Mar 31, 2018
1. In accordance with the Ind AS-24 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India (ICAI) and as specified under section 133 of the Companies Act, 2013 ( The Act ) read with rule 7 of the Companies ( Accounts ) Rules, 2014.The names of the related parties and the relevant disclosure is as under:-(a) Name of the related party and description of relationship:
i. Key Management Personnel:
Shri Shiv Singh Mehta, Managing Director Smt. Purnima Mehta, Director Shri Saurabh Singh Mehta, Executive Director Shri S.C. Jajoo, Chief Financial Officer
Shri Vijay Khandelwal, Company Secretary ( Appointed w. e. f. 27.06.2016)
ii. Relatives of Key Management Personnel
Smt. Devki Hirawat (Daughter of Managing Director)
Smt. Nidhi Mehta (Wife of Executive Director) iii Companies/Entities under the control of Key Management Personnel
1) Sakam Trading Pvt. Ltd. (Holding Company)
2) Kriti Industries (I) Ltd. (Fellow Subsidiary.)
3) Chetak Builders Pvt. Ltd. (Fellow Subsidiary.)
4) Kriti Auto & Engg. Plastics Pvt. Ltd. (Wholly owned subsidiary of Kriti Industries (I) Ltd)
5) Sakam Charitable Trust, Indore
2. A. Capital Management
For the purpose of Company''s Capital Management, capital includes Issued Equity Capital, Securities Premium, and all other Equity Reserves attributable to the Equity Holders of the Company. The primary objective of the Company''s Capital Management is to maximize the Share Holder Value.
The Company monitors using a gearing ratio which is net debts divided by total capital plus net debt. The company includes within net debt, interest bearing loans and borrowings, less cash and short term deposit.
B. Financial Risk Management
The Company''s principal financial liabilities comprise Working Capital borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the operations of the Company. The principal financial assets include trade and other receivables and cash and short term deposits.
The Company has assessed market risk, credit risk and liquidity risk to its financial liabilities.
i. Market Risk
Is the risk of loss of future earnings, fair values or cash flows that may result from change of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include borrowings.
Company''s Working Capital interest rates are linked to 1 year MCLR rate, reset annually. Short Term Borrowings as and when taken are governed by prevailing rates at the time of disbursement.
If the interest rates had been 1% higher / lower and all other variables held constant, the company''s profit for the year ended 31st March, 2018 would have been decreased/ increased by Rs. 44.20 Lakhs.
The Company is affected by the price volatility of Soya seed and oil prices. The export receivables are subject to Forex rate volatility. Company hedge foreign exchange receivables to balance financial risk.
ii. Credit Risk
Company''s sales of Soya edible oil in domestic market through company''s dealers network on receipt before dispatch basis.
Exports of Soya products are partly against Letter of Credit basis or Cash Against Document (CAD) basis & to reputed overseas customers on 90 days basis. Hence the receivable risk is minimum.
iii. Liquidity Risk
The Company manages liquidity risk by maintaining adequate surplus, banking facilities and reserve borrowings facilities by continuously monitoring forecasts and actual cash flows.
The Company has a system of forecasting next month cash inflow and outflow and all liquidity requirements are planned. Trade and other payables are plugged as per credit terms and paid accordingly.
All payments are made along due dates and requests for early payments are entertained after due approval and availing early payment discounts
3. Previous year figures have been reclassified / regrouped wherever necessary.
Mar 31, 2016
26. Other Notes to Accounts
1 Previous year figure have been reclassified/regrouped wherever necessary.
2 In the opinion of the Board of Directors of the Company, the Current Assets, Loans and Advances have a value realizable in the ordinary course of business at least equal to the amount at which they are stated and provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.
3. Contingent liabilities
4. Estimated amount of contracts remaining to be executed on Capital Account is Rs. 18.83 Lacs net of advance given (Previous Year Rs. 20.92 Lacs).
5. Bank has given guarantee on behalf of the Company to various parties to the extent of Rs. 134.69 Lacs (Previous YearRs. 134.47 Lacs).
6. Claims not acknowledge by the company on Commercial tax matters Rs. 346.61 Lacs (Previous Year 341.85 Lacs).
7. Company''s Income tax assessments have been completed up to Assessment year 2013-2014, in the opinion of Board of Director''s provision for income tax made is adequate.
8. Unpaid overdue amount due on March 31, 2016 to Micro Small and Medium Enterprises and/or ancillary industrial suppliers on account of principal together with interest aggregate to Rs. Nil.
This disclosure is given on the basis of the information available with the company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006.
9. The amount of Foreign Exchange Gain/ (Loss) included in the statement of profit & loss is Rs. 88.71 Lacs as gain (Previous Year Gain Rs. 129.73 Lacs). Current year gain included in Other Income & Previous Year Gain amount is included in Other Income.
10. In the opinion of the Board, all the current assets shall be realized, in the ordinary course of business, at the value on which they are stated.
11. Other Long term liabilities includes Dealership deposit from Dealers and based on commercial practice these are generally not claimed in short term therefore these are treated as long term liability.
12. The Company has initiated legal action against certain debtor''s amount outstanding of Rs.16.66 Lacs.
The Company is assured of recovery of the amount on the basis of these legal cases, however a provision of Rs. 11.65 Lacs (16.66 lacs less 5.01 lacs security deposit) is provided on prudent basis. The provision for the same is netted off from the amount of debtors.
13. The disclosure required as per Accounting Standard (AS) 15 "Employees Benefit" issued by the Institute of Chartered Accountants of India (ICAI) and as specified under section 133 of the Companies Act, 2013 (The Act) read with rule 7 of the Companies (Accounts) Rules, 2014 and based on the report generated by Life Insurance Corporation of India (LIC)is as under:
14. Diminution in value of equity shares under Note No. 13 has been considered as temporary in nature hence no provision made in the books of accounts.
15. In accordance with the Accounting Standard (AS) 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India (ICAI) and as specified under section 133 of the Companies Act, 2013 (The Act) read with rule 7 of the Companies (Accounts) Rules, 2014 the names of the related parties and the relevant disclosure is as under:-(a) Name of the related party and description of relationship:
16. Key Management Personnel:
Shri Shiv Singh Mehta, Managing Director Smt. Purnima Mehta, Director Shri Saurabh Singh Mehta, Executive Director ShriS.C.Jajoo, Chief Financial Officer Smt. Alheena Khan, Company Secretary
17. Relatives of Key Management Personnel
Smt. Devki Hirawat (Daughter of Managing Director)
Smt. Nidhi Mehta (Wife of Executive Director) iii Companies/Entities under the control of Key Management Personnel
18. Sakam Trading Pvt. Ltd.(Holding Company)
19. Kriti Industries (India) Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
20. Kriti Auto & Engineering Plastics Pvt. Ltd. (Wholly owned subsidiary of Kriti Industries (I) ltd)
21. Chetak Builders Pvt. Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
Mar 31, 2015
1.1. Corporate Information
Kriti Nutrients Ltd., a public limited company domiciled in India and
incorporated underthe provisions ofthe Companies Act, 1956 on
24.09.1996 and having its Registered office in Indore (MP). The
company's shares are listed in the Bombay Stock Exchange (BSE). The
Company is in the business of Soya Seed Extraction and Manufacturing &
Selling of cooking oil under its own brand "KRITI".
2.1 Previous year figure have been reclassified /regrouped wherever
necessary.
2.2 In the opinion of the Board of Directors of the Company, the
Current Assets, Loans and Advances have a value realizable in the
ordinary course of business at least equal to the amount at which they
are stated and provisions for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
3 Contingent liabilities
3.1 Estimated amount of contracts remaining to be executed on Capital
Account is Rs.20.92 Lacs net of advance given (Previous Year Rs.
NILLacs).
3.2 Bank has given guarantee on behalf of the Company to various
parties to the extent of Rs.134.47 Lacs (Previous Year Rs.134.47 Lacs).
3.3 Claims not acknowledge by the company on Commercial tax matters
Rs341.85 Lacs (Previous Year 226.24Lacs).
4 Company's Income tax assessments have been completed up to
Assessment year 2012-2013, in the opinion of Board of Director's
provision for income tax made is adequate.
5. Unpaid overdue amount due on March 31, 2015 to Micro Small and
Medium Enterprises and/or ancillary industrial suppliers on account of
principal together with interest aggregate to Rs. Nil.
This disclosure is on the basis of the information available with the
company regarding the status of the suppliers as defined underthe
Micro, Small and Medium Enterprises Development Act, 2006.
6. The amount of Foreign Exchange Gain/ (Loss) included in the
statement of profit & loss is Rs 129.73 lacs as gain (Previous Year
Gain Rs. 35.75 Lacs). Current year gain included in Other Income &
Previous Year Gain amount is included in Other Income.
7. In the opinion of the Board, all the current assets shall be
realized, in the ordinary course of business, at the value on which
they are stated.
8. Other Long term liabilities includes Dealership deposit from
Dealers and based on commercial practice these are generally not
claimed in short term therefore these are treated as long term
liability.
9. The Company has initiated legal action against certain debtor's
amount outstanding of Rs.19.86 Lacs.
The Company is assured of recovery of the amount on the basis of these
legal cases, however a provision of 50% is provided on prudent basis.
The provision for the same is netted off from the amount of debtors.
10. The disclosure required as per Accounting Standard (AS) 15
"Employees Benefit" issued by the Institute of Chartered Accountants of
India (ICAI) and as specified under section 133 of the Companies Act,
2013 (The Act) read with rule 7 of the Companies (Accounts) Rules, 2014
and based on the report generated by Life Insurance Corporation of
India (LIC) isas under:
11. The company has only one business segment to be reported namely
Soya Seed Extraction, as per Accounting Standard-17.
During the year company has also started trading in Sunflower Refined
Oil business. Although this is a separate segment as per AS-17, however
the result of same is not required to be separately reported under
AS-17.
12. During the current year the Company has followed the mandatory
requirements of Schedule II of the Companies Act, 2013 and accordingly
computed the depreciation based on revised useful life of the fixed
assets as prescribed under schedule II of the Act. The carrying value
of the Fixed Assets which have completed their useful life as on 1st
April 2014, have been charged off against the General Reserve
aggregating Rs.4.77 lacs. had there not been any change in useful life
of the Fixed Assets, the depreciation would have been higher by
Rs.28.93 lacs and consequently the profit would have been lower by
Rs.28.93 lacs.
13. Diminution in value of equity shares under note 13 has been
considered as temporary in nature hence no provision made in the books
of accounts.
14. In accordance with the Accounting Standard (AS) 18 "Related Party
Disclosures" issued by The Institute of Chartered Accountants of India
(ICAI) and as specified under section 133 of the Companies Act, 2013
(The Act) read with rule 7 of the Companies (Accounts) Rules, 2014 the
names of the related parties and the relevant disclosure isasunder:-
(a) Name of the related party and description of relationship:
i. Key Management Personnel:
Shri ShivSingh Mehta, Managing Director Smt. Purnima Mehta, Director
Shri Saurabh Singh Mehta, Executive Director ShriS.C. Jajoo, Chief
Financial Officer Shri Sumit Jaitely, Company Secretary
ii. Relatives of Key Management Personnel
Smt. Devki Hirawat (Daughter of Managing Director)
Smt. Nidhi Mehta (Wife of Executive Director) iii Companies/Entities
under the control of Key Management Personnel
1) Sakam Trading Pvt. Ltd. (Holding Company)
2) Kriti Industries (I) Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
3) Kriti Auto& Engg. Plastics Pvt. Ltd. (Wholly owned subsidiary of
Kriti Industries (I) ltd)
4) Chetak Builders Pvt. Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
*The figures mentioned in the brackets are previous year figures.
Mar 31, 2014
1. Share Capital
1.1 Issued, Subscribed And Paid Up
50103520 equity shares of Rs 1/- each fully paid up. Out of which
49603520 shares issued on 27.01.2010 as fully paid up on account of
scheme of arrangement as approved by The Hon''ble High Court of M.P.
Indore Bench The company has issued only one class of shares referred
to as equity shares having a par value of Rs.1 each. Holder of the
equity share as referred in the records of the company as of date of
the shareholder''s meeting is referred to one vote in respect of each
share held for all matters submitted to vote in the shareholder''s
meeting. 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 Annual General Meeting. In the event of
liquidation of the company the holders of equity shares will be
entitled to receive any of the remaining assets of the company after
distribution of all preferential amounts.
1.2 Sakam Trading Private Limited
Pursuant to the Hon''ble High Court of M.P. order dated 1.11.2011
approving the scheme of amalgamation of promoter group companies viz
Kriti Corporate Service Pvt.Ltd., Kriti Auto Accessories Private Ltd.,
Kasta Pipes Pvt.Ltd.and Shipra Pipe Pvt Ltd. with Sakam Trading
Pvt.Ltd., the Shareholding of the above transferor companies are vested
in Sakam Trading Pvt.Ltd. Thus Sakam Trading Pvt.Ltd. becomes holding
company w.e.f.27.02.12 of Kriti Nutrients Ltd.
2. FIXED ASSETS
Notel: Lease hold land is on lease for 99 years and renewable for a
further period and being perpetual in nature and therefore not
amortized
Note2: Depreciation is reckoned from the first day of subsequent
month,when the asset is first put to use
Note3 : The amount of addition of Rs.64.35 Lacs in Plant & Machinery
includes Rs. 16.07 Lacs being balance value of Machinery which was
capitalized and Put to use in the F.Y.2012-13.
Note4 : The amount of Rs. 200.22 Lacs includes depreciation of 0.42
Lacs, which is related to F.Y.2012-13, being depreciation on the full
and final value paid during the year, for Plant and Machinery, which
was Capitalized by the part value paid in F.Y.2012-13 and was actually
put to use in F.Y.2012-13.
3. Corporate Information
Kriti Nutrients Ltd., a public limited company domiciled in India and
incorporated under the provisions of the Companies Act, 1956 on
24/09/1996 and having its Registered office in Indore (MP). The
companies shares are listed in the Bombay Stock Exchange (BSE) and
Madhya Pradesh Stock Exchange (MPSE). The Company is in the business of
Soya Seed Extraction and Manufacturing & Selling of cooking oil under
its ownbrand"KRITI".
4. Other Notes to Accounts
4.1 Previous year figure have been reclassified /regrouped wherever
necessary.
4.2 In the opinion of the Board of Directors of the Company, the
Current Assets, Loans and Advances have a value realizable in the
ordinary course of business at least equal to the amount at which they
are stated and provisions for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
4.3 Contingent liabilities
4.3.1 Estimated amount of contracts remaining to be executed on Capital
Account is Nil of advance given (Previous Year Rs. 0.84 Lacs).
4.3.2 Bank has given guarantee on behalf of the Company to various
parties to the extent of Rs.134.47 Lacs (Previous Year Rs.150.59 Lacs.)
4.3.3 Claims not acknowledge by the company on Commercial tax matters
Rs 226.24Lacs (Previous Year 226.24Lacs)
4.4 Installments of term loans from financial institutions falling due
within one year are Rs 457.01 lacs (Previous year Rs. 556.88 Lacs).
4.5 Company''s Income tax assessments have been completed up to
Assessment year 2011-2012. In the opinion of Board of Director''s
provision for income tax made is adequate.
4.6. Unpaid overdue amount due on March 31, 2014 to Micro Small and
Medium Enterprises and/or ancillary industrial suppliers on account of
principal together with interest aggregate to Rs. Nil.
This disclosure is on the basis of the information available with the
company regarding the status of the suppliers as defined under the
Micro, Small and Medium Enterprises Development Act, 2006.
4.7 The amount of Foreign Exchange Gain/ (Loss) included in the
statement of profit & loss is Rs 35.75 lacs as gain (Previous Year loss
Rs. 60.68 Lacs ). Current year gain included in Other Income & Previous
Year loss amount is included in Administrative Expenses.
4.8 In the opinion of the Board, all the current assets shall be
realized, in the ordinary course of business, at the value on which
they are stated.
4.9 Other Long term liabilities includes Dealership deposit from
Dealers and based on commercial practice these are generally not
claimed in short term therefore these are treated as long term
liability
4.10 The Company has initiated legal action against certain debtors
amount outstanding of Rs.19.85 lacs.
The Company is assured of recovery of the amount on the basis of these
legal cases, However a provision of 50% is provided on prudent
basis.The provision for the same is netted off from the amount of
debtors
4.11 The disclosure required as per Accounting Standard (AS) 15
"Employees Benefit" issued by the Institute of Chartered Accountants of
India (ICAI) and notified under the Companies Accounting Standards
Rules, 2006 and based on the report generated by Life Insurance
Corporation of India (LIC) is as under (a) The company has taken Group
Gratuity and Cash Accumulation Policy issued by the LIC, which is a
defined benefit plan.
EARNING PER SHARE
(a) Name of the related party and description of relationship:
i. Key Management Personnel:
Shri Shiv Singh Mehta, Managing Director
Smt. Purnima Mehta, Director
Shri. Saurabh Singh Mehta, Executive Director
ii. Relatives of Key Management Personnel
Smt. Devki Hirawat (Daughter of Managing Director)
Smt. Nidhi Mehta (Wife of Executive Director)
iii Companies/Entities under the control of Key Management Personnel
1) Sakam Trading Pvt. Ltd. (Holding Company)
2) Kriti Industries (I) Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
3) Kriti Auto & Engg. Plastics Pvt. Ltd. (Wholly owned subsidiary of
Kriti Industries (I) ltd)
4) Chetak Builders Pvt. Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
Mar 31, 2013
1. Corporate Information
Kriti Nutrients Ltd., a public limited company domiciled in India and
incorporated under the provisions of the Companies Act, 1956 on
20/06/2007 and having its Registered office in Indore (MP). The
companies shares are listed in the Bombay Stock Exchange (BSE) and
Madhya Pradesh Stock Exchange (MPSE). The Company is in the business of
Soya Seed Extraction and Manufacturing & Selling of cooking oil under
its own brand "KRITI".
2.1 Previous year figures have been reclassified /regrouped wherever
necessary.
2.2 In the opinion of the Board of Directors of the Company, the
Current Assets, Loans and Advances have a value realizable in the
ordinary course of business at least equal to the amount at which they
are stated and provisions for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
2.3 Contingent liabilities
2.3.1 Estimated amount of contracts remaining to be executed on Capital
Account Rs. 0.84 Lacs net of advance given (Previous Year Rs. 157.63
Lacs)
2.3.2 Bank has given guarantee on behalf of the Company to various
parties to the extent of Rs. 150.59 Lacs (Previous YearRs.25.79 Lacs.)
2.3.3 Claims not acknowledge by the company on sale tax matters Rs
226.24 Lacs (Previous Year 248.39Lacs)
2.4 Installments of term loans from financial institutions falling due
within one year are Rs 556.88 lacs (Previous year Rs. 352.03 Lacs).
2.5 Company''s Income tax assessments have been completed up to
Assessment year 2011-2012. In the opinion of Board of Director''s
provision for income tax made is adequate.
2.6.Unpaid overdue amount due on March 31, 2013 to Micro Small and
Medium Enterprises and/or ancillary industrial suppliers on account of
principal together with interest aggregate to Rs. Nil.
This disclosure is on the basis of the information available with the
company regarding the status of the suppliers as defined under the
Micro, Small and Medium Enterprises Development Act, 2006.
2.7 The amount of Foreign Exchange Gain/ (Loss) included in the
statement of profit & loss is Rs (60.68) lacs (Previous Year Gain Rs.
15.87 Lacs ). Current year loss included in Administrative Expenses &
Previous Year gain amount is included in Other Income.
2.8 In the opinion of the Board, all the current assets shall be
realized, in the ordinary course of business, at the value on which
they are stated.
2.9 Other Long term liabilities includes Dealership deposit from
Dealers and based on commercial practice these are generally not
claimed in short term therefore these are treated as long term
liability
2.10 The disclosure required as per Accounting Standard (AS) 15
"Employees Benefit" issued by the Institute of Chartered Accountants of
India (ICAI) and notified under the Companies Accounting Standards
Rules, 2006 and based on the report generated by Life Insurance
Corporation of India (LIC) is as under
2.11 The company has only one business segment to be reported namely
Soya Seed Extraction, as per Accounting Standard -17.
2.12 In accordance with the Accounting Standard (AS) 18 "Related Party
Disclosures" issued by The Institute of Chartered Accountants of India
(ICAI) and notified under the Companies Accounting Standards Rules,
2006 the names of the related parties and the relevant disclosure is as
under:-
(a) Name of the related party and description of relationship:
i. Key Management Personnel:
Shri Shiv Singh Mehta, Managing Director
Smt. Purnima Mehta, Director
Shri. Saurabh Singh Mehta, Executive Director
ii. Relatives of Key Management Personnel
Smt. Devki Hirawat (Daughter of Managing Director) Smt. Nidhi Mehta
(Wife of Executive Director)
iii Companies/Entities under the control of Key Management Personnel
1) Sakam Trading Pvt. Ltd. (Holding Company)
2) Kriti Industries (I) Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
3) Kriti Auto & Engg. Plastics Pvt. Ltd. (Wholly owned subsidiary of
Kriti Industries (I) ltd)
4) Chetak Builders Pvt. Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
Mar 31, 2012
1.1 Previous figures have been reclassified /regrouped wherever
necessary however same are not comparable being previous year figure
are for period of 15 Months.
1.2 In the opinion of the Board of Directors of the Company, the
Current Assets, Loans and Advances have a value realizable in the
ordinary course of business at least equal to the amount at which they
are stated and provisions for all known liabilities are adequate and
not in excess of the amount reasonably necessary.
1.3 Contingent liabilities
1.3.1 Estimated amount of contracts remaining to be executed on Capital
Account Rs. 157.63 Lacs net of advance given (Previous Year Rs. 41.62
Lacs).
1.3.2 Bank has given guarantee on behalf ofthe Company to various
parties to the extent of Rs. 25.79 Lacs (Previous YearRs.7.53 Lacs.)
1.3.3 Claims not acknowledge by the company on sale tax matters
Rs.248.39Lacs
1.4 Installments of term loans from financial institutions falling due
within one year are Rs 352.03 lacs (Previous year Rs. 347.00 Lacs).
1.5 Company's Income tax assessments have been completed up to
Assessment year 2009-2010. In the opinion of Board of Director's
provision for income tax made is adequate.
1.6 Unpaid overdue amount due on March 31, 2012 to Micro Small and
Medium Enterprises and/or ancillary industrial suppliers on account of
principal together with interest aggregate to Rs. Nil.
This disclosure is on the basis of the information available with the
company regarding the status of the suppliers as defined under the
Micro, Small and Medium Enterprises Development Act, 2006.
1.7 The amount of Foreign Exchange Gain included in the profit & loss
account is Rs 15.87 lacs (Previous Year Rs. 35.97 Lacs). Above amount
is included in Other Income.
1.8 In the opinion of the Board, all the current assets shall be
realized, in the ordinary course of business, at the value on which
they are stated.
1.9 Other Long term liabilities includes Dealership deposit from
Dealers and based on commercial practice these are generally not
claimed in short term therefore these are treated as long term
liability
1.10 The disclosure required as per Accounting Standard (AS) 15
"Employees Benefit" issued by the Institute of Chartered Accountants of
India (ICAI) and notified under the Companies Accounting Standards
Rules, 2006 and based on the report generated by Life Insurance
Corporation of India (LIC) is as under
(a) The company has taken Group Gratuity and Cash Accumulation Policy
issued by the LIC, which is a defined benefit plan.
1.11 The company has only one business segment to be reported namely
Soya Seed Extraction, as per Accounting Standard -17
1.12 In accordance with the Accounting Standard (AS) 18 "Related Party
Disclosures" issued by The Institute of Chartered Accountants of
India (ICAI) and notified under the Companies Accounting Standards
Rules, 2006 the names of the related parties and the relevant
disclosure is as under:-
(a) Name of the related party and description of relationship:
i. Key Management Personnel:
Shri Shiv Singh Mehta, Managing Director
Smt. Purnima Mehta, Director
Shri. Saurabh Singh Mehta, Executive Director
ii. Relatives of Key Management Personnel
Miss Devki Mehta (Daughter of Managing Director)
Smt. Nidhi Mehta (Wife of Executive Director)
iii. Companies/Entities under the control of Key Management Personnel
1) Sakam Trading Pvt. Ltd. (Holding Company)
2) Kriti Industries (I) Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
3) Kriti Auto & Engg. Plastics Pvt. Ltd. (Wholly owned subsidiary of
Kriti Industries (I) ltd)
4) Chetak Builders Pvt. Ltd. (Subsidiary of Sakam Trading Pvt. Ltd.)
Dec 31, 2009
1. In the opinion of the Board of Directors of the company current
assets, loans and advances have the value of realisation in the
ordinary course of business at least equal to the amount at which they
are stated and that provision for all known liabilities are adequate
and not in excess of the reasonably necessary.
2. Companys Income Tax assessment has been completed upto the
assessment year 2008-09. In the opinion of the Board of Directors of
the company provision for Income-Tax is not necessary in view of
losses.
3. Additional information pursuant to provisions of part II of
schedule VI to the Companies Act ,1956:
4. Contingent liabilities not provided
Current period Previous Year
Nil Nil
5. There are no deferred tax liability/assets as per AS- 22 of
Notified Accounting Standards in view of losses.
6. There are no dues to Micro and Small Enterprises as at 31st
December 2009. This information as 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.
7. Since there is no employee in the company and therefore AS-15 of
the notified accounting standard is not applicable to the company.
8. Related Party Disclosures:
a. Key Management Person
i. Shri Shiv Singh Mehta (Managing Director)
ii. Smt .Purnima Mehta (Director)
Transaction with above parties: Nil
b. Related Parties of Key Management- Nil
Transactions with above parties- Nil
9. Pursuant to the Scheme of Arrangement, the solvent division of
Kriti Industries (India) Limited (KIIL) is vested and transferred into
the company as on the appointed date fixed by the Honble High Court of
Madhya Pradesh Bench at Indore i.e. 1st January 2010 and hence the
financial statements closed on 31st December 2009 doesnot include
manufacturing activities of the solvent division of the original
company (KIIL) from where it has been vested into the company.
10. During the year company has written-off entire balance of deferred
revenue expenses of Rs.488614/-instead of Rs.91615/-everyyear and
thereby loss for the year has been increased by Rs.396999/-.
11. Company has closed its current accounting year on 31st December
2009 and accounts have been prepared for 9 month i.e. from April 2009
to December 2009 and hence previous figures are not comparable.
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