Home  »  Company  »  Kernex Microsystems  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Kernex Microsystems (India) Ltd.

Mar 31, 2015

CORPORATE INFORMATION

Kernex Microsystems(India) Limited is engaged in the manufacture and sale of Safety Systems and Software services for railways.

NOTE NO.: 1 - RELATED PARTY DISCLOSURES Details OF RELATED PARTIES:

DESCRIPTION OF RELATIONSHIP NAMES OF RELATED PARTIES

Subsidiaries Avant - Garde Info Systems Inc, USA (100% Wholly Owned Subsidiary)

Key Management Personnel 1) Col. L.V.Raju (Retd.) - Managing Director

2) B Murali Mohan - Whole Time Director

Diluted

The diluted earnings per share has been computed by dividing the Net Profit After Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective periods. Since, the effect of the conversion of Preference shares was anti-dilutive, it has been ignored.

NOTE NO.: 2 - CONTINGENT LIABILITY

(a) Claims against the Company not acknowledged as a debt, inrespect of 4.13 4.13 Sales Tax for the year 2002-03 for which the Company appeal is pending before STAT

(b) Bank Guarantee Outstanding 1,395.87 1,689.72

(c) Income Tax (before High Court of A.P.) 8.00 8.00

COMMITMENTS

Estimated amount of contracts remaining to be executed on capital account and not provided for

Tangible Assets - 54.96

Intangible Assets

NOTE NO.: 3

DISCLOSURES UNDER ACCOUNTING STANDARD - 15 Employee Benefit Plans Defined Contribution Plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs 32.75 Lakhs (Year ended 31 March, 2014 Rs 27.71 Lakhs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined Benefit Plans

(i) Leave Encashment: The company does not have any scheme for leave encashment.

(ii) Gratuity: Gratuity benefit is applicable to all the permanent and full time employees of the company. Gratuity paid out is based on last drawn basic salary and DA at the time of termination or retirement. The scheme takes into account each completed year of service or part there of in excess of 6 months. Annual contribution to the Employee's Gratuity Fund, established under LIC of India (LIC) are determined based on an actuarial valuation made by the LIC as at the year end.

NOTE NO.: 4

DISCLOSURES UNDER ACCOUNTING STANDARD - 17 Segment Information

Since the Company has no reportable Segment to report, "Segment Reporting" under "Accounting Standard - 17" Issued by "Institute of Chartered Accountants of India (ICAI)" is not applicable.

Trade Debtors and Advances are subject to Reconciliation and Confirmation.

PREVIOUS YEARS FIGURES

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. Disclosures are made in respect of items that are applicable to your company.


Mar 31, 2014

Note : CORPORATE INFORMATION

Kernex Microsystems(India) Limited is engaged in the manufacture and sale of Safety Systems and Software services for railways.

(i) Balances with banks include deposits amounting to '' NIL (As at 31 March, 2013 '' NIL) and margin monies amounting to '' NIL (As at 31 March, 2013 '' NIL) which have an original maturity of more than 12 months.

(ii) Balances with banks - Other earmarked accounts (Escrow A/c) include '' NIL (As at 31 March, 2013 '' NIL ) which have restriction on repatriation.

(Rs. in Lakhs) As at 31st As at 31st Particulars March, 2014 March, 2013

1. CONTINGENCIES

(i) Contingent liabilities

(a) Claims against the company not 4.13 4.13 ackonowledged as a debt, inrespect of SalesTax for the year 2002-03 for which the

Company appeal is pending before STAT

(b) Bank Guarantees Outstanding 1,689.72 1,384.61

(c) Income Tax (before High Court of A.P.) 8.00 8.00

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for

Tangible assets - 54.96

Intangible assets - -

2. a Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized '' 27.71 Lakhs (Year ended 31 March, 2013''22.01 lakhs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

3. b Defined benefit plans

i) Leave Encashment : The Company does not have any scheme for Leave Encashment

ii) Gratuity : Gratuity benefit is applicable to all the permanent and full time employees of the company. Gratuity paid out is based on last drawn basic salary and DA at the time of termination or retirement. The scheme takes into account each completed year of service or part there of in excess of 6 months. Annual Contribution to the employee''s Gratuity fund, Established with LIC of India(LIC) are determined based on an actuarial valuation made by the LIC as at the year end.

4. DISCLOSURES UNDER ACCOUNTING STANDARD - 17

Segment information

Since the Company has no reportable Segment to report, "Segment Reporting" under "Accounting Standard - 17" Issued by "Institute of Chartered Accountants of India (ICAI)" is not applicable.

5. Trade debtors and Advances are subject to Reconciliation and Confirmation

6. PREVIOUS YEAR''S FIGURES

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Disclosures are made in respect of items that are applicable to your company.


Mar 31, 2013

Notes:

(i) Balances with banks include deposits amounting to Rs. NIL (As at 31 March, 2012 Rs. NIL) and margin monies amounting to Rs. NIL (As at 31 March, 2012 Rs. NIL) which have an original maturity of more than 12 months.

(ii) Balances with banks - Other earmarked accounts (Escrow A/c) include Rs. NIL (As at 31 March, 2012 Rs. NIL ) which have restriction on repatriation.

1.1.a Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 22.01 Lakhs (Year ended 31 March, 2012 Rs. 28.19 lakhs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

1.1.b Defined benefit plans

i) Leave Encashment : The Company does not have any scheme for Leave Encashment

ii) Gratuity: Gratuity benefit is applicable to all the permanent and full time employees of the company. Gratuity paid out is based on last drawn basic salary and DA at the time of termination or retirement. The scheme takes into account each completed year of service or part there of in excess of 6 months. Annual Contribution to the employee''s Gratuity fund, Established with LIC of India(LIC) are determined based on an actuarial valuation made by the LIC as at the year end.

Diluted

The diluted earnings per share has been computed by dividing the Net Profit After Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective periods. Since, the effect of the conversion of Preference shares was anti-dilutive, it has been ignored.

1.2 PREVIOUS YEAR''S FIGURES

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Disclosures are made in respect of items that are applicable to your company.


Mar 31, 2012

1.1 CONTINGENCIES

(i) Contingent liabilities As at 31 March As at 31 March 2012 Rs. 2011 Rs.

(a) Claims against the Company not acknowledged as debt 12.13 12.13 (In respect Of Income Tax Rs. 8 Lakhs for the Assessment Year 1998-99 for which the companies appeal is pending before the the High Court of Andhra Pradesh and Rs 4.13 Lakhs in respect of Sales Tax for the year 2002-03 for which the Company appeal is pending before STAT

(b) Bank Guarantees Outstanding 1,860.71 1,720.75

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets 129.00 460.00

Intangible assets - -

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

2. DISCLOSURES UNDER ACCOUNTING STANDARD - 15

Employee benefit plans

a. Defined contribution plans

The Company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs. 28.19 Lakhs (Year ended 31 March, 2011 Rs. 24.34 lakhs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

b. Defined benefit plans

i) Leave Encashment : The Company does not have any scheme for Leave Encashment

ii) Gratuity: Gratuity benefit is applicable to all the permanent and full time employees of the company. Gratuity paid out is based on last drawn basic salary and DA at the time of termination or retirement. The scheme takes into account each completed year of service or part there of in excess of 6 months. Annual Contribution to the employee's Gratuity fund, Established with LIC of India(LIC) are determined based on an actuarial valuation made by the LIC as at the year end.

3. DISCLOSURES UNDER ACCOUNTING STANDARD - 17

Segment information

Since the Company has no reportable Segment to report, "Segment Reporting" under "Accounting Standard

- 17" Issued by "Institute of Chartered Accountants of India (ICAI)" is not applicable.

Note: Related parties have been identified by the Management.

Diluted

The diluted earnings per share has been computed by dividing the Net Profit After Tax available for Equity Shareholders by the weighted average number of equity shares, after giving dilutive effect of the outstanding Warrants, Stock Options and Convertible bonds for the respective periods. Since, the effect of the conversion of Preference shares was anti-dilutive, it has been ignored.

The Company has recognized deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax (or) The Company has recognized deferred tax asset on unabsorbed depreciation and brought forward business losses based on the Management's estimates of future profits considering the non-cancellable customer orders received by the Company.

4. PREVIOUS YEAR'S FIGURES

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. Disclosures are made in respect of items that are applicable to your company.

Note CORPORATE INFORMATION

Kernex Microsystems(India) Limited is engaged in the manufacture and sale of Safety Systems and Software services for railways


Mar 31, 2011

Company Overview:

Kernex Microsystems (India) Limited is engaged in the Manufacture and sale of Safety Systems and Software Services for Railways.

1. All Amounts in the financial statements are presented in Rupees.

The Previous Year's figures have been regrouped/reclassified, wherever necessary to confirm to the current year's presentation.

Figures are rounded off to the nearest rupee.

2. Sundry Debtors, Creditors and Capital Advances are Subject to Reconcilation and Confirmation..

3. Contingent Liabilities in respect of :- a) Claims against the Company not acknowledged as debt Rs. 8 Lakhs in respect of Income Tax for the Assessment Year 1998-99 for which the companies appeal is Pending before the High Court of Andhra Pradesh and Rs.4.13 Lakhs in respect of Sales Tax for the year 2002-03 for which the company appeal is pending before STAT

b) Bank guarantees outstanding Rs.1720.75 as on 31st March, 2011 (2010: Rs.1209.79 Lakhs)

c) Estimated amount of contracts remaining to be executed on capital account and not accounted are Rs.4.60 crores (Previous Year:Rs.5.60 crores)

4. Term Loans and Cash Credits:

a) Cash credit facility from SBH is primarily secured by hypothecation of current assets of the company and collaterally secured by first charge on fixed assets of the company and equitable mortgage of land & buildings situated at Madhapur.

b) Vehicle Loans are secured by Hypothecation of Vehicles.

c) Export Packing Credit facility is primarily secured by Hypothecation of Raw materials, stock in process, Finished goods in transit,stores spares, ranking paripassu with other banks under multiple banking agreement and collaterally secured by all Fixed Assets Land & Buildings under construction.

5. The Company is in the process of obtaining information with respect to parties covered, if any, under the Micro, Small and Medium Enterprises Development Act, 2006 (or the "Act").

The Company would account for significant interest obligations in this regard, If any, subsequently.

Accordingly required disclosures in this regard have not been given in the current year.

6. Loans and Advances :

Loans and advances include Rs. 2,31,98,656/- (Previous year Rs.2,07,06,495/-) including interest on working capital loan to Avant-Garde Infosystems Inc, a 100% subsidiary in USA.

7. Earning Per Share :

Earning / Diluted Earning Per Share of the Company has been calculated as per the Accounting Standard 20 " Earning Per Share " Issued by ICAI.


Mar 31, 2010

Company Overview:

Kernex Microsystems (India) Limited is engaged in the Manufacture and sale of Safety Systems for Railways and Software Services.

1. All Amounts in the financial statements are presented in Rupees. The Previous Years figures have been regrouped / reclassified, wherever necessary to confirm to the current years presentation.

Figures are rounded off to the nearest rupee.

2. Sundry Debtors and Creditors are Subject to Reconcilation and Confirmation.

3. Contingent Liabilities in respect of :-

a) Claims against the Company not acknowledged as debt Rs. 8 Lakhs in respect of Income Tax for the Assessment Year 1998-99 for which the companies appeal is Pending before the High Court of Andhra Pradesh and Rs.4.13 Lakhs in respect of Sales Tax for the year 2002-03 for which the company appeal is pending before STAT

b) Bank guarantees outstanding Rs.1209.79 Lakhs as on 31st March, 2010 (2009: Rs.1633.58 Lakhs)

c) Estimated amount of contracts remaining to be executed on capital account and not accounted are Rs.5.60 crores (Previous Year:Rs.5.48crores)

4. Term Loans and Cash Credits:

a) Cash credit facility from SBH is primarily secured by hypothecation of current assets of the companyand collaterally secured by first charge on fixed assets of the company and equitable mortgage of land & buildings situated at Madhapur.

b) Other Short term Loans are secured byFixed and Term Deposits

c) Vehicle Loans are secured by Hypothecation of Vehicles.

d) Export Packing Credit facility is Primarily Secured by Hypothecation of Raw Materials, Stock in Process, Finished Goods in transit,stores spares, accessories of Anti Collisiion Devices ranking paripassu with other banks under multiple banking agreement and collaterally secured by all Fixed Assets Land & Buildings under construction

5. The Company is in the process of obtaining information with respect to parties covered, If any, under the Micro, Small and Medium Enterprises Development Act, 2006 (or the "Act"). The Company would account for significant interest obligations in this regard, If any, subsequently. Accordingly required disclosures in this regard have not been given in the current year.

6. Loans and Advances :

Loans and advances include Rs. 2,07,06,495 /- (Previous year Rs.1,91,65,345/-) including interest on working capital loan to Avant-Garde Infosystems Inc, a 100% subsidiary in USA.

 
Subscribe now to get personal finance updates in your inbox!