Mar 31, 2015
1. General Information about KPT
Kulkarni Power Tools Ltd. [KPT], is a Public Limited Company
incorporated on 30th July,1976, under the provisions of Companies
Act,1956. Its shares are listed at Bombay Stock Exchange. The Company
is mainly engaged in the business of Electric Power Tools and Roots
(Positive Displacement) Blowers / Exhausters for a wide variety of
applications.
2. Basis of Preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and
the relevant provisions of the Companies Act, 2013. The financial
statements have been prepared on an accrual basis and under the
historical cost convention except free hold land which was revalued
during the financial year 2003-04.
The estimates of future salary increase, considered in actuarial
valuation, taking into account of inflation, seniority, relevant
factors, such as supply and demand in the employment market.
Brief description of the nature of the obligation and the expected
timing of any resulting outflows of economic benefits.
Product Warranty:
Accruals have been made in respect of warranties given by the Company
for the sales made during the year based on past experience.
Mar 31, 2014
1 General Information about KPT
Kulkarni Power Tools Ltd., [KPT] is a Public Limited Company
incorporated on 30th July 1976 under the provisions of Companies Act,
1956. Its shares are listed at Bombay Stock Exchange. The Company is
mainly engaged in the business of Electric Power Tools and Roots (
Positive Displacement) Blowers / Exhausters for a wide variety of
applications.
2 Basis of Preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies ( Accounting Standards ) Rules, 2006 ( as amended )
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention except free hold land which was revalued
during the financial year 2003-04.
In Rs.
2014 2013
3 Contingent Liabilities and Commitments (To
The Extent Not Provided For)
A) Contingent Liabilites
Sales Tax 2,325,562 233,690
Central Excise 17,405,558 459,569
19,731,120 693,259
Signifcant Accounting Policies relating to Segment Reporting
a. Business Segments are determined on the basis of the goods
manufactured and in accordance with Accounting Standard 17.
b. Segment report is prepared in conformity with accounting policies
adopted for preparing and presenting financial statements.
Brief description of the nature of the obligation and the expected
timing of any resulting outflows of economic benefits.
Product Warranty :
Accruals have been made in respect of warranties given by the Company
for the sales made during the year based on past experience.
4 Previous year''s figures have been regrouped wherever necessary.
5 Figures in the brackets pertain to previous year.
Mar 31, 2013
1 General Information about KPT
Kulkarni Power Tools Ltd., [KPT] is a Public Limited Company
incorporated on 30th July,1976, under the provisions of Companies Act,
1956. Its shares are listed on the Bombay Stock Exchange. The Company
is engaged in manufacturing of Electric Power Tools and Twin Lobe
Blowers for a wide variety of applications. KPT exports its products
to United Kingdom, Middle East, East Africa, Nigeria and South Africa,
South East Asia and SAARC countries.
2 Basis of Preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP). The Company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the Companies ( Accounting Standards ) Rules, 2006 ( as amended )
and the relevant provisions of the Companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention except free hold land which was revalued
during the financial year 2003-04.
In Rs.
2013 2012
3 Contingent Liabilities and Commitments (To
The Extent Not Provided For)
A) Contingent Liabilities
Sales Tax 233,690 57,282
Central Excise 459,569 -
693,259 57,282
4 Previous year''s figures have been regrouped wherever necessary.
5 Figures in the brackets pertain to previous year.
Mar 31, 2012
(a) Rights of equity shareholders
The Company has only one class of equity shares, having par value of Rs.
5/- per share. Each holder of equity share is entitled for one vote per
share and has a right to receive dividend as recommended by the Board
of Directors, subject to the necessary approval from the shareholders.
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive remaining assets of the Company
after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the
shareholders.
In Rs.
2012 2011
1 Contingent Liabilities and Commitments
(To The Extent Not Provided For)
A) Contingent Liabilities
Income Tax - 42,488
Sales Tax 57,282 157,282
B) Commitments
a) Estimated amount of contracts remaining
to be executed on 3,468,955 17,499,862
capital account and not provided for
b) Other Commitments :
i) Please refer Note No.43 for Lease
commitments. 6,456,368 5,518,480
ii) The Company has obtained sales tax
payment deferral benefit under Package
Scheme of Incentive 1988 and 1993
scheme. The Company is obliged to
comply the conditions specified
under the said scheme. The outstanding
balance payable under the said scheme is - 64,787,477 66,234,949
2 Based on available information, presently, there are no amounts
payable to parties covered under the Micro, Small and Medium
Enterprises Development Act, 2006.
3 Leased Assets:
Disclosure as per Accounting Standard - 19 on Leases as per Companies
Accounting Standard Rules.
a) i) The Company has taken certain premises on operating lease. The
Agreements entered into provide for renewal and rent escalation clause.
b) i) The Company has given Land and Building under operating lease.
ii) Particulars of future minimum lease payments in respect of the same
are as mentioned below:
Brief description of the nature of the obligation and the expected
timing of any resulting outflows of economic benefits.
Product Warranty:
Accruals have been made in respect of warranties given by the Company
for the sales made during the year based on past experience.
4 Previous year Figures
Till the year ended 31st 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 31st March, 2012,
the revised Schedule VI notified under the Companies Act 1956, has
become applicable to the Company. The Company has reclassified previous
year figures to conform to this year's classification.
5 Figures in the brackets pertain to previous year.
Mar 31, 2011
In Rs.
2011 2010
1. Contingent Liabilities not
provided for
Sales Tax 157,282 157,282
Income Tax 42,488 42,488
Significant Accounting Policies relating to Segment Reporting
a. Business Segments are determined on the basis of the goods
manufactured and in accordance with Accounting Standard 17.
b. Segment report is prepared in conformity with accounting policies
adopted for preparing and presenting financial statements.
II. Defined Benefits Plan
Gratuity
Gratuity is payable to all eligible employee on retirement, death or
termination in terms of provision of the Payment of Gratuity Act. The
Company makes yearly contribution to a Gratuity Trust equal to premium
of Group Gratuity Insurance with Life Insurance Corporation of India.
2. There are claims on the Company raised by an ex-dealer. The
Company is advised that the claims are not tenable either on the facts
or in law. The Company has not acknowledged them as debt and has
already initiated legal action against the ex-dealer.
3. Leased Assets:
Disclosure as per Accounting Standard-19 on Leases as per Companies
Accounting Standards Rules:
i) The Company has taken certain premises on operating lease. The
Agreements entered into provide for renewal and rent escalation clause.
4. Based on available information, presently, there are no amounts
payable to parties covered under the Micro, Small and Medium
Enterprises Development Act, 2006.
5. Disclosure of Related Parties & Related Party Transactions :
Names of the related parties with whom transactions were carried out
during the year and description of relationship :
1. Key Management Personnel (KMP) Designation
i. Shri Prakash A.Kulkarni Managing Director (M.D.)
ii. Shri Dilip B. Kulkarni Executive Director (E.D.)
2. Relatives of Key Management
Personnel
Name of the transacting related party Nature of relationship
i. Late Smt. Malati A.Kulkarni Mother of M.D.
ii. Shri Ajit A. Kulkarni Brother of M.D.
iii. Shri Ashok A. Kulkarni Brother of M.D.
6. Figures of the previous year have been regrouped where necessary.
7. Figures in the brackets pertain to previous year.
Mar 31, 2010
In Rs.
2010 2009
1. Contingent Liabilities not provided for
Sales Tax 157,282 157,282
Income Tax 42,488 --
2. Voluntary Retirement Scheme
Voluntary Retirement Scheme compensation Rs. 13,063,154 paid during
2006-07 has been treated as Deferred Revenue Expenditure to be written
off over a period of four years. Amount written off during the year is
Rs.3,483,513. (Previous year Rs.3,483,505).
Significant Accounting Policies relating to Segment Reporting
a. Business Segments are determined on the basis of the goods
manufactured and in accordance with Accounting Standard 17.
b. Segment report is prepared in conformity with accounting policies
adopted for preparing and presenting financial statements.
3. There are claims on the Company raised by an ex-dealer. The
Company is advised that the claims are not tenable either on the facts
or in law. The Company has not acknowledged them as debt and has
already initiated legal action against the ex-dealer.
4. Leased Assets:
Disclosure as per Accounting Standard-19 on Leases issued by the
Institute of Chartered Accountants of India:
i) The Company has taken certain premises on operating lease. The
Agreements entered into provide for renewal clause and do not provide
for escalation in rent (except in one case) and sub leasing.
5. Based on available information, presently, there are no amounts
payable to parties covered under the Micro, Small and Medium
Enterprises Development Act, 2006.
6. Disclosure of Related Parties & Related Party Transactions :
Names of the related parties with whom transactions were carried out
during the year and description of relationship:
1. Key Management Personnel (KMP) Designation
i. Shri PrakashA.Kulkarni Managing Director (M.D.)
ii. Shri Ashok A.Kulkarni Ex-Joint Managing Director
(upto 24.06.2009) (Ex-Jt.M.D.)
iii. Shri Dilip B. Kulkami Whole Time Director (W.T.D.)
2. Relatives of Key Management Personnel
Name of the transacting related party Nature of relationship
i. Shri Sahil A.Kulkarni Son of Ex-Jt.M.D.
ii. Late Smt. Malati A.Kulkarni Mother of M.D. and Ex-Jt.M.D.
iii. Smt. Sunanda A.Kulkarni Wife of Ex-Jt.M.D.
iv. Shri Ajay A. Kulkarni Son of Ex-Jt.M.D.
v. Shri Ajit A. Kulkarni Brother of M.D. & Ex-Jt. M.D.
7. Figures of the previous year have been regrouped where necessary.
8. Figures in the brackets pertain to previous year.
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