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Notes to Accounts of Kesar Terminals & Infrastructure Ltd.

Mar 31, 2015

1 BACKGROUND

The Company was incorporated on 21st January 2008. On 12th March 2010, the Hon'ble High Court of Bombay had passed an order pursuant to Section 391 to 394 of the Companies Act 1956, sanctioning the Scheme of Arrangement by way of Demerger for transfer of the Storage Division of Kesar Enterprises Limited (KEL) into the Company as a going concern with effect from 1st January 2009 (Appointed Date).

Pursuant to the Scheme of Demerger, in consideration of the transfer of Storage Undertaking into the Company, 4,753,1 13 Equity Shares of Rs. 10 each, fully paid up are issued and allotted on 1st June 2010 by the Company to the shareholders of Kesar Enterprises Limited (KEL) in the ratio of 10:7 i.e. for every 10 shares in KEL, 7 shares in the company.

The Company is mainly engaged in the business of renting of liquid storage tanks at Kandla and is in process of commencing its operation at Pipavav and Kakinda Port.

2. Terms / rights attached to Equity Shares

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 one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their holdings.

During the year ended 31st March 2015, the amount of per equity share Final dividend recognised Rs. 3.50 (31st March 2014: interim dividend of Rs.1.50 & final dividend of Rs.1.50 totalling to Rs. 3.00).

3. CONTINGENT LIABILITIES

Nature of claim/Demands As at As at 31st March 2015 31st March 2014 (Rs.) (Rs.) (a) Claims against the Company not acknowledged as debts:

i) Additional demand of Electricity Charges under dispute Nil 5,342,469

ii) Additional demand on account of revision in rates of Lease 37,199,818 Nil Rent

iii) Additional demand on account of Transfer fee/upfront rent for 208,354,295 Nil change in name

b) Guarantee: * 1,081,100,000 1,081,100,000

Corporate Guarantee given in favour of Banker's, towards credit facilities granted to Kesar Multimodal Logistics Limited (Subsidiary Company) (KMLL) to set up a "Composite Logistics Hub" at Powarkheda in Madhya Pradesh.

Total 1,326,654,1131 1,086,442,469

* The total outstanding loans as at 31.03.2015 is Rs.790,764,933 (Previous Year Rs.464,226,683) against Corporate Guarantee.

4. Pursuant to Scheme of Demerger, the Company has requested Kandla Port Trust (KPT) for transfer of leasehold land situated at Kandla in its name which is presently in the name of Kesar Enterprises Ltd. However, KPT has raised a demand of Rs.208,354,295/- on account of such transfer/ upfront fee for change in the name. The Company has filed a writ petition in High Court of Ahmedabad, against the demand raised by the KPT. The Company is of the view that the demand raised is likely to be deleted or substantially reduced and hence no provision made. The Depreciation on Assets constructed at lease hold land of KPT has been charged as per the rates prescribed in Schedule II of the Companies Act 2013. However for certain portion of leasehold land, where the lease period has been expired, the same is pending for renewal, although the Company has filed an application for the renewal of the said lease. The Company is of the view that Lease shall be renewed on the outcome of the writ petition filed in High Court of Ahmedabad.

5. The Non Current Investments amounting to Rs.35,000,000/-is placed as a security against borrowings.

6. EMPLOYEE BENEFIT

Defined Benefit Plan (Gratuity Fund)

In accordance with Accounting Standard (AS 15) (Revised 2005), actuarial valuation was performed by independent actuaries in respect of the aforesaid defined benefit plan.

The expected rate of return on plan assets is based on the expectations of the average long term rate of return expected on investments of the fund during the estimated term of the obligation.

The estimates of future salary increases are considered taking into account inflation, seniority promotion and other relevant factors.

7. SEGMENT REPORTING

The Company is mainly engaged in Liquid Storage Business and there is no other reportable business and geographical segment as required by Accounting Standard - 17 "Segment Reporting".

8. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18:

Names of related parties and nature of related party relationships:

Name of Related Parties

a) Key Management Personnel and their relatives:

Key Management Personnel:

Mr. H R Kilachand Executive Chairman

Mrs. M H Kilachand Promoter Director

Relatives of Key Management Personnel:

Mr. Rohan H Kilachand Son of Executive Chairman

Ms. Rohita H Kilachand Daughter of Executive Chairman

b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence

Kesar Enterprises Limited

Kesar Corporation Pvt. Ltd.

Indian Commercial Co. Pvt. Ltd.

Kilachand Devchand & Co. Pvt. Ltd.

Kilachand Devchand Commercial Pvt. Ltd.

India Carat Pvt Ltd

9. Based on the information available with the Company regarding the status of the suppliers as defined under the Micro Small and Medium Enterprise Development Act 2006 (the 'MSMED'), no suppliers are outstanding for more than 45 days as per the terms & conditions of the order.

10. The common corporate expenses incurred at Corporate Head Office at Mumbai for the year have been allocated as per the Sharing Agreement between Kesar Enterprises Ltd. and the Company. The amount allocated to the Company is Rs. 14,644,271 (Previous Year Rs. 14,000,724). Addition to fixed assets includes Rs. 4,243,807 (Previous Year Rs. 3,560,102) (net of depreciation), transferred from Kesar Enterprises Ltd.

11. The Company has aligned the useful life of its fixed assets in line with Part C of Schedule II of the Companies Act, 2013 ('the Act') w.e.f. April 1, 2014 . In respect of the assets where the remaining useful life is 'Nil', their carrying amount after retaining the residual value as on April 1,2014 aggregating to Rs. 1,443,645 (net of deferred tax of Rs.743,364) has been adjusted against the opening balance of retained earnings as on that date.

12. The Company carries excess income tax provision amounting to Rs. 26,699,860 pending assessments.

13. The previous year figures have been regrouped and reclassified wherever necessary to correspond with the current year classification/disclosure.


Mar 31, 2014

1. CONTINGENT LIABILITIES

Nature of claim/Demands As at 31st March As at 31st March 2014 (Rs) 2013(Rs)

(a) Claims against the Company not acknowledged as debts: Additional demand of Electricity Charges under dispute 53''42''469 53''42''469

(b) Guarantee:

Corporate Guarantee given in favour of Banker''s'' 1''08''11''00''000* 1''08''11''00''00 towards credit facilities granted to Kesar Multimodal Logistics Limited (Subsidiary Company) (KMLL) to set up a "Composite Logistics Hub" at Powarkheda in Madhya Pradesh.

Total 1''08''64''42''469 1''08''64''42''469

* The total outstanding loans as at 31.3.2014 is Rs 46''42''26''683 against Corporate Guarantee ofRs 1''08''11''00''000.

2. EMPLOYEE BENEFIT

Defined Benefit Plan (Gratuity Fund)

In accordance with Accounting Standard (AS 15) (Revised 2005)'' actuarial valuation was performed by independent actuaries in respect of the aforesaid defined benefit plan.

3. SEGMENT REPORTING

The Company is mainly engaged in Liquid Storage Business and there is no other reportable business and geographical segment as required in accordance with AS 1 7.

4. Pursuant to Scheme of Demerger'' Leasehold land situated at Kandla Port Trust'' presently in the name of Kesar Enterprises Ltd.'' is in the process of being transferred in the name of the Company.

5. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18:

Names of related parties and nature of related party relationships: Name of Related Parties

a) Key Management Personnel and their relatives:

Key Management Personnel

Mr. H R Kilachand Executive Chairman

Mrs. M H Kilachand Promoter Director

Relatives of Key Management Personnel

Mr. Rohan H Kilachand Son of Executive Chairman

Ms. Rohita H Kilachand Daughter of Executive Chairman

b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence

Kesar Enterprises Limited

Kesar Corporation Pvt. Ltd.

Indian Commercial Co. Pvt. Ltd.

Kilachand Devchand & Co. Pvt. Ltd.

Kilachand Devchand Commercial Pvt. Ltd.

India Carat Pvt Ltd

Duracell Investments & Finance Pvt. Ltd.

Seel Investment Pvt. Ltd.

c) Subsidiary Company:

Kesar Multimodal Logistics Limited

6. Based on the information available with the Company regarding the status of the suppliers as defined under the Micro Small and Medium Enterprise Development Act 2006 (the ''MSMED'')'' no suppliers are outstanding for more than 45 days as per the terms & conditions of the order.

7. The common corporate expenses incurred at Corporate Head Office at Mumbai for the year have been allocated as per the Sharing Agreement between Kesar Enterprises Ltd. and the Company. The amount allocated to the Company is Rs 1''40''00''724 (Previous Year Rs 1''60''29''092). Addition to fixed assets includes Rs 35''60''102 (net of depreciation)'' transferred from Kesar Enterprises Ltd.

8. The Depreciation on Assets constructed at Lease hold land of Kandla Port Trust (KPT) has been charged as per the rates prescribed Schedule XIV as the management expects that the lease will be renewed by the KPT'' as had been approved in past.

9. The previous year figures have been regrouped and re-casted wherever necessary.

Dear Shareholder''

Sub: "GO GREEN" initiative of the Ministry of Corporate Affairs ("MCA")'' Government of India

The Ministry of Corporate Affairs ("MCA")'' Government of India'' has taken a "Green Initiative in the Corporate Governance" by allowing paperless compliances by companies if services of documents have been made through electronic mode. The companies are now permitted to send various notices /documents to its shareholders through electronic mode to the registered e-mail addresses of shareholders.

This move by the Ministry is welcome since it will benefit the society at large through reduction in paper consumption and contribution towards a Greener Environment. The Company thus proposes to send all documents to the Shareholders like General Meeting Notices (including AGM)'' Audited Financial Statements'' Directors'' Report'' Auditors'' Report'' etc. henceforth to the shareholders in electronic form in lieu of the physical form.

Shareholders holding shares in Physical form are requested to furnish your email id for the purpose of serving of documents by the Company in the electronic mode in the form attached on the next page at the address of our (RTA) M/s SHAREX DYNAMIC (INDIA) PVT LTD. Unit-1'' Luthra Ind Premises'' Safed Pool'' Andheri Kurla Road'' Andheri East'' Mumbai 400072.

Shareholders holding shares of the Company in electronic form and do not have any email id registered in your Demat Account with the Depository. You are requested to furnish your email id in your Demat Account with your Depository-Participant (DP) for the purpose of serving of documents by the Company in the electronic mode.

Shareholders holding shares of the Company in electronic form and have registered your email-id'' in the records of the Depositories viz NSDL/CDSL and which has been made available to us as per the records maintained at the depository. Please inform any changes in your email-id to your depository participant (DP) only'' for the purpose of serving of documents by the Company in the electronic mode.

As a member of the company'' In case you desire to receive documents stated above in physical form'' you will be entitled to be furnished'' free of cost'' a printed copy of the Annual Report of the Company'' upon receipt of a requisition from you'' at any time. Please write to us'' quoting your Registered Folio Number at Registered Office of the Company or email to bhauteshshah@kesarindia.com or to our Registrar & Share Transfer Agents M/s Sharex Dynamic (India) Pvt. Ltd.

The Annual Report of the Company would also be made available on the Company''s website at www.kesarinfra. com.

In case you desire to receive the documents stated above in physical form

We are sure that you will welcome the "Green Initiative" taken by the MCA and your company''s desire to participate in the same.

We look forward to your support in this initiative.


Mar 31, 2013

1. BACKGROUND

The Company was incorporated on 21st January, 2008. On 12th March, 2010, the Hon''ble High Court of Bombay had passed an order pursuant to Section 391 to 394 of the Companies Act 1956, sanctioning the Scheme of Arrangement by way of Demerger for transfer of the Storage Division of Kesar Enterprises Limited (KEL) into the Company as a going concern with effect from 1st January, 2009 (Appointed Date).

Pursuant to the Scheme of Demerger, in consideration of the transfer of Storage Undertaking into the Company, 4,753,113 Equity Shares of Rs. 10 each, fully paid up are issued and allotted on 1st June, 2010 by the Company to the shareholders of Kesar Enterprises Limited (KEL) in the ratio of 10:7 i.e. for every 10 shares in KEL, 7 shares in the company.

(a) Terms / rights attached to Equity Shares

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 one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March, 2013, the amount of per equity share dividend recognized as distributions to equity shareholders was Rs. 3.00 (31st March, 2012: Rs. 2.50).

2. SEGMENT REPORTING

The Company is mainly engaged in Liquid Storage Business and there is no other reportable business and geographical segment as required in accordance with AS 17.

3. Pursuant to Scheme of Demerger, Leasehold land situated at Kandla Port Trust, presently in the name of Kesar Enterprises Ltd., is in the process of being transferred in the name of the Company.

4. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18:

Names of related parties and nature of related party relationships:

Name of Related Parties

(a) Key Management Personnel and their relatives:

Key Management Personnel

Mr. H R Kilachand Executive Chairman

Mrs. M H Kilachand Promoter Director

Relatives of Key Management Personnel

Mr. Rohan H Kilachand Son of Executive Chairman

Ms. Rohita H Kilachand Daughter of Executive Chairman

(b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence

Kesar Enterprises Limited Kesar Corporation Pvt. Ltd.

Indian Commercial Co. Pvt. Ltd.

Kilachand Devchand & Co. Pvt. Ltd.

Kilachand Devchand Commercial Pvt. Ltd.

India Carat Pvt Ltd

Duracell Investments & Finance Pvt. Ltd.

Seel Investment Pvt. Ltd.

(c) Subsidiary Company:

Kesar Multimodal Logistics Limited

5. Based on the information available with the Company regarding the status of the suppliers as defined under the Micro Small and Medium Enterprise Development Act 2006 (the ''MSMED''), no suppliers are outstanding for more than 45 days as per the terms & conditions of the order.

6. The common corporate expenses incurred at Corporate Head Office at Mumbai for the year have been allocated as per the Sharing Agreement between Kesar Enterprises Ltd. and the Company. The amount allocated to the Company is Rs. 16,029,092 (Previous Year Rs. 14,679,756)

7. The Depreciation on Assets constructed at Lease hold land of Kandla Port Trust (KPT) has been charged as per the rates prescribed Schedule XIV as the management expects that the lease will be renewed by the KPT, as had been approved in past.

8. The previous year figures have been regrouped and re-casted wherever necessary.


Mar 31, 2011

Background

Company was incorporated on 21st January 2008, and on 12th March 2010, the Honble High Court of Bombay had passed an order pursuant to Section 391 to 394 of the Companies Act 1956, sanctioning the Scheme of Arrangement by way of Demerger for transfer of the Storage Division of the Kesar Enterprises Limited (KEL) into the Company as a going concern with effect from 1st January 2009 (Appointed Date).

Pursuant to the Scheme of Demerger, in consideration of the transfer of the Storage Undertaking into the Company, 47,53,113 Equity Shares of Rs. 10/- each, fully paid up are issued and allotted on 1st June 2010 by the Company to the shareholders of KEL in the ratio of 10:7 i.e. for every 10 shares in KEL , 7 shares in the company.

1. Capital Commitments

Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs.9,07,328 (Previous Year : Rs. 15,60,958).

2. Contingent Liabilities on account of Demands/Claims against the Company not acknowledged as debts and not provided for Rs.53,42,469 (Previous Year : Rs. NIL)

3. Employee Benefit

Defined Benefit Plan (Gratuity Fund)

In accordance with Accounting Standard (AS 15) (Revised 2005), actuarial valuation was performed by independent actuaries in respect of the aforesaid defined benefit plan.

Gratuity Fund is managed by Life Insurance Corporation of India (LIC), however, transfer of funds from KEL Gratuity Trust to KTIL Gratuity Trust pertaining to the employees of the company is in process.

4. Segment Reporting: - The Company is mainly engaged in Storage Business. Further, companys major operations are at Kandla and there is no other reportable business and geographical segment as required in accordance with AS 1 7.

6. Term Loan from Allahabad Bank for storage expansion is secured by way of first charge on all Fixed Assets and Current Assets both present & future of Storage & Handling Division at Kandla as per the security documents executed by Kesar Enterprises Ltd. However, as per the Court Order, necessary steps are being taken to create the said charge in the name of the Company. Vehicle Loan for company vehicles are secured by way of hypothecation of vehicles. However, security documents are executed by Kesar Enterprises Ltd. As per the Court Order, necessary steps are being taken to create the said charge in the name of the Company.

7. Pursuant to Scheme of De-merger as stated above, Leasehold lands presently in the name of Kesar Enterprises Ltd., are in the process of being transfered in the name of the Company.

8. Related party disclosures under Accounting Standard 18: Names of related parties and nature of related party relationships: Name of Related Parties

a) Key Management Personnel and relatives of such personnel :

Key Management Personnel

Mr. H.R.Kilachand Chairman

Mrs. M.H.Kilachand Promoter Director

Relatives of Key Management Personnel

Mr. Rohan H. Kilachand Son of Chairman

Ms. Rohita H. Kilachand Daughter of Chairman

b) Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence

Kilachand Devchand commercial Pvt. Ltd. Kesar Enterprises Limited Indian Commercial Co. Pvt. Ltd. Kesar Corporation Pvt. Ltd. Kilachand Devchand & Co. Pvt. Ltd. Duracel Investments & Finance Pvt. Ltd. Seel Investment Pvt. Ltd.

10. Based on the information available with the Company regarding the status of the suppliers as defined under the Micro Small and Medium Enterprise Development Act 2006 (the MSMED), no suppliers are outstanding for more than 45 days as per the terms & conditions of the order.

11. Quantitative details as required pursuant to the provisions of para3,4C and 4D of part II of Schedule VI of the Companies Act 1956 are not applicable as the company is not a manufacturing unit.

12. The common corporate expenses incurred at Corporate Head Office at Mumbai for the year have been allocated as per the Sharing Agreement between KEL and the company. The amount allocated to the company is Rs. 1,27,07,332/-.

13. The Depreciation on Assets constructed at Lease hold land of Kandla Port Trust (KPT) has been charged as per the rates prescribed Schedule XIV as the management expects that the lease will be renewed by the KPT based on past practice.

14. Previous year figures have been regrouped and recasted wherever necessary.




Mar 31, 2010

1. Demerger of Storage Undertaking /Division of Kesar Enterprises Ltd. (KEL) into the Company.

a) The Board of Directors of Kesar Enterprises Limited (KEL) at their meeting held on 21-01-2009 approved the Scheme of demerger of Storage Undertaking/Division known as Distillers Trading Corporation (DTC) Division of KEL [Transferor Company] into Kesar Terminals and Infrastructure Limited (KTIL) [Resulting Company] and their respective Shareholders and Creditors U/S 391-394 of the Companies Act which was sanctioned by the Honble High Court, Bombay on 12th March 2010 and as per the Order, the Scheme of Demerger of Storage Undertaking /Division known as DTC Division of KEL into KTIL is effective from the "Appointed Date" i.e. 1st January, 2009. Accordingly, all the Assets and Liabilities of Storage Division of the Transferor Company stands transferred to and vested in the Company with Effect from the appointed date at Book Value into the Company as per the Scheme.

b) Pursuant to the Scheme of Demerger, in consideration of the transfer of the Storage Undertaking into the Company, 47,53,11 3 Equity Shares of Rs. 10/- each, fully paid up are issued and allotted by the Company to the shareholders of KEL in the ratio of 10:7 i.e. for every 10 shares in KEL , 7 shares in KTIL.

c) As per the sanctioned Scheme, against the Net Assets of the Storage Division as on 1st January, 2009 amounting to Rs.1 5,00,52,1 73/- (i.e. gross assets of Rs. 31,40,71,445/- as reduced by liabilities amounting to Rs.1 6,40,1 9,272/- ) Rs.4,75,31,1 30/- is credited to Equity Share Capital Suspense Account and the balance amount of Rs.10,25,21,043/- is transferred to General Reserve of the Company.

d) Subsequent to the balance sheet date of the Company as on 1st June, 2010 the Company has issued and allotted 47,53,113 shares to the eligible shareholders of KEL under the Scheme of Demerger.

e) In view of the above, figures in respect of the current financial year are not comparable with those of the previous year, since the current year figures include the operations of the Storage Division for 1 2 months i.e from April 2009 to March, 2010.

3. Capital Commitments

Estimated amounts of contracts remaining to be executed on capital account and not provided for Rs.1 5,60,958 (Previous Year Rs. NIL).

4. Employee Benefit

Defined Benefit Plan (Gratuity Fund)

In accordance with Accounting Standard (AS 1 5) (Revised 2005), actuarial valuation was performed by independent actuaries in respect of the aforesaid defined benefit plan.

Gratuity Fund is managed by Life Insurance Corporation of India (LIC), However, transfer of funds from KEL Gratuity Trust to KTIL Gratuity Trust pertaining to the employees of the company is in process.

5. Segment Reporting :- The company is mainly engaged in Storage Business at Kandla and there are no separate reportable segments as required in accordance with AS 17.

6. The Company has accounted for Deferred Tax in accordance with Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. Net Deferred Tax Liability for the

7. Term Loan from Allahabad Bank for storage expansion is secured by way of first charge on all Fixed Assets and Current Assets both present & future of Storage & Handling Division at Kandla as per the security documents executed by Kesar Enterprises Ltd. However, as per the Court Order, necessary steps will be taken to create the said charge in the name of the Company.

8. Pursuant to Scheme of De-merger as stated above, Deposit with Government & other Authorities and Leasehold lands presently in the name of Kesar Enterprises Ltd., are in the process of transfer in the name of the Company.

9. Related party disclosures under Accounting Standard 18: Name Relation

Kesar Enterprises Limited Enterprise over which Key Management Personnel are able to exercise significant influence.

Mr. H.R. Kilachand Chairman

Mrs. M.H.Kilachand Promoter Director

Indian Commercial Co. Pvt. Ltd. Enterprise over which Key Management Personnel are able to exercise significant influence

11. Based on the information available with the Company regarding the status of the suppliers as defined under the Micro Small and Medium Enterprise Development Act 2006 (the MSMED), no suppliers are outstanding for more than 45 days as per the terms & conditions of the order.

12. Quantitative details are not applicable as the company is not a manufacturing unit.

13. Figures of Storage undertaking for the period April 09 to June 09 (3 months) is already accounted in Kesar Enterprises Limited for the year ended 30th June 2009. As per the Scheme of Demerger as approved by Honourable High Court of Mumbai the Income and Expenses of Storage Division for the said period has been transferred from KEL and accounted in the Profit and Loss account of the Company for the year ended 31st March 2010.The net profit is Rs. 1,74,43,635/- for the said period of 3 months.

14. The common corporate expenses incurred at Corporate Head Office at Mumbai for the year have been allocated in the ratio of 70:30 between KEL and the company. The amount allocated to the company is Rs. 1,78,42,757.

15. Unsecured Loans, Sundry Debtors. Loans and Advances and Sundry Creditors are subject to confirmation and reconciliations, if any.

16. Debtors outstanding for a period exceeding six months amounting to Rs. 70,97,564/- are fully recoverable as perceived by the management and hence no provisions are made.

17. The Depreciation on Assets constructed at Lease hold land of Kandla Port Trust (KPT) has been charged as per the rates prescribed Schedule XIV as the management expects that the lease will be renewed by the KPT based on past practice.


Mar 31, 2009

1. This being the first accounting year of the company, the accounts are prepared for the period from 21s1 January 2008 (Date of Incorporation) to 31-3-2009.

2. The Scheme of Arrangement for Demerger of Storage Undertaking known as Distillers Trading Corporation (DTC) Division Between Kesar Enterprises Limited - Transferor Company and Kesar Terminals and Infrastructure Limited- Resulting Company with effect from the "Appointed Date" of 1st January, 2009 is awaiting the Companys members approval under section 391 to 394 of the Companies Act, 1956 and subsequently the approval of the Honble High Court of Bombay & thus the Arrangement though effective from the "Appointed Date" i.e. 1st January, 2009 shall be operative from "Effective Date", i.e. last of the dates on which the sanctions / approvals or order as specified in the Scheme of Arrangement for Demerger are obtained and / or filed. Once the approval of the High Court is received & other legal formalities are completed, the Arrangement will be effective & all the assets, liabilities and reserves of the Storage Undertaking of Kesar Enterprises Limited (KEL) as a going concern to Kesar Terminals & Infrastructure Limited (KTIL). Pending approvals & sanction of the Scheme from the Honble High Court of Bombay, the Companys accounts have been prepared independently without giving effect of the Demerger of the Storage Undertaking. The effect of the above Arrangement will be given in the Annual Accounts of the Company, in the financial year in which all the sanctions / approvals or orders as specified in the Scheme of Arrangement for Demerger are obtained and / or filed.

3. Managerial Remuneration Managerial Remuneration is Rs. NIL:

4. Related party disclosures under Accounting Standard -18

Names of related parties and nature of related party relationships:

1. Holding Companies : Kesar Enterprises Limited (w e f 21st January 2008)

b. Associates : N.A.

c. Key Management Personnel and relatives of such personnel:

Mr. H R Kilachand Director

Mrs. M.H. Kilachand Director

Relatives of Key Management Personnel

Mr. Rohan H. Kilachand Son

Ms. Rohita H. Kilachand Daughter

d. Enterprises over which Key Management Personnel and their relatives are able to exercise significant influence:

Kesar Corporation Pvt. Ltd.

Kilachand Devchand & Co. Pvt. Ltd.

Indian Commercial Co. Pvt. Ltd.

India Carat Pvt. Ltd.

Kilachand Devchand Commercial Pvt. Ltd.

Duracell Investments & Finance Pvt. Ltd.

Seel Investments Pvt. Ltd.

Skyline Chem-Trade Pvt. Ltd.

 
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