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B L Kashyap & Sons Ltd.
Market Cap. (Rs.) 726.03 Cr. P/BV 1.46 Book Value (Rs.) 23.11
52 Week High/Low (Rs.) 72/29 FV/ML 1/1 P/E(X) 35.23
Bookclosure 29/09/2017 EPS (Rs.) 0.96 Div Yield (%) 0.00
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2017-03 

Note 1- Other Notes on Accounts Contingent Liabilities :

(b) The company has not provided for penal and overdue interest on the Outstanding Loans as on 31st March, 2017.Pending Settlement The aggregate of such panel and overdue interest of Rs. 13,73,38,687.

(c) Differential amount of Interest sacrificed by Bankers pursuant to scheme of Corporate Debt Restructuring (Refer Note 6A) amount Rs. 33.61 Cr as Bankers have a right of recompose of sacrifices.

(d) Additional tax liability, if any pending assessments is indeterminate.

(e) No disputed/legal cases which may have any material and adverse financial implication pending against the company.

2. Guarantees :

(a) Liability in respect of Bank Guarantees is Rs, 102,40,54,450 (Previous year Rs.118,12,50,798)

(b) Corporate Guarantees' of Rs, 175,22,61,985 (Previous year Rs, 177,52,12,172) in favour of:

- Clients Rs, 33,22,61,985

-On behalf of Subsidiaries Rs, 142,00,00,000

3 Other Money for which the Company is liable :

Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs, 4,18,81,261.

Related Party Disclosure

4. List of Related Parties

A. Enterprises in which the Company has control Relationship

i Security Information Systems (India) Ltd. Wholly owned subsidiary

ii B.L.K. Lifestyle Ltd. Wholly owned subsidiary

iii B.L.K. Infrastructure Ltd. Wholly owned subsidiary

iv Soul Space Projects Ltd. Subsidiary

v Soul Space Realty Ltd Step Down Subsidiary

vi Soul Space Hospitality Ltd Step Down Subsidiary

B. Other related Parties

(i) Joint Ventures BLK NCC Consortium

BLK-BILIL Consortium

(ii) Associates Status

(a) B.L.K. Financial Services Limited Limited Company

(b) B.L.K. Securities Private Limited Private Limited Company

(c) Ahuja Kashyap Malt Pvt. Ltd. Private Limited Company

(d) Bezel Investments & Finance Pvt. Ltd. Private Limited Company

(e) B.L. Kashyap & Sons Partnership Firm

(f) Kasturi Ram Herbal Industries Partnership Firm

(g) Aiyana Trading Pvt. Ltd. Private Limited Company

(h) Chrysalis Trading Pvt. Ltd. Private Limited Company

(i) Chrysalis Realty Projects (P) Ltd Private Limited Company (j) EON Auto Industries Pvt. Ltd. Private Limited Company (k) Suryakant Kakade & Soul Space Partnership Firm

(l) B L Kashyap & Sons Software Pvt.Ltd Private Limited Company

(m) Behari Lal Kashyap (HUF) HUF

(n) Becon (I) Partnership Firm

(0) Baltic Motor Private Limited Private Limited Company

(iii) Key Management Personnel

(a) Mr. Vinod Kashyap Chairman

(b) Mr. Vineet Kashyap Managing Director

(c) Mr. Vikram Kashyap Joint Managing Director

(iv) Relatives of Key Management Personnel

(a) Mr. Mohit Kashyap Son of Mr.Vinod Kashyap

(b) Ms. Malini Kashyap Goyal Daughter of Mr.Vinod Kashyap

(c) Mr. Saurabh Kashyap Son of Mr.Vineet Kashyap

(d) Ms. Anjoo Kashyap Wife of Mr. Vinod Kashyap

(e) Ms. Aradhana Kashyap Wife of Mr. Vineet Kashyap

(f) Ms. Amrita Kashyap Wife of Mr. Vikram Kashyap

(g) Ms. Nitika Nayar Kashyap Wife of Mr.Mohit Kashyap

(h) Ms. Shruti Choudhari Daughter of Mr. Vineet Kashyap

(1) Ms. Sanjana Kashyap Kapoor Daughter of Mr. Vikram Kashyap (j) Mr. Sahil Kashyap Son of Mr. Vikram Kashyap

(k) Ms. Mayali Kashyap Wife of Mr. Saurabh Kashyap

In accordance with "Accounting Standard 22" the Company has recognized the deferred tax Asset as during the year amounting to Rs, (3,72,97,679) and has charged the same to statement of Profit & Loss. (Previous year deferred tax Asset Rs, 1,49,47,151)

5. Balances with the Parties are subject to Confirmations.

.6 In the opinion of the board of directors all its assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

7. Additional information pursuant to Para 5 of Part II of Schedule III to the Companies Act, 2013 to the extent applicable.

8. The following table sets out the status of the gratuity/leave encashment plan and other benefits as required under the revised Accounting standard -15 issued by The Institute of Chartered Accountants of India.

9. Segmental Reporting

The company has only one reportable business segment i.e. civil contracts. The company operates a hotel in Mussourrie and also trades in residential flats. However, these are not "Reportable Segments" as per clause 27 of AS17, as the revenue from these sources is less than 10% of the total revenue. The company operates in only one geographical segment viz. India.

11 Disclosure pursuant to Accounting Standard 7 as prescribed under Companies Accounting Standards Rules on Accounting in respect of the contracts in progress at the reporting date:-

A. CORPORATE DEBT RESTRUCTURING (CDR)

Subsequent to the approval of Restructuring package by Corporate Debt Restructuring (CDR) Empowered Group after duly recommended by Independent Evaluation Committee (IEC) on 31.12.2014 the company has complied with all the critical conditions. The participative CDR lenders were State Bank of India, Canara Bank, ICICI Bank, Oriental Bank of Commerce, Indusind Bank, Syndicate Bank and the Non CDR members were Yes Bank Ltd, SREI Equipment Finance Ltd, Standard Chartered Bank Ltd and HDFC Bank In terms of LOA (letter of approval) and MRA ( Master Restructuring Agreement) dated 31.12.2014, the company's debts have been restructured with longer repayment schedule stretching up to FY 2019-20 with lower interest rates linked to Base rates of respective Banks. However the CDR lenders would have a right of recompense for their sacrifices at the time of Company's exit from CDR. The total amount of recompense works out to Rs 69.50 cr during the full tenure of the CDR of which the sacrifice amount for the period up to March 2017 is Rs 33.61 cr as per CDR LOA.

d) Unconditional and Irrevocable Personal Guarantee of Mr. Vinod Kashyap, Mr. Vineet Kashyap and Mr. Vikram Kashyap.

e) Loan from Union Bank of India is secured by way of first pari passu charge on Fixed Assets of Company except those Specifically charged to financial Institution/Bank for term loans of machinery & vehicle and personal Guarantee of whole time Directors . Union Bank of India has not signed the MRA under CDR and has an option of recovery by invoking third party security.

f) HDFC Bank - Machinery Loan secured against hypothecation of specific plant and machinery financed by HDFC Bank & Personal Guarantee of whole time director.

g) HDFC Bank - Vehicle Loan secured against hypothecation of Specific Cars Financed by HDFC Bank and personal Guarantee of whole time Directors.

h) Srei Equipment Finance Ltd - Loan secured against creation/modification of equitable mortgage by way of deposit of title deed of third party property and personal guarantee of Mr. Vineet Kashyap whole time Directors.

i) Standard Chartered Bank and Yes Bank- Security creation by way of charge sharing is under process.

j) Canara Bank Credit Facility is secured by way of Equitable mortgage Tractions of third party property M/s Ahuja Kashyap Malts Private Limited.

l) Repayment Terms

Term Loan (Restructured) Under CDR - 2% of Loan amount in quarterly installments in Financial Year 2016-17, 50% of The loan amount in quarterly installments in Financial Year 2017-18,44% of Loan amount in in quarterly installment in Financial Year 201819 and 4% of the loan amount in quarterly installment in Financial Year 2019-20.

Corporate Loans under CDR repayable in 14 quarterly Structured installments beginning from 30.06.2016 to 31.03.2018.

Working Capital Term Loans under CDR repayable in 8 quarterly structured installments beginning from 30.06.2016 to 30.09.2019

Funded Interest Term Loan (FITL) - 91.39% of Loan amount in March 2017 and 8.61% of Loan Amount on Sept 2017.

The above breakup of total loans of ' 2,72,02,99,338 in aggregate, out of which, an amount of ' 55,58,14,991 is shown under Long Term loans as per Note 6 and the balance of ' 2,16,44,84,347 is shown as part of the current maturities of Long term debt under other Current Liabilities as per Note 11 in terms of requirements of schedule III to the Companies Act, 2013.

(a) Refer Note 6A & B

(b) Secured Loans

1. Working Capital Facility From Banks

(Secured by way of first pari passu charge on Current Assets of the company and Second pari passu charge on Fixed Assets of the Company except those specifically charged to Financial Institutions/banks/others for term Loans of machinery & vehicles and Personal Guarantees of whole time Directors)

935648 Nos. Equity shares of Soul Space Projects Limited have been pledged in favor of bankers for obtaining loan by Soul Space Projects Limited (Subsidiary)

In respect of losses in Subsidiary Companies other than Security Information Systems India Ltd and B L K Lifestyle Ltd for which provision for diminution in the value of Investments has not been made, the management is of the view that from the current year onwards these Subsidiaries will start making profits and situation is expected to improve in near future.

For the purpose of classification of Trade Receivables, the due date has been taken as the date of billing.

Sundry Debtors as at 31st March, 2017 include debtors aggregating to Rs, 3997 Lac (Previous year Rs, 1730 Lac). These represent represents amounts of work done and retention which have been disputed by the Clients. However, the matters has been referred to arbitration. The management is reasonably confident of establishing its claims for the said amount supported by proper evidences and consequently no change have been made to the values and classification of these amounts in the financial statements.

Sundry Debtors as at 31st March, 2017 include Rs, 388 Lac (Previous year Rs, 1630 Lac) it represents amount recoverable under a contract foreclosed by the client.

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Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
Achievers Commercial Pvt Ltd (ACPL) Members of MCX, ACE and NSEL. | SEBI Registration No. INZ000050830 | ACE: ACEL/TMC/CORP/0194 | NSEL: 40020
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