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Notes to Accounts of Madhusudan Industries Ltd.

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 Division” 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)

 
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