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Notes to Accounts of Kratos Energy & Infrastructure Ltd.

Mar 31, 2018

Notes to the financial statements for the year ended 31st March 2018 Note - 22 First Time Adoption Of Ind AS

For all periods up to and including the year ended 31st March, 2017, the Company had prepared its financial statements in accordance with the accounting standards notified under Section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies ( Accounts ) Rules, 2014 ( ''Previous GAAP''). This note explains the principal adjustments made by the Company in restating its financial statements prepared under Previous GAAP for the following-

a) Balance Sheet as at 1st April, 2016 ( Transition date);

b) Balance Sheet as at 31st March, 2017;

c) Statement of Profit and Loss for the year ended 31st March, 2017; and

d) Statement of Cash flows for the year ended 31 st March, 2017.

Exemptions Availed

Ind AS 101- First-time adoption of Indian Accounting Standards, allows first-time adopters, exemptions from the retrospective application and exemption from application of certain requirements of other Ind AS. The Company has availed the following exemptions as per Ind AS 101:

1) For financial instruments, wherein fair market values are not available (viz. interest free and below market rate security deposits or loans ) the Company has recognized in the financial statements prepared under Previous GAAP and use the same as deemed cost in the opening Ind AS Balance Sheet.

2) The Company has elected to consider the carrying value of all its items of property, plant and equipment and intangible assets recognized in the financial statements prepared under Previous GAAP and use the same as deemed cost in the opening Ind AS Balance Sheet.

3) The carrying amounts of the Company''s investments in its associate companies as per the financial statements of the Company prepared under Previous GAAP, are considered as deemed cost for measuring such investments in the opening Ind AS Balance Sheet.

Note -22 ( c ) Under IGAAP, Non Current investments were valued at cost. As per Ind AS 109, investments needs to be stated at fair value. The difference between fair value and book value as on 31 March 2017 has been recognized through retained earnings.

Note -22( d ) Under IGAAP, Current Investments were valued at cost. As per Ind AS 109, investments needs to be stated at fair value. The difference between fair value and book value as on 31 March 2017 has been recognized through retained earnings.

The management assessed that cash and cash equivalents, trade receivables, trade payable and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

Note - 1

The company''s main business activity is consultancy in various fields. There is no reportable segment as per Ind AS 108 on Operating Segments. Note - 25

Provision for taxation for the year has been made in accordance with the Provisions of the Income Tax Act, 1961.

Note - 2

The Company had paid Rs. 68,00,000/- in the year 1997 - 1998, to Brooklyn Hills & Properties Pvt. Ltd towards deposit for occupying office No. 317 at Maker Chambers V, Nariman point, Mumbai 400 021. Brooklyn Hills & Properties Pvt Ltd has not refunded the said deposit amount and therefore the Company is in the possession of the said premises since 1997 - 1998 and the same is shown as "Other deposit" ( Note No-4 ) as Other Financial assets.

Notes to the financial statements for the year ended 31st March 2018

Note - 3

Related party transactions pursuant to Ind AS - 24 a) Related Parties:

Mr Rajesh Pawar ( Wholetime Director )

Smt Sandya Kotian ( Director )

Mr. Muralidharan Pisharam ( Key Managerial Personnel )

Mrs Pooja Lahoty ( Key Managerial Personnel )

Manipal HR Solutions LLP ( Interested Concern )

El dorado Guarantee Ltd ( Associate Company )

Note - 4

In the opinion of the board, the Current Assets, Loans and Advances are approximately of the value stated and realised in the ordinary course of business. The Provisions of all known liabilities is adequate and not in excess of the amount reasonably necessary.

Note - 5

No letter of Confirmation have been sent during the year for Loans and Advances, Other liabilities and Deposits and are subject to confirmation and reconciliation and are taken as per books of accounts.

Note - 6 Details of dues to micro and small enterprises as per MSMED Act, 2006

There are no Micro and Small Enterprises as defined in the Micro and Small Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro and Small Enterprises has been determined to the extent such parties has been identified on the basis of information available with the Company.

Note - 7

Previous year'' figures have been regrouped / reclassified and rearranged wherever necessary to confirm with current year''s classification.


Mar 31, 2013

1) In the opinion of the board, the Current Assets, Loans & Advances are approximately of the value stated and realizable in the ordinary course of business. The Provision of all known liabilities is adequate and not in excess of the amount reasonably necessary.

2)The Balances and classifications of sundry debtors & creditors, loans and advances, Other liabilities and Deposits including deposits with NSE are subject to confirmation and reconciliation and are taken as per books of accounts.

3) In absence of relevant details, Deferred Tax Assets are not reviewed as at the Balance Sheet date.

Its computed on the basis of information available in the financial statement for the previous year.

4) As informed to us, closing stock of Shares are valued at lower of cost or market value which is shown at NIL cost. In absence of relevant details, we are unable to verify the same.

5) The Company had paid Rs.68 lacs to Brooklyn Hills & Properties P.Ltd. towards deposit for occupying office No.317 at Makers Chambers V, Nariman point, Mumbai 400 021. The office belongs to Manoj Trivedi/ Nandita Trivedi from whom Brooklyn Hills & Properties P.Ltd. agreed to purchase the said premises.Due to some dispute still the title deeds has not been transferred to Brooklyn Hills & Properties P.Ltd. and the society bills are still coming in the name of Nandita Trivedi. This deal was done in 1997-98. The Due to insufficient fund , Brooklyn Hills & Properties P.Ltd. could not refund the deposit and therefore the company has stopped paying lease rent to Brooklyn Hills & Properties P.Ltd. but has retained the possession of the said premises.

6) Contingent Liabilities not provided for:

The company has received an intimation from SEBI for payment towards Provisional Turnover fee liability (NSE) and Interest on it upto the date in the earlier year, the amount of which is not yet ascertained due to some dispute with NSE, The company has not made any additional provision towards the said liability other than the provision of Rs. 18.78 lacs made during the earlier years.

Schedules forming parts of Accounts for the year ended 31st March, 2013

The basic earnings per share ("EPS") are computed by dividing the net profit /(loss) after tax for the year by the weighted average number of equity shares outstanding during the year.

The Company does not have any dilutive potential equity shares. Consequently the basic and diluted earning per share of the company remains the same.

7) Related parties transactions : Refer Annexure "A". It is prepared on the basis of form No.24AA furnished by the company pursuant to section 299 of the companies Act''1956.

8) Primary Segment Reporting:

The company''s main business is dealing in shares and securities and financial activities. There is no reportable segment as per accounting standard 17 on Segmental reporting.

9) Previous year''s figures have been regrouped / reclassified and rearranged wherever necessary to confirm current year''s classification.

10) There is no additional information pursuant to the provisions of Revised Schedule VI of the Companies Act''1956 requiring disclosure for the Company for the year under report.

11) The Company has regrouped, reclassified and/or re-arranged previous year''s figures, wherever necessary to confirm to current year''s classification.


Mar 31, 2010

1) Contingent Liabilities not provided for:

ii) The company has received an intimation from SEBI for payment towards Provisional Turnover fee liability (NSE) and Interest on it upto the date , the amount of which is not yet ascertained due to some dispute with NSE, The company has not made any additional provision towards the said liability other than the provision of Rs.18.78 lacs made during the earlier years.

2) Remuneration to Auditors

Particulars 2009-10 2008-09

Amount (Rs.) Amount (Rs.)

Statutory Audit Fees 30,000 30,000

Service Tax 0 0

Total 30,000 30,000

Schedules forming parts of Accounts for the year ended 31st March, 2010

- The basic earnings per share ("EPS") are computed by dividing the net profit /(loss) after tax for the year by the weighted average number of equity shares outstanding during the year.

- The Company does not have any dilutive potential equity shares. Consequently the basic and diluted earning per share of the company remains the same.

3) Related parties transactions : Compensation paid Rs.28,05,359

4) Primary Segment Reporting:

The companys main business is dealing in shares and securities and financial activities. There is no reportable segment as per accounting standard 17 on Segmental reporting.

5) Previous years figures have been regrouped / reclassified and rearranged wherever necessary to confirm current years classification.

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