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Notes to Accounts of Maestros Electronics & Telecommunications Systems Ltd.

Mar 31, 2015

1. Balances of Loans and Advances, Secured Loans, Trade Payables & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

3. Provision for retirement benefits to employees was provided on accrual basis, which is in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

4. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute of Chartered Accountants of India.

5. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been made.

6. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute of Chartered Accountants of India.

7. Related Party Transaction :

Related Parties and Nature of Relationship:


Mar 31, 2014

Previous year''s figures have been regrouped / rearranged wherever necessa ry to conform to current year ''s classification.

Rights and preferences attached to (e) Equity Shares

The Company has only one class of equity sha res having a par value of Rs.10 per share. Each holder of the equity shares is entitle to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company the holders of Equity shares are entitled to receive 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.

ii Amounts due to small scale industrial undertaking

Amounts due to small scale industrial undertaking if any could not be disclosed as such parties could not be identified from the records of the company

iii The information as required by Accounting Standard 18 relating to ''Related Party

Disclosures'' is given below:

a List of related parties:

(As identified by the management)

Individuals Controlling the Company

Dr. K. K. Menon Mr. B.T. Tendulkar

Key Management Personnel

Mr. B.T. Tendulkar

Entity in which controlling shareholder has significant influence

Maestros Mediline Systems Ltd. Maestros Equipment Services Pvt. Ltd.

iv Leases

Leasehold Land includes land taken on lease from Maharashtra Industrial Development Corporation for a period of 95 years.

v

Balances in certain accounts of Trade receivables, Advances given, Trade Payables and advance received against products are subject to reconciliation / confirmation. In the opinion of the management, the difference as may be noticed on such reconciliation will not be material.

vi Segment Information for the period ended

The Company''s financial reporting is organized into two major operating divisions'' viz Electronics & Instrumentation and Information Technology activities. These divisions are the basis on which the Company reports its primary segment. The composition of these segments is given below.

Segment Capital Employed :

Fixed assets used in Company''s business or liabilities have not been identified to any reportable segment, as the fixed assets are used interchangeably between segments. It is currently not possible to furnish segmental disclosure relating to total assets and liabilities.

vii Prior Year Comparatives

Figures for the previous year have been regrouped and rearranged wherever necessary.

 
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