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Notes to Accounts of Mahalaxmi Rubtech Ltd.

Mar 31, 2016

NOTE: 1 The power cost is net of value of captively consumed units of wind mill.

NOTE: 2 The Disclosures as required to be made relating to Micro, Small and Medium Enterprise under the Micro,Small and Medium Enterprises Development Act, 2006 (MSME) are not furnished in view of the non avaibility of the relevant information with the company from all such enterprises. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expected to be material.

NOTE: 3 The Company has export obligation to the extent of Rs. 11.98 Crores on account of concessional rate of custom duty availed under EPCG license Scheme on import of capital goods.

NOTE: 4 Based on review carried out as on 31.03.2016, no impairment loss is required to be provided for as per Accounting Standard 28 on “Impairment of Assets”.

NOTE: 5 In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realizable value as shown in the accounts.

NOTE: 6 During the year the face value of equity shares were consolidated from Rs. 1/- each to Rs. 10/- each by consolidating 10 (ten) equity shares of Rs. 1 /-into 1 (one) equity share of Rs. 10/- each.

NOTE: 7 Previous year figures have been regrouped, rearranged or reclassified , wherever necessary, to make them comparable with the current year figures.


Mar 31, 2015

NOTE: 1. THE DETAILS OF CONTINGENT LIABILITIES AND COMMITMETS

AS AT AS AT Particulars (TO THE EXTENT NOT PROVIDED FOR): March 31, 2015 March 31 2014

A Contingent Liabiities:

1 Outstanding Bank Guarantee 81.64 34.00

2 Outstanding of Letter of Credit 5.15 5.38

3 Disputed Excise Duty and service tax Liability 12.07 12.07

4 Disputed Income Tax Liability 1.61 14.88

5 Claims against suits filed and not acknowledged as debts by the company 36.38 23.40

B Commitments:

1 Estimated amount of capital contacts covered by Letter of Credit remaining to be executed on capital accountand not provided for (Net of Advances) 240.58 22.51

TOTAL 377.43 112.24

NOTE: 2 The power cost is net of value of captively consumed units of wind mill.

NOTE: 3 The Disclosures as required to be made relating to Micro, Small and Medium Enterprise under the Micro,Small and Medium Enterprises Development Act, 2006 (MSME) are not furnished in view of the non avaibility of the relevant information with the company from all such enterprises. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expected to be material.

NOTE: 4 The Company has export obligation to the extent of Rs.12.51 Crores on account of concessional rate of custom duty availed under EPCG licence Scheme on import of capital goods.

NOTE: 5 Based on review carried out as on 31.03.2015, no impairment loss is required to be provided for as per Accounting Standard 28 on "Impairment of Assets".

NOTE: 6 In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realisable value as shown in the accounts.

NOTE: 7 Consequent to the introduction of Schedule II of the Companies Act,2013, the management has decided to adopt the useful life as suggested in Part C of Schedule II of the Companies Act with effect from 1st April,2014 for all its fixed assets. Accordingly depreciation for the year is lower by Rs.19.53 lakhs for the year ended 31st March,2015. As per the transitional provision, depreciation of Rs.4.46 lakhs has been adjusted against retained earnings.

NOTE: 8 Previous year figures have been regrouped, rearranged or reclassified , wherever necessary, to make them comparable with the current year figures.


Mar 31, 2014

1. SHARE CAPITAL

The Company has only one class of equity shares having a par value of Re. 1 per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholding. However, no such preferential amounts exist currently.

2. CONTIGENT LIABLITIES

THE DETAILS OF CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):

Particulars AS AT AS AT March 31, 2014 March 31, 2013 Rs. Rs.

A Contingent Liabilities:

1 Bank Guarantee and Letter of Credit (Net of Advance) 39.38 93.58

2. Textile Cess 17.06 17.06

3. Disputed Excise Duty and service tax Liability 12.07 9.98

4. Disputed Income Tax Liability 14.88 14.88

5. Claims against suits filed In Labour Courts not acknowledged by the company 16.58 15.33

6. Claims against suits by others not acknowledged by the company 6.82 6.82

B Commitments:

1 Estimated amount of capital contacts remaining to be executed on capital account and not provided for (Net of Advances) 22.51 11.99

TOTAL 129.30 169.64

3 RELATED PARTY TRANSACTIONS:

As per Accounting Standard 18, Related Party Disclosure is as under:

(a) List of Related Parties with whom transactions have taken place during the year and relationship:

Name of the Related Party Relationship Shah Jeetmal Champalal Associate

Mahalaxmi Cal Chem Pvt. Ltd Associate

Anand Chem Industries Pvt. Ltd. Associate

Mahalaxmi Exports Associate

Rahul Textile Associate

Jeetmal B Parekh Key Managerial Personnel

Rahul J Parekh Key Managerial Personnel Anand J. Parekh Key Managerial Personnel

4. The power cost is net of value of captively consumed units of wind mill.

5. The Disclosures as required to be made relating to Micro, Small and Medium Enterprise under the Micro,Small and Medium Enterprises Development Act, 2006 (MSME) are not furnished in view of the non avaibility of the relevant information with the company from all such enterprises. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expected to be material.

6. The Company has export obligation to the extent of Rs.12.53 Crores on account of concessional rate of custom duty availed under EPCG license Scheme on import of capital goods.

7. Based on review carried out as on 31.03.2014, no impairment loss is required to be provided for as per Accounting Standard 28 on "Impairment of Assets".

8. In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realisable value as shown in the accounts.

9. Previous year figures have been regrouped, rearranged or reclassified, wherever necessary, to make them comparable with the current year figures.


Mar 31, 2013

NOTE: 1. THE DETAILS OF CONTINGENT LIABILITIES AND COMMITMENTS

AS AT AS AT (TO THE EXTENT NOT PROVIDED FOR): March 31, 2013 March 31, 2012 Rs. Rs.

A Contingent Liabilities:

1 Bank Guarantee 93.58 43.38

2 Textile Cess 17.06 17.06

3 Disputed Excise Duty Liability 9.98 9.98

4 Disputed Income Tax Liability 14.88 14.88

5 Claims against suits filed In Labour Courts not acknowledged by the company 15.33 15.33

6 Claims against suits by others not acknowledged by the company 6.82 13.78

B Commitments:

1 Estimated amount of capital contacts remaining to be executed on capital 11.99 311.66

account and not provided for (Net of Advances)

TOTAL 169.64 426.07

NOTE: 2. The power cost is net of value of captively consumed units of wind mill.

NOTE: 3. The Disclosures as required to be made relating to Micro, Small and Medium Enterprise under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME) are not furnished in view of the non viability of the relevant information with the company from all such enterprises. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expected to be material.

NOTE: 4. The Company has export obligation to the extent of Rs.12.53 Crores on account of concessional rate of custom duty availed under EPCG license Scheme on import of capital goods.

NOTE: 5. Based on review carried out as on 31.03.2013, no impairment loss is required to be provided for as per Accounting Standard 28 on "Impairment of Assets".

NOTE: 6. In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realisable value as shown in the accounts.


Mar 31, 2012

NOTE: 1. THE DETAILS OF CONTINGENT AS AT AS AT LIABILITIES AND COMMITMENTS March 31, March 31, (TO THE EXTENT NOT 2012 2011 PROVIDED FOR): Particulars Rs. Rs.

A. Contingent Liabiities:

1. Bank Guarantee 43.38 8.38

2. Textile Cess 17.06 11.12

3. Disputed Excise Duty Liability 9.98 9.98

4. Disputed Income Tax Liability 14.88 14.88

5. Claims against suits filed In Labour Courts not acknowledged by the company 15.33 0.60

6. Claims against suits by others not acknowledged by the company 13.78 10.09

B. 1. Commitments: Estimated amount of capital contacts remaining to be executed on capital account and not provided for (Net of Advances) 311.66 570.88

TOTAL 426.07 625.93

NOTE: 2. RELATED PARTY TRANSACTIONS:

As per Accounting Standard 18, Related Party Disclosure is as Under:

(a) List of Related Parties with whom transactions have taken place during the year and relationship:

Name of the Related Party Relationship

Shah Jeetmal Champalal Associate

Mahalaxmi Cal Chem Pvt. Ltd Associate

Anand Chem Industries Pvt. Ltd. Associate

Mahalaxmi Exports Associate

Rahul Textile Associate

Jeetmal B Parekh Key Managerial Personnel

Rahul J Parekh Key Managerial Personnel Anand J. Parekh Key Managerial Personnel

NOTE: 3. The power cost is net of value of captively consumed units of wind mill.

NOTE: 4. The Disclosures as required to be made relating to Micro, Small and Medium Enterprise under the Micro, Small and Medium Enterprises Development Act, 2006 (MSME) are not furnished in view of the non avaibility of the relevant information with the company from all such enterprises. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expected to be material.

NOTE: 5. Based on review carried out as on 31.03.2012, no impairment loss is required to be provided for as per Accounting Standard 28 on "Impairment of Assets".

NOTE: 6. In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realisable value as shown in the accounts.

NOTE: 7. The financial statements for the year ended 31st March,2011 had been prepared as per the then applicable, pre- revised Schedule VI to the Companies Act,1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March,2012 are prepared under revised Schedule VI. Accordingly, the previous year figures have also been reclassified to confirm to this year's classification.


Mar 31, 2011

1 Provision for Income Tax has been made in accordance with the provisions of the Income Tax Act, 1961.

2 The power cost is net of value of captively consumed units of Wind Mill.

3 Parsuant to approval of the shareholders of the company by way of postal ballot on 13th August, 2010 the company has sub-divided its equity shares of the face value of Rs. 10 each into 10 equity shares of the face value of Re.1 each.

4 Related Party Transactions:

As per Accounting Standard 18, Related Party Disclosure is as under:

(a) List of Related Parties with whom transactions have taken place during the year and relationship:

Name of the Related Party Relationship

Shah Jeetmal Champalal Associate

Mahalaxmi Cal Chem Pvt. Ltd Associate

Anand Chem Industries Pvt. Ltd. Associate

Mahalaxmi Exports Associate

Rahul Textile Associate

Jeetmal B Parekh Key Managerial Personnel

Rahul J Parekh Key Managerial Personnel

Anand J. Parekh Key Managerial Personnel

5 Contingent liabilities in respect of: 2010-11 2009-10

a) Bank Guarantee Rs. in lacs 8.38 8.38

b) Textile Cess Rs. in lacs 11.12 11.12

c) Disputed Excise Duty Liability Rs. in lacs 9.98 20.60

d) Disputed Income Tax Liability Rs. in lacs 14.88 12.89

e) Claims against suits filed in labour courts not acknowledged by the Company Rs. in lacs 0.60 0.67

f) Claims against suits by others not acknowledged by the Company Rs. in lacs 10.09 10.09

g) Estimated amount of Capital remaining to be Rs. in lacs 570.88 - executed on capital account and not provided for (Net of Advances)

6 In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realisable value as shown in the accounts.

7 The Disclosures as required to be made relating to Micro, Small and Medium Enterprise under the Micro,Small and Medium Enterprises Development Act, 2006 (MSME) are not furnished in view of the non avaibility of the relevant information with the company from all such enterprises. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expected to be material.

8 Based on review carried out as on 31.03.2011, no impairment loss is required to be provided for as per Accounting Standard 28 on "Impairment of Assets".

9 Sundry Debtors include Rs. 20258914 due from companies and firms in which directors of the company are directors or partners

10 Previous year's figures are regrouped and/or rearranged wherever considered necessary.


Mar 31, 2010

1. Provision for Income Tax has been made in accordance with the provisions of the Income Tax Act, 1961 after adjusting the MAT Credit entitlement.

2. The power cost is net of value of captively consumed units of Wind Mill.

3.1 Lacs Warrants which were issued on preferential basis and were due for conversion on August 24, 2009 were lapsed and the upfront amount received was forfeited and credited to Profit & Loss account.

4. Related Party Transactions:

As per Accounting Standard 18, Related Party Disclosure is as under:

(a) List of Related Parties with whom transactions have taken place during the year and relationship:

Name of the Related Party Relationship

Shah Jeetmal Champalal Associate

Mahalaxmi Cal Chem Pvt. Ltd Associate

Anand Chem Industries Pvt. Ltd. Associate

Mahalaxmi Exports Associate

Rahul Textile Associate

Jeetmal B Parekh Key Managerial Personnel

Rahul J Parekh Key Managerial Personnel

Anand J. Parekh Key Managerial Personnel

5. Contingent liabilities in respect of:

2009-2010 2008-2009 a) Bank Guarantee Rs.in lacs 8.38 8.38

b) Textile Cess Rs.in lacs 11.12 11.12 c) Disputed Excise Duty Liability Rs.in lacs 20.60 10.44

d) Disputed Income Tax Liability Rs. in lacs 12.89 12.89

e) Claims against suits filed ip labour Rs. in lacs 0.67 2.26 courts not acknowledged by the Company f) Claims against suits, by others not Rs. in lacs 10.09 10.09 acknowledged by the Company

6. In the opinion of the management the balances of sundry debtors, loans and advances have approximately the same realisable value as shown in the accounts.

7. In accordance with the Notification No.GSR 719 (E) dated 16.11.2007 issued by the Ministry of Corporate Affairs, certain disclosures are required to be made relating to Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Development Act, 2006. The Company is in the process of compiling relevant information from its suppliers about their coverage under the said Act. Since the relevant information is not readily available, no disclosures have been made in their Financial Statements. However, in the considered view of the management and as relied upon by the auditors, impact of interest, if any that may be payable in accordance with the provisions of this Act is not expexted to be material.

Note:

Geographical segment considered for disclosure are as follows: Revenue within India includes sales to customers located within India. Revenue outside India includes sales to customers located outside India.

8. Based on review carried out as on 31.03.2010, no impairment loss is required to be provided for as per Accounting Standard 28 on "Impairment of Assets".

9. Sundry Debtors include Rs. 10668628/- due from companies and firms in which directors of the company are directors or partners.

10. Previous years figures are regrouped and/or rearranged wherever considered necessary.

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