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Notes to Accounts of Mayur Leather Products Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Mayur Leather Products Limited (the Company) is a publicly held Company engaged in the manufacturing and export of Leather Shoes and Shoe Uppers and company is also engaged in Restaurant activity. The majority sales of the Company comprises of exports. The Company is engaged in production of industrial shoe / uppers segment both internationally and in the domestic market. The Equity Shares of the Company are presently listed with the Bombay Stock Exchange Limited (BSE).

2. LEASES

As a Lessee

(1) Finance Lease

There is no Finance Lease taken by the Company during the year.

(2) Operating Lease

(i) The total of future minimum lease payments under non-cancelable operating lease for each of the following periods :-

(a) Not later than one year Nil

(b) Later than one year and not later than five years Nil

(c) Later than Five Years Nil

(ii) Lease payments recognized in the statement of profit & loss for the year ended on 31st March, 2015 is Rs50.39(50.39)Lacs.

(iii) The Company has given sub-lease during the year 30.93 (24.30) Lacs.

3 DECLARATION & PAYMENT OF DIVIDENDS

Company fails to comply the provisions of Sec. 123 sub clause (4) of companies Act 2013 with regard to deposit of interim dividend in schedule bank in a separate account within five days from the date of declaration of dividend hence resulted into delay in dispatch of dividend warrant & delay in payment of tax payable on dividend as per income tax Act 1961.

4. The company reassessed the useful life of fixed assets as per part C of schedule II of the Companies Act, 2013. This has resulted in higher depreciation amounting to Rs 26.86 lacs for the year ended 31st March 2015.

5. Company has accounted Export benefit on account of Duty Credit Scrip (Focus Product) on the basis of Actual realization of export sales.

6. In the opinion of the management and to the best of their knowledge and belief the value of realization of 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.

7. The debit & credit balances of suppliers are subject to confirmation and reconciliation.

8. The Company did not have convertible, partly convertible debentures as on 31st March, 2015.

9. Figure in brackets denotes figures for previous year ended on 31st March, 2015.

10. Figures for Previous year are regrouped and rearranged wherever necessary.


Mar 31, 2014

1. CORPORATE INFORMATION

Mayur Leather Products Limited (the Company) is a publicly held Company engaged in the manufacturing and export of Leather Shoes and Shoe Uppers and company is also engaged in Restaurant activity. The majority sales of the Company comprises of exports. The Company is engaged in production of industrial shoe / uppers segment both internationally and in the domestic market. The Equity Shares of the Company are presently listed with the Bombay Stock Exchange Limited (BSE).

2. In absence of necessary information with the company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said act could not be complied and disclosed

3. RELATED PARTY INFORMATION (1) Relationship

(a) (a1) Group Companies Nil

(b) Individuals having substantial interest or significant influence in the enterprise directly or indirectly

(i) R. K. Poddar Director

(ii) R.V. Gupta Director

(iii) Amita Poddar Director

(iV) M. P. Kejriwal Independent Director

(V) Madhukar Chaturvedi Independent Director

(Vi) K. D. Agarwal Director (upto 16.07.2013)

(c) Key Management Personnel

(i) Mr. R. K. Poddar

(d) Relatives of Persons referred in B above, where transactions have taken place

(i) Mr. R.K. Poddar

(ii) Mr. Akhilesh Poddar

(iii) Ms. Himakshi Poddar

(e) Subsidiary/ Associates Company

(i) Mayur Global Private Limited

(ii) Mayur Abodes Limited (Upto 10.04.2013)

(f) Other Related Parties

(i) Mayur Uniqouters Limited

(ii) Mayur Industries Limited

(iii) Mayur Flexcom Private Limited (Wef. 07.11.2013)

Note : -

1) Related Party relationship on the basis of the requirements of Accounting Standard (AS) - 18 Related Party Disclosure as in A to F above is pointed out and relied upon by the auditor.

2) The parties listed in 1F above are strictly not ''related parties'' as per requirements of AS-18, but are being included herein for making the financial statements more transparent.

3) Previous year figures are denoted in Brackets.

4. LEASES

As a Lessee

(1) Finance Lease

There is no Finance Lease taken by the Company during the year.

(2) Operating Lease

(i) The total of future minimum lease payments under non-cancelable operating lease for each of the following periods :-

(a) Not later than one year Nil

(b) Later than one year and not later than five years Nil

(c) Later than Five Years Nil

(ii) Lease payments recognized in the statement of profit & loss for the year ended on 31st March, 2014 is Rs.50.39 (45.84) Lacs.

(iii) The Company has given sub-lease during the year and the amount credited during the year amounts to Rs 24.30(0.00) Lacs

5. CONTINGENT LIABILITIES

Current Year (Rs.) Previous Year (Rs.)

Contingent Liabilities NIL NIL

6. Company has accounted Export benefit on account of Duty Credit Scrip (Focus Product) on the basis of Actual Realization on Sale/Transfer.

7. In the opinion of the management and to the best of their knowledge and belier the value of realization of 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.

8. The debit & credit balances of suppliers are subject to confirmation and reconciliation.

9. The Company did not have convertible, partly convertible debentures as on 31st March, 2014.

10. Figure in brackets denotes figures for previous year ended on 31st March, 2013.

11. Figures for previous year are regrouped and rearranged wherever necessary.


Mar 31, 2013

1. CORPORATE INFORMATION

Mayur Leather Products Ltd (the Company) is a publicly held Company engaged in the manufacturing and export of Leather Shoes and Shoe Uppers and company is also engaged in Restaurant activity.

The majority sales of the Company comprises of exports. The Company is engaged in production of industrial shoe / uppers segment both internationally and in the domestic market. The Equity Shares of the ompany are presently listed with the Bombay Stock Exchange Limited (BSE).

(A) Borrowing Costs

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets. Which are assets that necessarily take a substantial period of time to get ready for their intended use or sale are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. All other borrowing costs are recognized in statement of Profit and Loss in the period in which they are incurred.

(B) Taxation

Income Tax Provision comprises Current Tax and Deferred Tax charge or credit. Provision for current tax is made on Assessable Income at the tax rate applicable to the relevant assessment year. The Deferred Tax Assets and Liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax assets arising mainly on account of unabsorbed depreciation under tax laws are recognized only if there is virtual certainty of its realization, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognized, only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred assets is reviewed to reassure realization.

(C) Impairment

The carrying amount of Assets are reviewed at each Balance Sheet date if there is any Indication of Impairment based on Internal as well as external factors. An Impairment Loss will be recognized wherever carrying amount of Assets exceeds its estimated Recoverable amount. The recoverable amount is greater of the assets net selling price and value in use. In assessing the value in use, the estimated future cash flows are discounted to the present value at weighted average cost of capital. After, impairment, depreciation is provided on revised carrying amount of assets over the remaining useful life. Previously recognized impairment loss is further provided or reversed depending on changes in circumstances.

(D) Provisions, Contingent Liabilities & Contingent Assets

The company recognizes a provision where there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A Disclosure for a contingent liability is made when there is possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. Contingent assets are neither recognized nor disclosed. Provisions, Contingent Liabilities and Contingent Assets are reviewed at each Balance Sheet date.

(E) Lease Tra nsaction

For assets taken on operating lease, lease rentals payable are charged to revenue.

(F) Investments

Investments are valued at cost. Provision for diminution in the value of long term investments is made. Only if such decline is other than temporary.

(G) Research & Development

Revenue expenditure pertinent to research &. development is charged to the Profit & Loss Account in the year in which it is incurred.

(H) Cash & Cash Equivalent

In the Cash Flow Statement, Cash and Cash Equivalents includes cash in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less.

(I) Use of Esti mates

The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known / materialized.

2. In absence of necessary information with the company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said act could not be complied and disclosed.

(1) Operating Lease

(i) The total of future minimum lease payments under non-cancelable operating lease for each of the following periods :-

(a) Not later than one year Nil

(b) Laterthan one year and not later than five years Nil

(c) Laterthan Five Years Nil

(ii) Lease payments recognized in the statement of profit & loss for the year ended on 31st March, 2013 is Rs.45.84 Lacs(48.76) Lacs.

(iii) The Company has not given any sub-lease during the year.

3. CONTINGENT LIABILITIES

Current Year (Rs.) Previous Year (Rs.)

Contingent Liabilities NIL NIL

4. Company has accounted Export benefit on account of Duty Credit Scrip (Focus Product) on the basis of Export Invoices raised during the year.

5. In the opinion of the management and to the best of their knowledge and belier the value of realization of 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.

6. The debit & credit balances of suppliers are subject to confirmation and reconciliation.

7. The Company did not have convertible, partly convertible debentures as on 31st March, 2013.

8. Figure in brackets denotes figures for previous year ended on 31st March, 2012.

9. Figures for previous year are regrouped and rearranged wherever necessary.

 
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