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Notes to Accounts of Shri Keshav Cements & Infra Ltd.

Mar 31, 2015

A) NOTES ON ACCOUNTS:

i) The previous year's figures have been reworked, regrouped, rearranged and re-classified wherever necessary.

ii) The sundry debtors, sundry creditors and advances are subject to Confirmation and are stated as per books.

ii) In the opinion of the Directors, current assets, loans and advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

iii) The unit is cement-manufacturing unit. During the year Company has manufactured cement. Company was also engaged in coke & Cement trading and petrol pump activities. The various quantity of raw material consumption and other inputs required for production of cement and consumption of electricity and other manufacturing expenses are highly technical in nature therefore; we have totally relied on the statement given by the management.

iv) Inventory valuation is as valued and certified by the management.

v) The previous year's modvat balance brought forward is Rs. 3,39,383/- during the year Company has availed modvat credit of Rs. 1,02,17,373 /- comprises of modvat credit on capital goods Rs. 11,61,820/- and modvat credit on raw material Rs. 83,55,814/-, and on Service Tax Rs. 6,99,739/-. The Company has deducted modvat credit and balance is carried forwarded.

vi) As per the guidance note issued by the Institute of Chartered Accountants of India the Company has worked out MAT credit of Rs. 2,28,35,284/- and it is shown under the head Other Current Assets as 'MAT Credit entitlement.

b) IMPAIRMENT OF ASSETS AS -28:

On the aspect of compliance of AS-28 on impairment of assets, the management asserts that its assets have not undergone by impairment. Therefore no provision is called for the impairment of assets.

c) BORROWING COSTS AS-16 :

There are no items of borrowing cost hence nothing is reportable.

d) RELATED PARTY DISCLOUSERS AS-18 :

It is reported by the management and as per the information and explanations given to us. In our verification of books of accounts there are related party transactions:

As per Accounting Standard (AS-18) "Related Party Disclosures" notified in the Companies (Accounting Standards) Rules 2006, the disclosures of transactions with the related as defined in AS-18 are given below:

e) Key Management Personnel

1. Mr. Venkatesh Katwa Chairman

2. Mr. Vilas H. Katwa Managing Director

3. Mr. Deepak Katwa Director

II. Relative of Key Management Personnel

1. Mr. H.D. Katwa

2. Mrs. N.H. Katwa

3. Mr. Y. M. Katwa HUF

4. Mr. P.G. Katwa HUF

III. Enterprises where key management personnel have significant influence

1. Katwa Finlease Limited

2. Katwa Infotech Limited

3. Katwa Construction Co. Ltd.

4. Katwa Oil Limited

5. Katwa Finance & Investment Co. Ltd.

6. Katwa Inc (100% subsidiary of Katwa Infotech Ltd)

f) AMOUNT DUE TO MICRO SMALL AND MEDIUM ENTERPRISES: DISCLOSER UNDER MSMED ACT 2006:

It is reported by the management that based on the information so far available with company up to 30th April, 2015 in respect of MSEs (as defined in "The Micro Small and Medium Enterprises Development Act 2006") the payments have been made to MSEs as per the terms and conditions of payments and on the agreed dates, hence interest provision is not made.


Mar 31, 2014

A) AMOUNT DUE TO MICRO SMALL AND MEDIUM ENTERPRISES: DISCLOSER UNDER MSMED ACT 2006

It is reported by the management that based on the information so far available with company up to 30th April, 2014 in respect of MSEs (as defined in ''The Micro Small and Medium Enterprises Development Act 2006") the payments have been made to MSEs as per the terms and conditions of payments and on the agreed dates, hence interest provision is not made.

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT

PROVIDED FOR)_

As at 31 As at 31 Particulars March 2014 March 2013

(A) Contingent Liabilities

(a) Claims against the company not acknowledged as debts

(b) Guarantees Nil Nil

(c) Other money for which company is contingently liable -Bills discounted with banks

(B) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Nil Nil

(b) Uncalled liability on shares and other investments partly paid

(c) Others

TOTAL HA) (B)]


Mar 31, 2013

I) The previous year''s figures have been reworked, regrouped, rearranged and re-classified wherever necessary.

ii) The sundry debtors, sundry creditors and advances are subject to Confirmation and are stated as per books.

ii) In the opinion of the Directors, current assets, loans and advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

iii) The unit is cement-manufacturing unit. During the year Company has manufactured cement. Company was also engaged in coke & Cement trading and petrol pump activities. The various quantity of raw material consumption and other inputs required for production of cement and consumption of electricity and other- manufacturing expenses are highly technical in nature therefore; we have totally relied on the statement given by the management.

iv) Inventory valuation is as valued and certified by the management.

v) Company has availed modvat credit of Rs. 95,20,145/- comprises of modvat credit on capital goods Rs. 20,40,154/- and modvat credit on raw material Rs. 74,79,991/-, The Company has deducted modvat credit of Rs. 20,40,154/- from the plant and machinery & Rs. 74,79,991/- from the raw materials. Balance amount of modvat of Rs. 19,03,946/-is carried forwarded.

vi) As per the guidance note issued by the Institute of Chartered Accountants of India the Company has worked out MAT credit of Rs. 1,68,22,620/- and it is shown under the head Loans and Advances as''MAT Credit C/fd.''.

a) IMPAIRMENT OF ASSETS AS-28:

On the aspect of compliance of AS-28 on impairment of assets, the management asserts that its assets have not undergone by impairment. Therefore no provision is called for the impairment of assets.

b) BORROWING COSTS AS-16:

There are no items of borrowing cost hence nothing is reportable.

c) RELATED PARTY DISCLOUSERS AS-18:

It is reported by the management and as per the information and explanations given to us. In our verification of books of accounts there are related party transactions:

As per Accounting Standard (AS-18) "Related Party Disclosures" notified in the Companies (Accounting Standards) Rules 2006, the disclosures of transactions with the related as defined in AS-18 are given below:

I. Key Management Personnel

1. Mr. Venkatesh Katwa Chairman

2. Mr. Vilas H. Katwa Managing Director -. ''

3. Mr. Deepak Katwa Director

II. Relative of Key Management Personnel

1. Mr. H.D. Katwa

2. Mrs. N.H. Katwa

3. Mr. Y. M. Katwa HUF

4. Mr. P.G. Katwa HUF

III. Enterprises where key management personnel have significant influence

1. Katwa Finlease Limited

2. Katwa Infotech Limited

3. Katwa Construction Co. Ltd.

4. Katwa Oil Limited

5. Katwa Finance & Investment Co. Ltd.

6. Katwa Inc (100% subsidiary of Katwa Infotech Ltd)


Mar 31, 2012

(1) Investments valued at other than cost All the above investments stated at cost except the following:

(i) Investments in partnership firms are stated at amount invested as capital contributions from time to time as adjusted by interest on capital, share or profit/loss from firm and drawings by the company from the firm

(ii] Investments in shares of a subsidary) shown as traded investments has been valued at cost less other than temporary diminution in value .

(2) Quoted Investments -

Aggregate amount Market value

(3) Unquoted Investments

Aggregate amount

Note:

Mode of Valuation :

(a} Raw Materials, Stores and Spares, Loose Tools and Packing materials are valued at cost

(b) Work-in-Progress are valued at cost or Net Realisable Value, whichever is lower

(c]Finished Goods and stock-in-trade are valued at cost or Net Realisable Value, whichever is lower

(A) Trade receivables outstanding for more than six months from the date they became due for pay- ment

(i) Secured, considered good

(ii) Unsecured considered good

(iii) Doubtful

Less: Allowance for bad and doubtful advances

(B) Trade Receivables (others)

(i) Secured, considered good

(ii) Unsecured considered good

(iii) Doubtful

Less: Allowance for bad and doubtful advances

4 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

Rs. Rs.

As at 31 As at 31 Particulars March 2012 March 2011

(A) Contingent Liabilities

(a) Claims against the company not acknowledged as debts

(b) Guarantees

(c) Other money for which company is contingently liable -Bills discounted with banks

(B) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

(b) Uncalled liability on shares and other investments partly paid

(c) Others

TOTAL (A) (B)l


Mar 31, 2010

I) The previous years figures have been reworked, regrouped, rearranged and re-classified wherever necessary. h) The sundry debtors, sundry creditors and advances are subject to Confirmation and are stated at book balances thereof.

ii) In the opinion of the Directors, current assets, loans and advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

iii) The unit is cement-manufacturing unit. During the year Company has manufactured cement. Company was also engaged in coke & Cement trading activities. The various quantity of raw material consumption and other inputs required for production of cement and consumption of electricity and other manufacturing expenses are highly technical in nature therefore; we have totally relied on the statement given by the management.

iv) Inventory valuation is as valued and certified by the management.

v) Company has availed modvat credit of Rs. 41,88,044/-comprises of modvat credit on capital goods Rs. 13,07,4191- and modvat credit on raw material Rs. 25,94,999/-, and Service Tax of Rs. 2,85,622/- The Company has deducted modvat credit of Rs. 24,04,118/- from the plant and machinery & Rs. 48,3 8,945/- from the raw materials. Balance amount of modvat of Rs. 2,69,668/-is carried forwarded.

b IMPAIRMENT OF ASSETS AS-28:

On the aspect of compliance of AS-28 on impairment of assets, the management asserts that its assets have not undergone by impairment. Therefore no provision is called for the impairment of assets.

c. BORROWING COSTS AS-16:

There are no items of borrowing cost hence nothing is reportable.

d. RELATED PARTY DISCLOUSERSAS-18:

It is reported by the management and as per the information and explanations given to us. In our verification of books of accounts there are related party transactions:

As per Accounting Standard (AS-18) "Related Party Disclosures" notified in the Companies (Accounting Standards) Rules 2006, the disclosures of transactions with the related as defined in AS-18 are given below:

L Key Management Personnel

1. Mr. H.D. Katwa, Chairman

2. Mr. Venkatesh Katwa Chairman

3. Mr. Vilas H. Katwa Managing Director

4. Mr. Deepak Katwa Director

II. Relative of Key Management Personnel

1. Mrs. N.H. Katwa Director

III. Enterprises where key management personnel have significant influence

1. Katwa Finlease Limited

2. Katwa Infotech Limited

3. Katwa Construction Co. Ltd.

4. Katwa Oil Limited

5. Katwa Finance & Investment Co. Ltd.

6. Katwa Inc (100% subsidiary of Katwa Infotech Ltd)

 
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