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11. Assets taken on operating lease:
(Rs. in Lac)
As at As at
31.03.2011 31.03.2010
The total future minimum lease
rentals payable at the Balance
Sheet date are as under:
For a period not later than one year
For a period later than one year
72.78 173.22)
and not later than five years 256.54 222.68)
For a period later than five years
Assets given on operating lease:
– –)
(i) Cylinders:
Gross Carrying Amount 346.72 76.48)
Depreciation for the year 16.56 2.80)
Accumulated Depreciation 21.58 5.02)
(ii) The total future minimum lease
rentals receivable at the Balance
Sheet date are as under:
For a period not later
than one year
For a period later than one year
72.78 16.08)
and not later than five years 267.55 57.68)
For a period later than five years – –)
12. Computation of profit for 2010-2011 2009-2010
Earnings per Share: (Rs. in Lac) (Rs. in Lac)
Profit for the year before earlier
year adjustments 2,246.05 2,144.89)
Add / (Less): Tax adjustments for
earlier year (net) 5.70 (82.79)
Profit for the year before excess
depreciation written back 2,251.75 2,062.10)
Add / (Less): Excess Depreciation
written back (net to tax) – 1,986.69)
Net Profit 2,251.75 4,048.79)
Weighted Average No. of
Equity Shares 105,859,052 101,157,682)
Number of Equity Shares out -
standing at the end of the year 107,157,682 101,157,682)
Nominal Value per share (in Rs.) 2.00 2.00)
Basic and Diluted Earnings
Per Share (in Rs.) before
Excess Depreciation written back 2.13 2.04)
Basic and Diluted Earnings
Per Share (in Rs.) after
Excess Depreciation written back 2.13 4.00)
Note: FCCBs are considered to be anti dilutive for the
purpose of calculation of Earnings Per Share.
EVEREST KANTO CYLINDER LIMITED
13. Deferred Tax: (Rs. in Lac)
As at As at As at
31.03.2011 31.03.2010 31.03.2009
Deferred Tax Liability
on account of:
Depreciation
Deferred Tax Asset
on account of:
Taxes and Duties on
1,990.49 2,231.60 757.62)
Inventories
Shares / FCCB Issue
340.48 492.64 645.19)
Expenses 195.33 237.95 279.17)
Employee Benefits 67.45 85.45 62.85)
Others – – 5.10)
Deferred Tax Liability /
603.26 816.04 992.31)
(Asset) (net) 1,387.23 1,415.56 (234.69)
14. Related parties disclosures:
1. Relationships:
(a) Subsidiary Companies:
EKC Industries (Tianjin) Co. Ltd., China
EKC International FZE, UAE
EKC Industries (Thailand) Co. Ltd., Thailand
Calcutta Compressions & Liquefaction
Engineering Ltd. (CC&L)
(b) Step Down Subsidiary Companies:
EKC Hungary Kft, Hungary
CP Industries Holdings, Inc., USA
(c) Other related parties where control exists:
Everest Kanto Investment and Finance Private Limited
Khurana Gases Private Limited
Medical Engineers (India) Limited
Khurana Fabrication Industries Private Limited
Khurana Exports Private Limited
Everest Industrial Gases Private Limited
Khurana Charitable Trust
Khurana Education Trust
G.N.M. Realtors Private Limited
Ukay Valves & Founders Private Limited
(d) Key Management Personnel:
Mr. Prem Kumar Khurana
Mr. Puneet Khurana
Mr. Pramod Samvatsar
(e) Relatives of Key management personnel and their
enterprises, where transactions have taken place:
Mr. S.S. Khurana
Mrs. Suman Khurana
Note: Related party relationship is as identified by the
Company and relied upon by the Auditors.
Schedules forming part of Financial Statements Annual Report 2010-11
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