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Notes to Accounts of Koa Tools India Ltd.

Mar 31, 2014

1. CORPORATE INFORMATION

Koa Tools India Limited is a public limited company domiciled in India, incorporated on 20th September 1989 under Companies Act, 1956 vide Corporate Identification Number (CIN) L28932UP1989PLC022049.The Shares of the Company are listed on The U.P. Stock Exchange Association Ltd., Kanpur and The Bombay Stock Exchange, Mumbai. The Company is engaged in trading of spare parts.

2. Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Rs.1/- (P.Y. Rs. 21-) 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 apporoval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 3

Contingent Liabilities

a. Income Tax - -

b. Investments Commitments for partly paid shares under Non Current Investments 5,000,000 5,000,000

Note 4

The company filed a Petition for reduction of share capital of the company with Honourable Allahabad High Court after the approval of it''s member in the AGM held on 10th September, 2012.The Scheme was approved by the , Honourable High Court on 12th February, 2013. The scheme was implemented during the financial year because record date was fixed on 12.04.2013 and effective date was 23.04.2013, hence the following imp act of this scheme on these financial statements as under:-

(a) Cancellation of 1,48,00,000 Equity shares of Rs. 2 each aggregating Rs. 2,96,00,000 by crediting Capital Reserve Account by an equivalent amount.

(b) Cancellation of 50% remaining issued and paid up share capital of the Company by reducing the paid value of 3,47,58,500 Equity Shares from Rs. 2 per share to Rs. 1 per share and writing of f Rs. 3,47, 58,500 from the debit balance of Profit and Loss Account of the Company; and

(c) Writing off balance amount of the debit balance of Profit and Loss Account of the Company against the Capital Reserve Account to that extent.

Note 5

No Provision for Taxation has been made because of the availability of brought forward losses and depreciation as per the provisions of the Income Tax Act, 1961.

Note 6

There is no party to the extent to which they could be identified as Micro, Small and Medium Enterprises (MSMED), as none of the creditors have confirmed to be registered under the MSMED Act, 2006.

Note 7 Retirement Benefits

Since none of the employee has completed the required period of service, hence no provision for gratuity has been made.

Note 9

In the opinion of the board of directors, all the current assets, loans & advances have value of realisation in the ordinary course of business at least equal to the amount at which they are stated except those are expressly stated and that all the known liabilities relating to the period under review have been provided for.

Note 10

In the opinion of the board; none of the assets/ cash generating units of the company is impaired.

Note 11

Parties balance is subject to confirmation from them.

Note 12

Previous Years Figures

Previous years'' figures have been regrouped/ reclassified to confirm to those of current year''s figures where necessary.


Mar 31, 2013

Nate#1 CORPORATE INFORMATION

Koa Tools India Limited is a public limited company domiciled in India, incorporated on 20th September 1989 under Companies Act, 1956 vide Corporate Identification Number (CI N) L2B932UP1989PLC022049.The Shares of the Company are listed on The U.P Slock Exchange Association Ltd., Kanpur and The Stock Exchange, Mumbai. The Company is engaged in trading of spare parts.

Note #2 The company filed a Petition tor reduction of share capital of the company with Honourable Allahabad High Court after the approval of it''s member in the AG M held on 10th September, 2012.The Scheme was approved by the Honourable High Court on 12th February, 2013. The scheme was implemented after close of fi nancial year because record date wasi2.04.2013and effectivadate was 23.04,2013.The impact of this scheme on future financial statements will be as underl- ie) Cancellation of 1,48,00,000 Equity shares of Rs. 2 each aggregating Rs. 2,96,00,000 by crediting Capital reserve Account by an equivalent amount.

(b) Cancellation of 50% remaining issued and paid up share capital of the Company by reducing the paid value of 3,47,58,500 Equity Shares from Rs. 2 per share to Rs. 1 per share and writing off Rs. 3,47, 58,500 from the debit balance of Profit and Loss Account of the Company; and

(c) Writing off balance amount ol Rs. 2,86,84,483/- of the debit balance of Profit and Loss Account of the Company against the Capital Reserve Account to that extent.

Note # 3 No Provision for Taxation has been made because of the availability of brought forward losses and depreciation as per the provisions of the Income Tax Act. 1961.

Note # 4 There is no party to the extent to which they could be identified as Micro, Small and Medium Enterprises (MSMED), as none of the creditors have confirmed to be registered under the MSMED Act, 2006.

Note # 5 Retirement Benefits

Since none of the employee has completed the required period of service, hence no provision for gratuity has been made.

Note #6 In the opinion of the board of directors, all the current assets, loans & advances have value of realisation in the ordinary course of business at least equal to the amount at which they are stated except those are expressly stated and that all the known liabilities relating to the period under review have beerfprovided for.

Note # 7 In the opinion of the board, none ot the assets/ cash generating units of the company is impaired.

Note # 8 Parties balance is subject to confirmation from them.

Note # 9 Previous Years Figures

Previous years'' figures have been regrouped/ reclassified to confirm to those of current year''s figures where necessary.


Mar 31, 2012

Note # 1 CORPORATE INFORMATION

Koa Tools India Limited is a public limited company domiciled in India' incorporated on 20th September 1989 under Companies Act' 1956 vide Corporate Identification Number (CIN) L28932UP1989PLC022049.The Shares of the Company are listed on The U.P. Stock Exchange Association Ltd.' Kanpur and The Stock Exchange' Mumbai.

Note # 2 : In the opinion of the board of directors' all the current assets' loans & advances have value of realisation in the ordinary course of business at least equal to the amount at which they are stated except those are expressly stated and that all the known liabilities relating to the period under review have been provided for.

Note # 3 : In the opinion of the board' none of the assets/ cash generating units of the company is impaired.

Note # 4 : Parties balance is subject to confirmation from them.

Note # 5 : Previous Years Figures

Till the year ended 31st March'2011' the company was using pre-revised Schedule VI to the Companies Act' 1956 for prepration and presentation of financial statements. During the year ended 31st March'2012' the revised schedule VI notified under Companies Act' 1956 has become applicable to the Company. The adoption of revised schedule VI does not impact recognition and measurement principles followed for prepration for financial statements. However' it significantly impacts presentation and disclosures made in the financial statements' particularly presentation of balance sheet. As a result' previous years' figures have been regrouped/ reclassified to conform to this year's financial statements where necessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES NOT PROVIDED FOR

There is disputed liability of Income tax of Rs. 7,25,719.00 (P.Y. Rs. 7,25,719.00) for the assessment year 1992-93, 1995-96 and 1997- 98 against the company, however the same is under dispute before Appellate Authority.

2. In absence of information with the Company, the names of suppliers who are registered as micro, small or medium enterprises under" The Micro, Small and Medium Enterprises Development Act, 2006", as at 31st March, 2010 have not been given.

3. In the opinion of Board of Directors, all the Current Assets, Loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated except and to the extent mentioned otherwise and that all the known liabilities relating to the year have been provided for.

4. Since the Company has substantial carried forward business losses and unabsorbed depreciation, it is unlikely to have taxable profits in near future and hence it is not considered necessary to create deferred tax assets in accordance with Accounting Standard -22, issued by the Institute of Chartered Accountants of India.

5. The Company has not given any loans or advances ih the nature of loans which are required to be disclosed pursuant to clause 32 of the listing Agreement.

6. Maximum amount due from director at any time Rs. Nil (Pr. Year - Nil).

7. The Company has yet to obtain confirmations from Sundry Debtors, Sundry Creditors, Advances, Due adjustments, if necessary, will be made on receipt thereof.

8. Managerial Remuneration paid/ payable to the Directors Rs. Nil (Pr. Year - Nil).

9. Previous years figures have been regrouped and/ or rearranged to confirm to those of current years figures wherever necessary.

10. Schedule "A" to "M" is integral part of Balance Sheet and Profit and Loss Account.

 
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