Home  »  Company  »  Meyer Apparel L  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Meyer Apparel Ltd.

Mar 31, 2014

1 Against the total demand of Customs duty for Rs. 1362 Lacs on the import of the Drawings, Designs and Documents during the year 1994-95, the Company is in appeal pending before the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) after remand of the case by the Hon''ble Supreme Court vide order dated 22-9-2005 to the CESTAT for reconsideration.

2 Debts due from the private limited company in which some of the directors are interested as members-Rs. NIL (Previous Year: Rs. NIL).

3 The "Other Long term Liabilities- c) Others "under Note No. 4 to the Accounts for a sum of Rs. 115 Lacs (Previous Year: Rs. 115 Lacs) is the amount payable to a third party towards his term deposits which were pledged as security against the overdraft facility availed by the company but adjusted by the bank in the year 2008-09 on its maturity against the said overdraft facility.

4 Vide Memorandum of Undertaking dated 22nd March 2006, the Company had entered into an agreement with a Developer, a related party, subject to approval from the requisite authorities, for development of Company''s property located at Gurgaon for a total consideration of Rs. 5,805 Lacs. The Company had recognised in the books of account of the year 2005-06 itself the income from Transfer of Development Rights, Land & Buildings. The approval from requisite authorities is still awaited. Hence, the land & buildings does not reflect in the list of fixed assets though the title deeds of the land continue to be in the name of the Company.

5 The Company has made long term investments in the shares of Givo Retail Private Limited , a related party, to the tune of Rs. 987.22 Lacs (Previous Year: Rs. 987.22 Lacs) comprising of (i) 28,00,000 equity shares , unquoted, of Rs.10/- each, allotted @Rs.20/- per share; (ii) 2,00,000, unquoted, 5% Redeemable Preference Shares of Rs.100/- each, redeemable @ Rs.105/- each in four equal instalments at the end of 7th, 8th, 9th & 10th year; and (iii) application money @ Rs.20/- per share, under rights issue, for 11,36,087 equity shares of Rs.10/- each during the financial year 2011-12, which has since been pending for allotment.

6 Other Non Current Assets-Others under Note No. 14 to Accounts includes a sum of Rs. 1,197.88 Lacs (Previous Year: Rs. 1197.88 Lacs) outstanding against the transfer of property rights from Thakral Investments Pvt Ltd, a related party, which is due for payment after satisfaction of the conditions precedent. A payment of Rs. 125.00 Lacs received during the current year has been shown separately as Other Current Liabilities-c) Others under Note No.8 to the Accounts.

7 A sum of Rs.170 Lacs (Previous Year : Rs.170 Lacs) as interest free security pursuant to the Sales and Distributorship Agreement against advances received for purchase of raw materials and stocks lying with the Company and also a sum of Rs.25.40 Lacs (Previous Year: Rs.25.40) as interest free Security to Givo Retail Private Limited, a related party, towards the proportionate amount of the interest free security deposits given to the showroom/outlet owners, have been shown under" Long Term Loans and Advances-a) Security Deposit" under Note No. 13 to the Accounts

8 The Company is not a Sick Industrial Company within the meaning of Section 3(1) (O) of the Sick Industrial Companies (Special Provisions) Act, 1985.

9 LEASE TRANSACTION : AS-19:

The company has not acquired any assets on lease except the vehicles which have been acquired directly from the suppliers and financed by the banks against the respective underlying asset as security by way of hypothecation. The assets so acquired and finance are accounted for as asset and principal amount finance by the banks as secured loan. The differential amount of the EMIs over the repayment of principal amounts during the accounting period is treated as finance cost.

10 RELATED PARTY DISCLOSURE : AS-18 :

a). Related Party and their relationship:

1. Subsidiaries Nil

2. Associates

Thakral Investments Holding Pte Ltd, Singapore

Thakral Holding (Mauritius) Ltd. TIL Investments Pvt. Ltd Givo Retail Private Limited

3. Key Management Personnel

Mr. Aninda Mukharji, Whole-time Director

11 LEASE TRANSACTION : AS-19:

The company has not acquired any assets on lease except the vehicles which have been acquired directly from the suppliers and financed by the banks against the respective underlying asset as security by way of hypothecation. The assets so acquired and finance are accounted for as asset and principal amount finance by the banks as secured loan. The differential amount of the EMIs over the repayment of principal amounts during the accounting period is treated as finance cost.

12. Amount due to Small Scale industries includes the following parties to whom the Company owes a sum exceeding Rupees one lac, which is outstanding for more than 30 days.

Balaji Udyog Rs. 3.70 Lacs (Previous year Rs. 1.31 Lacs)

13. There is no amount outstanding which is payable to a Micro, Small and Medium Enterprise under the MSME Act, 2006. (Previous year- NIL).

14. No employee/director, being eligible, has exercised any options vested in him/her in pursuance to the Company''s Employees Stock Option Scheme,2009 (ESOS,2009) till the end of the year. Hence, no finance cost in this regard has been recognized in the accounts of this year (previous year Rs.NIL).

15. Figures have been given in lacs of rupees unless stated otherwise, and previous year''s figures have been regrouped/ reclassified, wherever necessary.


Mar 31, 2013

NOTE NO. 1: ADDITIONAL STATEMENT OF NOTES TO ACCOUNTS FOR THE YEAR ENDED MARCH 31, 2013

1 The Company has following contingent liabilities as on the date of the Balance sheet :-

a) Against the total demand of Customs duty for Rs. 1362 Lacs on the import of the Drawings, Designs and Documents during the year 1994-95, the Company is in appeal pending before the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) after remand of the case by the Hon''ble Supreme Court vide order dated 22-9-2005to the CESTAT for reconsideration.

b) Claims not acknowledged as debts Rs. NIL (Previous Year: Rs. 33.39Lacs).

2 Debts due from the private limited company in which some of the directors are interested as members-Rs. NIL (Previous Year: Rs. NIL).

3 The "long term borrowings- from others "under Note No. 3(b) of a sum of Rs. 115 Lacs (Previous Year: Rs. 115 Lacs) is the amount payable to a third party towards his term deposits which were pledged as security against the overdraft facility availed by the company but adjusted adjusted by the bank in the year 2008-09 on its maturity against the said overdraft facility.

4 Vide Memorandum of Undertaking dated 22nd March 2006, the Company entered into an agreement with a Developer, subject to approval from the requisite authorities, for development of Company''s property located at Gurgaon for a total consideration of Rs. 5,805 Lacs. The Company recognised in the books of account of the year 2005-06 itself the income from Transfer of Development Rights, Land & Buildings. The approval from requisite authorities is still awaited. Hence, the land & buildings does not reflect in the list of fixed assets though the title deeds of the land continue to be in the name of the Company.

5 The Company made long term investments in the shares of Givo Retail Private Limited to the tune of Rs. 987.22 Lacs (Previous Year: Rs. 987.22 Lacs) comprising of (i) 28,00,000 equity shares , unquoted, of Rs.10/- each, allotted @Rs.20/ - per share; (ii) 2,00,000, unquoted, 5% Redeemable Preference Shares of Rs.100/- each, to be redeemable @ Rs.105/- each in four equal instalments at the end of 7th, 8th, 9th & 10th year; and (iii) application money @ Rs.20/- per share, under rights issue, for 11,36,087 equity shares of Rs.10/-each during the current financial year 2011-12, which has been pending for allotment.

6 Other Non Current Assets under Note No. 14 include a sum of Rs. 1,197.88 Lacs (Previous Year: Rs. 1197.88 Lacs) outstanding against the transfer of property rights, which is due for payment after satisfaction of the conditions precedent.

7 A sum of Rs.170 Lacs (Previous Year : Rs.170 Lacs) as interest free Security pursuant to the Sales and Distributorship Agreement against advances received for purchase of raw materials and stocks lying with the Company and also a sum of Rs.25.40 Lacs (Previous Year: Rs.NIL) as interest free Security to Givo Retail Private Limited-towards the proportionate amount of the interest free security deposits given to the showroom/outlet owners, have been shown under "Loans and Advances-Security Deposit."

8 The Company is not a Sick Industrial Company within the meaning of Section 3(1) (O) of the Sick Industrial Companies (Special Provisions) Act, 1985.

2 RELATED PARTY DISCLOSURE : AS-18 :

a). Related Party and their relationship:

1. Subsidiaries Nil

2. Associates

Thakral Investments Holding Pte Ltd, Singapore

Thakral Holding (Mauritius) Ltd. TIL Investments Pvt. Ltd Givo Retail Private Limited

3. Key Management Personnel

Mr. Aninda Mukharji, Whole-time Director

3. Amount due to Small Scale industries includes the following parties to whom the Company owes a sum exceeding Rupees one lac, which is outstanding for more than 30 days.

Balaji Udyog Rs. 1.31 Lacs (Previous year Rs. 0.84 Lacs)

4. There is no amount outstanding which is payable to a Micro, Small and Medium Enterprise under the MSME Act, 2006. (Previous year- NIL).

5. No employee/director, being eligible, has exercised any options vested in him/her in pursuance to the Company''s Employees Stock Option Scheme,2009 (ESOS.2009) till the end of the year. Hence, no finance cost in this regard has been recognized in the accounts of this year (previous year Rs.NIL).

6. Figures have been given in lacs of rupees unless stated otherwise, and previous year''s figures have been regrouped/ reclassified, wherever necessary.


Mar 31, 2012

1 The Company does not have any material contingent liability as on the date of Balance Sheet except the following:-

a) The Company is in appeal before the Commissioner And Secretary to Government of Haryana, Town & Country Planning Department, Civil Secretariat, Chandigarh for waiver of the entire amount against the demand Memo for Rs. 2.86 Lacs.

b) Against the total demand of Customs duty for Rs. 1362 Lacs on import of the Drawings, Designs and Documents during the year 1994-95, the Company is in appeal. The Hon'ble Supreme Court on 22-9-2005 has remanded the case back to the Tribunal (CESTAT) for reconsideration and the matter is pending with CESTAT.

c) Claims not acknowledged as debts Rs.33.39 Lacs (Previous Year Rs.NIL).

2 Arrears of 10% Cumulative Convertible Preference Dividends for the years 1997-98 and 1998-99 are Rs. 92.27 Lacs and Rs. 85.74 Lacs respectively.

3 Debts due from private limited company in which some of the directors are interested as members-Rs. NIL (Previous Year Rs. NIL).

4 The "long term borrowings- from others "under Note No. 3(b) of a sum of Rs. 115 Lacs (previous year Rs. 115 Lacs) is the amount of a third party's term deposit which had been pledged as security against the overdraft facility availed by the company but adjusted on its maturity in the year 2008-09 by the bank against the overdraft facility.

5 Vide Memorandum of Undertaking dated 22nd March 2006, the Company entered into an agreement with a Developer, subject to approval from the requisite authorities, for development of Company's property located at Gurgaon for a total consideration of Rs. 5,805 Lacs. The Company recognised in the books of account of the year 2005-06 itself the income from Transfer of Development Rights, Land & Buildings. The approval from requisite authorities is still awaited. Hence, the land & buildings does not reflect in the list of fixed assets though the land continues to be in the name of the Company.

6 The Company made long term investments in the shares of Givo Retail Limited to the tune of Rs. 987.22 Lacs (previous year Rs. 760 Lacs) consisting of (i) 28,00,000 equity shares , unquoted, of Rs.10/- each, allotted @Rs.20/- per share;

(ii) 2,00,000, unquoted, 5% Redeemable Preference Shares of Rs.100/- each, to be redeemable @ Rs.105/- each in four equal instalments at the end of 7th, 8th, 9th & 10th year; and (iii) application money @ Rs.20/- per share, under rights issue, for 11,36,087 equity shares of Rs.10/- each during the current financial year 2011-12, which have been pending for allotment.

7 Other Non Current Assets under Note No. 14 include a sum of Rs. 1,197.88 Lacs (previous year Rs. 1424.88 Lacs) outstanding against the transfer of property rights, which is due for payment after satisfaction of the conditions precedent.

8 A sum of Rs.170 Lacs (previous year Rs.170 Lacs) paid as Interest Free Security pursuant to the Sales and Distributorship Agreement against advances received for purchase of raw materials and stocks has been shown under "Loans and Advances-Security Deposit.

9 The Company is not a Sick Industrial Company within the meaning of Section 3(1) (O) of the Sick Industrial Companies (Special Provisions) Act, 1985.

10 The disclosure of Employee Benefits as defined in AS 15 (Revised) " Employee Benefits" is given below:

11 LEASE TRANSACTION : AS-19:

The company normally acquires vehicles under finance lease with the respective underlying assets as security. The Assets acquired under Finance Lease are accounted for as Asset and Principal amount as Secured Loan. The differential amount of EMI over the repayment of principal amounts during the accounting period is treated as Finance cost. Minimum lease payments outstanding as on March 31, 2012 in respect of these assets are as under:

12. There is no amount outstanding which is payable to a Micro, Small and Medium Enterprise under the MSME Act, 2006. (Previous year- NIL).

13. The Company has granted 13.25 Lacs options on 11th January,2010 and 3.50 Lacs options on 13th February,2012 to certain employees and directors of the Company and those of associated company(ies) in pursuance to the Employees Stock Option Scheme,2009 (ESOS,2009). No employee/director, although being eligible, has exercised any options vested in him/her till the end of the year. Hence, no finance cost in this regard has been recognized in the accounts of this year (previous year: Rs.NIL).

14. Figures have been given in lacs of rupees unless stated otherwise, and previous year's figures have been regrouped/ reclassified, wherever necessary.


Mar 31, 2010

1 The Company does not have any material contingent liability as on the date of Balance Sheet except the following:-

a) The Company is in appeal before the Commissioner And Secretary to Government of Haryana, Town & Country Planning Department, Civil Secretariat, Chandigarh for waiver of the entire amount against the demand Memo for Rs. 2.86 Lacs.

b) Against the total demand of Customs duty for Rs. 13.62 Crores on import of the Drawings, Designs and Documents during the year 1994-95, the Company is in appeal. The Hon’ble Supreme Court on 22-9-2005 has remanded the case back to the Tribunal (CESTAT) for reconsideration and the matter is pending with CESTAT.

2 The Company has deposited under protest a sum of Rs. 16.52 Lacs against the demand notices for interest from the Income –tax Department for the assessment years 1994-95 & 1995-96. The company is in appeal before the Hon’ble Delhi High Court, New Delhi in the matter.

3 Arrears of 10% Cumulative Convertible Preference Dividends for the years 1997-98 and 1998-99 are Rs. 92.27 Lacs and Rs. 85.74 Lacs respectively.

4 The Scheme for Capital Reduction has been approved by the Honble High Court of Punjab & Haryana, Chandigarh on 30th April, 2009. The Scheme has been registered with the Registrar of Companies, NCT of Delhi & Haryana on 23rd July 2009. Accordingly the paid up capital of the Company stands reduced with par value from Rs.10/- to Rs. 3/-. Number of shares outstanding remains the same. Capital reduction amount of Rs. 40,38,84,600/-has been adjusted as under .

5 Debts due from private limited company in which some of directors are interested as members-Rs NIL (Previous Year Rs. NIL).

6 No exchange fluctuation is provided in respect to external commercial borrowings and advances received against exposrt in view of the fact that the Company, having agreed with all concerned parties, had crystalised its foreign currency liability in to Indian rupees at the exchange rate of 31st March’08.

7 No interest on the outstanding money of external commercial borrowings of Rs.1.97 Crores has been booked in view of the waiver of right to claim interest by the lenders vide their letter dated 20th July, 2001. Further, the matter of conversion of the ECB as approved by the Company in its Extra ordinary General meeting held on 1 1th January,2010 is pending due to disposal of Exemption application of the ECB lender filed with SEBI on 18th January,2010.

8 A third party term deposit of Rs.1.15 crores pledged as security against the overdraf t facility availed by the company was adjusted in 2008-09 by the bank on i ts maturity against the overdraft facility. The same has been considered as interest free unsecured loan and is shown under the head “unsecured loan- from others”.

9 Vide Memorandum of Undert aking dated 22nd March 2006, the Comp any entered into an agreement with a Developer , subject to approval from the requisite authorities, for development of Company’s property located at Gurgaon for a tot al consideration of Rs.58.05 Crores. The Company recognised in the books of account of the year 2005-06 it self the income from Transfer of Development Rights, Land & Buildings. The approval from requisite authorities is still awaited. Hence, the land & buildings does not reflect in the list of fixed asset s though the land continues to be in the name of the Comp any.

10 The company made long term investments in the shares of Givo Retail Limited to the tune of Rs.5.60 crores (previous year Rs.5.60 Crores). 2,800,000 equity shares , unquoted, of Rs.10/- each have been allotted @Rs.20/- per share including a premium of Rs.10/- per share.

11 Sundry Debtors-Other debts include a sum of Rs.15.65 Crores (Previous Year Rs.15.65 Crores) outstanding against the transfer of property rights, which is due for payment after satisfaction of the conditions precedent.

12 Effective from 1-4-2007, the Company entered in to a Sale and Distribution Agreement with Givo Retail Limited to purchase the Company’s products on FCMT basis for sale and promote it s brand in the domestic market. However , the said FCMT arrangement has been modified mutually to be on the CMT basis with effect from 1st April,2010.

13 A sum of Rs.1.70 Crores (Previous year Rs.1.70 Crores) p aid as Interest Free Security pursuant to the Sales and Distributorship Agreement against advances received for purchase of raw materials and stocks has been shown under “Loans and Advances-Security Deposit.”

14 The Company is not a Sick Industrial Comp any within the meaning of Section 3(1)(O) of the Sick Industrial Companies (Special Provisions) Act, 1985.

15. The discolsoure of Employee Benefits as defined in AS 15 (Revised) "Employee Benefits is given below :

16 RELATED PARTY DISCLOSURE : AS-18 :

a). Related Party and their relationship:

1. Subsidiaries

Nil

2. Associates Thakral Investments Holding Pte Ltd, Singapore

Thakral Holding (Mauritius) Ltd.

TIL Investments Pvt. Ltd ( formerly known as Thakral Investments (India) Pvt Ltd.)

Givo Retail Limited

3. Key Management Personnel

Mr. Aninda Mukharji, Whole-time Director

17 LEASE TRANSACTION : AS-19:

b) Operating Lease

Subject to the note No.9 herein above, the Company had given part of the building under operating lease. As per terms of the MOU the company continued to receive the rentals till 31-3-2009 and the rentals were shown as its Income as the possession remained with the company. The tenant having vacated the leased premises in 2009, has stopped paying rentals thereafter. The matter is subject to Arbitration proceedings. As such no rental income has been recognised during the current year (Previous Year : Rental Income Rs.288.71 Lacs).

18 There is no amount out standing which is payable to a Micro, Small and Medium Enterprise under the MSME Act,2006. (Previous year-NIL).

19 Previous years figures have been regrouped/ reclassified, wherever necessary.

Find IFSC

News
Company News
Page Not Found, Goodreturns.in
Page not found

The page you requested cannot be found. The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.

Please try the following:

  • If you typed the page address in the Address bar, make sure that it is spelled correctly.

  • Open the Money homepage and look for links to the information you want.

  • Use the navigation bar to find the link you are looking for.

  • Click the "Back" button to try another link.