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Notes to Accounts of Kridhan Infra Ltd.

Mar 31, 2015

1. Fixed Assets, Stocks and Cash balance were physically verified by the management. The Certification of the same given by the management has been relied upon by the auditors.

The current assets, loans and advances have the values at least equal to the amount at which they are stated in the Balance sheet on their realization in ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

2. Balances of Current assets and current liabilities are subject to confirmation and consequential adjustment, if any. During the year, the management has done assignment of some of its receivables/payables as per mutual discussions with the respective parties. The necessary documentation in respect of the same are under execution.

3. In absence of the parties registered as micro, small or medium as defined under the Micro Small & Medium Enterprise Development Act 2002, the relevant information has been considered as NIL. Hence, the required disclosure under the MSMED Act are not provided.

4. In view of the nature of the business of the company being as per the specification of the customers, the quantitative details are given to the extent available and are not of comparable items.

The company has two subsidiaries Readymade Steel Singapore Pte Ltd. and Kridhan Infra Solution Private Limited. The company has made long term investment in the equity of these companies.

5. Contingent liabilities not provided for: Amount in Rs. Lacs Corporate Guarantees issued to parties 17.43 (17.43] Income tax and VAT liabilities in respect of pending/ ongoing assessments Not Ascertainable

6. During the year the company, pursuant to necessary approval, the company has split its share of face value of Rs. 10 each to face value of Rs. 2. each

7. The company has during the year converted share warrants aggregating to Rs. 124.50 Lacs. As at the reporting date the company carries the balance amount of share warrant money which shall be converted after necessary approval / formalities in this regard.

8. Previous year figures have been regrouped, rearranged and reclassified wherever necessary to conform to current years presentation.


Mar 31, 2014

A) Rights and Preference attached

The company has only one class of equity shares having par value of `10 per share.Each share holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.

1.1 : LONG TERM BORROWINGS

a) Security Details

i) The Term Loan facility from Banks are along with interest are secured (incl additional security) by EM of Factory, Land and Building of the plant of the company at Khopoli

ii) Further secured by Personal Guarantee of Anil Agarwal

b) Repayment Schedule

The term loans are repayable in 72 EMI commencing from April 2009

1.2 : TRADE PAYABLES

There is no supplier covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). This information and the information given above has been determined based on the details regarding the status of the suppliers obtained by the Company. This has been relied upon by the auditors.

1.3 Fixed Assets, Stocks and Cash balance were physically verified by the management. The Certification of the same given by the managment has been relied upon by the auditors.

1.4 The current assets, loans and advances have the values at least equal to the amount at which they are stated in the Balance sheet on their realisation in ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

1.5 Balances of Current assets and current liabilities are subject to confirmation and consequential adjustment, if any. During the year, the managemet has done assignment of some of its receivables / payables as per mutual discussions with the respective parties. The necessary documentation in respect of the same are under execution.

1.6 In absence of the parties registered as micro, small or medium as defined under the Micro Small & Medium Enterprise Development Act 2002, the relevant information has been considered as NIL. Hence, the required discloses under the MSMED Act are not given.

1.7 In view of the nature of the business of the company being as per the specification of the customers, the quanititaive details are given to the extent available and are not of comparable items.

1.8 Segment Reporting

The company operates in only one segment. Hence, there are no other reportable segment as per AS - 17 issued by ICAI.

1.9 The company has two subsidiaries Readymade Steel Singapore Pte Ltd. and Readymade Steel Hongkong Ltd. The company has made long term investment in the equity of these companies. There are no material transaction in Readymade Steel Hongkong Ltd. however, there has been considerable business in Readymade Steel Singapore Pte Ltd. which has acquired KH Foges Pte Ltd., a leading foundation engineering company in Singapore. The company has invested significant amount in Readymade Steel Singapore Pte Ltd. as long term equity investments for these activities. During the year the company has also acquired the business of Kridhan Infra solutions (P) Ltd. for availing the benefits of operational synergy.

1.10 Contingent liabilities not provided for:

Amount in Rs. Lacs Corporate Guarantees issued to parties 17.43 (35.57) Income Tax Demand Recd 17.09 (amount deposited under protest Rs. 8.55 Lacs)

Income tax and VAT liabilities in respect of pending / ongoing assessments Not Ascertainable

1.11 Previous year figures have been regrouped, rearranged and reclassified wherever necessary to conform to current years presentation.


Mar 31, 2013

1.1 Fixed Assets, Stocks and Cash balance were physically verifed by the management. The Certifcation of the same given by the managment has been relied upon by the auditors.

1.2 The current assets, loans and advances have the values at least equal to the amount at which they are stated in the Balance sheet on their realisation in ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

1.3 Balances of Current assets and current liabilities are subject to confrmation and consequential adjustment, if any.

1.4 In absence of none of the parties are registered as micro, small or medium as defned under the Micro Small & Medium Enterprise Development Act 2002, the relevant information has been considered as NIL. Hence, the required discloses under the MSMED Act are not given.

1.5 In view of the nature of the business of the company being as per the specifcation of the customers, the quanititaive details are given to the etxent available and are not of comparable items.

1.6 Segment Reporting

The company operates in only one segment. Hence, there are no other reportable segment as per AS - 17 issued by ICAI.

1.7 The company has accounted for liability on account of Employee retirement benefts on accrual basis but the same is not on actuarial basis as the amount of the same is not material. However, the actuarial valuation for the same shall be done in the coming year.

1.8 The company has two subsidiaries Readymade Steel Singapore Pte Ltd. and Readymade Steel Hongkong Ltd. The company has made long term investment in the equity of these companies. There are no material transaction in Readymade Steel Hongkong Ltd. however, there has been considerable business in Readymade Steel Singapore Pte Ltd. which has acquired KH Foges Pte Ltd., a leading foundation engineering company in Singapore. The company has invested signifcant amount in Readymade Steel Singapore Pte Ltd. as long term equity investments for these activities.

1.9 Contingent liabilities not provided for: Amount in Rs. Lacs

Corporate Guarantees issued to parties 35.57 (69.92)

Income tax and VAT liabilities in respect of pending / ongoing assessments Not Ascertainable

1.10 Long term borrowings include the instalments due and payable within one year amounting to Rs. 420 Lacs

1.11 Previous year fgures have been regrouped, rearranged and reclassifed wherever necessary to conform to current years presentation.


Mar 31, 2012

A) Security Details

i) The Term Loan facility from Banks are along with interest are secured (incl additional security) by EM of Factory, Land and Building of the plant of the company at Khopoli having value of 395.00 Lacs

ii) Further secured by Personal Guarantee of Anil Agrawal and Smt. Krishna Devi Agarwal

b) Repayment Schedule

The term loans are repayable in 72 EMI commencing from April 2009

There is no supplier covered under the Micro, Small and Medium Enterprises Development Act, 2006 (the Act). This information and the information given above has been determined based on the details regarding the status of the suppliers obtained by the Company. This has been relied upon by the auditors.

1 Fixed Assets, Stocks and Cash balance were physically verified by the management. The Certification of the same given by the managment has been relied upon by the auditors.

2 The current assets, loans and advances have the values at least equal to the amount at which they are stated in the Balance sheet on their realisation in ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

3 Balances of Current assets and current liabilities are subject to confirmation and consequential adjustment, if any.

4 In absence of none of the parties are registered as micro, small or medium as defined under the Micro Small & Medium Enterprise Development Act 2002, the relevant information has been considered as NIL. Hence, the required discloses under the MSMED Act are not given.

5 In view of the nature of the business of the company being as per the specification of the customers, the quanititaive details are given to the etxent available and are not of comparable items.

6 The company has accounted for liability on account of Employee retirement benefits on accrual basis but the same is not on actuarial basis as the amount of the same is not material. However, the actuarial valuation for the same shall be done in the coming year.

7 During the year the revised Schedule VI of the companies Act, has become applicable. Pursuant to which the company has made the requisite discosure for the same in compliance thereof. Accordingly, the previous years figures have been regrouped for the purpose of comparison as also for compliance with the requirement of Revised Schedule VI.


Mar 31, 2011

1) Contingent Liabilities not provided for; (Rs. In lacs)

Counter guarantees in respect of Bank Guarantees given to the parties 147.58

Corporate Guarnatees issued to parties 60.00

Income tax and sales tax liabilities in respect of pending assessments, remain unprovided. Not Ascertainable

2) Fixed Assets, Stocks and Cash balance have been physically verified by the management.

3) Current Assets, Loans and Advances have a values at least equal to the amount at which they are stated in the Balance sheet on their realisation in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

4) Balances of Current Assets and Current Liabilities are subject to confirmation and consequential adjustment, if any.

5) As of March 2011, the Company has not received any information as to the status as a Micro, Small & Medium Enterprises from any of the suppliers , with a copy of the Memorandum filed as per the Provision of section 8 of the Micro, Small & Medium Enteprises Development Act 2006.

6) The company had incurred a sum of Rs. 11,57,153 towards preliminary expenses and other legal expenses including stamp duty and fee for increase in the authorised capital, which are amortised over a period of ten years from the date the same are being incurred. The unamortised balance of Rs. 928,579 is being carried forward as on 31st March 2011. The company has incurred a sum of Rs 1,03,31,545 towards Public Issue Expenses.

7) In view of the nature of the business of the company being as per the specification of the customers, the quanititaive details are given to the etxent available and are not of comparable items.

8) SEGMENT REPORTING

The company operates in only one segment. Hence, there are no other reportable segment as per AS - 17 issued by the Institute of Chartered Accountants of India.

9) The company was accoutning for gratuity on cash basis. During the period the company has carried out an actuarial valuation and based upon the same provision for gratuity has been accounted for. The cumulative provision as on March 31, 2010 amounting to Rs. 1.20 lacs has been adjusted against the opening balance of reserves as per AS - 15 and the provision for the year ended March 31, 2011 amounting to Rs.1.13 lacs has been charged to expenses in the year.

Other Disclosures as required under AS - 15 are as under Defined Benefit Plan - Gratuity

10) During the period under audit the company has vested a scheme of Employee Stock Option under which 116000 shares are / will be offered to the employees over a period of five years at defined prices. The option is excersicable by the employee starting from the year 2011-12.

11) Figures have been rounded off to a nearest rupee. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary. Figures in the brackets are for the year ended March 31, 2010.

 
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