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Notes to Accounts of Kriti Nutrients 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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