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Notes to Accounts of Kuwer Industries Ltd.

Mar 31, 2015

1. Previous year figures :

The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever considered necessary to make their classification comparable with that of the current year.

2. Secured Loans:

i) Working Capital loan from State Bank of Bikaner and Jaipur is secured against all current & fixed assets.

ii) The Vehicle loans are secured by way of hypothecation of vehicles.

3. Provision of Income Tax:

Provision of Rs.12,18,599/- on account of Income Tax has been made for the year.

4. In the opinion of the Board the Current Assets, loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they have been stated in the balance sheet.

5. Balances in accounts whether in debtors, creditors, and loans & advances are subject to verification and confirmations.

6. Contingent Liabilities:

(a) The company bankers has issued bank guarantee of Rs. 5.88 lacs for EPCG license margin held by the bank Rs 5.88 lacs

(b) Demand raised by Excise department and disputed by the company: Details are as under:

Demand of Rs. 114 lacs for the year 2007-08 and Rs. 111 lacs for the year 2011-12 has been raised by the excise department and the same is pending as on the year end. However the amount of Rs.40 lacs has been deposited by the company to Excise department for getting stay and also furnished security of company's machinery worth Rs 111 lacs.

(c) Demand raised by Income Tax Authorities and disputed by the company:

Details are as under:

Demand of Rs. 43, 71,630 has been raised by the Income Tax Authorities for the AY 2011-12 and the same is pending as on the year end. However the company has filled the appeal with The Commissioner of Income Tax (Appeals) and is pending as on the date of balance sheet.

7. Provision for Gratuity :

Provisions of Rs. 67,352/- has been made on account of Gratuity for the year.

8. Depreciation on Fixed Assets is provided in accordance with the rates as specified in Part C of Schedule II of the companies Act, 2013, on straight line method (SLM) on pro rata basis and on the basis of technical advice regarding useful life of Assets


Mar 31, 2014

1) Previous year figures :

The previous year''s figures have been reworked, regrouped, rearranged and reclassified wherever considered necessary to make their classification comparable with that of the current year.

2) Regarding share application money of Rs. 8, 75, 84,000 pending for allotment as at March 31, 2014:-

The Company has received ''In principal'' approval (vide: letter DCS/PREF/NJ/PRE/098/2014-15, dated May 14, 2014) from Bombay Stock Exchange under clause 24(a) of the listing agreement. Pursuant to this said ''In principal'' approval the company has allotted 39, 81,072 numbers of equity shares (of face value Rs. 10) at the premium of Rs. 12 per share on May 26, 2014.

2) Secured Loans:

i) Working Capital loan State Bank of Bikaner and Jaipur is secured against all current & fixed assets.

ii) The Vehicle loans are secured by way of hypothecation of vehicles.

3) Provision of Income Tax:

Provision of Rs.13, 53,635/- on account of Income Tax has been made for the year.

4) In the opinion of the Board the Current Assets, loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they have been stated in the balance sheet.

5) Balances in accounts whether in debtors, creditors, and loans & advances are subject to verification and confirmations.

6) Contingent Liabilities:

(a) Letter of credit of Rs.14.86 lacs given by the company s banker and counter guaranteed by the company by way of margin money of Rs. 2.22 lacs.

(b) The company bankers has issued bank guarantee of Rs. 5.88 lacs for EPCG license margin held by the bank Rs 5.88 lacs

(c) Demand raised by sales tax department and disputed by the company:

Details are as under:

Demand of Rs. 25.91 lacs (net of deposits) has been raised by sales tax authorities and the same is pending as on the year end. However the company has filled appeal with the sales tax department and is pending as on the date of balance sheet.

(d) Demand raised by Excise department and disputed by the company:

Details are as under:

Demand of Rs. 114 lacs for the year 2007-08 and Rs. 111 lacs for the year 2011-12 has been raised by the excise department and the same is pending as on the year end. However the amount of Rs.40 lacs has been deposited by the company to Excise department for getting stay and also furnished security of company''s machinery worth Rs 111 lacs.

(e) Demand raised by Income Tax Authorities and disputed by the company:

Details are as under:

Demand of Rs. 43, 71,630 has been raised by the Income Tax Authorities for the AY 2011-12 and the same is pending as on the year end. However the company has filled the appeal with The Commissioner of Income Tax (Appeals) and is pending as on the date of balance sheet.

7) Provision for Gratuity:

Provisions of Rs. 67,135 /- has been made on account of Gratuity for the year.

8) Additional Information pursuant to the provisions of Paragraph 3,4C and 4D of Part -II of Schedule VI of the Companies Act, 1956.

A. Information in respect of capacity and class goods

Class of goods : Metallized Polyester & BOPP Films

Metallized Embossed Polyester & BOPP


Mar 31, 2013

1 Corporate information

Kuwer Industries Ltd.is engaged in Metallizing & Embosing of Polyster and BOPP films. The company has been incorporated in the year 1993. The company''s registered office is in Delhi.


Mar 31, 2012

1. Corporate information

Kuwer Industries Ltd.is engaged in Metallizing & Embosing of Polyster and BOPP films. The company has been incorporated in the year 1993. The company's registered office is in Delhi.

2) Previous year figures :

The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever considered necessary to make their classification comparable with that of the current year.

3) Secured Loans:

i) Working capital & Term Loan from state bank of Bikaner and Jaipur is secured against all current & fixed assets.

ii) The vehicle loans are secured by way of hypothecation of vehicles.

4) Provision of Income Tax:

Provision of Rs. 11,19,152/- on account of Income Tax has been made for the year.

5) In the opinion of the Board the Current Assets, loans & Advances have a value on realization in the ordinary course of business at least equal to the amount at which they have been stated in the balance sheet.

6) Balances in accounts whether in debtors, creditors, and loans & advances are subject to verification and confirmations.

7) Contingent Liabilities:

(a) Letter of credit of Rs. 248.93 lacs given by the company's banker and counter guaranteed by the company by way of margin money of Rs. 37 lacs against letter of credit.

(b) The company bankers has issued bank guarantee of Rs. 5.88 lacs for EPCG licence margin held by the bank Rs. 5.88 lacs

(c) The company bankers has issued bank guarantee of Rs. 82500 for Sales tax and margin held by the bank Rs. 82,500.

(d) Demand raised by sales tax department and disputed by the company. Details are as under

S.no Financial year Amount demanded Deposit under (Rs. in lacs) protest (Rs. in lacs)

(a) 2006-07 8.84 4.42

(b) 2008-09 22.72 1.23

(c) 2010-11 11.53 11.53

However the company has filled appeal with the sales tax department and are pending as on the date of balance sheet.

(e) Demand raised by Excise department and disputed by the company. Details are as under:

SS.no Financial year Amount demanded Deposit under (Rs. in lacs) protest (Rs. in lacs)

(a) 2007-08 114 19.09

(b) 2011-12 111 5.00

Rs. 5 lacs deposited for stay and also furnished security of companies machinery worth Rs. 111 lacs. 35) Provision for Gratuity :

Provisions of Rs. 3,71,382/- has been made on account of Gratuity for the year.

8) Additional Information pursuant to the provisions of Paragraph 3, 4C and 4D of Part -II of Schedule VI of the Companies Act, 1956.

A. Information in respect of capacity and class goods

Class of goods : Metallized Polyster & BOPP Films Metallized Embossed Polyster & BOPP

 
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