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Notes to Accounts of Medinova Diagnostic Services Ltd.

Mar 31, 2015

1. During the year under review the Company has changed the rate of depreciating its assets on Straight Line Basis as per rates prescribed under Companies Act, 1956, to rates based on the expected life time of the assets and their estimated residual value at the end of the life. The depreciation has been recalculated from the date of asset put to use and the incremental depreciation amounting to Rs 2.45 Crores is treated as impairment loss and depreciation for the Current financial year is provided at the new rates of depreciation after considering the effect of impairment as on the first day of financial year.

2. The Company is engaged in the business of Diagnostic Services and related business. There are no other reportable business segments.

3. As per Accounting Standard 18, "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the disclosures of transactions with the related parties as defined in Accounting Standard are given below:

4. Disclosure required by the AS-15 (Revised) - Employee Benefits.

The Company adopted the revised Accounting Standard – 15 Employee Benefits. The details of components of net benefit expenses recognized in the Profit & Loss Account with regard to gratuity and amounts recognized in the Balance Sheet are below:

5. Previous period's figures have been re-grouped / rearranged wherever necessary to confirm with current year classification and to facilitate meaningful comparison. Figures are rounded off to nearest rupee.


Mar 31, 2014

1. Contingent Liabilities not provided for : As at As at 31.03.2014 31.03.2013 (Rupees) (Rupees)

Provident Fund interest demand 5,61,368 5,61,368

2. Balances of Secured Loans, Sundry Debtors and Sundry Creditors, Loans and Advances payable or receivable are subject to confirmations to be obtained from the parties.

3. Exceptional Items

4. During the year, Based on the proposal received from M/s. Mallya Hospital (Managed by Chaparral Health Services Limited), a unit of the company situated at No. 55, Infantry Road, Shivaji Nagar, Bangalore-560001, has been sold and transferred to M/s. Mallya Hospital (Purchaser), as-a-going-concern, on slump sale basis, together with all its assets and liabilities on as is where is basis but excluding the use of Medinova Brand Name with effect from 31.01.2014 (the appointed date) for a total consideration of Rs.715.00 lakhs.

5. The company in its Board Meeting dated 18.03.2014 has approved the sale of Bangalore unit.

6. The said sale consideration was adjusted against the amounts due to the said company.

7. The employees of the transferred undertaking were transferred to the Purchaser on their existing terms of employment with the company.

8. The contingent Liabilities of the transferred undertaking were also transferred to the Purchaser as on the appointed date.

9. Post transfer of the transferred undertaking, the company''s retained business includes the diagnostic service centres at Hyderabad, Pune, Kolkata and a mini centre at Bansdroni (Kolkata).

10. Related Party Transactions :

As required by Accounting Standard - AS 18 "Related Party Disclosures" issued by The Institute of Chartered Ac- countants of India, details of transactions of related parties with whom transactions have taken place during the year are as follows:

11. During the year, the company had entered into a Tripartite "Deed of Assignment of Debt" with M/s. Standard Medical Pharmaceuticals Limited (SMPL) and M/s. Harvins Constructions Private Limited (HCPL) for assignment of Debts receivable / payable as on 31.01.2014 and accordingly assigned the Debts receivable from M/s. SMPL with that of the Debts payable to M/s. HCPL, for an aggregate amount of Rs. 12,35,38,622/-

12. Upon execution of the said ''Deed of Assignment of Debt'', the Call Deposit, Advances and Accrued Interest out- standing from the Related Party M/s. SMPL stands settled as on 31.01.2014.

13. During the year M/s. Vijaya Diagnostic Centre Private Limited had entered into an Agreement for acquiring 27,50,220 equity shares equivalent to 29.01% (29.16% of Voting Capital of MDSL) shareholding from the promoter company M/s. Standard Medical & Pharmaceuticals Limited and has made open offer for additional 26% of the Equity Shares as mandated under Regulation 3(1) & 4 of the SEBI (SAST) Regulations, 2011. Consequently, M/s. Vijaya Diagnostic Centre Private Limited after completion of the open offer and acquisition of shares from the promoter company would acquire the management control and become the promoter of the company.

14. The Company is engaged in the business of Diagnostic Services and related business. There are no other reportable business segments.

15. There are no dues to Micro, Small & Medium Enterprises (MSME) as at the Balance Sheet date and no interest has been paid to any such parties. This is based on the information on such parties having been identified on the basis of information available with the Company and relied upon by the Auditors. Hence Trade Payables in Note No. 9 represent payable to creditors other than MSME.

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


Mar 31, 2013

1. Contingent Liabilities not provided for :

As at 31.03.2013 As at 31.03.2012 (Rupees) (Rupees)

Provident Fund interest demand 5,61,368 5,61,368

2. Managerial Remuneration:` 2012-2013 2011-2012 (Rupees) (Rupees)

Sri. N. Ravi Kumar, Manager (Designated as Chief Operating Officer) 2,88,000 2,82,700

3. Balances of Secured Loans, Sundry Debtors and Sundry Creditors, Loans and Advances payable or receivable are subject to confirmations to be obtained from the parties.

a) Disclosure regarding Loans & Advances in the nature of Loans to subsidiaries, associates, etc., and their investments in shares of the Company, as required under clause 32 of Listing Agreement.

4. As detailed in Note No.29, dues from M/s. Standard Medical & Pharmaceuticals Limited represents advances in connection with spin-off and subsequent transactions. In view of the settlement arrangement reached with the said Company, no further interest is to be charged on the dues w.e.f. 1st April, 2004 and the said dues are to be repaid by the said Company in a phased manner. The company is confident of recovery of the same and hence no provision has been made in the accounts.

5. The Company is engaged in the business of Diagnostic Services and related business. There are no other reportable business segments.

6. There are no dues to Micro, Small & Medium Enterprises (MSME) as at the Balance Sheet date and no interest has been paid to any such parties. This is based on the information on such parties having been identified on the basis of information available with the Company and relied upon by the Auditors. Hence Trade Payables in Note No. 8 represent payable to creditors other than MSME.

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


Mar 31, 2012

1. Balances of Secured Loans, Sundry Debtors and Sundry Creditors, Loans and Advances payable or receivable are subject to confirmations to be obtained from the parties.

2. Related Party Transactions :

As required by Accounting Standard - AS 18 “Related Pfcrty Disclosures issued by The Institute of Chartered Accountants of India, details of transactions of related parties with whom transactions have taken place during the year are as follows:

3. As detailed in Note No.29, dues from M/s. Standard Medical & Pharmaceuticals Limited represents advances in connection with spin-off and subsequent transactions. In view of the settlement arrangement reached with the said Company, no further interest is to be charged on the dues w.e.f. 1st April, 2004 and the said dues are to be repaid by the said Company in a phased manner. The company is confident of recovery of the same and hence no provision has been made in the accounts.

4. The Company is engaged in the business of Diagnostic Services and related business. There are no other reportable business segments.

5. Disclosure required by the AS-15 (Revised) - Employee Benefits.

The Company adopted the revised Accounting Standard -15 Employee Benefits. The details of the componentstoif nefl&tiefit expenses recognised in the profit and loss account with regard to gratuity and amounts recognised in the Balance Sheet are given below.

6. There are no dues to Micro, Small & Medium Enterprises (MSME) as at the Balance Sheet date and no Interest has been paid to any such parties. This is based on the information on such parties having been identified on the basis of Information available with the Company and relied upon by the Auditors. Hence Trade Payables In Note No. 8 represent payable to creditors other than MSME.


Mar 31, 2011

1. Secured Loan: Working capital loan from a Scheduled Bank is secured by hypothecation of stocks, book debts and machinery. The said loan is further guaranteed by personal guarantee of a director of the company.

2. Contingent Liabilities not provided for :

As at 31.03.2011 As at 31.03.2010 (Rupees) (Rupees)

Provident Fund interest demand 5,61,368 7,46,889

3. Balances of Secured Loans, Sundry Debtors and Sundry Creditors, Loans and Advances payable or receivable are subject to confirmations to be obtained from the parties.

4. Prior period adjustments represents interest on Income Tax Rs.24,640/- (previous year Rs.48,870).

5. There were no dues to SSI units as at the year end.

6. As detailed in Note No.8, dues from M/s. Standard Medical & Pharmaceuticals Limited represents advances in connection with spin-off and subsequent transactions. In view of the settlement arrangement reached with the said Company, no further interest is to be charged on the dues w.e.f. 1st April, 2004 and the said dues are to be repaid by the said Company in a phased manner. The company is confident of recovery of the same and hence no provision has been made in the accounts.

7. The Company is engaged in the business of Diagnostic Services and related business. There are no other reportable business segments.

8. Computation of Earning per share is not applicable since the net results is loss.

9. Previous year's figures have been re-grouped wherever necessary to confirm the figures for the current year.


Mar 31, 2010

1. Liabilities relating to foreign currency buyers credit have been guaranteed by Nationalised Banks which in turn are secured by way of hypothecation of Machinery of the Hyderabad Diagnostic Centre and further guaranteed by personal guarantee of one of the Directors.

2. Contingent Liabilities not provided for :

As at 31.03.2010 As at 31.03.2009

(Rupees) (Rupees)

Provident Fund interest demand 7,46,889 7,46,889

3. Balances of Secured Loans, Sundry Debtors and Sundry Creditors, Loans and Advances payable or receivable are subject to confirmations to be obtained from the parties.

4. There were no dues to SSI units as at the year end.

5. As detailed in Note No.8, dues from M/s. Standard Medical & Pharmaceuticals Limited represents advances in connection with spin-off and subsequent transactions. In view of the settlement arrangement reached with the said Company, no further interest is to be charged on the dues w.e.f. 1st April, 2004 and the said dues are to be repaid by the said Company in a phased manner. The company is confident of recovery of the same and hence no provision has been made in the accounts.

6. The Company is engaged in the business of Diagnostic Services and related business. There are no other reportable business segments.

7. Computation of Earning per share is not applicable since the net results is loss.

8. Previous years figures have been re-grouped wherever necessary to confirm the figures for the current year.

9. Information as required under Part -IV, schedule VI of the Companies Act, 1956 is given hereunder.

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