1. Corporate Information:
Karnimata Cold Storage Limited was incorporated as a private limited
company on 29th of April, 2011 later on converted into a public limited
company w.e.f. 4th December, 2012 under the provisions of the Companies
Act, 1956. The company is engaged in cold storage business. It
initially set up during FY 2011-12, 18,000 M.T. Cold storage in
Medinipur district (West Bengal) for preservation of potatoes and
during the FY 2013-14 the capacity was increased by 7,500 M.T. The
company came with Initial Public Offering (IPO) of Rs 303.6 Lakhs
during the FY -13-14, and was listed on SME Platform BSE Limited on
18th March 2014.
2. Basis of preparation of financial statements:
The financial statements have been prepared and presented under the
historical cost convention on the accrual basis of accounting following
generally accepted accounting principles in India (GAAP) and comply
with the Accounting Standards issued by the Institute of Chartered
Accountants of India & notified under the Companies (Accounting
Standards) Rules 2006 as amended and the relevant provisions of the
Companies Act, 2013. The financial statements are presented in Indian
rupees.
3. Terms/Rights attached to Equity Shares
Equity Shares carry voting rights at the General Meeting of the Company
and are entitled to dividend and to participate in surplus, if any, in
the event of winding up.
* Secured by way of equitable mortgage of land,situated at Chekuasole,
Goalture, Paschim Medinipur, 2 residential flats - one situated at
paschim medinipur and one situated at kolkata, land & building at
Salbony(paschim medinipur) fixed deposits of Rs. 65 lacs, SBI Life
Insurance of Rs. 5 lacs and third party guarantee given by directors of
the company.
Sactioned Rs. 6 crores on 18.11.2011 and now bears interest @ 12.80%
p.a. repayable in 16 half yearly installments comprising of 1st 6
installments of Rs. 30 lacs each next 6 installments of Rs. 40 lacs
each and last 4 installments of 'Rs.45 lacs each due on 30thJune and
31st December each year, starting from 30/06/2012.
Sactioned Rs.3 crores on 28.01.2014 and now bears interest @ 13.55%
p.a. repayable in 16 half yearly installments comprising of 1st 4
installments of Rs. 10 lacs each next 8 installments of Rs.15 lacs each
next 2 installments of Rs.30 lacs each and last 2 installments of Rs.40
lacs each due on 30th September and 31st March each year, starting from
30/09/2014.
* Bearing Intrerest @ 12.35% p.a. sanctioned on 30.01.2015, secured by
way of assignment of receipts of potatoes stored.
** Secured against hypothecation of stocks, fuel, lubricants, book
debts, rent receivables and other current assets of the company,
bearing interest @ 13.50% p.a.
*** Without any Interest, Repayable on demand
4. Contingent liability 2,000,000 1,300,000
(For bank guarantee given in favor of WBSED CO.LTD.)
5. Deferred Tax Asset
On Carry forward of losses for the year under Income Tax Act in
compliance with AS 22 and in consideration of prudence, no deferred tax
asset has been created as there is no virtual certainty that sufficient
future taxable income will be available against which such deferred tax
asset can be realized. On the same grounds no deffered tax Assets has
been created in respect of Preliminary expenses.
6. Government grants:
The Company has applied for state subsidy under The West Bengal State
Support for Industries Scheme, 2008, but no capital subsidy received
during the year.
Revenue subsidy, in the form of waiver of electricity duty Rs 122,847
received during the year and the same has been duly recognised in the
statement of Profit and Loss vide Note No. 19
7. Related Party Disclosure
(Parties with whom transactions have taken place during t he year.)
Name of the related parties Short Name Relationship
(i) Pradeep Lodha PL Managing Director
(ii) Asha Ladia AL Director
(iii) Sushila Lodha SL Wife of PL
(iv) Supreme Lodha SPL CEO & Son of PL & SL
(v) Subrat Kumar Nayak SKN Company Secretary
(vi) Karunamoy Bandyopadhyay KB Manager
(vii) Nand Lal Lodha NLL Father of PL
(viii) Janu Infrastructure Private Limited JIPL Associates of the
Company
(ix) Pratyush Mercantile Private Limited PMPL Associates of the
Company
(x) SRG Trading Private Limited STPL Associates of the
Company
8. In the opinion of the board of directors, the current assets, loans
and advances are approximately of the realizable value in the ordinary
course of business unless otherwise stated. The Provision for all known
liabilities is adequate and is not in excess of the amount reasonably
necessary.
9. Based on the Information available with the company, the balance due
to micro, small and medium enterprises as defined under the "Micro,
small & medium enterprises development Act, 2006" is NIL
10. Previous year's figures have been regrouped/ reclassified wherever
necessary to correspond with the current year's disclosure.
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