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, 2012
A. 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.
A. Term loan from Bank of Baroda was taken during the financial year
2007-08 and carries interest @ 13.5% p.a. The loan is repayable in 16
quarterly installment of' 1671 (in Ã000) and 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 , hypothecation of DP Note, 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 Gulguiia ,
Director of the company.
B. Car loan from HDFC Bank 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 Ã000), inclusive of interest from
the date of loan.The car loan is secured by hypothecation of Mercedes
Car itself.
C. Car loan from Axis Bank was taken during the financial year
2009-2010 and carries interest @ 10.60% p.a. the loan is repayable in
36 monthly installment of' 20.51 (in Ã000), inclusive of interest
from the date of Loan.The car loan is secured by hypothecation of Fiat
Lenia Car itself.
D. Car loan from Axis Bank was taken during the financial year
2009-2010 and carries interest @ 12.22% p.a. the loan is repayable in
36 monthly installment of' 13.06 (Rs in 000), inclusive of interest
from the date of Loan.The car loan is secured by hypothecation of
Maruti Dezire itself.
E. Car loan from Kotak Mahindra Bank was taken during the financial
year 2009-2010 and carries inter- est @ 9.86% p.a. the loan is
repayable in 36 monthly installment of' 16.02 (Rs in 000), inclusive of
interest from the date of Loan.The car loan is secured by hypothecation
of Bolero itself.
F. Car loan from Kotak Mahindra Bank was taken during the financial
year 2009-2010 and carries inter- est @ 5.75% p.a. the loan is
repayable in 36 monthly installment of Rs. 9.61 (Rs in 000), inclusive
of interest from the date of Loan.The car loan is secured by
hypothecation of Wagon-R itself.
a. For current Maturities of long term borrowings please refer to
notes of point 4.
b. The cash credit from Bank of Baroda was taken during the financial
year 2010-11 and carries interest @16% & 13.5 % p.a. 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 , hypothecation
of DP Note, Book Debts , Equitable mortgage of Land and
buiiding/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.
C. The Packing credit Loan from Bank of Baroda was taken during the
financial year 2009-10 and carries interest @13.5 % p.a. The loan is
repayable as per term each along with interest.from the date of
loan.The Packing credit loan is secured by hypothecation of both
present and future stock of raw material, work in progress, Finished
goods , hypothecation of DP Note, Book Debts , Equitable mortgage of
Land and buiiding/Factory Shed and hypothecation of Plant & Machinery
of the com- pany 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.
D. The Buyers credit Loan from Bank of Baroda was taken during the
financial year 2010-11 and carries interest @4.50 % p.a. The loan is
repayable as per term each along with interest.from the date of
loan.The Buyers credit loan is secured by hypothecation of both present
and future stock of raw material,work in progress,Finished goods ,
hypothecation of DP Note, Book Debts , Equitable mort- gage of Land and
building/ Factory Shed and hypothecation of Plant & Machinery of the
company lying in and/or stored and 7 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.
1. Contingent Liabilities and Commitments
As at As at
31/03/2012 31/03/2011
(Rs. in Thousands) (Rs. in Thousands)
A. Contingent Liabilities
(a) Bank Guarantee given in favour
of WBSEB and superintending
Engineering 321.10 1,248.30
(b) Other money for which the
Company is contingently liable:
i. Export Bills discounted
with Banks 10,189.14 10,024.66
ii. Letter of Credit - 6,708.29
iii. Corporate Guarantee has been given to Bank of Baroda for loan
taken by subsidiary M/s Eco Wheels Private Limited
2. The company has issued equity shares of Rs. 10/-each on right
basis at a price of '15/- per share in the ratio of 17:10 in April 2011
aggregating to 10,199,329 shares. Against a total amount receive of'
1529.90 lakhs the company has refunded Rs. 433.30 lakhs to the
shareholders. The company has utilized the balance Rs. 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. Till the year ended 31 March 2011, the company was using
pre-revised Schedule VI to the Companies Act 1956, for preparation and
presentation of its financial statements.During the year ended 31 March
2012, the revised Schedule VI notified under the companies Act 1956,
has become applicable to the company. The company has
reclassified/rearranged/regrouped previous year figures to conform to
this yearÃs classification.
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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