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Notes to Accounts of Kkalpana lndustries (India) Ltd.

Mar 31, 2015

1. Terms/ Rights attached to Equity Shares:

The Company has only one class of shares referred to as equity shares having a par value of ? 10/-. Each holder of equity shares is entitled to vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amount, in proportion of their shareholding.

2. Terms of repayment of long-term borrowings are as follows: (Rs. in Lacs)

Term Loans from Banks

a) USD 1.25 million equivalent to Rs. 719.87 lacs (31.03.2014: USD 3.75 million equivalent to Rs. 2056.87 lacs) loan is secured by exclusive charge on immovable assets of Bhasa Unit in Kolkata and Silvassa Unit-I, Exclusive charge on all movable fixed assets of Kandua Unit, Kolkata, Exclusive charge on all movable assets of Bhiwadi Unit. and is repayable in 16 equal quarterly installments; the next installment is due on 30th May, 2015.

b) USD 11.28 million equivalent to Rs. 6411.37 lacs (31.03.2014:USD 16.03 million equivalent to Rs. 8893.47 lacs) loan is secured by 1st pari passu charge by way of equitable mortgage over all present and future movable and immovable properties located at Surangi Unit and all present and future movable properties located at Daman & Falta Unit. and is repayable in 16 equal quarterly installments; the next installment is due on 20th April, 2015 and Rupee term loan Rs. 550 lacs loan is secured by 1st pari passu charge by way of equitable mortgage over all present.

c) USD 4.48 million equivalant to Rs. 2802.02 lacs(31.03.2014: USD 4.48 million equivalent to f2690.54 lacs), EURO 3.41 million equivalant to Rs. 2266.65 lacs(31.03.2014: EURO 3.41 million equivalant to Rs. 2814.91 lacs) and Indian rupee loan amounting Rs. 4787.50 lacs (31.03.2014: Rs. 3662.50 lacs) is secured by pari passu charge on movable and immovable assets of Dankuni Unit in Kolkata and is repayable in 16 equal quarterly installments; the next installment is due on 27th April, 2015.

Term Loan from Others

a) Indian rupee loan amounting Rs. 117.47 lacs (31.03.2014: Rs. 36.96 lacs) is secured by Hypothecation against Motor Car and repayable in 60 equal monthly installments.

i) Working Capital Loans from Banks are secured by way of hypothecation of stocks of raw materials, work-in- progress, finished goods, stores & spares and book debts of the Company. Mortgage of Flat located at D- 403, Dharam Palace, CHS limited,Shantivaan, Borivalli (E), Mumbai-400066, on First Pari-passu basis. These loans are further secured by a second charge over the residual value on the Fixed assets of the units both present and future located at the Dabhel Industrial area, Daman.

ii) The Company has not received any intimation from the suppliers regarding their status under Micro, Small and Medium Enterprises Act 2006 and hence disclosures, if any relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said act has not been given.

iii) There are no amounts due for payment to the Investor Education and Protection Fund Under Section 205C of the Companies Act, 1956 as at the year end.

vi) There was an impairment loss on Fixed Assets amounting to Rs. 241.48 Lacs on the basis of review carried out by management in accordance with Accounting Standard issued by the Institute of Chartered Accountants of India.

* Amount is below the rounded off norms as adopted by the company.

i) No provision has been made for the diminuation of Rs. 67.71 lacs in the valuation of investments determined on individual basis, held by the company as the same is considered temporary in nature as the investments have been made for a long term.

ii) National Saving Certificates and Kissan Vikas Patra have been lodged with various authorities as margin deposit and security money.

(Rs. in Lacs)

As at As at March 31, 2015 March 31, 2014

3. CONTINGENT LIABILITIES

Bank Guarantee 725.31 526.09

Claims against the company not acknowledged as debts. (Refer Note No.(i) below)

Sales Tax Matters - 1,240.18

Excise and Custom Duty Matters 29.35 29.35

Total 754.66 1,795.62

4. EMPLOYEE BENEFITS Rs. in Lacs)

i Provision for defined contribution plan viz. Provident and Other Fund amounting to Rs. 25.43 lacs (Previous Year Rs. 50.30 lacs) has been charged to the Profit and Loss Account during the year.

ii Description of type of employee benefits: The Company offers to its employees defined benefits plans in the form of Gratuity and leave encashment. Fund is created for payment of gratuity. However, no fund is created for payment of leave wages, the Company would pay the same out of its own funds as and when the same becomes payable.

iii Para 132 of AS-15 (Revised 2005) does not require any specific disclosure except where expenses resulting from compensated absence is of such size,nature or incidence that disclosure is relevant under Accounting Standard 5 or Accounting Standard 18 and accordingly the expenses resulting from compensated absence is not significant and hence no disclosures are given under various paragraphs of AS-15.

5. SEGMENT REPORTING

i. Primary Segment (Business Segment):The Company operates in a single reportable segment (i.e. Manufacturing and sale of PVC and XLPE compound,which have similar risk and returns for the purpose of AS 17 on 'Segment Reporting' issued by ICAI.

Note: The Company has common assets for producing goods for domestic market and overseas markets. Hence, separate figures for other assets / additions to other assets has not been furnished.

6. RELATED PARTY DISCLOSURES

As per Accounting Standard 18 on related party disclosure issued by the Institute of Chartered Accountants of India, the transaction with related parties of the company are as follows :

Related Parties with whom the company had transactions during the year.

Key Management Personnel : Mr. Narrindra Suranna, Mr. Rajesh Kumar Kothari, Dr. P. R. Mukherjee. Relatives of Key Management Personnel : Mrs. Tara Devi Surana, Mrs. Sarla Devi Surana, Mr. Surendra Kumar Surana, Mr. Dev Krishna Surana

A Shareholder holding more than 20% of Equity Shares of the Company : Sriram Financial Consultants Pvt. Ltd.

7. The provision for Income Tax has been made U/s 115JB of Income Tax Act.

8. Previous years figures have been reclassified to confirm to current years classifications.


Mar 31, 2014

(Rs. in Lacs) March 31, 2014 March 31, 2013

1. CONTINGENT LIABILITIES

Bank Guarantee 526.09 411.32

Claims against the company not acknowledged a debts. (Refer Note No.(i) below)

Sales Tax Matters 1,240.18 1,240.18

Excise and Custom Duty Matters 29.35 29.35

Total 1,795.62 1,680.85

(i) Future cash flows in respect of the above are determinable only on receipt of judgements/decision pending with various forums/authorities

2. EMPLOYEE BENEFITS

i Provision for defined contribution plan viz. Provident and Other Fund amounting to Rs. 50.30 lacs (Previous Year Rs. 39.60 lacs) has been charged to the Profit and Loss Account during the year.

ii Description of type of employee benefits: The Company offers to its employees defined benefits plans in the form of Gratuity and leave encashment. Fund is created for payment of gratuity. However, no fund is created for payment of leave wages, the Company would pay the same out of its own funds as and when the same becomes payable. (Rs. in Lacs)

iii Para 132 of AS-15 (Revised 2005) does not require any specific disclosure except where expenses resulting from compensated absence is of such size,nature or incidence that disclosure is relevant under Accounting Standard 5 or Accounting Standard 18 and accordingly the expenses resulting from compensated absence is not significant and hence no disclosures are given under various paragraphs of AS-15.

*The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

3. SEGMENT REPORTING

i Primary Segment (Business Segment):The Company operates in a single reportable segment (i.e. Manufacturing and sale of PVC and XLPE compound, which have similar risk and returns for the purpose of AS 17 on ''Segment Reporting'' issued by ICAI.

Note: The Company has common assets for producing goods for domestic market and overseas markets. Hence, separate figures for other assets / additions to other assets has not been furnished.

4. RELATED PARTY DISCLOSURES

As per Accounting Standard 18 on related party disclosure issued by the Institute of Chartered Accountants of India, the transaction with related parties of the company are as follows. i Related Parties with whom the company had transactions during the year

Key Management Personnel : Mr. Narrindra Suranna, Mr. Rajesh Kothari

Relatives of Key Management Personnel : Mrs. Tara Devi Surana, Mrs. Sarla Devi Surana, Mr.

Surendra Kumar Surana, Mr. Dev Krishna Surana

A Shareholder holding more than 20% of Equity Shares of the Company : Shriram Financial

Consultants Pvt. Ltd ii Disclosure of transactions between the Company and Related Parties and the status of outstanding balances as on 31st March, 2014 (Rs. in Lacs)

* The amount is below the roundoff norms as adopted by the Company.

5. The provision for Income Tax has been made U/s 115JB of Income Tax Act.

6. Previous years figures have been reclassified to confirm to current years classifications.


Mar 31, 2013

(Rs.in Lacs)

March 31, 2013 March 31, 2012

1. CONTINGENT LIABILITIES

Bank Guarantee 411.32 370.07

Claims against the company not acknowledged as debts. (Refer Note No.(i) below)

Sales tax matters 1,240.18 1,240.18

Excise and Customs duty matters 29.35 29.35

Total 1,680.85 1,639.60

(i) Future cash outflows in respect of the above are determinable only on receipt of judgements / decisions pending with various forums/ authorities

2. EMPLOYEE BENEFITS

i Provision for defined contribution plan viz. Providend and Other Fund amounting to Rs. 27.95 lacs (Previous Year Rs. 26.65 lacs) has been charged to the Profit and Loss Account during the year.

ii Description of type of employee benefits: The Company offers to its employees defined benefits plans in the form of Gratuity and leave encashment. Fund is created for payment of gratuity. However, no fund is created for payment of leave wages, the Company would pay the same out of its own funds as and when the same becomes payable.

iii Para 132 of AS-1 5 (Revised 2005) does not require any specific disclosure except where expenses resulting from compensated absence is of such size.nature or incidence that disclosure is relevant under Accounting Standard 5 or Accounting Standard 18 and accordingly the expenses resulting from compensated absence is not significant and hence no disclosures are given under various paragraphs of AS-15.

3. SEGMENT REPORTING

i Primary Segment (Business Segment):The Company operates in a single reportable segment (i.e. Manufacturing and sale of PVC and XLPE compund.which have similar risk and returns for the purpose of AS 17 on ''Segment Reporting''issued by ICAI.

4. RELATED PARTY DISCLOSURES

As per Accounting Standard 18 on related party disclosure issued by the Institute of Chartered Accountants of India, the transaction with related parties of the company are as follows.

i Related Parties with whom the company had transactions during the year

Key Management Personnel : Mr. Narrindra Suranna, Mr. Rajesh Kumar Kothari

Relatives of Key Management Personnel : Mrs. Tara Devi Surana, Mrs. Sarla Devi Surana, Mr. Surendra Kumar Surana, Mr. Dev Krishna Surana

A Shareholder holding more than 20% of Equity Shares of the Company : Shriram Financial Consultants Pvt. Ltd

5. The provision for Income Tax has been made U/s 11 5JB of Income Tax Act.

6. Previous years figures have been reclassified to confirm to current years classifications.


Mar 31, 2012

1. (Rs. in Lacs) March 31, 2012 March 31, 2011

CONTINGENT LIABILITIES

Particulars

Bank Guarantee 370.07 487.60

Claims against the company not acknowledged as debts. (Refer Note No.(i) below) Sales tax matters 1,240.18 1,240.18

Excise and Customs duty matters 29.35 29.35

Total 1,639.60 1,757.13

(i) Future cash outflows in respect of the above are determinable only on receipt of judgements / decisions pending with various forums/ authorities

2. EMPLOYEE BENEFITS

i Provision for defined contribution plan viz. Providend and Other Fund amounting to Rs. 26.65 lacs (Previous Year Rs. 27.01 lacs) has been charged to the Profit and Loss Account during the year.

ii Description of type of employee benefits: The Company offers to its employees defined benefits plans in the form of Gratuity and leave encashment. Fund is created for payment of gratuity. However, no fund is created for payment of leave wages, the Company would pay the same out of its own funds as and when the same becomes payable.

iii Para 132 of AS-15 (Revised 2005) does not require any specific disclosure except where expenses resulting from compensated absence is of such size,nature or incidence that disclosure is relevant under Accounting Standard 5 or Accounting Standard 18 and accordingly the expenses resulting from compensated absence is not significant and hence no disclosures are given under various paragraphs of AS-15.

3. SEGMENT REPORTING

i Primary Segment (Business Segment):The Company operates in a single reportable segment (i.e. Manufacturing and sale of PVC and XLPE compund,which have similar risk and returns for the purpose of AS 17 on 'Segment Reporting' issued by ICAI.

4. RELATED PARTY DISCLOSURES

As per Accounting Standard 18 on related party disclosure issued by the Institute of Chartered Accountants of India, the transaction with related parties of the company are as follows.

i Related Parties with whom the company had transactions during the year

Key Management Personnel : Mr. Narrindra Suranna, Mr. Indranil Dasgupta, Mr. Rajesh Kothari Relatives of Key Management Personnel : Mrs. Tara Devi Surana, Mrs. Sarla Devi Surana, Mr. Dalam Chand Surana, Mr. Surendra Kumar Surana, Mr. Dev Krishna Surana

A Shareholder holding more than 20% of Equity Shares of the Company : Shriram Financial Consultants Pvt. Ltd

5. The provision for Income Tax has been made U/s 115JB of Income Tax Act.

6. The financial statements for the year ended 31st March, 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 31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified/ regrouped to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement priciples followed for preparation of financial statements.


Mar 31, 2010

1 As per resolution passed by the members at the Extraordinary General Meeting held on 4th September, 2009, the company has allotted 60,00,000 (Sixty Lacs) Warrants convertible into equal number of Equity Shares at a price of Rs. 80/- per warrant including a premium of Rs. 70/- per warrant, on 27th November, 2009, on preferential basis. The Warrants shall be converted into equity shares within 18 months from the date of allotment as per SEBI Guidelines. KIL has received 25% as upfront deposit amounting to Rs.1,20,000 Thousands which is shown under Share Warrant Account.

2 Amalgamation:

i Pursuant to the Scheme of Arrangement (the Scheme) approved by the shareholders and sanctioned by the Honble High Court at Calcutta on 3rd August 2010. Certified copy of the same was received on 26th August, 2010. The scheme became effective on 27th August, 2010. Under the provisions of the Companies Act, 1956 (the Act), the undertakings of Alkom Speciality Compounds Limited , the transferor companies was transferred to and vested in the company as a going concern with effect from 1st April2009 (the Appointed Date) and accordingly the Scheme had been given effect to in these accounts. According to the said Scheme, with effect from the Appointed Date, Alkom speciality Compounds Limited has carried out all their business and activities in trust for the Company till the Scheme becomes effective.

ii In accordance with the scheme 940,986 number of Equity Shares of Rs. 10/- each fully paid up andranking pari passu with the existing equity shares are to be issued by the company to the ordinary shareholders of Alkom Speciality Compounds Limited in the ratio of 1 (one) equity share of Rs. 10/- each of the company for every 10 (Ten) equity shares of Rs. 10/- each fully paid up held in Alkom Speciality Compounds Limited.

iii The Amalgamation has been accounted for in the books of account of KIL according to the pooling of interests method under Accounting Standard (AS) 14, Accounting for Amalgamations issued by the Institute of Chartered Accountants of India.

iv Accordingly on and from the Appointed Date all assets, liabilities and reserves of Alkom Speciality Compounds Limited transferred to KIL under the Scheme and recorded in the books of accounts of KIL at their respective book value and in the same form and manner as recorded in the books of accounts of Alkom Speciality Compounds Limited.

v Due to differences in accounting policy between Alkom Speciality Compounds Limited and KIL for providing depriciation on certain assets, the amount of Rs.6758 thousands has been adjusted in the General Reserves of KIL to ensure that the financial statements of KIL reflect the financial position on the basis of consistent accounting policy.

vi Pending completion of relevant formalities of transfer of certain assets and liabilities acquired/transferred pusuant to the Scheme of Arrangement, such assets and liabilities remain included in the books of the company under the name of the transferor/transferee companies.

3 Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account and not provided for is amounting to Rs.32188/- Thousands. (Net of advances)

4 Secured Loans.

i Term Loan From Banks:

These Loans are secured by first charge created by way of mortgage of companys Land and Building and other fixed assets located at D-403, Dharam Palace, CHS limited,Shantivana, Borivalli (E) , Mumbai-400066, on first Pari-passu basis.

ii Cash Credits and working capital demand from Banks:

a Is secured by way of hypothecation of stocks of raw materials, work-in-progress, finished goods, stores & spares and book debts of the Company.

b Mortgage of Land and Building Plant and Machinery located at D-403, Dharam Palce, CHS limited,Shantvaan, Borivalli (E) , Mumbai-400066, on First Pari-passu basis.

c These loans are further secured by a second charge over the residual value on the Fixed assets of the units both present and future located at the Dabhel Industrial area, Daman and others.

iii Car Loan

Car Loan is secured by Hypothecation against Motor Car (BMW).

5 Interest includes interest on Term Loan Rs.9326 thousands. (Previous year Rs.16626/- thousands)

6 Contingent Liability not Provided in the books:

particulars 2009-10 2008-09

Letter of Credit 213,408 220,481

Bank Guarantee 23,083 26,220 Excise Duty demands pending in appeal 1,330 1,330 with CEGAT

Penalty levied by Excise Authorities 1,605 1,605

Income Tax Demand under appeal not - 121 provided for

Total 239,426 249,757

7 Sundry Debtors/ Creditors:

Closing Balances of Sundry Debtors, Advances, other Receivables and Creditors are subject to confirmation to be obtained from parties. The company has initiated procedures for obtaining confirmation from such parties.

8 Sundry Creditors:

The Company had sought confirmation from its vendors on their status under Micro, Small and Medium Enterprises Development Act, 2006. Based on the confirmations received till date, there are some vendors who have confirmed that they are covered under the Micro, Small and Medium Enterprises Development Act, 2006. Disclosures as required by section 22 of the The Micro, Small and Medium Enterprises

9 Segment reporting:

Primary Segment (Business Segment):The Company operates in a single reportable segment (i.e.Manufacturing and sale of PVC and XLPE compund, which have similar risk and returns for the purpose of AS 17 on Segment Reporting issued by ICAI.

Provision for defined contribution plan viz. Providend and Other Fund amounting to Rs.1597. thousands has been charged to the Profit and Loss Account during the year.

ii Description of type of employee benefits: The Company offers to its employees defined benefits plans in the form of Gratuity and leave encashment. No fund is created for payment of gratuity and leave wages and the Company would pay the same out of its own funds as and when the same becomes payable.

iii Para 132 of AS-15 (Revised 2005) does not require any specific disclosure except where expenses resulting from compensated absence is of such size,nature or incidence that disclosure is relevant under Accounting Standard 5 or Accounting Standard 18 and accordingly the expenses resulting from compensated absence is not significant and hence no disclosures are given under various paragraphs of AS-15.

10 Related Party Transactions:

As per Accounting Standard 18 (AS-18) on related party disclosure issued by the Institute of Chartered Accountants of India, the transaction with related parties of the company are as follows.

11 National Saving Certificates, Kishan Vikas Patra and Fixed Deposits are disclosed as deposit under the head Cash and Bank Balances have been lodged with various authorities as margin deposit and security money.

12 There was no impairment loss on Fixed Assets on the basis of review carried out by mnagement in accordance with Accounting Standard issued by the Institute of Chartered Accountants of India.

13 There are no amount due and outstanding to be credited to Investor Education and Protection Fund.

14 Previous Years figures are regrouped or rearranged wherever necessary to conform to this years classification.

15 Figures in the Schedules have been rounded off to the nearest Thousand.

 
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