Mar 31, 2014
Rights and preferences attached to Equity
1.(a) Shares
The Company has only one class of equity shares 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.
(b) Aggregate number and class of shares bought back in the preceding
five years:
In October 2008, the Board of Directors of the Company approved a
proposal to repurchase fully paid equity shares up to 9% of the paid up
capital and free reserves, at a maximum price of Rs. 75/- per equity
share [from the open market through Bombay Stock Exchange], for an
aggregate amount of Rs. 3,25,61,850/-. The buyback proposal had been
approved in accordance with the provision of Section 77A, 77AA, 77B and
other applicable provision of Companies Act,1956 and the provisions of
Securities and Exchange Board of India (Buy-back of Securities)
Regulations, 1998 (''Buy back Regulations''). The Company commenced buy
back of shares on 24th November, 2008.
In the financial year 2008-09 the Company bought back 1,36,951 equity
shares and extinguished on different dates.
In the financial year 2009-10 the Company bought back 39,729 equity
shares and extinguished on different dates.
2. Rs. 3.75 [P.Y. Rs. 4.37] Crore secured by way of, exclusive
mortgage/charge of certain immovable properties situated at, village
Mahape, Navi Mumbai, Maharashtra ; exclusive hypothecation charge on
certain fixed assets situated at village Mahape, Navi Mumbai,
Maharashtra and further secured by pledge of promoters shares and
personal guarantee. The Loan carries interest rate of 14% p.a.
Rs. 1.61 [P.Y. Rs. 1.65] Crore secured by way of, exclusive
hypothecation charge on certain fixed assets situated at village
Mahape, Navi Mumbai-Maharashtra; lien over term deposit receipt in the
name of Company; further secured by equitable mortgage/charge of
certain immovable properties situated at, village Mahape-Navi Mumbai,
at Mumbai, Maharashtra and Bangalore-Karnataka and personal guarantee
of promoters. The term loan carries interest rate of 17.15% p.a.
payable in monthly installments up to April, 2015.
Rs. 7.40 [P.Y. Rs. 7.68] Crore secured by way of, exclusive
hypothecation charge on entire current assets (Present & Fixed) of the
Company . The term loan carries interest rate of 11.35% p.a. payable in
monthly installments up to September, 2018.
3.(i) Cash Credit Facility
The aggregate limits of working capital borrowings of Rs.13.75 Crore
from State Bank Of India together with all interest, liquidated
damages, costs, charges, and other monies payabale under working
capital sanction letter are secured by:
a Hypothecation of Rawmaterials, Sotck in Progress, Finish Goods and
Receivables; and b secured by way of, exclusive hypothecation charge on
certain fixed assets situated at village Mahape, Navi
Mumbai-Maharashtra; lien over term deposit receipt in the name of
Company; further secured by equitable mortgage/charge of certain
immovable properties situated at, village Mahape-Navi Mumbai, at
Mumbai, Maharashtra and Bangalore-Karnataka and personal guarantee of
promoters.
(ii) Other Loans (Hire Purchase for Vehicles)
Rs. 0.49 [P.Y. Rs. .51] Crore secured by way of, exclusive
hypothecation charge on certain vehicles. The term loan carries
interest rate of 18% p.a. payable in 35 equated monthly installments
[EMI] up to December 2014.
Rs. 0.10 [P.Y. Rs. 0.13] Crore secured by way of, exclusive
hypothecation charge on certain vehicles. The term loan carries
interest rate of 12.25% p.a. payable in 60 monthly installments up to
May 2016.
Rs.0 .15 [P.Y. Rs. 0.17] Crore secured by way of, exclusive
hypothecation charge on certain vehicles. The term loan carries
interest rate of 11.25% p.a. payable in 60 monthly installments up to
November 2016.
4. Contingent Liabilities
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous year Rs. Nil)
5. 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
6. 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)
Individual controlling the company
Dr. K. K. Menon
Key Management Personnel
Mr. K. K. Menon
Mr. Rajiv Nair
Relative of Key Management Personnel
Mrs. Chitralekha K. Menon - Wife of Dr. K.K. Menon
Subsidiary Company
Maestros Equipment Services Pvt. Ltd.
Entity in which Key Management Personnel have
significant influence
Maestros Electronics &
Telecommunications Systems Ltd.
MMS Infrastructure Ltd.
7. Figures in brackets are related to negative figure.
8. Leasehold Land includes land taken on lease from Maharashtra
Industrial Development Corporation for a period of 95 years.
9. 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.
10. Segment Information for the period ended
The Company''s financial reporting is organized into five major
operating divisions'' viz Medical embedded systems, Electronics and
Insturmentation, Telemedicine, Infra activities and IT Services. These
divisions are the basis on which the Company reports its primary
segment. The composition of these segments is given below.
a) 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.
11. During the year company has not make acturial valuation for
gratuity liability
12. During the year company is writing off died capital investment in
Maestros Middle East (FZE) which is its 100% subsidiary
13. Company has been writen back old provision of sales tax liability
by Rs. 2,44,92,449 and TDS liability by Rs. 23,24,171 which is excess
provision made by company in previous year which is net off with sundry
balance written off
14. Prior Year Comparatives
Figures for the previous year have been regrouped and rearranged
wherever necessary.
15. Due to non-maintance of proper records of material purchased for
Manufacturing and trading activities it is difficult to give detaisls
related to purchase for manufacturing and trading activities, but
management gives these details on the basis of sales ratio of
Manufacturing and trading activities.
Mar 31, 2013
I Contingent Liabilities
Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous year Rs. Nil)
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)
Individual controlling the company
Dr. K. K. Menon
Key Management Personnel
Mr. K. K. Menon Mr. Rajiv Nair
Relative of Key Management Personnel
Mrs. Chitralekha K. Menon - Wife of Dr. K.K. Menon
Subsidiary Company
Maestros Equipment Services Pvt. Ltd.
Entity in which Key Management Personnel have significant influence
Maestros Electronics & Telecommunications Systems Ltd.
MMS Infrastructure Ltd.
vi Segment Information for the period ended
The Company''s financial reporting is organized into five major
operating divisions'' viz Medical embedded systems, Electronics and
Insturmentation, Telemedicine, Infra activities and IT Services. These
divisions are the basis on which the Company reports its primary
segment. The composition of these segments is given below.
v Prior Year Comparatives
Figures for the previous year have been regrouped and rearranged
wherever necessary.
vi Additional information pursuant to the provisions of the Revised
Schedule VI to the Companies Act, 1956:
vii Due to non-maintance of proper records of material purchased for
Manufacturing and trading activities it is difficult to give detaisls
related to purchase for manufacturing and trading activities, but
management gives these details on the basis of sales ratio of
Manufacturing and trading activities.
Mar 31, 2010
I) Contingent Liabilities
a) Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous year Rs. Nil).
b) Guarantees issued by banks on behalf of the Company, counter
guaranteed by the Company Rs. 11,712,199/- (Previous year Rs.
6,015,237/-).
ii) Amounts due to small scale industrial undertaking
Amount, 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) Related Party Disclosure
Information pursuant to "Accounting Standard 18" issued by the
Institute of Chartered Accountants of India is as follows a) List of
Related Parties :
Enterprises over which key management personnel exercise significant
influence:
Maestros Software Solutions Pvt. Ltd. Key managerial personnel:
Dr. Nitin S. Paranjape. - Chairman.
Dr. Krishnakumar Menon. - Managing Director.
Mr. Balkrishna Tendulkar. - Executive Director.
Relatives of Key managerial personnel:
Mrs. Chitralekha
K. Menon - Wife of
Dr. Krishnakumar Menon (Managing Director)
iv) Leases
Leasehold Land includes land taken on lease and Office Premises
includes building taken on lease from Maharashtra Industrial
Development Corporation for a period of 95 years.
v) Segment Information for the Period Ended
The Companys financial reporting is organized into three major
operating divisions viz. medical embedded systems, software and
infrastructure activities. These divisions are the basis on which the
Company reports its primary segment. The composition of these segments
is given below.
i) Types of products and services:
Business Segment Types of Product and Services
Medical Embedded Systems (MES) Fetal Monitors, ECG Machines, Pulse
Oxymeters, Multi Parameter
Monitors, Etc.
IT Trading in Software Products,
Software
Development, Support and Training.
Infrastructure Activity Income from
Infrastructure Facilities.
Electronics and Instrumentation
Industrial panel printer.
iii) Segment capital employed :
Fixed assets used in Companys 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.
vi) Prior Year Comparatives
Figures for the previous year have been regrouped and rearranged
wherever necessary.
vii) Balance Confirmations
Sundry Debtors, Sundry Creditors and Loans and Advances, are subject to
confirmation.
viii) Current Assets, Loans and Advances
Current assets, loans and advances have a value on realisation in the
ordinary course of business at least equal to the amount at which they
are stated.
ix) It is difficult to furnish quantitative information for raw
materials due to heterogeneity of the item involved.