financial reporting system, and the risk-return profiles of the business.

3. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

4. All the Company's operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

5 RELATED PARTY DISCLOSURES

Related party disclosures in accordance with Accounting Standard 18

Names of Related Parties Nature of Relationship

Vibhuti Investments Company Ltd Holding Company (Shareholder, having control)

Kiddy Plast Ltd Fellow Subsidiary

Transactions that have taken place during the year with related parties by the Company

6 CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

1. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs. 1,118,000/-)

2. Company has given a surety in favour of Sales Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

7. Purchase of Stock -in-trade includes Purchase of Luggage and Accessories.

8. The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

9. The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Acountants of India. Hence, the standard is not applicable.

10. The Company will be vacating premises held on tenancy basis at Connaught Place, Delhi w.e.f. 31st July, 2015 based on the verdict received from Delhi High Court . This will have a impact on the future operations of the Company in trading business.

11. Previous year's figures have been regrouped / reclassified wherever necessary.


Mar 31, 2014

I CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

1. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs. 1,118,000/-)

2. Company has given a surety in favour of Sales Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

2 Purchase of Stock -in-trade includes Purchase of Luggage and Accessories.

3 The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

4 The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Acountants of India. Hence, the standard is not applicable.

5 Previous year''s figures have been regrouped / reclassified wherever necessary.


Mar 31, 2012

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segment has been identified considering the organizational structure, internal financial reporting system, and the risk- return profiles of the business.

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All of the Company's operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary segment disclosures based on geographic segments are not considered relevant.

4 CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF :

1. Central Excise Demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal Rs 1,118,000/- (Previous Year Rs 1,118,000/-).

2. Guarantee given by the Company to a financial institution for loan given to the Holding Company of Rs 12,652,278/- (Previous year Rs 68,629,150/-) together with interest and other monies due, if any.

3. Company has given a surety in favour of Sales Tax for Rs 100,0007- (Previous year Rs 100,000/-) on behalf of VIP Industries Limited.

5 The Municipal (Property) Tax assessment which was pending from the year 2000-01 due to dispute regarding rateable value, has since been completed by Brihan mumbai Mahanagarpalika and as per the assessment orders the property tax liability upto year 2010-11 has been settled by the Company. However, the case filed by Brihan mumbai Mahanagarpalika is not yet withdrawn.

6 Purchase of Finished Goods includes Purchase of Bags and Accessories.

7 The Company has provided security to Housing Development Finance Corporation Limited by creating a mortgage by deposit of title deed of its property situated at Prabhadevi, Mumbai for a loan of Rs 150,000,000/-

8 The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

9 The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

10 Based on the information and records available with the Company, there are no dues to Micro or Small Enterprise under the Micro, Small and Medium Enterprises Development Act, 2006. Therefore disclosures under Section 22 of the said Act are not necessary.

11 The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year's figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements except for accounting for dividend on investments in subsidiaries.


Mar 31, 2011

1. Contingent Liabilities not provided for:

1.1. Central Excise demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal: Rs. 1,118,000/-(Previous year Rs. 1,118,000/-).

2.2. Guarantee given by the Company to afinancial institution for loan given to the Holding Company of Rs. 68,629,150/- (Previous year Rs. 118,305,778/-) together with interest and other monies due, if any.

2.3. Company has given a surety in favour of Sale Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

3. The Municipal (Property) Tax assessment was pending from the year 2000-01 due to a dispute regarding rateable value. During the current year, the assessment is completed by Brihanmumbai Mahanagarpalika and as per the assessment order the property tax liability for the years upto 2009-10 is Rs 38,135,011/- and for the year 2010-11 is Rs. 29,246,799/-. Further as per the understanding with a tenant, the tenant has agreed to bear the liability of Rs. 65,488,860/-. The Company has till date recovered Rs. 10,000,000/- from the tenant and paid to the authorities. The balance of Rs. 55,488,860/- is accordingly disclosed as a receivable from the tenant and payable to the authorities. Pending the payment to the authorities, the liability of Rs. 425,202,937/- is not settled and the case filed by Brihanmumbai Mahanagarpalika is not yet withdrawn.

4. The Company has provided security to Housing Development Finance Corporation Ltd by creating a mortgage by deposit of title deed of its property situated at Prabhadevi, Mumbai for a loan of Rs. 150,000,000/- and interest due thereon given to Vibhuti Investments Company Ltd, the Holding Company.

5. Sales Includes Value Added Tax of Rs. 6,241,743/- (Previous year Rs. 5,754,936/-).

2. Segment results / assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All of the Company's operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary-segment disclosures based on geographic segments are not considered relevant.

7. Related Party Disclosures:

a) Names of Related parties Nature of Relationship

1. Vibhuti Investments Company Ltd. Holding Company (Shareholder, having Control)

2. Kiddy Plast Ltd. Fellow Subsidiary

8. The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

11. Employees Benefits:

The Disclosures as required under the revised AS 15 are as under:

a) Defined Contribution Plan:

The Contribution to Defined contribution plan, recognized as expenses for the year is as under: Employers' Contribution to Provident Fund Rs.79,944/- (Previous year Rs. 73,826/-)

12. The Company derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

13. Based on the information and records available with the Company, there are no dues to Micro, Small & Medium Enterprise.

Previous Year's figures are indicated within brackets.

15. Previous year's figures have been regrouped/ reclassified wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for:

1.1. Central Excise demand disputed by the Company and matter is pending with Custom Excise Service Tax Appellate Tribunal: Rs. 1,118,000/- (Previous year Rs. 1,118,000/-).

1.2. Guarantee given by the Company to a financial institution for loan given to the Holding Company of Rs. 118,305,778/- (Previous year Rs. 11,440,529/-) together with interest and other monies due, if any

1.3. Municipal (Property) tax demand in dispute : Rs. 425,202,937/- (Previous year Rs. 324,456,189/-)

2.1. Company has given a surety in favour of Sale Tax for Rs. 100,000/- (Previous year Rs. 100,000/-) on behalf of VIP Industries Ltd.

3. Bombay Municipal Corporation (BMC) had issued a Notification dated 16/03/2002 for revision in Rateble Value, which was challenged by the Company in a writ petition. Thereafter, the BMC withdrew the Notification on 23/10/2002 as per the order of the High Court.

The Company also filed an appeal in the Small Causes Court Mumbai against the enhanced Rateble Value fixed by the Investigation Officer. The Small Causes Court by order dated 14/3/2005 quashed the order of BMC and ordered restoration of the earlier Rateble Values, until these are revised by the BMC as per the Law.

The BMC has filed an appeal No. 142 & 151 of 2005 in the Honble High Court of Judicature, at Bombay against the order of Small Causes Court, which is pending.

In the meanwhile, the Company has been making Municipal (Property) Tax payment based on old Rateble Values and the dispute value has been shown under Contingent Liabilities.

4. The Company has provided security to Housing Development Finance Corporation Ltd by creating a mortgage by deposit of title deed of its property situated at Prabhadevi, Mumbai for a loan of Rs. 150,000,000/- and interest due thereon given to Vibhuti Investments Company Ltd, the Holding Company.

5. Sales Includes Value Added Tax of Rs. 5,754,936/- (Previous year Rs. 5,141,221/-).

NOTES

1. The Company has identified the following segments:

a) The Real Estate segment, which includes letting out of properties.

b) The Trading segment which includes retailing of plastic moulded suit cases, brief cases & vanity cases and other travel goods & accessories.

These segments have been identified considering the organizational structure, internal financial reporting system, and the risk-return profiles of the businesses.

2. Segment results /assets & liabilities include the respective amounts identifiable to each of the segments and amounts allocated on a reasonable basis.

3. All of the Companys operations are conducted in India. The Commercial risks and returns involved on the basis of geographic segmentation are relatively insignificant. Accordingly, secondary-segment disclosures based on geographic segments are not considered relevant.

6. Related Party Disclosures:

a) Names of Related parties Nature of Relationship

1. Vibhuti Investments Company Ltd. Shareholder, having Control (Holding Company)

2. Kiddy Plast Ltd. Fellow Subsidiary

b) Transactions with related parties that have taken place during the year

Particulars Holding Co. Fellow Subsidiary

Rent & Other Charges Recovered 8,943,072

(8,943,072) (-)

Guarantees outstanding 118,305,778

(11,440,529)(-)

8. The Company does not have any subsidiary and there are no loans given to the parent company. Hence the disclosures under Clause 32 of the Listing Agreement are not given.

9. Earnings per Share:

Profits after tax Number of Equity Shares

At the end of the year

Weighted average outstanding during the year Basic and Diluted Earning per share (before and after Extra-ordinary items) (Rs.) Nominal Value per Share (Rs.)

10. Employees Benefits:

The Disclosures as required under the revised AS 15 are as under:

a) Defined Contribution Plan:

The Contribution to Defined contribution plan, recognized as expenses for the year is as under: Employers Contribution to Provident Fund Rs.73,826/- (Previous year Rs. 63,861/-)

11. The Company.derives income from real estate under monthly tenancy agreements. The Company contends that such agreements are not in the nature of lease agreements covered under Accounting Standard (AS) 19, "Leases", issued by the Institute of Chartered Accountants of India. Hence, the standard is not applicable.

12. Based on the information and records available with the Company, there are no dues to Micro, Small & Medium Enterprise.

 
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