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Notes to Accounts of Mercury Metals Ltd.

Mar 31, 2014

In compliance with the accounting standard-22 relating to "Accounting for taxes on Income", as there is no timing difference arises, provision for deferred tax liability is not provided in book of accounts.

Note 1

The provision for all known liabilities has been made except interest and penal interest payable to Charotar Nagrik Sahakari Bank Limited towards their OTS, as the company has not paid any installment/interest during the year. During the year Company has not provided interest liability of about Rs. 27.95 lacs @ 7% p.a. on the outstanding settlement loan amount pending.

Note 2

During the finacial year 2013-14 the company has written off long outstanding Debtors balances as Bad debts of amount to Rs. 2,06,33,396 , and disclosed the same as extra-ordinary item in the statement of Profit and Loss.

Note 3

In the opinion of the board, the current assets, Loans & Advances are approximately of the value stated therein, if realized in the ordinary course of business. Balance of secured and unsecured loans, sundry creditors, sundry debtors and loans & advances are subject to confirmation & reconciliation. In the opinion of the Management book debts and advances are outstanding since long, however these are recoverable, hence no provision has been made for doubtful debt.

Note 4

Inventories of shares are held in demate as well as physical certificate form. In respect of shares held as inventories by company, the same are stated at cost of acquisition. Company has not made provision for diminution in the value of shares held as inventories. Since in the opinion of the management, such decline is temporary phase and no provision would be necessary.

Note 5 Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Nil (Previous Year Nil).

Note 6 Contingent Liabilities

In the opinion of the Management, there is no contingent liability.

Note 7

Earning per share as required by Accounting Standard AS-20 as issued by the The Institute of Chartered Accountants of India.

Note 8

Related party disclosure as required by Accounting Standard -18 issued by the Institute of Chartered Accountants of India.

Note 9

As there is no earning / outgo in foreign currency during the year under review, additional details as requried under Companies Act, 1956 are not required to be given.

i) The company has disclosed business segments as the primary segment. Segments have been identified taking into account the nature of the products, differential risks and returns, the organizational structure and internal reporting system. The company''s operations predominantly relate to Trading of metals & shares.

ii) Company area of operations is within India only. And separate as per geographical segments is not required to be given.

Note 10

Previous year figures are regrouped and rearranged wherever necessary to compare with current year figures.

Note 11

Figures are rounded off to the nearest rupee.


Mar 31, 2013

Note :- "1" CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :-

Nil, as in the opinion of the Management, there is no contingent liability.

Note:- "2"

The provision for all known liabilities has been made except interest and penal interest payable to Charotar Nagrik Sahakari Bank Limited towards their OTS, as company has not paid any installment/interest during the year. During the year Company has not provided interest liability of about Rs. 27.95 lacs @ 7% on the outstanding settlement loan amount pending.

Note:- "3"

In the opinion of the board, the current assets, Loans & Advances are approximately of the value stated therein, if realized in the ordinary course of business. Balance of secured and unsecured loans, sundry creditors, sundry debtors and loans & advances are subject to confirmation & reconciliation. In the opinion of the Management book debts and advances are outstanding since long, however these are recoverable, hence no provision has been made for doubtful debt.

Note:-4

Inventories of shares are subject to physical verification. In respect of shares held inventories by company, the same are stated at cost of acquisition. In respect of quoted shares where market value is not available no provision is made for diminution in the value of shares. Since in the opinion of the management, such decline is temporary phase and no provision would be necessary.

Note:-5

Value of import on CIF basis in respect of material is :- NIL ( Previous year :- NIL) Value of all imported materials & % of such material with total cost of material is Rs. NIL (P.Y.NIL) Earning in foreign exchange is :- NIL ( Previous Year :- NIL)

Note:-6

The liabilities of small scale industries for suppliers & services in excess of 100000/- is NIL

Note:-7

Segment information for the year ended 31st March,2013

Segment information is not applicable to company as company does not have any business.

Note:-"8"

The previous year figures have been regrouped/ reclassified wherever necessary to make them comparable to current year figures


Mar 31, 2012

During the year company has availed OTS scheme as prescribed by GOG with The Charotar Nagrik Sahkari Bank Ltd H.P A/c 72 vide their letter dated 13/12/2011 company has to pay RS. 38840455 after adjusting all FDS with the Charotar Nagrik Sahkari Bank and interest thereon. The payment terms are 15% i.e. RS. 5826069 payable immediately and balance amt. Of RS.33014386 is payable on RS.1375600 monthly 24 installments and simple interest @7% thereon. The increased in Liabilities of secured loan as compare to previous year was adjusted by debiting interest paid for Rs. 17623355.51 same amount is effected in profit & loss AC

During the year company has availed OTS scheme as prescribed by GOG with The Charotar Nagrik Sahkari Bank Ltd B/ P. A/c no. 2 vide their letter dated 13/12/2011 company has to pay RS. 86,87,942. The payment term are 15% payable i.e. RS. 13,03,191 payable immediately and balance amount of RS.73,84,751 is payable on RS. 309768 installment and simple interest @7% thereon. The increased in Liabilities of secured loan as compare to previous year was adjusted by debiting interest paid for RS. 2746610 same amount is effected in Profit & Loss A/c The above balances are subject to completion of OTS scheme by the company in prescribed time period.

Note : During the year amount payable of CST Rs. 474582 and Sales tax Rs. 10658.32 outstanding since las long period and amount receivable of Rs. 16600 from Mercury Metax Ltd. are written off during the year.

Note :- "1" CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :-

Guarantee given by company on behalf of the Rupangi impex Ltd (Group Company) Rs. 738 Lacs Note:- "18"

In the opinion of the board, the current assets, Loans & Advances are approximately of the value stated therein, if realized in the ordinary course of business. The provision for all known liabilities are adequate and not in excess of the amount reasonably necessary. There are no contingent liabilities other than stated in the noted. Balance of secured and unsecured loans, sundry creditors, sundry debtors and loans & advances are subject to confirmation & reconciliation. No provision made for doubtful debts.

Note:- "2"

Investment and inventories of shares are subject to physical verification. In respect of shares held as investment or inventories by company. The same are stated at cost of acquisition. In respect of quoted shares where market value is not available no provision is made for diminution in the value of shares. Since in the opinion of the management, such decline is temporary phase and no provision would be necessary.

Note:- "3"

Value of import on CIF basis in respect of material is :- NIL ( Previous year :- NIL) Value of all imported materials & % of such material with total cost of material is Rs. NIL(P.Y.NIL) Earning in foreign exchange is :- NIL ( Previous Year :- NIL)

Note:- "4"

The liabilities of small scale industries for suppliers & services in excess of Rs. 100000/- is NIL

Note:- "5"

During the year ended 31st March 2012,revised Schedule VI notified under the Companies Act 1956 became applicable to the Company , for preparation and presentation of its financial statements . The adoption of revised schedule VI does not impact recognition and measurement principal followed for preparation of financial statements the previous year figures has also reclassified in accordance to requirements applicable to current year.

Note:- "6"

-Segment information for the year ended 31st March,2012

Segment information is not applicable to company as company does not have turnover of Rs.50 crore.

Note:-"25"

Related party disclosure as required by AS-18 are given below. Name of Related parties

1) Shree Metalloys Ltd.

2) Milan Metal Pvt. Ltd. ( In Liquidation)

3) Mercury Metex Ltd. ( In Liquidation)

4) Govindram L. Kabra

5) Ramprakash L. Kabra

Mercury Metex Limited balance of Rs. 16600, written off during the year.

 
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