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Kesar Enterprises

BSE: 507180|NSE: KESARENT|ISIN: INE133B01019|SECTOR: Sugar
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Notes to Accounts Year End : Mar '17

1. Terms/rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value of '' 10 /- per Share. Each Holder of Equity Shares is entitled to one vote per Share. The Company declares and pays Dividends in Indian Rupees. The Dividend, if proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuing Annual General Meeting except for interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion of their holdings.

2. The Company follows Accounting standard 22 (AS-22) Accounting for taxes on Income, the Company has unabsorbed depreciation and carry forward losses under tax laws, deferred tax assets shall be recognized but on the consideration of prudence and in the absence of virtual certainty supported by convincing evidence of sufficient future taxable income, deferred tax asset is not recognized by the Company.

3. Some of the credit facilities have been classified as Non-Performing Assets (NPA) by certain banks. However, the company has provided interest on accrual basis. Any difference on account of interest and penal interest shall be accounted for as and when the same is settled with the respective banks.

4. The Company had filed a Reference with Board for Industrial and Financial Reconstruction (BIFR) as required under Section 15 of The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) on 18/05/2015. The said reference has been registered by BIFR as Case No. 121/2015 on 21/09/2015. Pursuant to repeal of SICA and dissolution of BIFR with effect from 1.12.2016, the Company has been allowed 180 days to opt for reference before National Company Law Tribunal (NCLT) under the recently notified ''The Insolvency and Bankruptcy Code, 2016'' (IBC).

5. The Company has incurred huge cash loss due to mismatch between high Sugar Cane Price and low Sugar Sales realization. The net worth of the Company is eroded completely. During the current year, the Company has made profit and there is positive cash flow due to firming up sugar prices. The Company expects the same trend to witness in forthcoming years and hence these financial statements have been prepared on a going concern basis, despite accumulated losses resulting in erosion of its net worth.

6. Sugar cane purchase price for the season 2016-2017 is accounted at State Advisory Price (SAP) '' 315/- per quintal for early, '' 305/- per quintal for general and '' 300/- per quintal for rejected varieties vide Press Note No. 2394CD/46-3-16-3(48)/98-99 dated 21-11-2017 by the State Government of Uttar Pradesh.

7. The previous period figures have been regrouped and re-casted wherever necessary. The current financial statements are prepared for the period of Twelve Months and hence not comparable with the previous period of Fifteen Months figures.

Source : Dion Global Solutions Limited
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