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Notes to Accounts of KLRF Ltd.

Mar 31, 2015

1. Income tax appeals are pending before the Supreme Court for the assessment years 1991-92 to 1993-94, 1995-96 and 1996-97 Commercial tax and levy of PF damages are pending in appeal.

Income Tax appeal for the assessment year 2007 - 2008 is pending with Commissioner Appeal.

Service tax appeal with CESTAT is pending.

2. During the year the Company has accounted for the deferred taxation which represents the amount determined and considered upto the Balance Sheet date, in accordance with Accounting Standard 22 issued by the Institute of Chartered Accountants of India, to neutralise the tax effect of "timing differences" between taxable income & depreciation and accounting income & depreciation that originate in one period and are capable of reversal in subsequent periods.

3. Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro and small enterprises, outstanding as on 31st March, 2015.

4. Discontinuing operation

AS 24 20(a to d)

On 12th November, 2014, the Board of Directors annuounced a plan for closure of the Textile Division which represents a separate business segment as per Segment Reporting. The disposal is consistent with the Company's long-term strategy to focus its activities.

5. Comparative figures for previous year have been re-classified and re-grouped wherever necessary to confirm to this year's classifications.


Mar 31, 2014

31.03.2014 31.03.2013

1 Number of employees who are in receipt or entitled to receive emoluments amounting in aggregate Rs. 5,00,000/- or more per month Nil Nil

2 Contingent Liabilities

Claims, Excise and Customs Duty, Taxes and other matter-not acknowledged by the Company

a ) Guarantees by Banks Nil Nil

b ) Claims against the company not acknowledged as debts 2223758 3123758

3 During the year the Company has accounted for the deferred taxation which represents the amount determined and considered upto the Balance Sheet date, in accordance with Accounting Standard 22 issued by the Institute of Chartered Accountants of India, to neutralise the tax effect of "timing differences" between taxable income & depreciation and accounting income & depreciation that originate in one period and are capable of reversal in subsequent periods.

4 Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro and small enterprises, outstanding as on 31.03.2014.

5 Related Party Disclosure

The following are the transactions with related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India. Reimbursement of expenses has not been treated as related party transactions.


Mar 31, 2013

1 During the year the Company has accounted for the deferred taxation which represents the amount determined and considered upto the Balance Sheet date, in accordance with Accounting Standard 22 issued by the Institute of Chartered Accountants of India, to neutralise the tax effect of "timing differences" between taxable income & depreciation and accounting income & depreciation that originate in one period and are capable of reversal in subsequent periods.

2 Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro and small enterprises, outstanding as on 31.03.2013.

3 Comparative figures for previous year have been re-classified and re-grouped wherever necessary to confirm to this year''s classifications.


Mar 31, 2012

1 During the year the Company has accounted for the deferred taxation which represents the amount determined and considered upto the Balance Sheet date, in accordance with Accounting Standard 22 issued by the Institute of Chartered Accountants of India, to neutralise the tax effect of "timing differences" between taxable income & depreciation and accounting income & depreciation that originate in one period and are capable of reversal in subsequent periods.

2 Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro and small enterprises, outstanding as on 31.03.2012.

3 Related Party Disclosure

The following are the transactions with related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India. Reimbursement of expenses has not been treated as related party transactions.

In accordance with my report of date attachedFor and on behalf of the Board


Mar 31, 2010

1. CONTINGENT LIABILITIES

Claims, Excise and Customs Duty, Taxes and other matter-not 2009-10 2008-09 acknowledged by the Company

(a ) Guarantees by Banks 4410000 4410000

(b) Claims against the Company not acknowledged as debts 1242811 1242811

Customs authority has confirmed import duty demands aggregating Rs.19,47,408/- in respect of wheat imported. The Company has disputed the said demand and has filed appeal to Appellate Authority.

2. Loss of Rs.97,88,700/- from a forex derivative contract entered for a value of Rs.500 lakhs which was unwounded during the year has been included in interest.

3. Income tax appeals are pending before the Supreme Court for the Assessment years 1991-92 to 1993-94, 1995-96 and 1996-97 Commercial tax and levy of PF damages are pending in appeal.

4. During the year the Company has accounted for the deferred taxation which represents the amount determined and considered upto the Balance Sheet date, in accordance with Accounting Standard 22 issued by the Institute of Chartered Accountants of India, to neutralise the tax effect of timing differences between taxable income & depreciation and accounting income & depreciation that originate in one period and are capable of reversal in subsequent periods.

5 . Company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the "Micro, Small and Medium Enterprises Development Act, 2006". Based on the information and evidence available with the company, there are no dues to micro and small enterprises, outstanding as on 31.03.2010.

6. Related Party Disclosure

The following are the transactions with related parties in terms of AS 18 issued by the Institute of Chartered Accountants of India. Reimbursement of expenses has not been treated as related party transactions.

21. Comparative figures for previous year have been re-classified and re-grouped wherever necessary to confirm to this years classifications.

 
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