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Notes to Accounts of Mallcom (India) Ltd.

Mar 31, 2015

1. Corporate Information

Mallcom (India) Ltd., domiciled in India, was incorporated in the year 1983 under Companies Act 1956. The company is one of the established manufacturer - exporter of Personal Protective Equipments. It has a long track record in the Industrial Safety Products category.

2. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity share will be 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. Shareholders are entitled for dividend if any declared by the Company. During the year dividend payout of Rs.1.50 (P.Y. Rs. 1.50) per equity share of Rs.10/-each is proposed.

3. Change in accounting estimate

Effective 01st April 2014, the company has revised the Depreciation rates of fixed assets, according to the useful lives specified in Schedule -II of the Companies Act, 2013, resulting into increase in depreciation charge for the year by Rs 103.27 lakhs.

Further written down value of the assets whose useful live has already been exhausted before 1st April 2014 amounting to Rs. 78 lakhs (net of deferred tax) have been adjusted against the retained earnings as on 1st April 2014.

4. Related Party Transactions

(a) Subsidiaries and Associates i) Mallcom Safety Pvt. Ltd [MSPL]

ii) Mallcom Safety Equipment Pvt. Ltd [MSEPL]

iii) Mallcom VSFT Gloves Pvt. Ltd [VSFT]

iv) Kadambini Securities Pvt. Ltd [KSPL]

v) Mallcom Holdings Pvt. Ltd [MHPL]

vi) Movers Construction Pvt. Ltd [MCPL]

vii) Chaturbujh Impex Pvt. Ltd [CIPL]

viii) DNB Exim Pvt. Ltd. [DNB]

ix) Two Star Tannery Private Limited [TSTPL]

(b) Key Managerial Personnel i) Mr. Ajay Kumar Mall (Managing Director)

(c) Relatives of Key Managerial Personnel i) Mr. S.K.Mall

ii) Mrs Sunita Mall

5. Segment Reporting

Based on the guiding principles given in Accounting Standard on Segment Reporting, (AS-17), the Company's primary business segment is Industrial Safety Products. The Industrial Safety Products business incorporates product groups' viz. Leather hand Gloves, Industrial Work Garments, Seamless Knitted Gloves, Leather Shoe Upper, Safety Shoes and Nitrile Dipped Gloves, which mainly have similar risks and returns. Thus the Company's business activity falls within a single primary business segment.

For the purpose of geographical segments, total sales are divided into India and other countries. The following table shows the distribution of the company's sales by geographical market regardless of where the goods are produced:

6.a. Contingent liabilities not provided for: Amount in (Rs.)

Contingent Liabilities

Amount in (Rs.)

Particulars 31-Mar-2015 31-Mar-2014

Export bills duly discounted/ negotiated under LC and for which acceptance already received and/or moved to bank line (previous year figures relates to Bill drawn under LC only). 129,266,880 66,310,258

Outstanding Bank guarantee issued by State bank of India Nil 1,00,000

B-17 Bond issued in favor of "Asst. Commissioner of Central Excise, Calcutta" covering the purchase of imported / indigenous capital goods/ raw materials without payment of Custom duty/ Excise Duty with respect to 00% E.O.U. for seamless knitted gloves 25,000,000 25,000,000

B-17 Bond issued in favor of "Deputy Commissioner of Customs, FSEZ", covering the purchase of imported / indigenous capital goods/ raw materials without payment of Custom duty/ Excise Duty with respect to 100% SEZ unit 31,000,000 31,000,000

Sales Tax demand in respect of earlier years, which has been disputed by the Company 8,006,000 8,006,000

Income Tax Demand in respect of earlier years, which has been disputed by the company 17,957,840 11,949,510

7. Micro Small and Medium Enterprises

There were no dues outstanding to the suppliers as on 31.03.2015 registered under the Micro, Small and Medium Enterprises (Development) Act, 2006, to the extent such parties have been identified from the available documents/ information. No interest in terms of such Act has either been paid or provided during the year.

8. In the opinion of the management and to the best of their knowledge and belief, the value of realization of loans and advances and other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

9. During the year, Mallcom VSFT Gloves Private Limited has become subsidiary of the company with effect from 31st March 2015.

10. Estimated amount of Contracts remaining to be executed on capital account and not provided for Rs. 95.15 lacs (P.Y Rs 245.08 lacs)

11. Based on market quotation as on 31st March, 2015 there is a diminution in the value of certain non current investments aggregating to Rs. 78,336 (Previous Year Rs. 103,522). However considering the future prospects of the companies the management has considered the diminution to be temporary requiring no provisions.

12. Previous Year's Figures have been regrouped/ rearranged wherever considered necessary.


Mar 31, 2014

1.1 Related party transaction

List of Related Party and Relationships:

Mallcom Safety Pvt. Ltd [MSPL] : 100% Subsidiary

Kadambini Securities Pvt. Ltd [KSPL] : Associate

Mallcom Holdings Pvt. Ltd [MHPL] : Associate

Mallcom Safety Equipment Pvt.Ltd [MSEPL] : Subsidiary

Movers Construction Pvt.Ltd [MCPL] : Associate

Chaturbujh Impex Pvt.Ltd [CIPL] : Associate

Sri Ajay Kumar Mall : Key Managerial Person

1.2 Previous Year's Figures have been regrouped/ rearranged wherever considered necessary.


Mar 31, 2013

1. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity share will be 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. Shareholders are entitled for dividend if any declared by the Company. During the year dividend payout of Rs.1.20/equity shares of Rs.10/-each is prosposed.

2. The company has issued 34,20,000 shares as fully paid Bonus Shares since incorporation, however has not bought any shares during the period of five year immediately preceeding the pervious year

3. There is no micro, small and medium enterprises, to which company owes any amount outstanding more than forty five days as at 31st March 2013. This information as required to be disclosed under the micro, small and medium enterprises development Act 2006, has been determined to the extent such parties have been identified on the basis of information available to the company;


Mar 31, 2012

1 Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity share will be 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. Shareholders are entitled for dividend if any declared by the Company. During the year dividend payout of Rs.1.20/equity shares of Rs.10/-each is prosposed'

2. The company has issued 34,20,000 shares as fully paid Bonus Shares since incorporation, however has not bought any shares during the period of five year immediately preceeding the pervious year

Export Packing Credit/ Packing Credit Foreign Currency Loan [a b]

[Secured by hypothecation of all present/future stock and receivables , all prresent/future fixed assets (excluding Land & Building) & Corporate and Personal guarantee of MD)

Bank Overdraft [C]

[From Axis Bank against pledge of Fixed Deposits]

There is no micro, small and medium enterprises, to which company owes any amount outstanding more than forty five days as at 31st March, 2012. This information as required to be disclosed under the micro, small and medium enterprises development Act 2006, has been determined to the extent such parties have been identified on the basis of information available to the company;

 
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