| 1. CORPORATE INFORMATION
Koa Tools India Limited is a public limited company domiciled in India,
incorporated on 20th September 1989 under Companies Act, 1956 vide
Corporate Identification Number (CIN) L28932UP1989PLC022049.The Shares
of the Company are listed on The U.P. Stock Exchange Association Ltd.,
Kanpur and The Bombay Stock Exchange, Mumbai. The Company is engaged in
trading of spare parts.
2. Terms/ rights attached to equity shares
The company has only one class of equity shares having par value of
Rs.1/- (P.Y. Rs. 21-) 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 proposed by the Board of Directors is
subject to the apporoval 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 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
shareholders.
Note 3
Contingent Liabilities
a. Income Tax - -
b. Investments Commitments for partly
paid shares under Non Current Investments 5,000,000 5,000,000
Note 4
The company filed a Petition for reduction of share capital of
the company with Honourable Allahabad High Court after the approval of
it's member in the AGM held on 10th September, 2012.The Scheme was
approved by the , Honourable High Court on 12th February, 2013. The
scheme was implemented during the financial year because record date
was fixed on 12.04.2013 and effective date was 23.04.2013, hence the
following imp act of this scheme on these financial statements as
under:-
(a) Cancellation of 1,48,00,000 Equity shares of Rs. 2 each aggregating
Rs. 2,96,00,000 by crediting Capital Reserve Account by an equivalent
amount.
(b) Cancellation of 50% remaining issued and paid up share capital of
the Company by reducing the paid value of 3,47,58,500 Equity Shares
from Rs. 2 per share to Rs. 1 per share and writing of f Rs. 3,47,
58,500 from the debit balance of Profit and Loss Account of the
Company; and
(c) Writing off balance amount of the debit balance of Profit and Loss
Account of the Company against the Capital Reserve Account to that
extent.
Note 5
No Provision for Taxation has been made because of the availability of
brought forward losses and depreciation as per the provisions of the
Income Tax Act, 1961.
Note 6
There is no party to the extent to which they could be identified as
Micro, Small and Medium Enterprises (MSMED), as none of the creditors
have confirmed to be registered under the MSMED Act, 2006.
Note 7 Retirement Benefits
Since none of the employee has completed the required period of
service, hence no provision for gratuity has been made.
Note 9
In the opinion of the board of directors, all the current assets,
loans & advances have value of realisation in the ordinary course of
business at least equal to the amount at which they are stated except
those are expressly stated and that all the known liabilities relating
to the period under review have been provided for.
Note 10
In the opinion of the board; none of the assets/ cash generating units
of the company is impaired.
Note 11
Parties balance is subject to confirmation from them.
Note 12
Previous Years Figures
Previous years' figures have been regrouped/ reclassified to confirm to
those of current year's figures where necessary.
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