KND Engineering Technologies Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2014

Contingent Liabilities and commitments (to the extent not provided for)

SI. Name of the Nature of Amount Period to No. Statue Dispute (Rs.) it relates

a) Assam General Assessment 63816/- AY 1999-00 Sales Tax Act''93 dues

b) Commissioner Service Tax 1,23,71,352 01.10.2004 to of Service Tax 31.03.2007

c) Commissioner Service Tax 2,43,52,206/- 23.08.2007 to of Service Tax 31.03.2010

d) The Commissioner Income Tax 35,52,860/- AY 2010-2011 of Income Tax

SI. Name of the Forum where No. Statue case is pending

a) Assam General Commissioner Sales Tax Act''93 of Taxes

b) Commissioner CESTAT & of Service Tax Calcutta High Court

c) Commissioner CESTAT of Service Tax

d) The Commissioner Appeal of Income Tax

e) With respect to case filed by M/S Fab Leathers Ltd. in Supreme Court amount is not ascertainable.

2. There are outstanding guarantees given on behalf of the Company by Banks amounting to 13,79,58,192/- (2012-2013 Rs 24,79,09,065/-) .The bank guarantees are secured by way of lien against FDR''s amounting to Rs 2,29,10,000/-.

4. Directors Remuneration : Company has paid remuneration to Directors from April 2013 to March 2014.Total amount paid is Rs 84 lacs ( Mr. P.N.Dadina Rs 30.00 lacs, Mr N K Dadina Rs 27.00 Lacs, Ms V K Dadina Rs 27.00 lacs) (Previous Year Rs 84 lacs)

5. Property at 30, Shakespeare Sarani, Kolkata has been sold in 2009.The same property was released as per Hon''ble Calcutta High Court & Bombay High Court orders dated 16.3.2009 & dated 7.5.2009 respectively. However M/S Fab Leathers Ltd. has gone to Supreme Court claiming transfer of ownership of the said property & case is pending in Supreme Court. Our opinion is not qualified in respect of this matter.

7. There are no reportable segments requiring segment reporting as per Accounting Standard-17

b) Post Employment Defined Benefit Plans i) Gratuity (Funded)

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. A: per the scheme, the Gratuity Trust fund managed by the Trust, make payment to vested employee: on retirement, death, incapacitation or termination of employment, of an amount based on the re spective employee''s eligible salary for specified number of days (ranging from fifteen days to on< month) depending upon the tenure of service subject to a maximum limit of twenty months salary Vesting occurs upon completion of five years of service. Liabilities with regard to the Gratuity plan an determined by actuarial valuation, based upon which, the Company makes contribution to the Gratu ity funds.

a) There has been no change/ movements in number of shares outstanding at the beginning and at the end of the reporting period.

b) The company has only one class of issued shares i.e Ordinary Shares having par value of Rs. 10/- per share. Each holder of Ordinary Share is entitled to One vote per share and equal right for dividend. The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the ordinary shareholders are eligible to receive the remaining assets of the Company after payment of all preferential amounts, in proportion to their Shareholding.

c) The Company does not have any Holding Company/ ultimate Holding Company .

d) Details of Shareholders holding more than 5% Shares in the Company.

e) No Ordinary Shares have been reserved for issue under option and contracts/ commitments for the sale of shares/ disinvestment as at the Balance Sheet date

f) No Shares has been alloted or bought back by the company during the period of 5 years preceeding the date at which the Balance Sheet is prepared

g) No Securities convertible into Equity/ Prefrence Shares issued by the company during the year.

h) No calls are unpaid by any Director or Officer of the company during the year.

Note 2.16a a) Out of the above deposits Rs. 229.10 lacs is the margin money against Bank Guarantee.

b) It includes Rs.1.24 crores given as collateral security to Bank against short-term bank loan.

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Mar 31, 2013

1. There are outstanding guarantees given on behalf of the Company by Banks amounting to 24,79,09,065/- (2011-2012 Rs 15,00,44,136/-) .The bank guarantees are secured by way of lien against FDR''s amounting to Rs 2,99,26,000/-.

2. Directors Remuneration .Company has paid remuneration to Directors from April 2012 to March 2013.Total amount paid is Rs 84 lacs ( Mr. P.N.Dadina Rs 30.00 lacs, Mr N K Dadina Rs 27.00 Lacs, Ms V K Dadina Rs 27.00 lacs) (Previous Year Rs 84 lacs)

3. a) Property at 30, Shakespeare Sarani, Kolkata has been sold in 2009 by taking advance of Rs 43.00 crores.The same property was released as per Hon''ble Calcutta High Court & Bombay High Court orders dated 16.3.2009 & dated 7.5.2009 respectively. The matter has been taken to the Supreme Court filed by the respondent M/s Fab Leathers Ltd. During the proceeding of Asst.Year 2010-11, the sale was recog- nized by Income Tax department and accordingly assessment order was passed. Therefore the manage- ment has decided to record this profit in the books of account of the company as a prior period adjustment. As per Revised schedule VI, income & expenses relating to current financial year only shall be shown in the Statement of profit & loss account. Therefore the profit of Rs. 22.43 crore is shown by adjusting the opening Profit & loss account balance in note no.2.2 with carrying amount of land of Rs. 20.57 crore in Note no. 2.9 and Advance received against sale of land of Rs. 43.00 crore in Note no.2.8 of Financial statement.

b) The Company has also reversed the turnover of Rs. 6.87 crore which was recognized during FY 2011-12, due to its non recognition by the client in spite of all efforts from the management. It is also recognized as prior period adjustment and shown by adjusting the carrying amount of Trade receivables in Note no.2.16 and opening Profit & loss account balance in Note no.2.2 of financial statement.

4. Disclosure of related parties / related party transactions: A Key management Personnel & their relatives:

1. Mr. Pessi N Dadina Whole-time Director

2. Mr. N.K. Dadina Whole-time Director

3. Ms. V K Dadina Whole-time Director

4. Dr. (Mrs.) Z. P. Dadina Wife of Mr. Pessi N Dadina and

Mother of Ms. V.K. Dadina and Mr. N. K. Dadina

5. There are no reportable segments requiring segment reporting as per Accounting Standard-17

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Mar 31, 2011

1. There are outstanding guarantees given on behalf of the Company by Banks amounting to 16,42,69,638 (2009-2010 Rs 10,26,21,926) .The bank guarantees are 100% secured by lien against FDR's amounting to Rs 7,11,800/-

2. Directors Remuneration : Company has paid remuneration to Directors from April 2010 to March 2011.Total amount paid is Rs 84 lacs ( Mr. P.N.Dadina Rs 30.00 lacs, Mr N K Dadina Rs 27.00 Lacs, Ms V K Dadina Rs 27.00 lacs)

3. Property at 30, Shakespeare Sarani, Kolkata has been sold for Rs 43 Crore vide registered transfer deed dated 18.6.2009 . This Property was released as per Hon'ble Calcutta High Court & Bombay High Court order dated 16.3.2009 & dated 7.5.2009. Now it has been reported that the matter has gone to the Apex Court, and the Hon'ble Supreme Court is in Session over the matter being a SLP (Civil) Preferred by the respondent Fab Leathers Ltd. Since there is no interim order of stay or any other interlocutory order, it is open to the parties to take steps without prejudice in compliance with the order of the Appeal Court subject to the result and or/such step will abide by the ultimate result of the pending before the Hon'ble Supreme Court. Therefore the Company has decided not to recognize the sale, the carrying cost of the land as per books is Rs 20.57 Crores which has been shown in Fixed Asset Schedule E and has been capitalized w.e.f 1.4.2006. The amount received from the party Rs 43 Crores has been shown in Schedule D under unsecured loan.

4. Disclosure of related parties / related party transactions: A Key management Personnel & their relatives:

1. Mr. Pessi N Dadina Whole-time Director

2. Mr. N.K. Dadina Whole-time Director

3. Ms. V K Dadina Whole-time Director

4. Dr. (Mrs.) Z. P. Dadina Wife of Mr. Pessi N

Dadina and Mother of

Ms. V.K. Dadina and

Mr. N.K.Dadina

5. There are no reportable segments requiring segment reporting as per Accounting Standard-17.

6. Previous years' figures have been regrouped wherever necessary to confirm to this years' classification.

7. Employee Benefit

In Terms of the Guidance on implementing Accounting Standard (AS) 15 on Employee Benefits issued by the Accounting Standard Board of the Institute of Chartered Accountants of India, a provident fund set up by the Company is treated as a defined benefit plan in view of the Company's obligation to meet interest shortfall, if any. However, there is no such interest shortfall at the year end. According to the management on the basis of consultation with an actuary, actuarial valuation cannot be applied reliably to measure provident fund liabilities as at the year end in the absence of any guidance from the Actuarial Society of India. Accordingly, complete information required to be considered as per AS 15 in this regard are not available and the same could not be disclosed. During the year, the Company has contributed Rs 3364334./- Provident Fund ( Pension) to the PF Commissioner. a) Defined Contribution Plans The Company has recognised, in the Profit and Loss Account for the year ended 31st March, 2011 expenses

b) Post Employment Defined Benefit Plans

i) Gratuity (Funded)

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. As per the scheme, the Gratuity Trust fund managed by the Trust, make payment to vested employees on retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's eligible salary for specified number of days (ranging from fifteen days to one month) depending upon the tenure of service subject to a maximum limit of twenty months salary. Vesting occurs upon completion of five years of service. Liabilities with regard to the Gratuity plan are determined by actuarial valuation, based upon which, the Company makes contribution to the Gratuity funds.

Following are the further particulars with respect to Defined Benefit Plans for the year ended 31st March, 2011:-

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Mar 31, 2010

1. There are outstanding guarantees given on behalf of the Company by Banks amounting to 10,26,21,926/- (2008-2009 Rs 18,589,161/-). These bank guarantees are 100% secured by lien against FDRs amounting to Rs 8,57,49,013/-

2. The Company has settled its dues with secured creditor (IIBI), and no balance is left as on 31.3.2010

3. Construction materials and consumable stores and spare parts consumed.

4. Directors Remuneration : Company has paid remuneration to Directors from August 2010.Total amount paid is Rs 56 lacs ( Mr. P.N.Dadina Rs 20.00 lacs, Mr N K Dadina Rs 18.00 Lacs, Ms V K Dadina Rs 18.00 lacs)

5. Property at 30, Shakespeare Sarani, Kolkata has been sold for Rs 43 Crore vide registered transfer deed dated 18.6.2009 . This Property was released as per Honble Calcutta High Court & Bombay High Court order dated & dated 7.5.2009. Now it has been reported that the matter has gone to the Apex Court, and the Honble Supreme Court is in Session over the matter being a SLP (Civil) Preferred by the respondent Fab Leathers Ltd. Since there is no interim order of stay or any other interlocutory order, it is open to the parties to take steps without prejudice in compliance with the order of the Appeal Court subject to the result and or/such step will abide by the ultimate result of the pending before the Honble Supreme Court. Therefore the Com- pany has decided not to recognize the sale in financial year 2009-2010, the carrying cost of the land as per books is Rs 20.57 Crores which has been shown in Fixed Asset Schedule E and has been capitalized w.e.f 1.4.2006. The amount received from the party Rs 43 Crores has been shown in Schedule D under unsecured loan.

6. Disclosure of related parties / related party transactions : A Key management Personnel & their relatives :

1. Mr. Pessi N Dadina Whole -time Director

2. Mr. N.K. Dadina Whole -time Director

3. Ms. V K Dadina Whole -time Director

4. Dr. (Mrs.) Z. P. Dadina Wife of Mr. Pessi N

Dadina and Mother of Ms. V.K. Dadina and Mr. N.K.Dadina

7. There are no reportable segments requiring segment reporting as per Accounting Standard-17.

8. Previous years figures have been regrouped wherever necessary to confirm to this years classification.

9. Capital commitments not provided for (Net of advance) 2.85 Crore

10. Employee Benefit

In Terms of the Guidance on implementing Accounting Standard (AS) 15 on Employee Benefits issued by the Accounting Standard Board of the Institute of Chartered Accountants of India, a provident fund set up by the Company is treated as a defined benefit plan in view of the Companys obligation to meet interest shortfall, if any. However, there is no such interest shortfall at the year end. According to the management on the basis of consultation with an actuary, actuarial valuation cannot be applied reliably to measure provident fund liabilities as at the year end in the absence of any guidance from the Actuarial Society of India. Accordingly, complete information required to be considered as per AS 15 in this regard are not available and the same could not be disclosed. During the year, the Company has contributed Rs 3059744./- Provident Fund ( Pension) to the PF Commissioner.

b) Post Employment Defined Benefit Plans i) Gratuity (Funded)

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. As per the scheme, the Gratuity Trust fund managed by the Trust, make payment to vested employees on retirement, death, incapacitation or termination of employment, of an amount based on the respective employees eligible salary for specified number of days (ranging from fifteen days to one month) depending upon the tenure of service subject to a maximum limit of twenty months salary. Vesting occurs upon completion of five years of service. Liabilities with regard to the Gratuity plan are determined by actuarial valuation, based upon which, the Company makes contribution to the Gratuity funds.