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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


Mar 31, 2010

1. CONTINGENT LIABILITIES

(a) Letter of credit of Rs. 253.83 lacs given by the Company's bankers and counter guaranteed by the company by way of margin money of Rs. 39.33 lacs against letter of credit.

(b) Sales Tax

There is a demand of Rs. 4.42 lacs for the financial year 2006-07. The company has filed appeal to the department. However, the company has deposited Rs. 4.42 lacs under protest with the sales tax department and same has been shown under the head current asset in the balance sheet.

(c) Income tax

There is a demand of Rs.85.28 lacs against which Rs. 10 lacs has been deposited under protest with the department. The company has filed an appeal before the CIT (Appeals).

2. During the financial year 07-08 there was as excise checking conducted by the excise department on 16/10/07 at the factory premises of the company at A 71-72 sector-58, noida and at B-154,sector-6 noida. However the case is pending before the excise department till the signing of the balance sheet.

3. The provision for taxation has been made as per the provision of Income Tax Act 1961.

4. In the opinion of the board and to the best of their knowledge, the current assets, loan and advances shown in the Balance Sheet have a value on realization in the ordinary course of business at least equal to the amount stated therein. The provisions for all the known liabilities has been made are adequate

5. In accordance with the requirement of the Accounting Standards – 22 dealing with the taxes on Income issued by the institute of Chartered Accountants of India, the deferred tax liability increase for the current year Rs. 2,54,414/- (consisting mainly depreciation) has been adjusted.

6. Sundry Debtors and Creditors balance are subject to confirmation.

7 The previous year figures, have been re-grouped or re-arranged wherever consider necessary .

8 Related party disclosures in terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India:

Name of Related Party : Ellora Mechanicals Products Pvt. Ltd.

Description of relationship : Under the control of same management

Nature of transaction : Volume of transaction

(In Rs.) (a) Payment of Factory Rent : 780000

9. Additional Information pursuant to the provisions of the paragraph 3,4C & 4D of part –II of schedule VI of the Companies Act 1956.

A. Information in respect of capacity and class of goods manufactured.

(i) Class of goods - Metalized Polyester & BOPP Films

Metalized Embossed Polyester and BOPP

(ii) Licensed and - 2400 MT on 3 Shift basis Installed capacity

- Certified by the Management but not certified by the Auditors being a technical matter .

D. Information in respect of consumption of imported and indigenous material and percentage thereof.

Note :- Signatories are Schedule 1 to 18.


Mar 31, 2009

1. CONTINGENT LIABILITIES

Letter of credit of Rs. 1,43,30,694/- given by the Company's bankers and counter guaranteed by the company by way of margin money of Rs. 26,10,640/- against letter of credit.

Sales Tax

There is a Central Sales Tax demand of Rs. 342000/- for the Assessment Year 2002-03 against which the company filed a writ petition in the Hon'able high court Allahabad. However the said demand is stayed by the Hon'able High Court Allahabad.

Further there is a demand of Rs. 268078/- for the financial year 2006-07 against which company has filed an appeal. Appeal is pending for decision.

2. During the previous year there was as excise checking conducted by the excise department on 16/10/07 at the factory premises of the company at A 71-72 sector-58, noida and at B-154,sector-6 noida. During the course of checking some discrepancies in stocks were noticed by the excise department and an excise demand of Rs.499033.68/- was raised. This demand was deposited by the company and the same has been debited to profit & loss account during the previous year. However the case is pending before the excise department till the signing of the balance sheet.

3. The provision for taxation has been made as per the provision of Income Tax Act 1961.

4. In the opinion of the board and to the best of their knowledge, the current assets, loan and advances shown in the Balance Sheet have a value on realization in the ordinary course of business at least equal to the amount stated therein. The provisions for all the known liabilities has been made are adequate

5. In accordance with the requirement of the Accounting Standards – 22 dealing with the taxes on Income issued by the institute of Chartered Accountants of India, the deferred tax liability increase for the current year Rs. 6,62,315/- (consisting mainly depreciation) has been adjusted.

6. Sundry Debtors and Creditors balance are subject to confirmation.

7 The previous year figures, have been re-grouped or re-arranged wherever consider necessary .

8 Related party disclosures in terms of Accounting Standard 18 issued by The Isntitute of Chartered Accountants of India:

Name of Related Party : Ellora Mechanicals Products Pvt. Ltd.

Description of relationship : Under the control of same management

Nature of transaction : Volume of transaction

(In Rs.) (a) Payment of Factory Rent : 780000

Earning per Share in terms of Accounting Standard 20 issued by The Institute of Chartered Accountant of India :

9. Additional Information pursuant to the provisions of the paragraph 3,4C & 4D of part –II of schedule VI of the Companies Act 1956.

A. Information in respect of capacity and class of goods manufactured.

(i) Class of goods - Metalized Polyester & BOPP Films Metalized Embossed Polyester and BOPP

(ii) Licensed and - 2400 MT on 3 Shift basis Installed capacity

- Certified by the Management but not certified by the Auditors being a technical matter .

B. Information in respect of consumption of imported and indigenous material and percentage thereof.

C. Other particulars

Note :- Signatories are Schedule 1 to 18.


Mar 31, 2008

1 CONTINGENT LIABILITIES

(a) Letter of the credit of Rs. 1,59,67,317/- given by the Company's bankers and counter guaranteed by the company by way of margin money of Rs. 23,92,738/- against letter of credit.

b) Sales Tax : .

There was a central sales tax demand of Rs. 3,42,000 for the Assessment year 2002-03 against which company filed a writ petition in High Court, 100% of demand is stayed by the Hon'ble High Court, Allahabad.

There is a demand of Rs. 2,68,078. for the financial year 2006-07 against which company filed an appeal before the Joint Commissioner Appeal, Trade Tax, Noida

2 During the year there was an excise checking conducted by the excise department on 16/10/2007 at the factory premises of the company at A 71-72 sector-58, Noida and at B-154 , sector-6 Noida . During the course of checking, some discrepancies in stocks were noticed by the excise department and an excise demand of Rs 499033.68/- was raised. This demand was deposited by the company and the same has been debited to profit & loss account during the year. However the case is pending before the excise department till the signing of the balance sheet.

Further during the course of checking books of accounts and CPU , stock records, sale invoices and purchase invoices upto 16/10/2007 were seized by the excise department and the photocopies of the same were obtained and the audit has been conducted on the basis of photocopies of the said record produced by the company.

3. The provision for taxation has been made as per the provision of Income Tax Act 1961.

4. In the opinion of the board and to the best of their knowledge, the current assets, loan and advances shown in the Balance Sheet have a value on realization in the ordinary course of business at least equal to the amount stated therein. The provisions for all the known liabilities has been made are adequate

5. In accordance with the requirement of the Accounting Standards - 22 dealing with the taxes on Income issued by the Institute of Chartered Accountants of India, the deferred tax assets reversal for the current year Rs. 10,42,207/- (consisting mainly depreciation) has been adjusted.

6. Sundry Debtors and Creditors balance are subject to confirmation.

7. The previous year figures, have been re-grouped or re-arranged wherever consider necessary .

8. Related party disclosures in terms of Accounting Standard 18 issued by The Institute of Chartered Accountants of India:

Name of Related Party Ellora Mechanicals Products Pvt. Ltd.

Description of relationship Under the control of same management

Nature of transaction Volume of transaction

(In Rs.)

(a) Payment of Factory Rent : 8,40,000.00

Earning per Share in terms of Accounting Standard 20 issued by The Institute of Chartered Accountant of India :

9. Additional Information pursuant to the provisions of the paragraph 3,4C & 4D of part –II of schedule VI of the Companies Act 1956.

A. Information in respect of capacity and class of goods manufactured.

(i) Class of goods - Metallized Polyester & BOPP Films

Metallized Embossed Polyester and BOPP

(ii) Licensed and - 2400 MT on 3 Shift basis Installed capacity

1) Certified by the Management but not certified by the Auditors being a technical matter .

D. Information in respect of consumption of imported and indigenous material and percentage thereof.

Note :- Signatories are Schedule 1 to 20.

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