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Notes to Accounts of Maestros Mediline Systems Ltd.

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.

 
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