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Notes to Accounts of Marathwada Refractories Ltd.

Mar 31, 2015

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade Ref factories of all kind and bricks of a 11 types and varieties with different properties and components.

2. Basis of Preparation of Financial Statements

The financial statements of the company have been prepared under the historical cost convention on an accrual basis in accordance with the generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Section133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014. The accounting policies have been consistently applied by the com pany and are consistent with those used in the previous year, The Company is not a Small and Medium Sized Company (Non SMC) as defined in the General Instructions in respect of | Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable as such

3. 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. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year, the company has not proposed for any dividend payable to the share holders.

In the event of Liquidation, Equity Share holders are entitled to receive the assets of the company remaining after distribution of all preferential amount, in proportion to the number of shares held by them.

All Preference shares are redeemable at the end of 7th year from the date of issue. In the event of Liquidation of the company the Preference Share holders will have priority over equity share holders in the payment of dividend and repayment of capital.

4.Related Party Disclosure

Names of Related Parties and Related Party relationships

Member & Key Managerial Personnel Sushi! Mantri

Director Malu Sanjay Tolaram

Director H S Girish Gupta

Director Aparna Goel

Director Kapil Malhotra

Company in which Member is interested Plaza Agencies Private Limited

Mantri Developers Private Limited

Mantri Hamlet Private Limited

Mantri Gardenview Homes Private Limited

Mantri Mansion Private Limited

Tarun Realtors Private Limited

Vismay Realtors Private Limited

Companies in which Directors are interested 3D Megacity Private Limited

ASL Hospitalities Private Limited

Futura Techpark Private Limited

Gaurang Advisors Private Limited

Hamara Shelters Private Limited

Inesh Realtors Private Limited

Indus Scholastic and Management Services Private Ltd., Jasmine Enterprises Private Limited

Kirthana Realtors Private Limited

Lakeview Development Corporation Private Limited

Lanco Hills technology Park Private Limited

Mantri Abodes Private Limited

Mantri Apartments Private Limited

Mantri Castles Private Limited

Mantri Homes Private Limited

Mantri Primus Lifespaces Private Limited

Mantri Property Developers Private Limited

Mantri Resi Structures Private Limited

Mantri Techzone Private Limited

Minerva Infra Tech Private Limited

North Educational Academy (India) Private Limited

Pratibha Realtors Private Limited

Propcare Holdings Private Limited

Propcare Mall Management (India) Private Limited Propcare Real Estate Management Private Limited

SGP Software Solutions private Limited

Sinew Developers Private Limited

Sugam Vanijya Holdings Private Limited

Suraj Inn Private Limited

Tirupati Buildplaza Private Limited

VanGuard Hospitality Private Limited

Vassel Warehousing Private Limited

Associate Companies Anthariksh Construction Private Limited

Avant Garde Shelters Private Limited

Brahmagiri Realtors Private Limited

Deeta Constructions Private Limited

Mantri Dwellings Private Limited

Mantri Geo Structures Private Limited

Mantri Habitats Private Limited

Mantri Infrastructure Private Limited

Mantri Sierra Structure Private Limited

Mantri Technology Constellations Private Limited

Mantri Technology Parks Private Limited

Raffles Enterprises Private Limited

Shivashakti Estates and Investments Private Limited

Smarthomes Developers (India) Private Limited

Other Related Parties [Enterprise owned or Classic Developers significantly influenced by key management Indus International personnel or significantly influenced School (Pune) Private by the Company] Limited Mantri Global Mantri Homes

Movva Outdoor Media

Projenco Software Systems Private Limited

Quadra Software Solutions Private Limited

Satko Estates

5. Capital and Other Commitments

There are no commitments of capital or other nature falling on the company except those disclosed in the notes above and | as on the reporting date, no such comm itments are due to be settled or whith requires outflow of cash or cash equivalent.

6. IT Refund written off:

With respect to note 4.8, IT Refund due for the AY 2009-10 and 2010-11 amounting to Rs. 27,130/- and Rs. 3,92,404/- has been written off to Statement of Prof it and Loss Account.

7. Legal Proceedings: With respect to Note 4.9., the company has filed legal proceedings on the Trade Receivables from Shivang Ispt Private Limited amounting to Rs. 6,26,729/- however, the proceedings are in progress and the outcome of the case is still awaited.

8. Contingent Liabiities:

There are no possible obiligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any conti ngent Liability.

9. Previous Year Figures:

Previous year Figures have been regrouped, rearranged and recast whereever necesary to make them comparable


Mar 31, 2013

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade refractories of all kind and bricks of all types and vatieties with different properties and components.

2. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply in all material respects with the notified accounting standard by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared under the historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India.

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The Company is not a small and Medium Sized Company (Non SMC) as defined in the General Instructions in respect of Accounting Standards as applicable as such.

3.1. Related Party Disclosure

Names of Related Parties and Related Party Relationships Member & Key Managerial Personnel Sushil Mantri

Director Prakash G Hegde

Director H S Girish Gupta

Director K S Vasudeva Murthy

Company in which Member is interested Plaza Agencies Private Limited

Mantri Developers Private Limited

Companies in which Directors are interested 3D Megacity Private Limited

Azure Capital Advisors Private Limited

Hamara Shelters Private Limited

Jasmine Enterprises Private Limited

Lakeview Development Corporation Private Limited

Mantri Abodes Private Limited

Mantri Apartments Private Limited

Mantri Castles Private Limited

Mantri Property Developers Private Limited

Mantri Hamlet Private Limited

Mantri Homes Private Limited

Mantri Primus Lifespaces Private Limited

Mantri Resi Structures Private Limited

Mantri Techzone Private Limited

Minerva Infra Tech Private Limited

Pratibha Realtors Private Limited

Propcare Holdings Private Limited

Propcare Mall Management (India) Private Limited

Propcare Real Estate Management Private Limited

VanGuard Hospitality Private Limited

Associate Companies Anthariksh Construction Private Limited

Avant Garde Shelters Private Limited Brahmagiri Realtors Private Limited Deeta Constructions Private Limited

Devadatta Build Tech Private Limited Mantri Developers (Singapore)

Private Limited Mantri Dwellings Private Limited Mantri Geo Structures

Private Limited Mantri Habitats Private Limited Mantri Infrastructure

Private Limited Mantri Mansion Private Limited Mantri Sierra Structure

Private Limited Mantri Technology Constellations Private Limited

3.2. Contingent Liabilties

There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

3.3. Previous Year Figures

Previous year figures have been regrouped, rearranged and recast wherever necessary to make them comparable to the respective figures in the current year.


Mar 31, 2012

1. Company Information

Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade refractories of all kind and bricks of all types and varieties with different properties and components.

2. Basis of Preparation of Financial Statements

The financial statements have been prepared to comply in all material respects with the notified accounting standard by Companies Accounting Standards Rules, 2006 and the relevant provisions of the Companies Act 1956. The financial statements have been prepared under the historical cost convention on an accrual basis in accordance with accounting principles generally accepted in India.

The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The Company is not a Small and Medium Sized Company (Non SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act 1956, Accordingly, the Company has complied with the Accounting Standards as applicable as such.

3.1. Share capital

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. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year, the company has not proposed for any dividend payable to the share holders.

In the event of Liquidation, Equity Share holders are entitled to receive the assets of the company remaining after distribution of all preferential amount, in proportion to the number of shares held by them

All Preference shares are redeemable at the end of 7th year from the date of issue. In the event of Liquidation of the company the Preference Share holders will have priority over equity share holders in the payment of dividend and repayment of capital

3.2. Related Party Disclosure

Names of Related Parties and Related Party relations Ships

Member Sushil Mantri

Director & Key Managerial Personnel Prakash G. Hegde

Director & Key Managerial Personnel H. S. Girish Gupta

Vasudev Murthy

Related Party Transactions

There are no transactions entered into by the company which requires disclosure as per Accounting Standards 18-Related Party Disclosure.

3.4. Capital and Other Commitments

There are no commitments of capital or other nature falling on the company except those disclosed in the notes above and as on the reporting date, no such commitments are due to be settled or which requires outflow of cash or cash equivalent.

3.5. Contingent Liabilities

There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.

3.6. Previous Year Figures

Pursuant to the adoption of Revised Schedule VI for Preparation and Presentation of Financial Statements, previous year figures are grouped and reclassified according to the requirements as per Revised Schedule VI.


Mar 31, 2011

Not Available


Mar 31, 2010

1. Corresponding figures of the previous year have been regrouped to confirm with this years grouping wherever necessary.

2. CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

Particulars Current Year Previous Year

Rs Rs.

Claims against the Company not acknowledged as debts - Kalpana Enterprises 50580 50580

3. Writ petitions filed by the Company in the Aurangabad bench of Hon ble Bombay High Court regarding Sal^s tax demands of the Sales tax Department & Octroi Refunds claims of the Company have been withdrawn and sales tax liability as per the Maharashtra Sales Tax Amnesty Scheme was paid by the Company in full and final settlement.


Mar 31, 2009

Notes Annexed to and forming part of the Balance Sheet as at 31.03.2009 and Profit and Loss Account for the year ended on that date:

1. Corresponding figures of the previous year have been regrouped to confirm with this years grouping whereve necessary.

2. CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECTOF:

Particulars Current Year Previous Year Rs . Rs.

Claims against the Company not acknowledged as debts -

Kalpana Enterprises 50580 50580

3. The Company has filed a writ petition in the Aurangabad bench of Honble Bombay High Court challenging the notice dated 23.01.2009 issued by the Joint Commissioner of Sales-tax, Maharashtra State as well as order dated 16.10.2008 passed by the Additional Director of Industries, Mumbai, cancelling the eligibility certificate dated 22.03.1996. Liability arising in the matter, if any, is presently not ascertainable.

 
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