Download PDF - Everest Kanto Cylinder Ltd.
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5. Related parties disclosures:<br />
1. Relationships:<br />
(a) Related parties where control exists:<br />
<strong>Everest</strong> <strong>Kanto</strong> Investment and Finance Private Limited<br />
Khurana Gases Private Limited<br />
Medical Engineers (India) Limited<br />
Khurana Fabrication Industries Private Limited<br />
Khurana Exports Private Limited<br />
<strong>Everest</strong> Industrial Gases Private Limited<br />
Khurana Charitable Trust<br />
Khurana Education Trust<br />
G.N.M. Realtors Private Limited<br />
Ukay Valves & Founders Private Limited<br />
(b) Key Management Personnel:<br />
Mr. Prem Kumar Khurana<br />
Mr. Puneet Khurana<br />
Mr. Pramod Samvatsar<br />
Mr. Pushkar Khurana<br />
(c) Relatives of Key management personnel and their<br />
enterprises, where transactions have taken place:<br />
Mr. S.S. Khurana<br />
Mrs. Suman Khurana<br />
Note: Related party relationship is as identified by the company<br />
and relied upon by the Auditors.<br />
2. Transactions with related parties:<br />
(Rs. in Lac)<br />
Related parties referred in<br />
Nature of Transactions<br />
1(a) above 1(b) above 1(c) above<br />
Sales:<br />
Goods 616.81) -) -)<br />
(759.96) (-) (-)<br />
Purchases:<br />
Raw Materials &<br />
Components -) -) -)<br />
(2,513.76) (-) (-)<br />
Consumables 46.85) -) -)<br />
(25.61) (-) (-)<br />
Expenses / Payments:<br />
Remuneration -) 945.98) -)<br />
(-) (445.17) (-)<br />
Rent 152.82) 3.00) 6.00)<br />
(112.93) (3.00) (6.00)<br />
Contribution to<br />
Charitable Funds -) -) -)<br />
(10.00) (-) (-)<br />
Other Expenses 47.97) 24.00) -)<br />
(32.10) (12.75) (-)<br />
Reimbursement of<br />
expenses -) -) -)<br />
(-) (-) (-)<br />
EVEREST KANTO CYLINDER LIMITED<br />
Related parties referred in<br />
Nature of Transactions<br />
1(a) above 1(b) above 1(c) above<br />
Finance and Investments:<br />
Investment in<br />
Equity Shares -) -) -)<br />
(29.90) (-) (-)<br />
Outstandings:<br />
Payables 140.64) 126.03) -)<br />
(642.23) (129.29) (5.40)<br />
Other Receivables 1,169.98) -) -)<br />
(1,201.17) (-) (20.00)<br />
Guarantees given for -) -) -)<br />
borrowings by the (-) (4,514.00) (-)<br />
Holding Company<br />
(to the extent of amount 3,127.45 (Jointly)<br />
oustanding there against) (1,811.49) (Jointly)<br />
(Previous year figures are in brackets)<br />
(Rs. in Lac)<br />
6. Assets taken on As at As at<br />
operating lease: 31.03.2011 31.03.2010<br />
(Rs. in Lac) (Rs. in Lac)<br />
The total future minimum<br />
lease rentals payable at the<br />
Balance Sheet date are as under:<br />
For a period not later than one year 112.97 219.71<br />
For a period later than one year<br />
and not later than five years 354.32 321.99<br />
For a period later than five years – 14.44<br />
7. Bonds / Undertakings given by the Holding Company under<br />
concessional duty / exemption schemes to government<br />
authorities (net of obligations fulfilled) aggregate<br />
Rs. 2,045.47 Lac as at the close of the year (31.03.2010<br />
Rs. 5,874.44 Lac).<br />
8. The Company, during Financial Year 2009 - 2010, changed<br />
its method of providing for depreciation on fixed assets from<br />
Written Down Value Method (WDV) to Straight Line Method<br />
(SLM). Accordingly, depreciation was recalculated in<br />
accordance with SLM from the date the assets were put to<br />
use and surplus of Rs. 2,943.20 Lac (net of tax) in respect of<br />
earlier years was credited to the Profit and Loss Account.<br />
Schedules forming part of Consolidated Financial Statements Annual Report 2010-11<br />
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