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Notes to Accounts of Krypton Industries Ltd.

Mar 31, 2015

1. GENERAL CORPORATE INFORMATION

Krypton Industries Limited ("The Company") is situated at Falta Special Economic Zone, Sector - 1, Plot No. 31 & 32, PS - Diamond Harbour, 24 Parganas, West Bengal - 743504. The Company is engaged in Manufacture and Sale of Tubeless Tyres, Commode Chairs, Hamlock, PU. Shoe Soles, PU. Sandals/Chappals and trading in Tubeless Tyres, Wheel Chairs and its accessories, Walker, Cycle Accessories, Plastic Rims, Crutches, Rollators, etc.

2. Terms/Rights attached to Equity Shares :

The company has only one class of equity shares having a par value of Rs. 10 per share. Each share holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company,after distribution of all preferential amounts, in proportion to their shareholding.

A. Car loan from HDFC Bank of Tyre Division was taken during the financial year 2010-2011 and carries interest @ 8.75% p.a. the loan is repayable in 60 monthly installment of Rs. 51.59 (in Rs.000), inclusive of interest from the date of loan.The car loan is secured by hypothecation of Mercedes Car itself.

B. Car loan from HDFC Bank of Tyre Division was taken during the financial year 2013-2014 and carries interest @ 10.75% p.a. the loan is repayable in 36 monthly installment of Rs. 19.57 (in '000), inclusive of interest from the date of loan.The car loan is secured by hypothecation of Swift Dzire Car itself.

C. Car loan from HDFC Bank of Tyre Division was refinanced during the financial year 2013-2014 and carries interest @ 13.75 % p.a. the loan is repayable in 24 monthly installment of Rs. 55.07 (in '000), inclusive of interest from the date of loan.The car loan is secured by hypothecation of Car.

D. Car Loan from ICICI Bank of Wheel Division was taken during the Financial Period 2012-13 and carries interest @10.95 % p.a. The loan is repayable as per term each along with interest from the date of loan. This loan is secured by hypothecation of the Car itself.

E. The Term Loan from The Federal Bank Ltd. of Sadurhat Division was sanctioned during the Financial Period 2013-14 and carries floating interest @ Base Rate 3.50% with monthly rests (as per Sanction Letter dated 15.10.2013) with a Limit of Rs. 135 Lakhs. The loan is repayable monthly from July, 2014 bearing Principal Amount of Rs. 2.25 Lakhs along with interest. The term loan is secured by the Exclusive Equitable mortgage over the entire industrial Property at Mouza - Sankua, PS. - Ramnagar, 24 Parganas (South), Khorda, Falta P.Z. Road, J.L. No. 59 & 41, Dag No. 439, 440 & 441, including Land and Civil Structure constructed thereon, and hypothecation of Machineries procured or to be procured and proposed to be financed by the Bank. Further, the loans are secured by personal guarantee of Mr. J.S Bardia, the Managing Director of the company and Mr. Tansukh Gulguilia.

F. Car Loan from Bank of Baroda, IBB Branch of Tyre Division was taken during the Financial Year 201415 and carries interest @10.25% 0.25% p.a. The loan is repayable in 36 monthly installment of Rs. 32.50 (in '000), inclusive of interest from the date of loan. This loan is secured by the hypothecation of Renault Duster Car itself.

G Car Loan from Bank of Baroda, IBB Branch of Tyre Division was taken during the Financial Year 201415 and carries interest @ 10.25% 0.25% p.a. The loan is reapyable in 24 monthly installment of Rs. 19.57 (in '000), inclusive of interest from the date of loan. This loan is secured by the hypothecation of Swift Dzire Car itself.

A. For current Maturities of long term borrowings, please refer Note No. 5.

B. The Cash Credit from Bank of Baroda of Tyre Division was reviewed during the Financial Year 2014-15 and carries interest rate of base rate 3% at a floating rate with monthly rests. The loan is repayable as per term each along with interest, from the date of loan. This loan is secured by Hypothecation of stocks of Raw Material, W.I.P, Finished Goods and Spares of the co., D.P Note, Letter of Continuing Security, Hypothecation of Book Debts upto 90 days The loan is further secured by Equitable Mortgage of Leasehold Land at Falta and structure standing thereon in the name of the company together with Plant and Machinery thereon, lien on FDR, assignment of Keymen LIP and is further secured by the personal guarantee of Mr J.S Bardia, the Managing Director of the company and Mr. T.S. Gulgulia. (As per sanction letter dated 19/12/2014).

C. The Packing Credit from Bank of Baroda of Tyre Division has been reviewed during the Financial Year 2014-15 and carries floating interest @ Base Rate 1.25% p.a.with monthly rests subject to Limit of Rs. 400 Lacs. The loan is secured by hypothecation of both present and future stock of Raw material, Work in progress, Finished goods, Stores and spares, Lodgement of Letter of Credit/Company Order, WTPCG of ECGC, Equitable Mortgage of Land and Building/Factory Shed. Further, the loans are secured by personal guarantee of Mr J.S Bardia, the Managing Director of the company and Mr. T. S. Gulgulia. (As per sanction letter dated 19/12/2014).

D. The Cash Credit from Bank of Baroda of Footwear Division was revalidated during the financial year 2014-15 and carries floating interest @ Base Rate 3.00% p.a. with monthly rests (as per Sanction Letter dated 19.12.2014) with a Limit of Rs. 450 Lacs. The loan is repayable as per term each along with interest,from the date of loan. The loan is secured by hypothecation of both present and future stock of Raw Material, Work In Progress, Finished Goods, Consumable Spares, Hypothecation of Book Debts, D.P. Note, & Letter of Continuing Security. The Loan is further secured by Equitable mortgage on Leasehold Rights on Land and Structure/Building at Falta, along with Plant & Machinery thereon, Lien on FDR, Assignment of Keyman LIP, and is further secured by Personal Guarantee of Mr. J.S. Bardia, the Managing Director of the Company and Mr. T.S. Gulgulia.

E. The Cash Credit from Bank of Baroda of Wheel Division was taken during the Financial Period 201112 and carries interest rate of base rate 3% at a floating rate with monthly rests. The loan is repayable as per term each along with interest from the date of loan. This loan is secured by hypothecation of stocks of Raw Material, W.I.P, Finished Goods and Spares of the Company, D.P Note, Letter of Continuing Security, Hypothecation of Book Debts upto 90 days. These loans were further secured by Equitable Mortgage of Leasehold land at Falta and structure standing thereon in the name of the company, lien on FDR, assignment of Keyman LIP and is further secured by the personal guarantee of Mr. J.S Bardia, Managing Director the Company and Mr. T.S Gulgulia. (As per sanction letter dated 08/12/2014).

F. The Cash Credit from The Federal Bank Ltd. of Sadhurhat Division was sanctioned during the financial year 2013-14 and carries floating interest @ Base Rate 3.50% p.a. with monthly rests (as per Sanction Letter dated 15.10.2013) with a Limit of Rs. 230 Lacs. The loan is repayable as per term each along with interest from the date of loan. The term loan is secured by 1st Pari Passu Charge on the entire Current Assets of the Company, both present and future, with Bank of Baroda under Multiple Banking Arrangement, including Hypothecation of Stock at 25% Margin and Book Debts at 50% Margin. The Cash Credit is further secured by Collateral of Extension of Exclusive Equitable Mortgage over the entire industrial Property at Mouza - Sankua, P.S. - Ramnagar, 24 Parganas (South), Khorda, Falta P.Z Road, J.L. No. 59 & 41, Dag No. 439, 440 & 441 which is already charged as Primary Security for the Term Loan. Further, the loans are secured by personal guarantee of Mr J.S Bardia, the Managing Director of the company and Mr. Tansukh Gulgulia.

G The Cash credit from Bank of Baroda of Wheel Division was revalidated during the Financial Year 2014-15 and carries Interest Rate of Base Rate 3% at a floating rate with monthly rests. The loan is repayable as per term each along with interest from the date of loan. This loan is secured by Hypothecation of stocks of Raw Material, W.I.P, Finished Goods and Spares of the Company, D.P. Note, Letter of Continuing Security, and Hypothecation of Book Debts upto 90 days. These loans are further secured by Equitable Mortgage of Leasehold Land at Falta and structure standing thereon in the name of the company together with Plant and Machinery thereon, lien on FDR, and assignment of Keymen LIP. The loan is further secured by the personal guarantee of Mr J.S Bardia, the Managing Director of the company and Mr. T. S. Gulgulia. (As per sanction letter dated 19/12/2014).

3. Contingent Liabilities and Commitments

As at As at 31/03/2015 31/03/2014 (Rs. in (Rs. in Thousands) Thousands) Contingent Liabilities

(a). Bank Guarantee given in favour of WBSEB and superintending Engineering 2,528.30 2,528.30

(b). Income Tax Demands * 3,249.69 7,096.93

(c ) Sales Tax Demands * 5,053.23 5,053.23

(d) Other money for which the Company is contingently liable:

i. Export Bills discounted with Banks 6,435.50 17,153.31

ii. Letter of Credit 4,877.01 4,947.84

* Income Tax Demands deposited Rs. 400.00 (in '000) [Previous Year Rs. 2569.09 (in '000)]

* Sales Tax Demands deposited Rs. 38.30 (in Rs.000) [Previous Year Rs. 38.30 (in Rs.000)]

4. Segment Reporting

A. Primary Segment Reporting (by Business Segment):

(a). The Company has three reportable segments viz. Tyre,Rim and Wheels, Footwear and Hospital Equipments which have been identified in line with the Accounting Standard 17 on Segment Reporting, taking into account the organizational structure as well as differential risk and return of these segments. Details of products included in each segments are as under:

(b). Inter-segment transfers are based on market rates.

5. The Company, with effect from 1st April, 2014, has charged Depreciation based on the revised remaining useful life of the Assets as per the requirement of Schedule II to the Companies Act, 2013. Due to the above, Depreciation charged to the Revenue for the Financial Year ended 31st March, 2015 is lower by Rs.18.42 Lakhs. Further, based on transitional provision provided in clause 7(b) of the Schedule II to the Companies Act, 2013, Depreciation of Rs.11.92 Lakhs have been adjusted against the Opening Balance of Retained Earnings under 'Reserve and Surplus'.

6. Related Party Disclosures :

A. List of Related Parties :

i. Key Managerial Personnel:

a) Managing Director Sri Jay Singh Bardia

b) Non Executive Directors i) Sri T. C. Bachhawat

ii) Sri T. S. Gulgulia (Resigned w.e.f. 18.03.2015)

iii) Sri Pradeep Kumar Singh

iv) Sri Ravi Prakash Pincha (Appointed w.e.f. 18.03.2015)

v) Smt. Vimala Devi Bardia (Appointed w.e.f. 18.03.2015)*

c) Chief Executive Officer Sri P.L. Bardia**

d) Chief Financial Officer Sri Vinay Sipani (Appointed w.e.f. 30.09.2014)

d) Company Secretary i) Sri T. K. Das (Resigned w.e.f. 01.09.2014)

ii) Ms. Arti Bothra (Appointed w.e.f. 30.09.2014)

* Smt Vimala Devi Bardia is related to Sri Jay Singh Bardia, the Managing Director of the Company and Sri PL.Bardia, the Chief Executive Officer of the Company.

** Sri PL.Bardia is related to Sri Jay Singh Bardia, the Managing Director of the Company and Smt Vimala Devi Bardia, Non-Executive Director of the Company.

ii. Relatives of Key Managerial Personnel:

a) Others i) Sri K. L. Bardia

ii) Hulashchand Tarachand Bardia HUF

iii) Tarachand Estates Pvt. Ltd.

iv) Krypton Developers Limited

7. The company has reclassified/rearranged/regrouped previous year figures to conform to this year's classification, where necessary.


Mar 31, 2014

1. Terms/Rights attached to Equity Shares :

The company has only one class of equity shares having a par value of Rs.10 per share.Each share holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in ensuring Annual General Meeting. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company,after distribution of all preferential amounts, in proportion to their shareholding.

2. Detail of shareholder holding more than 5 percent shares of the Company as on reporting date are given below:

3. Shares alloted as fully paid pursuant to contract(s) without payment being received in cash during the period of five year immediately preceding the reporting date :

4. Car loan from HDFC Bank of Tyre Division was taken during the financial year 2010-2011 and carries interest @ 8.75% p.a. the loan is repayable in 60 monthly installment of ? 51.59 (in ''000), inclusive of interest from the date of loan.The car loan is secured by hypothecation of Mercedes Car itself.

5. Car loan from HDFC Bank of Tyre Division was taken during the financial year 2013-2014 and carries interest @ 10.75% p.a. the loan is repayable in 36 monthly installment of ? 19.57 (in ''000), inclusive of interest from the date of loan.The car loan is secured by hypothecation of Swift Dezire.

6. Car loan from HDFC Bank of Tyre Division was refinanced during the financial year 2013-2014 and carries interest @ 13.75 % p.a. the loan is repayable in 24 monthly installment of ? 55.07 (in ''000), inclusive of interest from the date of loan.The car loan is secured by hypothecation of Car.

7. Car Loan from ICICI Bank of Wheel Division was taken during the Financial Period 2012-13 and carries interest @10.95 % p.a. The loan is repayable as per term each along with interest from the date of loan. This loan is secured by hypothecation of the Car.

8. The Term Loan from The Federal Bank Ltd. of Sadurhat Division was sanctioned during the Financial Period 2013-14 and carries floating interest @ Base Rate 3.50% with monthly rests (as per Sanction Letter dated 15.10.2013) with a Limit of ? 135 Lakhs. The loan is repayable monthly from July, 2014 bearing Principal Amount of ? 2.25 Lakhs along with interest. The term loan is secured by the Exclusive Equitable mortgage over the industrial Property at Mouza -Sankua, PS. - Ramnagar, 24 Parganas (South), Khorda, Falta PZ. Road, J.L. No. 59 & 41, Dag No. 439, 440 & 441, including Land and Civil Structure constructed thereon, and hypothecation of Machineries procured or to be procured and proposed to be financed by the Bank. Further, the loans are secured by personal guarantee of Mr. J.S Bardia,the Managing Director of the company.

9. For current Maturities of long term borrowings please refer to Note No.4

10. The cash credit from Bank of Baroda of Tyre Division was reviewed during the financial year 2012-13 and carries floating interest @ Base Rate 4.25% with monthly rests subject to Limit of " 50 Lacs. The loan is repayable as per term each along with interest,from the date of loan. The term loan is secured by hypothecation of both present and future stock of raw material, work in progress, Finished goods, consumable spares,hypothecation of Book Debts, Notarized Power of Attorney for Book Debts, Equitable mortgage of Land and building/Factory Shed and hypothecation of Plant & Machinery of the company lying in and/or stored and / or installed at any place in India or abroad. Further the loans are secured by personal guarantee of Mr J.S Bardia , the managing Director of the company alongwith Personal guarantee of Mr. T.S Gulgulia , Director the company and Mr PC. Daga. The company has not yet accepted the sanction letter and is under negotiation with the Bank.

11.The packing credit from Bank of Baroda of Tyre Division was reviewed during the financial year 201213 and carries floating interest @ Base Rate 1.25% for PC below 270 Days (Base Rate 7% if above 270 days) with monthly rests subject to Limit of " 100 Lacs. The loan is secured by hypothecation of both present and future stock of raw material, work in progress, Finished goods ,Lodgement of Letter of Credit/Company Order, WTPCG of ECGC, Equitable mortgage of Land and building/Factory Shed. Further the loans are secured by personal guarantee of Mr J.S Bardia , the managing Director of the company alongwith Personal guarantee of Mr. T.S Gulgulia, Director the company and Mr PC. Daga. The company has not yet accepted the sanction letter and is under negotiation with the Bank.

12. The cash credit from Bank of Baroda of Footwear Division was reviewed during the financial year 2013-14 and carries floating interest @ Base Rate 4.25% with monthly rests (as per Sanction Letter dated 20.01.2013) with a Limit of ? 400 Lacs. The loan is repayable as per term each along with interest,from the date of loan. The term loan is secured by hypothecation of both present and future stock of raw material, work in progress, Finished goods, consumable spares, hypothecation of Book Debts , Power of Attorney for Book Debts, B.P Undertaking, D.P Undertaking, Equitable mortgage of Land and building/Factory Shed and hypothecation of Plant & Machinery of the company lying in and/or stored and / or installed at any place in India or abroad. Further the loans are secured by personal guarantee of Mr J.S Bardia , the managing Director of the company alongwith Personal guarantee of Mr. T.S Gulgulia , Director of the company and Mr PC. Daga. There Company has not yet accepted the Sanction Letter and is under negotiation with the Bank.

13. The Cash credit from Bank of Baroda of Wheel Division was taken during the financial Period 2011-12 and carries interest rate of base rate 3.5% at a floating rate with monthly rests. The loan is repayable as per term each along with interest,from the date of loan. This loan is secured by hypothecation of stocks of Raw Material, W.I.P, Finished Goods and Spares of the co., D.P Note, Letter of Continuing Security, Hypothecation of Book Debts upto 90 days, Irrevocable Power of Attorney for Book Debts (to be notarized), Undertaking cum declaration cum authority and Extension of charge on Plant & Machinery. These loans were further secured by Equitable Mortgage of Leasehold land at Falta and structure standing thereon in the name of the company, lien on FDR and further secured by personal guarantee of Mr J.S Bardia and Mr. T.S Gulgulia , Directors the company and Binod Kumar Sipani. (As per sanction letter dated 25/04/2012).

14. The Cash Credit was renewed from Bank of Baroda of Plastic Division during the financial year 201213 and carries interest rate of Base Rate 3.25% with Monthly rests a Limit of " 50 Lacs.Cash Credit Limit with Bank of Baroda are secured by hypothecation of all kinds of Stocks, book debts, coverage of WTPCG & WTPSG of ECGS of the Company. This loan was further secured by Equitable Mortage of Factory Land & Building, Plant & Mahinery at SEZ Falta, Extension of Margin on NfB Facilities to also secure the other facilities and further secured by Personal Gurantee of Mr. Jay Singh Bardia, Director of the Company and Mr. Punam Chand Buchha, Mr. Binod Kumar Sipani and Mr. Sunil Jain.

15. The Cash Credit from The Federal Bank Ltd. of Sadhurhat Division was sanctioned during the financial year 2013-14 and carries floating interest @ Base Rate 3.50% with monthly rests (as per Sanction Letter dated 15.10.2013) with a Limit of " 230 Lacs. The loan is repayable as per term each along with interest from the date of loan. The term loan is secured by 1st Pari Passu Charge on the entire Current Assets of the Company, both present and future, with Bank of Baroda under Multiple Banking Arrangement, including Hypothecation of Stock at 25% Margin and Book Debts at 50% Margin. The Cash Credit is further secured by Collateral of Extension of Equitable mortgage over the industrial Property at Mouza - Sankua, P.S. - Ramnagar, 24 Parganas (South), Khorda, Falta already charged as Primary Security for the Term Loan. Further the loans are secured by personal guarantee of Mr J.S Bardia , the managing Director of the company.

16. The Borrowings of Wheel Division, Engg. Division are in the name of Eco Wheels Private Limited and yet to be transferred in the name of Krypton Industries Limited. The Borrowings of Plastic Division is in the name of Barons Polymers Pvt. Ltd. and yet to be transferred in the name of Krypton Industries Limited

17. Contingent Liabilities and Commitments

As at As at 31/03/2014 31/03/2014 Contingent Liabilities
(a) Bank Guarantee given in favour of WBSEB and superintending Enginerring 2,582.30 2,436.77

(b) Other money for which the Company is contingentally liable:

i. Export Bills discounted with Banks 17,153.31 5,680.18

ii. Letter of Credit 4,947.84 7,301.95


Mar 31, 2013

(a) Eco Wheels Pvt. Ltd. (EWPL) (a subsidiary of the Company), Barons Polymers Pvt. Ltd. (BPPL) and Krypton Tyres Ltd. (KTL) ("the Transferor Companies") together with the Company had filed Applications under Sections 391-394 of the Companies Act, 1956, before the Hon''ble High Court at Calcutta for their amalgamation with the Company with effect from 1st April, 2011 ("the appointed date"). Pending sanction by the Hon''ble High Court, the Scheme of amalgamation had not been given effect in the financial statements of the Company as at and for the previous year ended 31.03.2012. The Hon''ble High Court at Calcutta has since sanctioned the Scheme of amalgamation ("the Scheme") by its order dated 28.02.2013. The Scheme has become effective upon filing of a certified copy the Hon''ble High Court''s order with the Registrar of Companies on 19.03.2013. On coming into effect of the Scheme, the Transferor Companies stand amalgamated with the Company on a going concern basis from the appointed date i.e. 01.04.2011.

(b) Eco Wheels Pvt. Ltd. was engaged in manufacture of PU Tyres, Wheel Chairs and other Rehabilation aids. Barons Polymers Pvt. Ltd: was engaged in manufacture of Plastic Rim, Fork and Other Plastic Materials. Krypton Tyres Ltd. was engaged in trading of Tyres.

(c) The said amalgamation has been accounted for under the "Pooling of Interests" method prescribed by the Accounting Standard 14 ''Accounting for Amalgamations'' as notified by the Companies (Accounting Standards) Rules, 2006. As per the terms of the Scheme, all the assets and liabilities of the Transferor Companies have been transferred to the Company at their respective book values as reflected in books of the Transferor Companies, and all inter-company balances have been cancelled.

(d) The shares held by the Company in theTransferor Companies stand cancelled. The inter-company share-holdings in the Transferor Companies also stand cancelled. As per the terms of the Scheme, the Company has issued 3086050 fully paid-up equity shares of Rs.10/- each to the shareholders of the Transferor Companies as per particulars given below:-

(e) As per the order of the Hon''ble High Court and Accounting Standard 14, the difference of (Rs. 7551.50) (''000) arising out of amalgamation has been adjusted with the balance in Capital Reserve Account to the extent of f 4457 (*000). The remaining deficit of f 3094.50 (''000) have been adjusted with other Reserves and Surplus..

(f) As the Scheme is with effect from the appointed date i.e. 01.04.2011, the aggregate net profit (after tax) of the Transferor Companies for the period from 01.04.2011 to 31.03.2012 amounting to Rs.7064.31 C000) has been added to the opening balance in the Profit & Loss Account of the Company as at 01.04.2012, and the transactions of the Transferor Companies for the current year are reflected in Financial Statements of the Company for the current year. The Reserves and Surplus of the Company as per the Balance-sheet as at for 31.03.2012 do not reflect the effect of amalgamation. Had-the amalgamation been given effect to, the Reserves and Surplus would have been f 135720.30 (''000).

(g) As a result of the above, figures of the current year are not comparable with those of the previous year.

1. The Company does not have any subsidiary as at 31.03.2013. Eco Wheels Pvt. Ltd., a subsidiary of the Company, amalgamated with the Company as per the order dated 28.02.2013 of the Hon''ble High Court at Calcutta. Krypton Developers Ltd. (KDL) ceased to be a subsidiary, upon sale of its shares by the Company on 30.03.2013. The shares of KDL were sold at the carrying amount so there is no profit/ loss on such sale. Hence, the Company is not required to prepare any Consolidated Financial Statements. However KDL''s gross revenue upto 30.03.2013 was Rs. 51.41 (''000) and expenses were f 60.52 (''000) resulting in net loss of Rs. 9.11 (''000).

2. The company has issued equity shares of * 10/-each on right basis at a price of Rs.15A per share in the ratio of 17:10 in April 2011 aggregating to 10,199,329 shares. Against a total amount receive of Rs. 1529.90 lakhs the company has refunded Rs. 433.30 lakhs to the, shareholders. The company has utilized the balance f 1096.60 lakhs against which 7310680 shares have been allotted fully paid-up on 7th May 2011. The amount was utilized in the following manner :

3. The company has reclassified/rearranged/regrouped previous year figures to conform to this year''s classification, where necessary.


Mar 31, 2010

1. Contingent Liabilities not provided in respect of :- (a) Bank Guarantee Rs. 12,04,096/- (Previous year Rs. 13,11,414/-)

(b) Export Bills discounted with bank Rs. 1,49,19,696/- (Previous year Rs. 39,39,974,/-)

(c) Letter of Credit Rs.59,47,622.84/- (Previous year Rs. 13,70,040/-)

(d) Corporate Guarantee has been given to Bank of Baroda for Loan taken by subsidiary M/s. Eco Wheels Private Limited.

2. The allotment of 3,24,000/- Equity Shares to the Foreign Collaborator for the Technical Know how fees is subject to the approval of Reserve Bank of India.

3. No Provision has been made for Interest of Rs. 18.75 Lacs for the year ended 31st March, 2010 (Previous year Rs. 18.75 Lacs) on old outstanding Unsecured Loans.

4. RELATED PARTY DISCLOSURES

a) Subsidiary Company i) Eco Wheels Pvt. Ltd.

ii) Krypton Developers Ltd.

iii) Krypton Industries (Suzhou) Co. Ltd.

b) Name of key managerial personnel

i) Managing Director Sri Jay Singh Bardia

ii) Non-Executive Directors a) Sri T.C. Bachhawat

b) Sri Tansukh Gulgulia

c) Sri Punam Chand Daga iii) Chief Executive Officer Sri P.L.Bardia *

* Sri P.L.Bardia is related to the Managing Director .

5. There are Micro, Small and Medium Enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2010. 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 to the company.

Sundry creditors include Rs. 3.40 (in 000) (P.Y. Rs.3.40 thousand) due to SSI undertakings.

a) Bhattacharjee & Co.

6. Previous years figures have been regrouped and/ or rearranged wherever considered necessary.

7. The Company is in the process of right issue worth Rs. 1,10,000 (in 000) and for which necessary expenses of Rs. 419.18 (in 000) have been debited to the Profit and Loss account.

 
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