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Mangalam Ventures Ltd. Notes to Accounts, Mangalam Ventures Ltd. Company
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Notes to Accounts of Mangalam Ventures Ltd.

Mar 31, 2014

1. Company Information

Mangalam Ventures Limited ("The Company") is a public limited company .The Company has manufacturing facility at Faridabad (Haryana) for manufacture of readymade garments and exporting the goods to the overseas market.

2. The Company has only one class of equity shares having face value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares 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.

3. SEGMENT INFORMATION

As the Company operates in a single business segment "Readymade Garments", the segment information in terms of Accounting Standard -17 are not required to be given.

4. CONTINGENT LIABILITIES

Claims against the Company not acknowledged as debts Rs. 981,000/- (Previous Year Rs. 981,000/-)

5. There are no companies/enterprises under Micro, Small & Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosure have been made. The above information regarding micro, small & medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company.

* It does not include contribution to the gratuity and leave encashment fund as individual amount is not ascertainable.

6. IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company as such no provision is required as per Accounting Standards (AS 28) issued by the Institute of Chartered Accountants of India.

7. PREVIOUS YEARS FIGURES

The figures for the previous year have been regrouped, rearranged and restated wherever necessary.

8. Naye Paises are rounded off to the nearest rupee.


Mar 31, 2013

1. Company Information

Mangalam Ventures Limited ("The Company") is a domestic public limited company and is listed on the BSE Limited, however the Company has received in principle approval for delisting from BSE and request for final approval for delisting of equity shares will be made after completing all the procedural formalities of voluntary delisting. The Company has manufacturing facility at Fandabad (Haryana) for manufacture of readymade garments and exporting the goods to all the overseas market

2. RELATED PARTY DISCLOSURE

Related parties with whom transactions have taken place during the year:

a) Key Management Personnel

i) Shri Sharat Jain - Whole Time Director ii) Shri R.S. Hegde - WholeTime Director

b) Relatives of Key Management Personnel Smt. Rachna Jain wife of Shri Sharat Jain

c) Enterprise owned or significantly influenced by key management personnel or their relatives -

1) Preeti Vanijya Pvt. Ltd.

2) Windermere Exports Pvt. Ltd.

3) Sonia International

3. CONTINGENT LIABILITIES

a) Unutilised amount of letters of credit established Rs. Nil; (Previous Year Rs. Nil)

b) Claims against the Company not acknowledged as debts Rs. 981,000/- (Previous Year Rs. 981,000/-)

4. There are no companies/enterprises under Micro, Small & Medium Enterprises Development Act, 2006, to whom the Company owes dues on account ot principal amount together with interest and accordingly no additional disclosure have been made. The above information regarding micro, small & medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company.

5. IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company as such no provision is required as per Accounting Standards (AS 28) issued by the Institute of Chartered Accountants of India.

6. PREVIOUS YEARS FIGURES

The figures for the previous year have been regrouped, rearranged and restated wherever necessary.

7. Naye Paises are rounded off to the nearest rupee.


Mar 31, 2012

1.1 The Company has only one class of equity shares having face value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares 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:

i) Term Loan is secured by first charge on fixed assets (Building and Plant & Equipments) purchased out of Loan.

ii) Vehicle loans are secured against the hypothecation of the respective vehicle.

Working Capital borrowings are secured by hypothecation of entire current assets. It is further collaterally secured by equitable mortgage of factory's land and buildings located at Plot No.-32, Sector-6, Faridabad -121006 (Haryana) and hypothecation charge over the entire plant and equipments and entire fixed assets of the Company. It is further secured by the guarantee of a Director of the Company.

2. SEGMENT INFORMATION

As the Company operates in a single business segment " Readymade Garments", the segment information in terms of Accounting Standard -17 are not required to be given.

3. RELATED PARTY DISCLOSURE

Related parties with whom transactions have taken place during the year:

a) Key Management Personnel

i) Shri Sharat Jain - Whole Time Director

ii) Shri R.S. Hegde - WholeTime Director

b) Relatives of Key Management Personnel

Smt. Rachna Jain wife of Shri Sharat Jain - Whole Time Director

c) Enterprise owned or significantly influenced by key management personel or their relatives -

1) Preeti Vanijya Pvt. Ltd.

2) Windermere Exports Pvt. Ltd.

3) Sonia International

4. CONTINGENT LIABILITIES

a) Unutilised amount of letters of credit established Rs. NIL (Previous Year Rs. 9,682,747/-)

b) Claims against the Company not acknowledged as debts Rs. 981,000/- (Previous Year Rs. 981,000/-)

5. There are no companies/enterprises under Micro, Small & Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosure have been made. The above information regarding micro, small & medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company.

6. IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company as such no provision is required as per Accounting Standards (AS 28) issued by the Institute of Chartered Accountants of India.

7. PREVIOUS YEARS FIGURES

The financial statements for the year ended 31st March, 2011 were prepared as per the, then applicable erstwhile Schedule-VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule -VI under the Companies Act, 1956, financial statements for the year ended 31st March, 2012 are prepared as per Revised Schedule -VI. Accordingly the previous year figures have also been reclassified to conform to this classification for adoption of Revised Schedule-VI. The previous year's figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2011

1 Contingent Liabilities :

a) Unutilised amount of letters of credit established Rs 96.83 Lacs (Previous year Rs. Nil)

b) Claims against the Company not acknowledged as debts Rs 9.81 Lacs (Previous year Rs. 9.81 Lacs)

2 Quantitative information pursuant to the provisions of paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956 in respect of goods manufactured. This is given under (A) to (D) of the following.

@ Installed capacity is as certified by the Management of the Company on which the auditors have relied.

Production includes processing for outside parties 0.412 tonnes (Previous year 21.179 tonnes) and excludes processing by outside parties 246.925 tonnes (Previous year 245.298 tonnes) Production includes internal consumption of Cotton Knitted Fabrics for Knitwear Garments.

Production includes processing for outside parties 54.155 tonnes (Previous year 147.700 tonnes). Production includes captive consumption of cotton knitted grey fabrics and cotton knitted dyed fabrics for knitwear garments.

Production includes processing for outside parties Nil Pieces (Previous year7,213 pieces) and excludes processing by outside parties 4,610 Pieces (Previous year 8,244 Pieces)and excludes purchase of 11 pieces (Previous year 97 pieces)

Note:

a) Subsidiary None

b) Associates 1. Preeti Vanijya Private Limited

2 Windermere Exports Private Limited

3 Sonia International

c) Key Management Personnel Shn Sharat Jam

Shri R S Hegde

d) Relative of Directors Smt Rachna Jain

e) Enterprises over which Key Management None Personnel is able to exercise significant Influence.

3. Information on Segment Reporting

The Company is engaged in one business segment i.e. Readymade Garments in terms of Accounting Standard 17 issued by the Institute of Chartered Accountants of India

B) Provision for Current Tax of Rs 41.00 Lacs (Previous Year Rs. 40.00 Lacs) has been made in accordance with the provisions of the Income Tax Act, 1961.

4. Employee Benefit Obligation

The Company makes contribution towards gratuity to a defined contribution retirement benefits plan for qualifying employees. The Company have taken policy with Life Insurance Corporation of India to provide for payment of vested employees at retirement / death while in employment or on termination of employment. The obligations at the beginning of the year Rs.31.39 lacs and at the end of the year Rs. 40.57 Lacs and fair value assets at the beginning of the year Rs. 36.97 Lacs and at the end of the year Rs. 48.01 Lacs. During the year contribution paid to the gratuity fund Rs. 2.97 Lacs (Previous year Rs. 7.62 Lacs) by the Company to cover fully the benefits to be paid to the employees has been charged to the Profit & Loss Account. In addition to this, we paid Rs. 4.39 Lacs during the year which was debitted to Profit and Loss Account in the previous year.

5. The Figures for the previous year have been regrouped, rearranged and restated wherever necessary.

6. Naye Paises are rounded off to the nearest rupee.

7. In the opinion of the Board, 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.

8. There are no companies/enterprises under Micro, Small & Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosure have been made. The above information regarding micro, small & medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.


Mar 31, 2010

1. Contingent Liabilities :

a) Unutilised amount of letters of credit established Rs. Nil (Previous year Rs. 51.35 Lacs)

b) Claims against the Company not acknowledged as debts Rs. 9.81 Lacs (Previous year Rs. 9.81 Lacs)

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. Nil (Previous year Rs. 31.30 Lacs)

3. Quantitative information pursuant to the provisions of paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956 in respect of goods manufactured. This is given under (A) to (D) of the following.

A) Capacity & Production :

# Licensed capacity calculated on the basis of 300 working days in a year.

@ Installed capacity is as certified by the Management of the Company on which the auditors have relied.

* Production includes processing for outside parties 21.179 tonnes (Previous year 10.675 tonnes) and excludes processing by outside parties 245.298 tonnes (Previous year 249.179 tonnes). Production includes internal consumption of Cotton Knitted Fabrics for Knitwear Garments.

Production includes processing for outside parties 147.700 tonnes (Previous year 50.329 tonnes).

Production includes captive consumption of cotton knitted grey fabrics and cotton knitted dyed fabrics for knitwear garments.

Production includes processing for outside parties 7,213 Pieces (Previous year7,205 pieces) and excludes processing by outside parties 8,244 Pieces (Previous year NIL Pieces)and excludes purchase of 97 pieces (Previous year 39 pieces)

4. Earnings Per Share

The calculation of Earnings Per Share (EPS) as disclosed in the Balance Sheet has been made in accordance with Accounting Standard (AS)-20 on Earnings Per Share issued by the Institute of Chartered Accountants of India.

5. Information on Segment Reporting

The Company is primarily engaged in two business segment i.e. Readymade Garments and E-content Development Business during the year under review. Revenue and expenses are identified to segments on the basis of their relatioship to the operative activities of the segment.

6. B) Provision for Current Tax of Rs 40.00 Lacs has been made in accordance with the provisions of the Income Tax Act, 1961.

7. Employee Benefit Obligation

The Company makes contribution towards gratuity to a defined contribution retirement benefits plan for qualifying employees. The Company have taken policy with Life Insurance Corporation of India to provide for payment of vested employees at retirement / death while in employment or on termination of employment. The obligations at the beginning of the year Rs.24.17 lacs and at the end of the year Rs. 31.39 Lacs and fair value assets at the beginning of the year Rs. 28.27 Lacs and at the end of the year Rs. 36.97 Lacs. During the year contribution paid to the gratuity fund Rs. 7.62 Lacs (Previous year Rs. 7.03 Lacs) by the Company to cover fully the benefits to be paid to the employees has been charged to the Profit & Loss Account. Due to increase in ceiling limit of Gratuity, additional liability of Rs. 4.39 Lacs arises which is debited in Profit & Loss Account in addition to Rs. 7.62 Lacs. However additional liability of Rs. 4.39 Lacs is subsequently paid.

8. The Figures for the previous year have been regrouped, rearranged and restated wherever necessary.

9. Naye Paises are rounded off to the nearest rupee.

10. In the opinion of the Board, 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.

11. There are no companies/enterprises under Micro, Small & Medium Enterprises Development Act, 2006, to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosure have been made. The above information regarding micro, small & medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

 
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