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Notes to Accounts of Malu Paper Mills Ltd.

Mar 31, 2015

A. Rights, preference 6s restriction attached to Equity Shares

The company has only one class of equity Share. Each Shareholder is eligible for one vote per share. In the event of liquidation of company, the shareholders are entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution shall be in proportion to number of equity shares held by the shareholder.

1 (Loans of Sr. No a (i) to (v) of Note 4 are secured by :

1. Primary : First paripassu charge on the entire Fixed Assets of the Company both present & future.

2. Collateral : Second pari pasu charge on entire current assets of the company and First pari passu charge by way of equitable mortgage of Land and Plant & Machinery of Solar Carbon Pvt Ltd.

3. Guarantee : Personal guarantee of Directors Shri Punamchand Malu & Shri Banwarilal Malu and corporate guarantee of Solar Carbons Pvt Ltd.)

4. Pledge of Promoters Shareholding to the extent of 51% of the paid up capital of the Company.

2 (Loans of Sr. No a (vi) and (viii) of Note 4 are secured by hypothecation of vehicle of company.)

3 In the financial year 2011-12, Loans of Sr. No. a (i) to (v) of Note

4 are restructured under the Corporate Debts Restructure (CDR) mechanism.

(Loans of Sr. No a (i) to (v) of Note 7 are secured by :

1. Primary : First paripassu charge on the entire Curent Assets of the Company both present & future.

2. Collateral : Second pari pasu charge on entire Fixed assets of the company and second pari passu charge by way of equitable mortgage of Land and Plant & Machinery of Solar Carbon Pvt Ltd.

3. Guarantee : Personal guarantee of Directors Shri Punamchand Malu & Shri Banwarilal Malu and corporate guarantee of Solar Carbons Pvt Ltd.)

4. Pledge of Promoters Shareholding to the extent of 51% of the paid up capital of the Company.

NOTE 2. SEGMENT INFORMATION :

The Company operates in only one main segment i.e. manufacturing of paper. Since the company has only one reportable business segment and geographical segment, no further disclosure is required as per the Accounting Standard 17 on Segment Reporting.

NOTE 3. OTHERS:

a Balances in various personal accounts remain unverified since confirmations from the parties are awaited.

b The current assets, loans and advances are approximately of the values stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

c The company has revised depreciation rates on fixed assets effective 1st April, 2014 in accordance with requirements of schedule II of Companies Act 2013 ("the Act"). The remaining useful life has been revised by adopting standard useful life as per New Companies Act, 2013. The carrying amount as on 1st April 2014 is depreciated over the remaining useful life. As a result of this changes the depreciation charged for the year ended 31st March 2015 is lower by Rs. 1,64,39,968/-.

d Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/ disclosure.


Mar 31, 2014

NOTE 1 SEGMENT INFORMATION :

The Company operates in only one main segment i.e. manufacturing of paper. Since the company has only one reportable business segment and geographical segment, no further disclosure is required as per the Accounting Standard 17 on Segment Reporting.

NOTE 2 CONTINGENT LIABILITIES :

Bank Guarantee Outstanding 14,423,377 13,494,775

Letter of Credit/Buyer''s Credit 113,431,776 116,201,000

Bonds Executed in Favour of Government Authorities in respect of EPCG Licence towards 61,401,000 61,401,000 duty saved against which Export obligation has to be made.

NOTE 3 OTHERS:

a Balances in various personal accounts remain unverified since confirmations from the parties are awaited.

b The current assets, loans and advances are approximately of the values stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

c Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2013

NOTE 1 SEGMENT INFORMATION :

The Company operates in only one main segment i.e. manufacturing of paper. Since the company has only one reportable business segment and geographical segment, no further disclosure is required as per the Accounting Standard 17 on Segment Reporting.

NOTE 2 CONTINGENT LIABILITIES :

Bank Guarantee Outstanding 13,494,775

Letter of Credit 116,201,000

Bonds Executed in Favour of Government Authorities in respect of EPCG Licence towards duty saved against which Export 61,401,000 ogligation has to be made.

NOTE 3 OTHERS :

a Balances in various personal accounts remain unverified since confirmations from the parties are awaited.

b The current assets, loans and advances are approximately of the values stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

c Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.


Mar 31, 2012

A Rights, preference & restriction attached to Equity Shares

The company has only one class of equity Share. Each Shareholder is eligible for one vote per share. In the event of liquidation of company, the shareholders are entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution shall be in proportion to number of equity shares held by the shareholder.

1 (Loans of Sr. No a (i) to (v) of Note 4 are secured by :

1. Primary : First paripassu charge on the entire Fixed Assets of the Company both present & future.

2. Collateral : Second pari pasu charge on entire current assets of the company and First pari passu charge by way of equitable mortgage of Land and Plant & Machinery of Solar Carbon Pvt Ltd.

3. Guarantee : Personal guarantee of Directors Shri Punamchand Malu & Shri Banwarilal Malu and corporate guarantee of Solar Carbon Pvt Ltd.)

2 (Loans of Sr. No a (vi) and (vii) of Note 4 are secured by hypothecation of vehicle of company.)

3 During the financial year 2011-12, Loans of Sr. No. a (i) to (v) of Note 4 are restructured under the Corporate Debts Restructure (CDR) mechanism.

((Loans of Sr. No a (i) to (iii) of Note 5 are secured by :

(1) Primary : First pari passu charge by way of hypothecation on entire current assets of the Company including Raw Materials, Finished Goods, Stock In Process and Book Debts.

(2) Collateral : Second pari passu charge on the entire Fixed Assets of the Company and First pari passu charge by way of equitable mortgage of Land and Plant & Machineiy of Solar Carbon Pvt Ltd.

(3) Personal guarantee of Directors Shri Punamchand Malu & Shri Banwarilal Malu and corporate guarantee of Solar Carbon Pvt Ltd.)

NOTE 1 SEGMENT INFORMATION :

The Company operates in only one main segment i.e. manufacturing of paper. Since the company has only one reportable business segment and geographical segment, no further disclosure is required as per the Accounting Standard 17 on Segment Reporting.

NOTE 2 CONTINGENT LIABILITIES :

Bank Guarantee Outstanding 13,240,938

Letter of Credit 84,530,000

Bonds Executed in Favour of Government Authorities in respect of EPCG Licence towards duty saved 61,401,000 against which Export ogligation has to be made.

NOTE 3 OTHERS:

a Balances in various personal accounts remain unverified since confirmations from the parties are awaited.

b The current assets, loans and advances are approximately of the values stated if realized in the ordinary course of business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

c The Revised Schedule VI has become effective from 1 April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

 
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