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Kirloskar Brothers Investments Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
52 Week High/Low (Rs.) - FV/ML - P/E(X) -
Bookclosure - EPS (Rs.) - Div Yield (%) -
Year End :2015-03 
a. The Company has only one class of equity shares, having par value of RS. 10/- 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 equity shareholders.

b. Interim dividend declared twice for the period at the rate of 500% & 200% i.e. RS. 50/- per share & RS. 20/- per share. The Board of Directors do not recommend Final Dividend for the Financial Year 2014-2015 (For the previous year ended on March 31, 2014 final dividend RS.4/- per share).

c. In the financial year 2009-10, 5,288,718 aggregate No. of equity shares of RS. 10/- each were allotted as fully paid up without payment being received in cash pursuant to Scheme of Arrangement between Kirloskar Brothers Limited and Kirloskar Brothers Investments Limited and their respective shareholders under Sections 391 to 394 read with Sections 100 to 103 of the Companies Act, 1956.

NOTE B - 2 : RELATED PARTY DISCLOSURES

Related parties, as defined under Clause 3 of Accounting Standard (AS 18) "Related Party Disclosures" prescribed by Rule 7 of the Companies (Accounts) Rules, 2014, have been identified on the basis of representation made by the Key Management Persons and taken on record by the Board. Disclosure of transactions with Related Parties are as under:

A Names of the related parties where control exists

Sr.No. Name of the related party Nature of relationship

1.       Nashik Silk Industries Limited     Subsidiary Company
         (Refer Note C - 14)

2.       Pneumatic Holdings Limited         Subsidiary Company
         (w.e.f 16.09.2014)

3.       Kirloskar Pneumatic Company        Subsidiary Company
         Limited
4. Kirloskar Oil Engines Limited Subsidiary Company

5.       Kirloskar Roadrailer Limited       Subsidiary Company of 
                                            Kirloskar Pneumatic
                                            Company Limited
B Names of the related parties with whom transactions have been entered into

Sr.No. Name of the related party Nature of relationship

1.       Nashik Silk Industries Limited     Subsidiary Company
         (Refer Note C - 14 )

2.       Pneumatic Holdings Limited         Subsidiary Company
         (w.e.f 16.09.2014)

3.       Kirloskar Pneumatic Company        Subsidiary Company
         Limited
4. Kirloskar Oil Engines Limited Subsidiary Company

5.       Mr. Anil C. Kulkarni -             Key Managerial Personnel
         Executive director

6.       Mrs. Asmita A. Kulkarni            Relative of Key Managerial
                                            Personnel
NOTE B- 4 : CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF [jn RS.]

Sr.        Particulars                    2014-15         2013-14
No.

(a)      Disputed stamp duty demand           -         10,897,838

(b)      Disputed Income Tax demands-
         
         For A.Y 2010-2011                  544,740        544,740

                                TOTAL       544,740     11,442,578
NOTE B - 3 : EMPLOYEE BENEFITS

(i) Defined Contribution Plans:

Amount of RS. 897,703/- (RS. 835,282/-) is recognised as an expense and included in "Employee Benefits Expense" (Refer Note A -16 ) in the Profit and Loss Statement.

(ii) Defined Benefit Plans:

The amount recognized in the books of account in respect of defined benefit plan based on actuarial valuation is as follows :

(f) Principal actuarial assumptions at the balance sheet date

1. Discount rate as at 31.03.2015 : 7.80% (P.Y. : 9.20%)

2. Expected return on plan assets : 8.50% (P.Y. : 9.00%)

3. Salary growth rate : 7.50% (P.Y. : 7.50%)

4. The estimate of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

(g) General Description of defined plans:

The Company operates gratuity plan wherein every employee is entitled to the benefit as per scheme of the Company for each completed year of service. The same is payable on termination of service or retirement which ever is earlier. The benefit vests only after five years of continuous service.

NOTE B- 4 : MINIMUM ALTERNATE TAX (MAT)

During the current year the Company has paid Income tax under normal provisions of the Income Tax Act, 1961 and utilised MAT credit of RS. 36,64,955/-. Balance of MAT credit available as on 31.03.2015 is RS. 22,17,23,663/-. During previous year, the Company was liable to pay MAT.

NOTE B - 5:

For the current year, amount of dividend from subsidiaries is more than that declared by the Company and hence as per Section 115O (1A) of the Income Tax Act, 1961, provision for Dividend Distribution Tax is not required.

NOTE B - 6 : GENERAL DESCRIPTION OF LEASING ARRANGEMENTS:

The Company leases vehicles and has entered into various cancellable operating lease arrangements for the period of thirty six months. The accounting policy adopted by the company for operating lease is as stated in the Note B - 10.

NOTE B- 7 : Effective from April 1,2014 the Company has charged depreciation based on the revised remaining useful life of the assets as per the requirement of Schedule II of the Companies Act, 2013. Due to above, depreciation charge for the year ended March 31,2015 is higher by RS. 35,09,358/-. Further, an amount of RS.16,136/- representing the carrying amount of assets with revised useful life as nil, has been charged to the retained earnings as on April 01,2014 pursuant to the Companies Act, 2013.

NOTE B- 8 : On March 31, 2015 the Company sold 100% of it's investment (33,53,990 shares) in it's wholly owned subsidiary Nashik Silk Industries Limited (NSIL). Consequently NSIL ceases to be subsidiary of Kirloskar Brothers Investments Limited. Also the Company waived off the advance amounting to RS. 25,00,000/- given to NSIL as per share purchase agreement. The advance was given to NSIL when it was wholly owned subsidiary of the Company.

NOTE B- 9 : The Board of Directors in its meeting held on September 02, 2014, had approved the Composite Scheme of Arrangement and Amalgamation between Kirloskar Brothers Investments Limited (KBIL - Transferor Company), Pneumatic Holdings Limited (PHL - Resulting Company) and Kirloskar Oil Engines Limited (KOEL - Transferee Company) and their respective shareholders and creditors under Section 391 to 394 and other relevant Sections of the Companies Act, 1956, and relevant Section of the Companies Act, 2013, to the extent applicable. The Scheme was approved by public shareholders of the Company through Postal Ballot on February 17,2015 pursuant to circulars of SEBI issued in this behalf and by the equity shareholders of the Company by the Court convened meeting held on February 18, 2015. The petition seeking sanction of the Scheme has been filed before the Hon'ble Bombay High Court bearing CSP No. 159 of 2015. The hearing on said petition concluded on April 30, 2015 and an order of the Hon'ble Bombay High Court is awaited till date.

NOTE B- 10 : In order to facilitate the Composite Scheme of Arrangement & Amalgamation between the Company (KBIL), Pneumatic Holdings Limited (PHL) & Kirloskar Oil Engines Limited (KOEL), the Company incorporated "Pneumatic Holdings Limited" on 16 September 2014 and subscribed to 100% equity shares of Rs. 20,000,000/- thus making PHL it's wholly owned subsidiary.

NOTE C- 11 : Previous year's figures have been regrouped, wherever necessary.


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