Mar 31, 2015
1.A The company has only one class of equity shares havings a par value
of Rs. 5/- per share. Each shareholder is eligible for one vote per
share. The dividend proposed by the Board of Directors is subject to
the approval of shareholders, except in case of interim dividend. In
the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
B The company has neither issued any shares nor bought back during the
year.
C The company has not issued any Bonus shares for the period of five
years immediately preceding 31 -3-2015.
2 Transfer of Ceramic Division to Cera Sanitaryware Ltd. [Madhusudan
Oils and Fats Limited (MOFL)]
The Honourable High Court of Judicature at Gujarat vide its order dated
30.10.2001 has sanctioned Scheme of Arrangement (the Scheme) as
approved by the shareholders in the Court-convened meeting held on
13.10.2001. Under which all the assets (movable and immovable) as per
Clause 2 of Scheme, liabilities and debts as described in the Scheme
pertaining to the Ceramic business (described as the "Ceramic Division"
in the Scheme) were transferred to Cera Sanitaryware Ltd. [Madhusudan
Oils and Fats Limited (MOFL)] at book value w.e.f. 01.04.2001.
3 There is no expenditure in foreign currency for import of Raw
Materials, Components and Spare Parts, Capital Goods, Royalty, Know-
how, Professional and consultation fees, interest during the year.
4 There are no earnings in foreign exchange in respect of Export of
Goods, Royalty, Kno-how, Professional and Consultation Fees, Interest,
Dividend or and other income during the year.
5 Related Parly Disclosures
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below.
1 Relationships:
(a) Subsidiary Company Madhusudan Fiscal Ltd.
(Upto 22.08.2013)
(b) Associates Cera Sanitaryware Ltd.
Gujarat Soaps Pvt. Ltd.
(c) Key Management Personnel Thomas Koshy, Tarun Panchal,
Rutu Shah
(d) Relatives of Key Management
Personnel -
Note : Related party relationship is as identified by the Company and
relied upon by the Auditors
6 Employee Benefits
The company has with effect from 1 st April 2007, adopted Accounting
Standard 15, Employee benefits (revised 2005), issued by the Institute
of Chartered Accountants of India (the revised AS 15). Consequently,
the disclosure as required as per revised AS 15 are as under: a Brief
description of the plans :
The company has various schemes for long-term benefits such as
provident fund, gratuity and leave encashment. In case of funded
scheme, the funds are recognised by the income tax authorities and
administered through trustees/appropriate authorities.
The company defined contribution plans are Provident Fund (exempted
employees) recognised by the Income Tax Authorities and administered
through trustees. Since the company has no further obligation beyond
making contributions and interest shortfall.
Further the pattern of investment for investible funds is as prescribed
by the Government. Accordingly other related disclosures in respect of
provident fund have not been made.
The company's other defined contribution plans are Provident Fund (non
exempted employees), Employees' Pension Scheme (under the Provisions of
the employees' Provident Funds and Miscellneous Provisions Act, 1952),
state plans namely Employees' State Insurance Fund, Since company has
no further obligation beyond making contributions.
The Company's defined benefit are Gratuity and leave encashment for all
its employees. Gratuity fund is recognised by the Income Tax
Authorities and is administered through trustees.
Liabilities for Defined Benefit Plan is provided on the basis of
valuations, as Balance Sheet date, carried out by an independent
actuary.
7 Contingent Liabilities and Commitments
As at 31st As at 31st
March, 2015 March, 2014
Rs. Rs.
Contingent Liabilities
A Claims against the company /
disputed liabilities not acknowledged
as debts 2,42,57,476 2,42,57,476
Commitments
A Estimated amount of contracts
remaining to be executed on capital
account and not provided for - 21,87,178
8 Pursuant to the enactment of the Companies Act, 2013 (the Act), the
Company has adopted estimated useful life of fixed assets as stipulated
by Schedule II to the Act, applicable for accounting period commencing
April 01, 2014. Accordingly, depreciation of Rs. 74,27,506/- for the
assets whose useful life exhausted as on April 01,2014, has been
adjusted against General Reserve.
9 The provisions of section 135 of The Companies Act 2013 for
Corporate Social Responsibility are not applicable to the company.
10 The Company has reclassified previous year figures to conform to
this year's classificaton.
11 Significant accounting policies and practices adopted by the Company
are disclosed in the statement annexed to these financial statement as
Annexure I.
Mar 31, 2014
1. Share Capital
A. The company has only one class of equity shares havings a par value
of Rs. 5/- per share. Each shareholder is eligible for one vote per
share. The dividend proposed by the Board of Directors is subject to
the approval of shareholders, except in case of interim dividend. In
the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
B. The company has neither issued any shares nor bought back during the
year.
C. The company has not issued any Bonus shares for the period of five
years immediately preceding 31-3-2014.
D. Details of shares, more than 5% of the aggregate shares held by
shareholders in the Company
2. Short Term Borrowings
Working Capital loans were secured by hypothecation of Stocks, Book
Debts, all movable assets and by mortgage of fixed assets of the
company situated at Village Rakhial, Dehgam, Gujarat and guarantee of
two directors.
3. Transfer of Ceramic Division to Cera Sanitaryware Ltd. [Madhusudan
Oils and Fats Limited (MOFL)]
The Honourable High Court of Judicature at Gujarat vide its order dated
30.10.2001 has sanctioned Scheme of Arrangement (the Scheme) as
approved by the shareholders in the Court-convened meeting held on
13.10.2001. Under which all the assets (movable and immovable) as per
Clause 2 of Scheme, liabilities and debts as described in the Scheme
pertaining to the Ceramic business (described as the "Ceramic Division"
in the Scheme) were transferred to Cera Sanitaryware Ltd. [Madhusudan
Oils and Fats Limited (MOFL)] at book value w.e.f. 01.04.2001.
4. Import of Chemicals
The Company had sold Chemicals on highest sale arrangement. This
material purchased from M/s. Tianjin Kaiyong Chemicals Co. Ltd. Jin
Nam, China, did not meet the specification of the order given hence are
rejected. The company is persuing recovery of purchase amount Rs.
16,76,549/- which is included in "Loans and Advances".
5. Company has sold its entire share holding of wholly owned subsidiary
- Madusudan Fiscal Limited during the year. Loss of Rs. 15,99,600/- on
sale of same is shown as exceptional item. Madusudan Fiscal limited has
now ceased to be subsidiary or a group company and hence no
consolidated accounts are prepared as on 31st March, 2014.
6. There is no expenditure in foreign currency for import of Raw
Materials, Components and Spare Parts, Capital Goods, Royalty,
Know-how, Professional and consultation fees, interest during the year.
7. There are no earnings in foreign exchange in respect of Export of
Goods, Royalty, Know-how, Professional and Consultation Fees, Interest,
Dividend or and other income during the year.
8. Related Parly Disclosures
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below.
1. Relationships:
(a) Subsidiary Company : Madhusudan Fiscal Ltd.
(b) Associates : Cera Sanitaryware Ltd.
Gujarat Soaps Pvt. Ltd.
(c) Key Management Personnel -
(d) Relatives of Key
Management Personnel -
Note : Related party relationship is as identified by the Company and
relied upon by the Auditors
9. Employee Benefits
The company has with effect from 1st April 2007, adopted Accounting
Standard 15, Employee benefits (revised 2005), issued by the Institute
of Chartered Accountants of India (the revised AS 15). Consequently,
the disclosure as required as per revised AS 15 are as under :
a. Brief description of the plans:
The company has various schemes for long-term benefits such as
provident fund, gratuity and leave encashment. In case of funded
scheme, the funds are recognised by the income tax authorities and
administered through trustees/appropriate authorities. The company
defined contribution plans are Provident Fund (exempted employees)
recognised by the Income Tax Authorities and administered through
trustees. Since the company has no further obligation beyond making
contributions and interest shortfall. Further the pattern of
investment for invertible funds is as prescribed by the Government.
Accordingly other related disclosures in respect of provident fund have
not been made.
The company''s other defined contribution plans are Provident Fund (non
exempted employees), Employees'' Pension Scheme (under the Provisions of
the employees'' Provident Funds and Miscellaneous Provisions Act, 1952),
state plans namely Employees'' State Insurance Fund, Since company has
no further obligation beyond making contributions.
The Company''s defined benefit are Gratuity and leave encashment for all
its employees. Gratuity fund is recognised by the Income Tax
Authorities and is administered through trustees.
Liabilities for Defined Benefit Plan is provided on the basis of
valuations, as Balance Sheet date, carried out by an independent
actuary.
b. The Company has provided upto 31-03-2014 Rs. 1.97 Lacs (Rs. 1.95
Lacs) being incremental discounted value of liability for unavailed
leave of the employees determined as per Actual Valuation.
10. Contingent Liabilities and Commitments
As at 31st As at 31st
March, 2014 March, 2013
Rs. Rs.
Contingent Liabilities
A Claims against the company/disputed
liabilities not acknowledged as debts 2,42,57,476 2,42,57,476
Commitments
A Estimated amount of contracts remaining
to be executed on capital account
and not provided for 21,87,178 67,01,094
11. The Company has reclassified previous year figures to conform to
this year''s classification.
Mar 31, 2013
1 Transfer of Ceramic Division to Madhusudan Oils and Fats Limited
(MOFL)
The Honourable High Court of Judicature at Gujarat vide its order dated
30.10.2001 has sanctioned Scheme of Arrangement (the Scheme) as
approved by the shareholders in the Court-convened meeting held on
13.10.2001. Under which all the assets (movable and immovable) as per
Clause 2 of Scheme, liabilities and debts as described in the Scheme
pertaining to the Ceramic business (described as the "Ceramic DivisionÂ
in the Scheme) have been transferred to Madhusudan Oils and Fats
Limited (MOFL) at book value w.e.f. 01.04.2001.
2 Import of Chemicals
The Company had sold Chemicals on highsea sale arrangement. This
material purchased from M/s. Tianjin Kaiyong Chemicals Co. Ltd. Jin
Nam, China, did not meet the specification of the order given hence are
rejected. The recovery of purchase amount Rs. 1676549/- is initiated
which is included in "Loans and Advances".
3 There is no expenditure in foreign currency for import of Raw
Materials, Components and Spare Parts, Capital Goods, Royalty, Know-
how, Professional and consultation fees, interest during the year.
4 There are no earnings in foreign exchange in respect of Export of
Goods, Royalty, Kno-how, Professional and Consultation Fees, Interest,
Dividend or and other income during the year.
5 Related Parly Disclosures
As per Accounting Standard 18, the disclosures of transactions with the
related parties are given below. 1 Relationships :
(a) Subsidiary Company Madhusudan Fiscal Ltd.
(b) Associates Cera Sanitaryware Ltd.
Gujarat Soaps Pvt. Ltd.
(c) Key Management Personnel
(d) Relatives of Key Management Personnel
Note : Related party relationship is as identified by the Company and
relied upon by the Auditors
6 Employee Benefits
The company has with effect from 1st April 2007, adopted Accounting
Standard 15, Employee benefits (revised 2005), issued by the Institute
of Chartered Accountants of India (the revised AS 15). Consequently,
the disclosure as required as per revised AS 15 are as under :
a Brief description of the plans :
The company has various schemes for long-term benefits such as
provident fund, gratuity and leave encashment. In case of funded
scheme, the funds are recognised by the income tax authorities and
administered through trustees / appropriate authorities.
The company defined contribution plans are Provident Fund (exempted
employees) recognised by the Income Tax Authorities and administered
through trustees. Since the company has no further obligation beyond
making contributions and interest shortfall.
Further the pattern of investment for investible funds is as prescribed
by the Government. Accordingly other related disclosures in respect of
provident fund have not been made.
The company''s other defined contribution plans are Provident Fund (non
exempted employees), Employees'' Pension Scheme (under the Provisions of
the employees'' Provident Funds and Miscellneous Provisions Act, 1952),
state plans namely Employees'' State Insurance Fund, Since company has
no further obligation beyond making contributions.
The Company''s defined benefit are Gratuity and leave encashment for all
its employees. Gratuity fund is recognised by the Income Tax
Authorities and is administered through trustees.
Liabilities for Defined Benefit Plan is provided on the basis of
valuations, as Balance Sheet date, carried out by an independent
actuary.
b Charge to the Profit and Loss Account based on contributions
d The Company has provided upto 31-03-2013 Rs. 1.95 Lacs (Rs. 9.32
Lacs) being incremental discounted value of liability for unavailed
leave of the employees determined as per Acturial Valuation.
7 Contingent Liabilities and Commitments
As at 31 st As at 31 st
March, 2013 March, 2012
Rs. Rs.
Contingent Liabilities
A Claims against the company /
disputed liabilties not
acknowledged as debts 2,42,57,476 2,43,02,279
Commitments
A Estimated amount of contracts
remaining to be executed on capital
account and not provided for 67,01,094 67,01,094
8 The Company has reclassified previous year figures to conform to
this year''s classification.
Mar 31, 2010
1. Transfer of Ceramic Division to Madhusudan Oils and Fats Limited
(MOFL)
The Honourable High Court of Judicature at Gujarat vide its order dated
30.10.2001 has sanctioned Scheme of Arrangement (the Scheme) as
approved by the shareholders in the Court-convened meeting held on
13.10.2001 under which all the assets (movable or immovable) as per
Clause 2 of Scheme, liabilities and debts as described in the Scheme
pertaining to the Ceramic business (described as the "Ceramic Division"
in the Scheme) have been transferred to Cera Sanitaryware Limited
[Madhusudan Oils and Fats Limited (MOFL) at book value w.e.f.
01.04.2001.
2. Contingent liability in respect of: 31.03.2010 31.03.2009
Rs. Rs.
Disputed Claims against the Company
hot acknowledged as debts. 2,42,57,4 3,05,12,520
3. The Company has yet to obtain balance confirmations from few
parties. Due adjustments will be made on receipt thereof, if necessary.
4. (a) Employee Benefits
The company has with effect from 1st April ,2007, adopted Accounting
standard 15, Employee benefits (revised 2005), issued by the Institute
of Chartered Accountants of India (the revised AS 15). Consequently,
the disclosure as required as per revised AS15 are as under:
1) Brief description of the plans :
The company has various schemes for long-term benefits such as
provident fund, gratuity and leave encashment. In case of funded
scheme, the funds are recognised by the income tax authorities and
administered through trustees / appropriate authorities.
The company defined contribution plans are Provident Fund (exempted
employees) recognised by the Income Tax Authorities and administered
through trustees. Since the company has no further obligation beyond
making contributions and interest shortfall. Further the pattern of
investment for investible funds is as prescribed by the Government.
Accordingly other related disclosures in respect of provident fund have
not been made.
The companys other defined contribution plans are Provident Fund (non
exempted employees), Employees Pension Scheme (under the Provisions of
the employees Provident Funds and Miscellneous Provisions Act, 1952),
state plans namely Employees State Insurance Fund, Since company has
no further obligation beyond making contributions.
The companys defined benefit are Gratuity and leave Encashment for all
its employees. Gratuity fund is recognised by the Income Tax
Authorities and is administered through trustees.
Liabilities for Defined Benefit Plan is provided on the basis of
valuations, as Balance Sheet date, carried out by an independent
actuary.
5. Previous Years figures have been regrouped and reclassified where
necessary. (Figures in brackets relate to previous year)