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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