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Notes to Accounts of Chennai Meenakshi Multispeciality Hospital Ltd.

Mar 31, 2015

1.1 Terms / Rights Attached to equity Shares

The Company has only one class of equity shares having par value of Rs.107 each. Each holder of the equity share is entitled to one vote per share. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the 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.


Mar 31, 2014

1 SHARE CAPITAL

1.1 Terms / Rights Attached to equity Shares

The Company has only one class of equity shares having par value of Rs.10/ each. Each holder of the equity share is entitled to one vote per share. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the 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.

2 RESERVES & SURPLUS

2.1 The Net worth of the company is fully eroded and as the Balance sheet date, Net worth is negative Rs.4,50,16,941/-. The current liabilities as at the year end has exceeded the Current Assets by Rs.7,75,69,79E/-. However, the management is of the opinion that considering the estimated future cash flows, the company will be able to continue as a going concern.

3 LONG TERM BORROWINGS

a. Loan from Director is secured by registered equitable mortgage of title deed of Building bearing Door No: 149, Luz Church Road, Mylapore, Chennai - 600 004.

4 LONG TERM PROVISIONS

4.1 Disclosures required under Accounting Standard 15 - "Employee Benefits"

* The assumption of future salary increases takes into account of inflation, seniority, promotions and other relevant factors such as supply and demand in the employment market.

Long Term Employee Benefits

* The assumption of future salary increases takes into account of inflation, seniority, promotions and other relevant factors such as supply and demand in the employment market.

5 SHORT TERM BORROWINGS:

5.1 Details of Securities

a. The Overdraft from Indian Bank, balance outstanding Rs.6,724,819/-(PY Rs.5,137,545/-) is secured by the first charge on Company''s property at #147,Luz Church Road Chennai-4, company''s Current Assets covering book debts, stocks and consumable stores.

6 TRADE PAYABLES

6.1 The identification of Micro and Small Enterprises suppliers as defined under The Micro Small and Medium Industries Development Act, 2006, is based on the representations received by the Management from the Vendors. As certified by the management, no dues to such parties are outstanding for a period more than 30 days as at year end. Rs. Rs.

7 OTHER CURRENT LIABILITIES:

7.1 The terms of payment of interest on loan from Director and related concern is not stipulated and hence, in the opinion of the management, the said interest is considered as accrued but not due.

8 CASH AND BANK BALANCES

8.1 Represents deposits with Bank with original maturity of less than 3 months.

9 REVENUE FROM OPERATIONS:

Hospital collection are shown net of discounts and payments to Consultant (visiting Doctors).

10 In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

11 Balances of Sundry Debtors & Creditors, Loans and Advances are subject to confirmation / reconciliation.

12 The company''s operation comprises of only one segment - Hospital Activities. There is no other business or geographical segments required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

13. Taxes

a) Current Tax

No provision for current tax is required to be made in the books of accounts for the year as per the managements Computation due to the loses incurred by the company in the prior years.

b) Deferred Tax

The company has not recognized Deferred Tax Asset (net) in the accounts as a matter of prudence.

14. Estimated amount of contracts remaining to be executed on capital account is Rs.8,65,284/- (PY Rs. 15,63,796/-)

15. Figures in brackets unless otherwise stated, represent figures of the previous year. Previous year''s figures have been regrouped/ recast wherever necessary to confirm to the current year''s lay out.


Mar 31, 2013

1 In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

2 Balances of Sundry Debtors 8t Creditors, Loans and Advances are subject to confirmation / reconciliation.

3 Related Party Disclosures

(a) The particulars that is required to be disclosed in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India are furnished below:

b) Finance Lease: Nil

4. The company''s operation comprises of only one segment- Hospital Activities. There is no other business or geographical segments required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

5. Taxes

a) Current Tax

No provision for current tax is required to be made in the books of accounts for the year as per the managements Computation due to the losses incurred by the company in the prior years.

b) Deferred Tax

The company has not recognized Deferred Tax Asset (net) in the accounts as a matter of prudence.

6. Figures in brackets unless otherwise stated, represent figures of the previous year. Previous year''s figures have been regrouped/ recast wherever necessary to confirm to the current year''s lay out.


Mar 31, 2012

1 PRESENTATION OF ACCOUNTS

During the year ended March 31, 2012, the Revised Schedule Vi notified under the Companies Act, 1956, has become applicable to the Company, for preparation and presentation of its financial statements. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The Company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

1.1 Terms/ Rights Attached to equity Shares

The Company has only one class of equity shares having par value of Rs.10/ each. Each holder of the equity share is entitled to one vote per share. In the event of liquidation of the Company, the equity shareholders will be entitled to receive the 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.

2.1 Though the Company has earned profits during this year, the Company has continuously incurred cash losses during the last 3 years. The Net worth of the company is fully eroded and as the Balance sheet date, Net worth is negative Rs.5,63,50,736/-. The current liabilities as at the year end has exceeded the Current Assets by Rs.4,96,36,252/-. However, the management is of the opinion that considering the estimated future cash flows, the company will be able to continue as a going concern.

3.1 Details of Security

a. Loan from a Director, balance outstanding Rs.2,45,00,000 (PY Rs.2,45,00,000) is secured by registered equitable mortgage of title deed of Building bearing Door No:149, Luz Church Road, Mylapore, Chennai - 600 004.

- The assumption of future salary increases takes into account of inflation, seniority, promotions and other relevant factors such as supply and demand in the employment market.

The above disclosures and segregation of liability into long term and Short term are based on information furnished by the independent actuary and relied upon by the auditors.

4.1 Details of Securities

a. The Overdraft from Indian Bank, balance outstanding Rs.79,03,577/- (PY Rs.49,79,938/-) is secured by the first charge on Company's property at #147,Luz Church Road Chennai-4, company's Current Assets covering book debts, stocks and consumable stores.

b. The Temporary Overdraft from Indian Bank, balance outstanding Rs. 18,34,000 (PY Rs. Nil) is secured by marking lien against Fixed Deposit made by the Company with the Bank.

5.1 The identification of Micro and Small Enterprises suppliers as defined under The Micro Small and Medium Industries Development Act, 2006, is based on the representations received by the Management from the Vendors. As certified by the management, no dues to such parties

6.1 The terms of payment of interest on loan from Director and related concern is not stipulated and hence, in the opinion of the management, the said interest is considered as accrued but not due.

7.1 Represents deposits with Bank with original maturity of less than 3 months.

8.1 Hospital collection is shown net of discounts and payments to Consultant (visiting) Doctors.

9 In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

10 Balances of Sundry Debtors & Creditors, Loans and Advances are subject to confirmation / reconciliation.

11 Related Party Disclosures

(a) The particulars that is required to be disclosed in terms of Accounting Standard 18 issued by the Institute of Chartered Accountants of India are furnished below:

b) Finance Lease: Nil

12. The company's operation comprises of only one segment - Hospital Activities. There is no other business or geographical segments required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

13. Taxes

a) Current Tax

No provision for current tax is required to be made in the books of accounts for the year as per the managements Computation due to the loses incurred by the company in the prior years.

b) Deferred Tax

The company has not recognized Deferred Tax Asset (net) in the accounts as a matter of prudence.

14. Estimated amount of contracts remaining to be executed on capital account Rs.21,97,556/- (PY Rs.4,30,434)

15. Additional Information:

Value of imports calculated on CIF basis NIL

Expenditure in Foreign Currency NIL

Details of Consumption of imported and indigenous items NA

Earnings in Foreign Exchange NIL

16. Figures in brackets unless otherwise stated, represent figures of the previous year. Previous year's figures have been regrouped/ recast wherever necessary to confirm to the current year's lay out.


Mar 31, 2010

1 a) In the opinion of the Directors, Current Assets, Loans and Advances have the value at which they are stated in the Balance Sheet, if realized in the ordinary course of business.

b) Balances of Sundry Debtors & Creditors, Loans and Advances and some of the Bank balances and Term Deposits are subject to confirmation / reconciliation.

2 The company has been continuously incurring cash losses for the last three years. The Net Worth of the company has been fully eroded and as at the balance sheet date, the Net worth is negative (Rs.4.90 crores). The Current Liabilities as at the year end has exceeded the Current Assets by Rs.3.41 crores. However, the management is of the opinion that in view of the present and expected future cash flow, the company will be able to continue as a going concern.

3 In the opinion of the management, taking in to consideration the future cash flow including estimated market values of the Assets especially Land and Building, no further adjustment for impairment in the carrying cost of Assets is considered necessary in the Accounts as at the year end.

4 The Company is in the process of collecting information regarding the creditors who need to be classified as micro, small or medium enterprises within the meaning of Micro, Small or Medium Enterprises Development Act 2006. Since the aforesaid information is not available as on the Balance Sheet Date, the Company is not able to comment whether the Liabilities appearing in the Balance Sheet as on 31 -03-2010, includes any enterprises as stated above.

5 a) The Overdraft from Indian Bank is secured by the first charge on Companys property at #147,Luz Church Road Chennai-4, companys Current Assets covering book debts, stocks and consumable stores.

b) Loan from a Director (formerly share holder) represents loan from Mr. A.N. Radhakrishnan, for an amount of Rs.2,45,00,000 secured by registered equitable mortgage of title deed of Building bearing Door No: 149, Luz Church Road, Mylapore, Chennai - 600 004.

6 a) The Company has availed a Secured loan of Rs. 2,45,00,000 (PY.Rs.2,45,00,000)froma Director bearing Interest @ 12%. The Company has also availed unsecured loan from the same Director bearing Interest @ 9%, the outstanding amount of unsecured loan as at the year end is Rs.9,02,00,518/-(PY Rs.6,52,24,339.) The due dates for payment of Interest and for repayment of the above loan have not been stipulated.

b) The maximum amount outstanding in case of the Secured loan at any time during the year is Rs.2,45,00,000 (PYRs. 2,45,00,000) and in case of unsecured loan is Rs.9,02,00,518 (PY Rs.6,52,24,339.)

The total amount of Interest paid / payable for the year to the said Director on the above loans is Rs.99,66,642/- (PY Rs. 7,261,321).

7 Employee Benefits -

Disclosure required under AS15 - "Employee Benefits" (Revised 2005)

1) Defined Contribution Plan

During the year, the company has recognized in the Profit and Loss Account, an amount of Rs.20,85,182on account of contribution towards Provident Fund.

2) Defined Benefit Plans

8. Exceptional Item

During the year the company has entered into a compromise settlement with a former Director and her relative as per which both the parties to the agreement have agreed to withdraw all the cases/claim including those which were pending before various judicial forums. As per the agreement, the company has agreed to pay sum of Rs.100 lacs to the said parties in full and final settlement of the various claims made by them in the previous years against the company, which has been duly paid/provided for in the Accounts for the year.

Pursuant to the above, the Company has written off a sum of Rs.185.80 lacs due from the above parties in the Accounts of the year.

9. Related Party Disclosures

** Advance Received from a Director for Medical Services.

Rs.

# Includes - Secured loan from a Director - 2,45,00,000

Unsecured loan - 9,02,00,518

Interest Payable on above to - 1,94,74,685



Subsidiaries Nil

Associates: Nil

Key Management Personnel : Mr. A.N. Radhakrishnan (Chairman, Executive Director)

Mr. G.R Navin Rakesh (Managing Director)

Ms. Premalatha Kanikannan (Director)

Dr. S Kameswaran (Director)

Dr. R Venkataswami (Director)

Mr. T.V Venkataraman (Director)

Relatives of Key Management : Mrs. Gomathy (Wife of A.N. Radhakrishnan)

Personnel Mr. Gokulkrishnan (Son of A.N. Radhakrishnan)

*Enterprises over which key : Meenakshi Ammal Trust

management personnel or their Meenakshi College of Engineering relatives are able to exercise Muthukumaran Institute of technology significant influence Arulmigu Meenakshi Amman Higher Secondary School

Meenakshi Medical College and Research Institute

Meenakshi Ammal Arts and Science College

Meenakshi Ammal Dental College Meenakshi College of Physiotherapy Arulmigu

Meenakshi Amman College of Education (One of the Director is the Managing Trustee in the above trusts)

10. Hospital collection is shown net of discounts and payments to Consultant (visiting) Doctors.

11. The companys operation comprises of only one segment - Hospital Activities. There is no other business or geographical segments required under Accounting Standard "Segment Reporting" issued by the Institute of Chartered Accountants of India.

12. Taxes

a) Current Tax

No provision for current tax is required to be made in the books of accounts for the year as per the managements Computation due to the loses incurred by the company in the prior years

b) Deferred Tax

Deferred tax asset of Rs. 1.72 crores has not been recoganised in the accounts as a matter of prudence. The Net Deferred Tax liability of Rs.2,498,539 as on 31-03-2009 is written back to the Profit & Loss A/c during the year.

13. Estimate amount of contracts remaining to be executed on capital account Rs.5,78,000/- (PYRs. 5,78,000)

14. Figures in brackets unless otherwise stated, represent figures of the previous year. Previous years figures have been regrouped/ recast wherever necessary to confirm to the current years lay out.

 
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