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Notes to Accounts of Manaksia Coated Metals & Industries Ltd.

Mar 31, 2016

Note:

1 The Current part of Long Term Borrowings, as above, have been shown under Other Current Liabilities (Note No.10), as Current Maturities of long term debt.

2 Ru pee Term Loan:

The above loan is secured by First Charge on all Fixed Asset (Movable and Immovable) and is further secured by second charge on current assets of the Company. The outstanding loan is repayable in 7 quarterly installments of Rs, 250 Lakhs each. The Rate of Interest on the Rupee Term Loan is 11.15% p.a.

Note:

3. The Company’s Working Capital facilities are secured by First Charge on the current assets and second charge on Immovable Fixed Assets ranking pari passu with the respective Working Capital Bankers.

‘Disclosure of payables to MSME vendors as defined under the “Micro, Small and Medium Enterprise Development Act, 2006” is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company.

There are no overdue principal amounts/interest payable amounts for delayed payments to such vendors at the Balance Sheet date. There are no delays in payment made to such suppliers during the year or for earlier years and accordingly there is no interest paid or outstanding interest in this regard in respect of payments made during the year or brought forward from previous years.

4) Effective from 1st April, 2014, the company had charged depreciation based on the revised remaining useful lives of the assets as per the requirement of Schedule II to the Companies Act 2013. Due to above, an amount of '' 101.43 Lakhs (net of deferred tax) has been recognized in the opening balance of retained earnings for the financial year 2014-15, for the assets where remaining useful life as per Schedule II is Nil.

5) Information pursuant to the provisions of Clause viii of the General Instructions for preparation of statement of profit and loss of the Schedule III to the Companies Act, 2013.

6) In terms of the scheme of arrangement under section 391 to 394 of the Companies Act, 1956 (“the Scheme”) between Manaksia Limited, Manaksia Coated Metals & Industries Limited (“the Company”) and other three transferee Companies, Manaksia Limited has demerged its business and undertakings namely; Aluminium Undertaking, Steel Undertaking, CMMC Undertaking and Packaging Undertaking to four separate transferee Companies. Pursuant to the Scheme as approved by Hon''ble High Court of Calcutta vide order dated 24th March 2014, received on 19th November 2014, the CMMC undertaking of Manaksia Limited has been demerged into the company on a going concern basis with effect from 1st October 2013 being the appointed date.

In terms of the Scheme 65,534,050 equity shares of Rs, 1/- each, fully paid-up, of the Company have been issued to the holders of equity shares of Manaksia Limited, whose names were registered in the register of members on the record date, without payment being received in cash, in the ratio of 1 (one) fully paid-up equity share of Rs, 1/- each of the Company for every equity share held in Manaksia Limited. Further, in terms of the Scheme, Share Capital of Rs, 5 lacs prior to allotment of the above shares, has been transferred to Capital Reserve Account.

The estimates of rate of escalation in salary considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors. The above information has been certified by the actuaries.

7) Corresponding comparative figures for the previous year have been regrouped and readjusted wherever considered necessary to confirm to the current year presentation.


Mar 31, 2015

Disclosure of payables to MSME vendors as defend under the "Micro, Small and Medium Enterprise Development Act, 2006" is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company.

There are no overdue principal amounts/interest payable amounts for delayed payments to such vendors at the Balance Sheet date. There are no delays in payment made to such suppliers during the year or for earlier years and accordingly there is no interest paid or outstanding interest in this regard in respect of payments made during the year or brought forward from previous years.

1. In terms of the Scheme, Security Premium Account of the Manaksia Limited shall be apportioned among Manaksia Limited, the Company and the other three transferee Companies in proportion of the net assets of all the Companies.

2. Corresponding comparative figures for the previous year have been regrouped and readjusted wherever considered necessary to conform to the current year presentation.

Current period figures are for 12 months ended 31st March 2015 and previous period figures include the results of Metal & Mosquito Coils business of Manaksia Ltd from appointed date of demerger (i.e 1st October 2013) to the end of relevant financial year. Since the reporting period of operational units are not same, these figures are not comparable.

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