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KSB Pumps

BSE: 500249|NSE: KSBPUMPS|ISIN: INE999A01015|SECTOR: Pumps
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Dec 15
Notes to Accounts Year End : Dec '16

1. The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/-. Each shareholder of equity shares is entitled to one vote per share.

2. Aggregate number of equity shares allotted as fully paid up by way of bonus shares for the period of five years immediately preceding the Balance Sheet date - 17,403,922 (previous year - 17,403,922).

3. Number of shares held by each shareholder holding more than 5% shares in the company are as follows:

4. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amount exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

5. Principal amount payable to Micro and Small Enterprises (to the extent identified by the Company from available information and relied upon by the auditors) as at 31/12/2016 is Rs. 0.24 Million (previous year -Rs.0.47 Million) including unpaid amounts of Rs. Nil (previous year - Rs. Nil) outstanding for more than 45 days. Estimated interest due thereon is Rs. Nil (previous year - Rs. Nil).

6. Amount of payments made to suppliers beyond 45 days during the year is Rs. 2.99 Million (previous year -Rs.3.93 Million). Interest paid thereon is Rs. Nil (previous year - Rs. Nil) and the estimated interest due and payable thereon is Rs. 0.06 Million (previous year - Rs. 0.09 Million).

7. The amount of estimated interest accrued and remaining unpaid as at 31/12/2016 is Rs. 2.03 Million (previous year - Rs. 1.97 Million).

8. The amount of estimated interest due and payable for the period from 01/01/2017 to actual date of payment or 30/01/2017 (whichever is earlier) is Rs. Nil.

9. As the Company also sells as spare parts (for goods manufactured and sold by it), some of its bought-out components, the items shown above as consumption include cost of such items sold, this being an activity ancillary to its manufacturing activity.

10. The Company is of the opinion that the purchase & sale of such bought-out components is a part of its activity to manufacture and deliver a complete pump unit and, therefore, is not a trading activity as referred to in paragraph 5(ii)(b) of Part II of Schedule III to the Companies Act, 2013.

11. The consumption figures in value are balancing figures ascertained on the basis of opening stocks plus purchases less closing stocks and therefore, include adjustments for excesses and shortages ascertained on physical count, etc.

12. In addition to spares purchased for resale, the Company also sells as spares some of its bought-out components. The Company is of the opinion that the purchase and sale of such bought-out components is a part of its activity to manufacture and deliver a complete pump unit and therefore, is not a trading activity as referred to in paragraph 5(ii)(b) of Part II of Schedule III to the Companies Act, 2013.

13 - Research and Development expenditure debited to the Statement of Profit and Loss aggregating Rs. 2.93 Million (previous year - Rs. 2.94 Million) has been incurred by the Company and disclosed under Miscellaneous expenses (Refer note 25).

Note 34 - The net exchange differences arising during the year recognized appropriately in the Statement of Profit and Loss - net gain- Rs. 12.76 Million (previous year - net loss - Rs. 20.88 Million)

14. Disclosures under Accounting Standards

15. Details of Employee Benefits as required by the Accounting Standard 15 (Revised) Employee benefits are as under:

16. Defined contribution plan

Amount recognized as an expense in the Statement of Profit and Loss in respect of Defined Contribution Plan towards Provident Fund is Rs. 54.21 Million (previous year Rs. 54.61 Million).

17. Defined benefit plans

18. Actuarial gains and losses in respect of defined benefit plans are recognized in the Statement of Profit & Loss.

19. The Defined Benefit Plans comprise of Gratuity and superannuation.

Gratuity is a benefit to an employee based on 15/20/25/30 days (depending on the grade/category of the employee and the completed years of service) last drawn salary for each completed year of service.

Superannuation is a benefit to certain employees at Rs. 1000 / 500 / 250 (depending on the grade/ category of the employee and the completed years of service) per month for each completed year of service.

20. - Where a financial report contains both consolidated financial statements and separate financial statement for the parent, segment information needs to be presented only in case of consolidated financial statements. Accordingly, segment information has been provided only in the consolidated financial statements.

21. - Details of provisions and movements in each class of provisions as required by the Accounting Standard on ‘Provisions, Contingent liabilities and Contingent assets’ (AS-29)

22. - Earnings per Share

23. The amount used as the numerator in calculating basic and diluted earnings per share is the Profit for the year attributable to the equity shareholders disclosed in the Statement of Profit and Loss.

24. The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is 34,807,844.

25. - Repairs to machinery include Rs. 37.92 Million (previous year - Rs. 36.06 Million) spares consumed.

26. - Provision for taxation for the year is an aggregate of the provision made for the year ended 31st March, 2016 as reduced by the provision for 9 months up to 31st December, 2015 and the provision based on the figures for the remaining 9 months up to 31st December, 2016. However, the ultimate tax liability for the remaining 9 months up to 31st December, 2016 will be determined based on the results for the year 1st April, 2016 to 31st March, 2017.

27. - The prescribed Corporate Social Responsibility (CSR) expenditure required to be spent in for year 2016 as per Section 135 of the Companies Act, 2013 is Rs. 19.90 Million. The Company has spent Rs. 19.90 Million towards CSR. No amount has been spent on construction/acquisition of an asset of the Company.

28. - Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification/disclosure.

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