Home  »  Company  »  KRBL Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of KRBL Ltd.

Mar 31, 2015

1. other notes Forming part of the Financial Statements

1.1 Contingent liabilities not provided for in respect of:

(Rs,in Lacs)

particulars year ended year ended march 31, 2015 march 31, 2014

(i) Claims against the Company not acknow- ledged as debts

(a) Liability relating to Bank Guarantee 1,189.28 369.57

(b) Liability relating to Bills Discounted with Scheduled Banks - 909.68

(c) Disputed liability in respect of Income Tax Demand in appeal 5.86 3.41

- Amount paid against disputed Income Tax appeal as Rs.Nil (P.Y. Rs,Nil)

(d) Disputed liability relating to Sales Tax / VAT 8.63 31.07

- Amount paid against disputed Sales Tax / VAT appeal as Rs,8.63 Lacs (P.Y.Rs,27.32 Lacs)

(e) Disputed purchase tax liability on paddy purchased in the course of exports* 905.49 905.49

- Amount paid against disputed purchase tax liability under appeal Rs,226.37 Lacs (P.Y. Rs,226.37 Lacs)

(f) Disputed liability relating to Market Fees (Fazilka, Punjab) - 15.09

- Amount paid against disputed Market Fees is Rs,5.25 Lacs (P.Y. Rs,3.86 Lacs)

(g) Others 28.24 50.08

- Amount paid against other disputed liabilities is Rs,Nil (P.Y. Nil)

total 2,137.50 2,284.39

* Note: Te appeal is pending before Hon''ble VAT Tribunal, Punjab. As per the legal opinion the demand created by VAT department is arbitrary and the matter will be discussed in favour of company.

2. brief information on the treatment of amount Received on Forfeited Shares:

Subsequent to Introduction of Schedule III of Companies Act, 2013, the amount of Rs. 4.29 Lacs originally received against forfeited shares, earlier shown as addition to paid-up capital and now has been transferred to General Reserve.

3. Tere is no prior period item, which is considered material for the purpose of disclosure in accordance with the accounting Standard aS-5 on "net profit or loss for the period, prior period items and changes in accounting policies".

4. intangible assets:

In accordance with Accounting Standard AS-26 on ''Intangible Assets'', Rs. 53.17 Lacs (P.Y. Rs. Nil) have been capitalized on account of computer software development charge.

5. Corporate dividend tax:

In view of the amended provision of Section 115-O(IA)(i) of the Income Tax Act,1961, no provision of Corporate Dividend Tax has been made in the books of accounts as the Company has set-of declared Foreign Dividend from its Subsidiary Company against declare Dividend.

C) Significant leasing arrangement:

Te Company has entered into leasing arrangements in respect of god owns / premises.

(i) basis of determining contingent rent:

- Contingent rents are payable for excessive, improper or unauthorized use of the assets, beyond the terms of the lease agreement, prejudicially affecting the resale value of the asset, either by way of increase in lease rentals or by way of lump-sum amount, as agreed between the parties.

(ii) Renewal / purchase options & escalation clauses:

- Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the parties. Variations in lease rentals are made in the event of a change in the basis of computation of lease rentals by the lessor.

(iii) There are no restrictions imposed by the lease arrangements, concerning dividends, additional debt and further leasing.

6. Change in accounting practice:

Following change in assumption of lifespan of fixed Assets under Schedule II of Companies Act, 2013, over age Fixed Assets have been reduced to their residual with consequent reduction amounting to Rs. 272.06 Lacs (Net of Rs. 92.47 Lacs towards deferred impact thereon) has been charged to surplus under "Reserve and Surplus" head in Balance Sheet. In addition to above, remaining items of fixed assets have been subjected to depreciation charge at rates which reduce them to their values subjected to depreciation charge at rates which reduce them to their residual values under their revised lifespan.

7. during Construction phase Companies generally temporarily invest the surplus funds to reduce the cost of capital or for other business reasons. however subsequently the same are utilized for the stated objective. during the year surplus funds (if any) out of the term loans availed by KRbl limited are temporarily invested in bank For''s but were ultimately utilized for the stated end use.

8. Te company has reclassified and regrouped previous year figure wherever considered necessary.

9. Te figures are rounded of to nearest rupees in lacs.

11. Te Consolidated Financial Statements of the company and its subsidiary, are enclosed separately in accordance with accounting Standard aS-21 "Consolidated Financial Statements".


Mar 31, 2014

1. OTHER NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1.01 Contingent liabilities not provided for in respect of:

(Rs. in Lacs) Particulars Year Ended Year Ended March 31, 2014 March 31, 2013

(i) Claims against the Company not acknowledged as debts

(a) Liability relating to Bank Guarantee 369.57 133.90

(b) Liability relating to Bills Discounted with Scheduled Banks 909.68 -

(c) Disputed liability in respect of Income Ta x Demand in appeal 3.41 26.25 -Amount paid against disputed Income Ta x appeal as Rs.Nil (P.Y.Rs.17.93 Lacs)

(d) Disputed liability relating to Sales Tax/VAT 31.07 23.75 -Amount paid against disputed Sales Tax/VAT appeal as Rs.27.32 Lacs (P.Y. Rs.20.00 Lacs)

(e) Disputed purchase tax liability on paddy purchased in the course of exports* 905.49 - -Amount paid against disputed purchase tax liability under appeal Rs. 226.37 Lacs (P.Y. Rs.Nil)

(f) Disputed liability relating to Market Fees(Fazilka, Punjab) 15.09 15.09 -Amount paid against disputed Market Fees is Rs.Nil (P.Y. Rs.1.37Lacs)

(g) Others 50.08 50.08 -Amount paid against other disputed liabilities is Rs.Nil (P.Y Rs.Nil)

Total 2,284.39 249.07

*Note:- The appeal is pending before Hon''ble VAT Tribunal, Punjab. As per the legal opinion the demand created by VAT department is arbitrary and the matter will be discussed in favour of company.

2.02 Brief Information on Shares Bought-back:

Pursuant to the resolution passed by the Board of Directors of the Company and in accordance with the provisions of the Companies Act, 1956 and the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, the Company made a Public Announcement on February, 14, 2013, to Buy-back the Equity Shares having Face Value of Rs.1 each of the Company from open market through stock exchange route at a price not exceeding Rs.35 per share, agreegating to Rs.35 Crores.

During the Buy-back period i.e. March 4, 2013 to February 11, 2014, the Company has Bought-back and Extinguished 77,22,048 Equity Shares at an average price of Rs.23.58 per share, utilising a sum of Rs.18.21 Crores (Rupees Eighteen Crores Twenty one Lacs) excluding Transaction Cost. The amount paid towards Buy-back of Equity Shares, in excess of the face value, has been utilised out of Free Reserve.

2.03 In the opinion of the Board and to the best of their knowledge and belief, the valuation on realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

2.04 Value of raw materials, including packaging materials, spare parts and components consumed during the year:

2.05 A sum of Rs.30 .95 Lacs (P.Y. Rs.64.69 Lacs) has been received from DMI through NABARD towards construction of rural godown and a sum of Rs.104.00 Lacs (P.Y. Rs.30.95 Lacs) is receivable from DMI through NABARD towards construction of rural godown. The entire grant so received / receivable has been deducted from the respective cost of the Capital Expenditure.

2.06 There is no prior period item, which is considered material for the purpose of disclosure in accordance with the Accounting Standard AS-5 on "Net Profit or Loss for the period, Prior Period items and changes in Accounting Policies".

2.7 Intangible Assets:

In accordance with Accounting Standard AS-26 on ''Intangible Assets'', Rs.NIL (P.Y. Rs.9.14 Lacs) have been capitalized on account of computer software development charges.

2.8 Corporate Dividend Tax:

In view of the amended provision of Section 115-0(IA)(i) of the Income Tax Act,1961, no provision of Corporate Dividend Tax has been made in the books of accounts as the Company has set-of declared Foreign Dividend from its Subsidiary Company against declare Dividend.

C) significant Leasing arrangement:

The Company has entered into leasing arrangements in respect of godowns/premises.

(i) Basis of determining contingent rent:

- Contingent rents are payable for excessive, improper or unauthorized use of the assets, beyond the terms of the lease agreement, prejudicially afecting the resale value of the asset, either by way of increase in lease rentals or by way of lump- sum amount, as agreed between the parties.

(ii) Renewal/purchase options & escalation clauses:

- Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the parties. Variations in lease rentals are made in the event of a change in the basis of computation of lease rentals by the lessor.

(iii) There are no restrictions imposed by the lease arrangements, concerning dividends, additional debt and further leasing.

a) The business groups comprise of the following:

- Agri - Agri commodities such as rice, Furfural, seed, bran, bran oil, etc.

- Energy - Power generation from wind turbine, husk based power plant & solar power plant.

b) The Geographical segments considered the following disclosures:

- Sales within India

- Sales outside India

a) Middle East

b) Other than Middle East

29.22 Related Party Disclosures Accounting Standard AS-18: A) Related parties and their relationship:

1) Subsidiary Company : KRBL DMCC

: K B Exports Private Limited

2) Key Managerial Persons

Mr. Anil Kumar Mittal : Chairman & Managing Director

Mr. Arun Kumar Gupta : Joint Managing Director

Mr. Anoop Kumar Gupta : Joint Managing Director

Ms. Priyanka Mittal : Whole Time Director

Mr. Ashok Chand : Whole Time Director

Dr. Narpinder Kumar Gupta : Non Executive & Independent Director

Mr. Vinod Ahuja : Non Executive & Independent Director

Mr. Ashwani Dua : Non Executive & Independent Director

Mr. Shyam Arora : Non Executive & Independent Director

Mr. Devendra Kumar Agarwal : Non-Executive & Independent Director

Mr. Rakesh Mehrotra : Chief Financial Officer

Mr. Raman Sapra : Company Secretary

3) Employee benefit plans where there in significant infuence:

KRBL LIMITED Employees Group Gratuity Trust:

4) Relatives of Key Managerial Persons:

Mrs. Preeti Mittal : Wife of Mr. Anil Kumar Mittal

Mrs. Anulika Gupta : Wife of Mr. Arun Kumar Gupta

Mrs. Binita Gupta : Wife of Mr. Anoop Kumar Gupta

Mr. Ashish Mittal : Son of Mr. Anil Kumar Mittal

Mrs. Neha Gupta : Daughter of Mr. Arun Kumar Gupta

Ms. Rashi Gupta : Daughter of Mr. Anoop Kumar Gupta

Mr. Kunal Gupta : Son of Mr. Arun Kumar Gupta

Mrs. Avantika Gupta : Wife of Mr. Kunal Gupta

Mr. Akshay Gupta : Son of Mr. Anoop Kumar Gupta

Mr. Ayush Gupta : Son of Mr. Anoop Kumar Gupta

Anil Kumar Mittal HUF : Mr. Anil Kumar Mittal is Karta of HUF

Arun Kumar Gupta HUF : Mr. Arun Kumar Gupta is Karta of HUF

Anoop Kumar Gupta HUF : Mr. Anoop Kumar Gupta is Karta of HUF

Bhagirath Lal Gupta HUF : Mr. Anil Kumar Mittal is Karta of HUF

5) Enterprises over which key managerial persons are able to exercise significant infuence:

Khushi Ram Behari Lal : Partnership Firm in which Mr. Anil K. Mittal, Mr. Arun K. Gupta &Mr. Anoop K.Gupta are Partners

Anurup Exports Pvt. Limited : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors

Radha Raj Ispat Pvt. Ltd : Private Limited Company in which Mr. Anil K.Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta & Ms. Priyanka Mittal are Directors

Radha Raj Infrastructure Pvt. Ltd: Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta & Mr. Ashwani Dua are Directors

KRBL Infrastructure Ltd : Public Limited Company in which Mr. Anil K.Mittal, Mr. ArunK. Gupta & Mr. Anoop K. Gupta are Directors

Aakash Hospitality Pvt. Ltd : Private Limited Company in which Mr. AnilK. Mittal, Mr. ArunK. Gupta & Mr. Anoop K. Gupta are Directors

Holistic Farms Pvt. Ltd : Private Limited Company in which Mr. Anil K.Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors

Radha Raj IT City & Parks Pvt. Ltd: Private Limited Company in which Mr. Anil K. Mittal, Arun K. Gupta & Mr. Anoop K. Gupta are Directors

Radha Raj Logistics Pvt. Ltd : Private Limited Company in which Mr. Anil K. Mittal, Arun K. Gupta & Mr. Anoop K. Gupta are Directors

KRBL Foods Ltd. : Private Limited Company in which Mr. Anil K. Mittal,Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors

Adwet Warehousing Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors

Padmahasta Warehousing Pvt. Ltd. : Private Limited Company in Which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors

K.B. Foods Pvt. Ltd. : Private Limited Company in which Mr. Akshay Gupta and Mr. Ayush Gupta are Directors

2.9 Employee benefits Accounting Standard AS-15 (Revised):

a) The Company has determined the liability for Employee benefits as at March 31, 2014 in accordance with revised Accounting Standard AS-15 issued by ICAI - Employee defned benefits.

2.10 As required under Accounting Standard AS-11 the Company has Outstanding Forward contracts as on March 31, 2014 and there is Marked to Market ( MTM) unrealized gain/(loss) on forward contracts is Rs.303.58 Lacs (P.Y. Rs.225.24 Lacs), which has been accounted for accordingly in the books of accounts.

Apart from above Company has foreign currency Liability (PCFC/Advances received from customers/ECB) of Rs.21,142.00 Lacs (P.Y. Rs.29,807.00 Lacs) at the year end and As per Accounting Standard AS-11 the efect of change in foreign exchange as on March 31, 2014 amounting to Rs.501.94 Lacs (P.Y. Rs.816.35 Lacs) has been taken to Profit & Loss Account.

2.11 During Construction Phase Companies generally temporarily invest the surplus funds to reduce the cost of capital or for other business reasons. However subsequently the same are utilised for the stated objective.

During the year surplus funds (if any) out of the Term Loans availed by KRBL Limited are temporarily invested in bank FDR''s but were ultimately utilized for the stated end use.

2.12 The company has reclassified and regrouped previous year fgure & wherever considered necessary.

2.13 The Consolidated Financial Statements of the company and its subsidiary, are enclosed separately in accordance with Accounting Standard AS-21 "Consolidated Financial Statements".


Mar 31, 2013

1.1 Brief Information on Shares Bought Back during the Year:

Pursuant to the resolution passed by the Board of Directors of the Company and in accordance with the provisions of the Companies Act, 1956 and the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1 998, the Company made a Public Announcement on February 14, 2013, to Buy-back the Equity Shares of Face Value of Rs.1/- each of the Company from open market through Stock Exchange route at a price not exceeding Rs.35/- per share, aggregating to Rs.35 Crores.

The Company has bought Back 12,00,652 Equity Shares as at March 31, 2013 at an average price of Rs.24.38 per share, utilising a sum of Rs.293.32 Lacs. The amount paid towards Buy-back of Shares, in excess of the face value, has been utilised out of Free Reserve.

In terms of the Provisions of Section 77A of the Companies Act, 1956 and SEBI (Buy-back of Securities) Regulations 1998, as at March 31, 2013 the Company has extinguished 11,65,652 Shares and the remaining 35,000 Shares has been extinguished on April 1, 2013 Consequently, the Paid- up Equity Share Capital of the Company has been reduced and the Company has created Capital Redemption Reserve of Rs.11.65 Lacs towards face value of 11,65,652 Equity Shares of Rs.1 each by utilising Free Reserve. The balance amount paid on Buy-back of Equity Shares which are yet to be extinguished as on March 31, 2013 has been shown by way of deduction from the Shareholder''s Fund.

1.2 In the opinion of the Board and to the best of their knowledge and belief, the valuation on realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

1.3 A sum of Rs.64.69 Lacs (P.Y. Rs.29.94 Lacs) has been received from DMI through NABARD towards construction of rural godown and a sum of Rs.30.95 Lacs (P.Y. Rs.73.66 Lacs) is receivable from DMI through NABARD towards construction of rural godown. The entire grant so received / receivable has been deducted from the respective cost of the Capital Expenditure.

1.4 There is no prior period item, which is considered material for the purpose of disclosure in accordance with the Accounting Standard AS-5 on "Net Profit or Loss for the period, Prior Period items and changes in Accounting Policies".

1.5 Intangible Assets

In accordance with Accounting Standard AS - 26 on ''Intangible Assets'', a sum of Rs.9.14 Lacs (P.Y. Rs.1.41 Lacs) have been capitalized on account of computer software development charge.

1.6 Corporate Dividend Tax

In view of the amended provision of Section 115-O(1A)(i) of the Income Tax Act, 1961, no provision of Corporate Dividend Tax has been made in the books of accounts as the Company has set-off declared Foreign Dividend from its Subsidiary Company against declared Dividend.

1.7 Earnings Per Share (EPS)

EPS is calculated by dividing the profit attributable to the Equity Shareholders by the average number of Equity Shares outstanding during the year. Number used for calculating basic and diluted earnings per equity is stated below:

1.8 The Company has entered into lease agreement for the period of five years, which are in the nature of operating leases as defined in the Accounting Standard AS-19 in respect of leases:-

C) Significant Leasing arrangement

The Company has entered into leasing arrangements in respect of godowns/premises

(i) Basis of determining contingent rent

- Contingent rents are payable for excessive, improper or unauthorized use of the assets, beyond the terms of the lease agreement, prejudicially affecting the resale value of the asset, either by way of increase in lease rentals or by way of lump- sum amount, as agreed between the parties

(ii) Renewal/purchase options & escalation clauses

- Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the parties. Va riations in lease rentals are made in the event of a change in the basis of computation of lease rentals by the lessor

(iii) There are no restrictions imposed by the lease arrangements, concerning dividends, additional debt and further leasing.

a) The business groups comprise of the following

- Agri:- Agri commodities such as rice, Furfural, seed, bran, bran oil, etc.

- Energy - Power generation from wind turbine and husk based power plant

b) The Geographical segments considered for disclosure are

- Sales within India

- Sales outside India

a) Middle East

b) Other than Middle East

1.9 Related Party Disclosures Accounting Standard AS-18:

A) Related parties and their relationship:

1) Subsidiary Company : KRBL DMCC

: K. B. EXPORTS PVT. LTD.

2) Key Management Personnel

Mr. Anil Kumar Mittal : Chairman & Managing Director

Mr. Arun Kumar Gupta : Joint Managing Director

Mr. Anoop Kumar Gupta : Joint Managing Director

Ms. Priyanka Mittal : Whole Time Director

Mr. Ashok Chand : Whole Time Director

Dr. Narpinder Kumar Gupta : Non Executive & Independent Director

Mr. Vinod Ahuja : Non Executive & Independent Director

Mr. Ashwani Dua : Non Executive & Independent Director

Mr. Shyam Arora : Non Executive & Independent Director

Mr. Gautam Khaitan : Non Executive & Independent Director

3) Employee benefit plans where there in significant influence:

- KRBL LIMITED Employees Group Gratuity Trust:

4) Relatives of Key Management Personnel:

Mrs. Preeti Mittal : Wife of Mr. Anil Kumar Mittal

Mrs. Anulika Gupta : Wife of Mr. Arun Kumar Gupta

Mrs. Binita Gupta : Wife of Mr. Anoop Kumar Gupta

Mr. Ashish Mittal : Son of Mr. Anil Kumar Mittal

Mrs. Neha Gupta : Daughter of Mr. Arun Kumar Gupta

Ms. Rashi Gupta: : Daughter of Mr. Anoop Kumar Gupta

Mr. Kunal Gupta : Son of Mr. Arun Kumar Gupta

Mr. Akshay Gupta : Son of Mr. Anoop Kumar Gupta

Mr. Ayush Gupta : Son of Mr. Anoop Kumar Gupta

Anil Kumar Mittal HUF : Mr. Anil Kumar Mittal is Karta of HUF

Arun Kumar Gupta HUF : Mr. Arun Kumar Gupta is Karta of HUF

Anoop Kumar Gupta HUF : Mr. Anoop Kumar Gupta is Karta of HUF

Bhagirath Lal Gupta HUF : Mr. Anil Kumar Mittal is Karta of HUF

5) Enterprises over which key management personnel are able to exercise significant influence:

Khushi Ram Behari Lal : Partnership Firm in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are partners Anurup Exports Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors Radha Raj Ispat Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta & Ms. Priyanka Mittal are Directors Radha Raj Infrastructure Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta, Mr. Anoop K. Gupta & Mr. Ashwani Dua are Directors

KRBL Infrastructure Ltd : Public Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors Aakash Hospitality Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors Holistic Farms Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors Radha Raj IT City & Parks Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Arun K. Gupta & Mr. Anoop K. Gupta are Directors Radha Raj Logistics Pvt. Ltd. : Private Limited Company in which Mr. Anoop K. Gupta & Mr. Ashwani Dua are Directors KRBL Foods Ltd. : Public Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors Adwet Warehousing Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors Padmahasta Warehousing Pvt. Ltd. : Private Limited Company in which Mr. Anil K. Mittal, Mr. Arun K. Gupta & Mr. Anoop K. Gupta are Directors K. B. Foods Pvt. Ltd. : Private Limited Company in which Mr. Akshay Gupta and Mr. Ayush Gupta are Directors

1.10 Employee Benefits Accounting Standard - AS 15 (Revised)

a) The Company has determined the liability for Employee benefits as at March 31, 2013 in accordance with revised Accounting Standard 15 issued by ICAI - Employee defined benefits.

1.11 As required under Accounting Standard AS-11 the Company has Outstanding Forward contracts as on March 31, 2013 and there is Marked to Market ( MTM) unrealized gain/(loss) on forward contracts is Rs.225.24. Lacs (P.Y. Rs.7.49 Lacs) , which has been accounted for accordingly in the books of accounts.

1.12 The Company has reclassified and regrouped previous year figure wherever considered necessary.

1.13 The Consolidated Financial Statements of the Company and its Subsidiary, are enclosed separately in accordance with Accounting Standard 21 (AS-21) "Consolidated Financial Statements"


Mar 31, 2012

A) Terms/ rights attached to ordinary shares

the Company has issued only one class of ordinary equity shares having a par value of Rs. 1/- per share. Each holder of ordinary 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 2012, the amount of dividend per share recognised for distribution to ordinary shareholders is Rs. 0.30/- (Previous year: Rs. 0.30/-). in event of liquidation of the company, the holders of ordinary 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 ordinary shares held by the shareholders.

b) Aggregate number of bonus shares issued, Shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date: NIL.

# Secured by First pari passu charge by way of mortgage and hypothecation over all immovable properties and moveable fixed assets of the Company (both present and future) and further secured by second pari passu charge on all current assets of the Company and Personal Guarantee of promoter directors of the company

- There is no continuing default in repayment of any of the above loan.

## Working capital facilities (fund based & non fund based limits) are secured by first pari passu charge over stocks, stores, raw materials, inventories, work in progress, finished goods and also book debts, bills and moneys receivable of the Company by way of hypothecation. These facilities are further secured by second charge over the immovable & moveable assets of the Company & Personal Guarantee of promoter directors of the company.

- There is no continuing default in repayment of any of the above secured bank loan.

There are no Micro, Small and Medium Enterprises, (PY NIL) to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information, required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the Company. Moreover, the Company primarily deals in procurement of agri-products which are sourced from the Farmers and Aartias (Commission Agents) who are not covered under the provisions of the Micro, Small and Medium Enterprises Development Act, 2006.

1. OTHER NOTES FORMING PART OF THE FINANCIAL STATEMENTS

1.1 Contingent liabilities not provided for in respect of :

(Rs. in Lac)

Particulars As at 31/03/2012 As at 31/03/2011

(i) Claims against the Company not acknowledged as debts

(a) Liability relating to Bank Guarantee 166.00 205.00

(b) Liability relating to Bills Discounted with Scheduled Banks - 6,775.05

- Liability relating to Bills Discounted with Scheduled Banks as on date Rs. NIL (PY NIL)

(c) Disputed liability in respect of income tax demand in appeal 23.32 200.16

- Amount paid against disputed income tax appeal as Rs. 5.75 Lacs (PY Rs. 80.68 Lacs)

(d) Disputed liability relating to Sales tax 32.70 102.79

- Amount paid against disputed Sales tax appeal as Rs. 28.95 Lacs (PY Rs. 99.04 Lacs)

(e) Disputed liability relating to ESI (Malerkotla, Punjab) 6.12 -

(f) Disputed liability relating to Market Fees (Fazilka, Punjab) 15.09 -

- Amount paid against disputed is Rs. 1.37 lacs

(f) other 28.25 -

271.48 7,283.00

1.2 in the opinion of the Board and to the best of their knowledge and belief, the valuation on realisation of current assets, loans and advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet.

1.3 A sum of Rs. 29.94 (PY Rs. 40.36 Lacs) has been received from DMI through NABARD towards construction of rural godown and a sum of Rs. 73.66 Lacs (PY Rs. 44.01 Lacs) is receivable from DMI through NABARD towards construction of rural godown. The entire grant so received/receivable has been deducted from the respective cost of the Capital Expenditure.

1.4 There is no prior period item, which is considered material for the purpose of disclosure in accordance with the Accounting Standard-5 on "Net Profit or Loss for the period, Prior Period items and changes in Accounting Policies".

1.5 intangible Assets

In accordance with Accounting Standard - 26 on 'Intangible Assets' ' 1.41 Lacs (PY ' 61.86 Lacs) have been capitalized on account of computer software development charge.

1.6 Earnings per Share (EPS)

EPS is calculated by dividing the profit attributable to the equity share holders by the average number of equity shares outstanding during the year. Number used for calculating basic and diluted earnings per equity is stated below

c) Significant Leasing arrangement

The Company has entered into leasing arrangements in respect of godowns/premises

(i) Basis of determining contingent rent

- Contingent rents are payable for excessive, improper or unauthorized use of the assets, beyond the terms of the lease agreement, prejudicially affecting the resale value of the asset, either by way of increase in lease rentals or by way of lump- sum amount, as agreed between the parties.

(ii) Renewal/purchase options & escalation clauses

- Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the parties. Variations in lease rentals are made in the event of a change in the basis of computation of lease rentals by the lessor.

(iii) There are no restrictions imposed by the lease arrangements, concerning dividends, additional debt and further leasing.

i) The business groups comprise of the following

a) Agri - Agri commodities such as rice, cotton, seed, bran, bran oil, etc.

b) Energy - Power generation from wind turbine and husk based power plant.

ii) The Geographical segments considered for disclosure are

- Sales within india

- Sales outside india

a) Middle East

b) Other than Middle East

Notes: (1) Amount written of or written back in respect of debts due from or to related parties in NIL (PY Rs. NIL)

(2) Loans & Advances (without repayment schedule) given to subsidiary i.e. KRBL DMCC, Dubai and K. B. Exports Private Limited, which is outstanding as on 31/03/2012 Rs. NIL (PY Rs. NIL). Maximum outstanding balance during the year Rs. NIL (PY Rs. NIL) as interest free loan.

1.7 Employee Benefits - AS 15 (Revised)

a) The Company has determined the liability for Employee benefits as at 31st March, 2012 in accordance with revised Accounting Standard 15 issued by ICAI - Employee defined benefits.

1.8 As required under AS-11 the Company has Outstanding Forward contracts as on 31st March, 2012 and there is Marked to Market ( MTM) unrealized gain/(loss) on forward contracts is Rs. 7.49 lacs (PY Rs. 2.97 lacs) , which has been accounted for accordingly in the books of accounts. derivative instruments

Apart from above Company has foreign currency Liability (PCFC/Advances received from customers/ECB) of Rs. 43,704 Lacs (PY Rs. 37,658 Lacs) at the year end and As per Accounting Standard (AS-11) the effect of change in foreign exchange as on 31st March, 2012 amounting to Rs. (2,571) Lacs (PY Rs. 842 Lacs) has been taken to profit & loss account.

1.9 Till the year ended 31st March, 2011, the company was using pre-revised Schedule VI of the Companies Act, 1956 for preparation and presentation of its financial statement. During the year ended 31st March, 2012, the revised Schedule VI notified under the Companies Act, 1956 is applicable to the company. The company has reclassified and regrouped previous year figure in conformity with revised Schedule-VI of the companies Acts, 1956 and wherever necessary.

1.10 The Consolidated Financial Statements of the company and its subsidiary, are enclosed separately in accordance with Accounting Standard

2 (AS-21) "Consolidated Financial Statements".


Mar 31, 2010

1.The Consolidated Financial Statements of the Company and its subsidiary are enclosed separately in accordance with Accounting Standard 21 (AS-21)"Consolidated Financial Statements ".

2.Previous year figures have been regrouped/recast wherever found necessary

3.Additional information pursuant to Part -II of Schedule VI to the Companies Act,1956

4.(a)The Company has requested all its Sundry Creditors to furnish Small Scale Industries Registration Certificate (SSIRC)but since the creditors,having outstanding balance at the year end,have not furnished the SSIRC,it is deemed that none of them is a Small Scale Industrial Undertaking and no such amount is payable as on the balance sheet date. (b)There are no Micro,Small and Medium Enterprises,(P.Y.NIL)to whom the Company owes dues,which are outstanding for more than 45 days as at 31st March,2010.This information,required to be disclosed under the Micro,Small and Medium Enterprises Development Act,2006,has been determined to the extent such parties have been identified on the basis of information available with the Company.Moreover,the Company primarily deals in procurement of agri-products which are sourced from the Farmers and Aartias (Commission Agents)who are not covered under the provisions of the Micro, Small and Medium Enterprises Development Act,2006.

5.Unclaimed dividend amounting to Rs.23,95,663/-(P.Y.Rs.20,73,939/-)pending on account of non presentation of cheques has been deposited in separate accounts with a Scheduled Banks.

6.Insurance charges include payment of Rs.102,81,712/-(P.Y.Rs.122,17,858/-)on account of Keymen Insurance of directors of the Company.

7.A sum of Rs.72.10 Lacs (P.Y.Rs.11.25 Lacs)has been received from Directorate of Marketing and Inspection (Department of Agricluture and Cooperation)through NABARD towards construction of rural godown and a sum of Rs.Nil (P.Y.Rs.72.10 Lacs) receivable towards construction of rural godown.The entire grant so received /receivable has been deducted from the respective cost of the Capital Expenditure.

8.The Company purchased assets (Land,Building &Machineries)of an integrated rice mill at Dhuri,District Sangrur,Punjab in an auction for net consideration of Rs.15.80 crores through Honble High Court of Punjab &Haryana at Chandigarh.Conveyance deed of the said property was registered on 02.05.2005.However,an appeal no.21 of 2003 was filed by the bidders before the Honble High Court of Punjab &Haryana challenging the sale process.While the appeal was pending,in a new judgment,the Honble High Court of Punjab &Haryana remanded the judgment,against which appeal no.21 of 2003 was pending,for review of the decision by another independent Judge.Thus appeal no 21 of 2003 got infructuous and in remand the case was again heard and sale was reconfirmed in favour of KRBL Limited by the independent Judge.Against the reconfirmation of sale the party which had filed earlier appeal,have filed an appeal contesting this judgment.The new appeal number is 4 of 2009,which is lying pending before The Honble High Court of Punjab &Haryana.

9.None of the fixed assets has been revalued during the year.

10.Borrowing Costs

The borrowing costs amounting to Rs.17,33,855/-(P.Y.Rs.Nil)attributable to the acquisition or construction of qualifying assets are capitalized as a part of those assets.

11.Prior Period Items

There is no prior period item,which is considered material for the purpose of disclosure in accordance with the Accounting Standard-5 on "Net Profit or Loss for the period,Prior Period items and changes in Accounting Policies".

12.Research &Development Expenses for the year amount to Rs.162.13 Lacs (P.Y.Rs.130.48 Lacs)including capital expenditure of Rs.0.17 Lacs (P.Y.Rs.0.29 Lacs).

13.Intangible Assets

In accordance with Accounting Standard -26 on Intangible Assets,Rs.117.37 lacs have been capitalized on account of Computer software development charges &Trade Mark Purchase and for miscellaneous expenditure incurred by the company is being charged off to the Profit &Loss Account,unless it qualifies to be an Intangible Asset,in which case it shall be forwarded as permitted by the Standard.

18.Provisions,Contingent Liabilities and Contingent Assets Provisions are recognised for liabilities that can be measured only by using a substantial degree of estimation,if

(a)the Company has a present obligation as a result of a past event;

(b)a probable outflow of resources is expected to settle the obligation;and

(c)the amount of the obligation can be reliably estimated. Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain that the reimbursement will be received ultimately. Contingent liability is disclosed in case of:

(a)a present obligation arising frompast events,when it is not probable that an outflow of resources will be required to settle the obligation;

(b)a present obligation when no reliable estimate is possible;and

(c)a possible obligation arising from past events where the probability of outflow of resources is not remote. Contingent Assets are neither recognised,nor disclosed.Provisions,Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

Contingent liabilities

(a)Contingent liabilities in respect of Bank guarantees Rs.176.92 Lacs (P.Y.Rs.173.43 Lacs).

(b)Contingent liabilities in respect of Bills discounted with Banks is Rs.1,460.09 Lacs (P.Y.Rs.3,539.46 Lacs).Outstanding amount as on date is Rs.NIL (P.Y.Rs.2,656 lacs).

(c)Disputed Income Tax demand in appeal Rs.3.11 Lacs (P.Y Rs.850.06 Lacs)and disputed Sales Tax demand in appeal Rs.419.03 Lacs (P.Y.Rs.169.45 Lacs),which includes amount paid Rs.Nil Lacs (P.Y.Rs.675.00 Lacs)for Income Tax and Rs.174.28 Lacs (P.Y.Rs.131.79 Lacs)for Sales Tax.Based on pronounced legal ratio and the interpretation of other relevant provisions,the company has been legally advised that the demands are likely to be either deleted or substantially reduced and thus no provision thereof has been made in current year.

2009-10 2008-09

Contingent Assets Nil Nil

19.As per the Accounting standard (AS-11)on "effect of change in foreign exchange rates",the Company has no foreign currency loan on fixed assets at the year end.Therefore,there is no effect in profit &loss account at the year end.

(A)RELATED PARTIES ANDTHEIR RELATIONSHIP

1.Subsidiary Company :KRBL DMCC

2.Key Management Personnel

Mr.Anil Kumar Mittal :Chairman &Managing Director Mr.Arun Kumar Gupta :Joint Managing Director Mr.Anoop Kumar Gupta :Joint Managing Director Mr.Ashok Chand :Whole Time Director Dr.Narpinder Kumar Gupta :Non Executive &Independent Director Ms.Priyanka Mittal :Whole Time Director &Daughter of CMD Mr.Vinod Ahuja :Non Executive &Independent Director Mr.Ashwani Dua :Non Executive &Independent Director Mr.Shyam Arora :Non Executive &Independent Director Mr.Gautam Khaitan :Non Executive &Independent Director

3.Employee benefit plans where there in significant influence

-KRBL LIMITED Employees Group Gratuity Trust.

4.Relatives of Key Management Personnel

Mrs.Preeti Mittal :Wife of Mr.Anil Kumar Mittal Mrs.Anulika Gupta :Wife of Mr.Arun Kumar Gupta Mrs.Binita Gupta :Wife of Mr.Anoop Kumar Gupta Mr.Ashish Mittal :Son of Mr.Anil Kumar Mittal Mrs.Neha Gupta :Daughter of Mr.Arun Kumar Gupta Ms.Rashi Gupta :Daughter of Mr.Anoop Kumar Gupta Mr.Kunal Gupta :Son of Mr.Arun Kumar Gupta Mr.Akshay Gupta :Son of Mr.Anoop Kumar Gupta Mr.Ayush Gupta :Son of Mr.Anoop Kumar Gupta Anil Kumar Mittal HUF :Mr.Anil Kumar Mittal is Karta of HUF Arun Kumar Gupta HUF :Mr.Arun Kumar Gupta is Karta of HUF Anoop Kumar Gupta HUF :Mr.Anoop Kumar Gupta is Karta of HUF Bhagirathi Lal Gupta HUF :Mr.Anil Kumar Mittal is Karta of HUF

5.Enterprises over which significant influence exercised by Key Management Personnel

Khushi Ram Behari Lal :Partnership Firm in which Mr.Anil K.Mittal,Mr.Arun K.Gupta &Mr.Anoop K.Gupta are partners

Anurup Exports Pvt.Limited :Private Limited Company in which Mr.Anil K.Mittal,Mr.Arun K. Gupta &Mr.Anoop K.Gupta are directors

Radha Raj Ispat (P)Ltd.:Private Limited Company in which Mr.Anil K.Mittal,Mr.Arun K. Gupta,Mr.Anoop K.Gupta &Ms.Priyanka Mittal are directors

Radha Raj Infrastructure (P)Ltd.:Private Limited Company in which Mr.Anil K.Mittal,Mr.Arun K. Gupta,Mr.Anoop K.Gupta &Mr.Ashwani Dua are directors

KRBL Infrastructure Ltd.:Public Limited Company in which Mr.Anil K.Mittal,Mr.Arun K. Gupta &Mr.Anoop K.Gupta are directors

Aakash Hospitality (P)Ltd.:Private Limited Company in which Mr.Anil K.Mittal,Mr.Arun K. Gupta &Mr.Anoop K.Gupta are directors

K.B.Exports (P)Ltd.:Private Limited Company in which Mr.Anil K.Mittal,Mr.Arun K. Gupta &Mr.Anoop K.Gupta are directors

Holistic Farms Pvt.Ltd.:Private Limited Company in which Mr.Anil K.Mittal, Mr.Arun K.Gupta &Mr.Anoop K.Gupta are Directors

Radha Raj IT City &Parks Pvt.Ltd.:Private Limited Company in which Mr.Anil K.Mittal,Arun K. Gupta &Mr.Anoop K.Gupta are Directors

Radha Raj Logistics Pvt.Ltd.:Private Limited Company in which M r.Anoop K .Gupta & Mr.Ashwani Dua are Directors

 
Subscribe now to get personal finance updates in your inbox!