Home  »  Company  »  Midfield Industries  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Midfield Industries Ltd.

Mar 31, 2012

I. CORPORATE INFORMATION

Midfield Industries Limited is a multi-location, multi- product company manufacturing Steel Strapping, Seals, packaging tools and accessories, Angle boards, edge protectors, collated nail coils and deals in pneumatic nailers and PET Strap. Midfield Industries Limited has manufacturing facilities at Jeedimetla, (in A.P) ,Roorkee (Uttaranchal) and MUMBAI (Maharashtra).

Notes: 1. Contingent Liabilities: (Rupees in Lakhs)

As at 31st March Sl.No. Particulars 2012 2011

I) Banks Guarantees given by Banks 124.55 107.00

Note: 2.Related Party Disclosures:

a) Related parties where control exists : Nil

b) Other Group Companies : Centuar Steels & Tools Pvt. Ltd.

No transaction has taken place during the year

c) Key Management Personnel : Mr. M. Madhu Mohan Reddy,

Chairman & Managing Director

Mr. M. Ashok Sagar, Executive Director.

(upto14.02.2012)

Mr. U. Srikanth, Executive Director (from 19.03.2012)

Other than Remuneration the KM P’s does not have any related transactions.

Note: 3. Segment Details

The company operates mainly in on business segment viz., Steel Strapping and all other activities revolve around the main business, which in the context of Accounting Standard - 17 Issued by the Institute of Chartered Accountants of India is considered as single segment.

Note: 4. Figures for the previous year have been regrouped / reclassified / recast wherever necessary.


Mar 31, 2011

1. Capital:

a) During the year Company has offered and allotted 45, 00,001 Equity Shares of Rs.10 each at a premium of Rs.123 per share to the public through prospects after obtaining the necessary statutory and regulatory approvals.

2. Secured Loans :

a) Term Loans by State Bank of India, Axis Bank Ltd. & State Bank of Hyderabad by joint mortgage by deposit of title deeds of all immovable properties and first charge byway of hypothecation of all movable properties both present and future.

b) Working Capital facilities sanctioned by State Bank of India, Axis Bank Ltd. & State Bank of Hyderabad are secured by hypothecation of raw materials, stock in process, finished goods, stores and spares and book debts both present and future on parri-passu basis. These are further secured by way of second charge on the fixed assets of the Company.

c) The Company has availed loan of Rs. 350 lakhs from S.E. Investment Limited secured by charge on intangible assets including Goodwill, Patent, Licence under patent, trademark, copyright or licence under copyright of the Company. The said loan has further been secured by pledge of 500,000 equity shares by the promoter of the Company, namely Mr. M. Madhu Mohan Reddy. The charge created in favour of S.E. Investments Limited was satisfied and form No. 17 was filed with the Registrar of Companies, Andhra Pradesh on 01.07.2011

3. Contingent Liabilities:

Rs. (in lakhs)

As at As at

31.03.2011 31.03.2010

i) Banks Guarantees given by Banks 107.00 111.10

4. Details of the disputed dues to customs & Sales Tax are given bellow NIL

5. Related Party Disclosures:

a) Related parties where control exists Nil

b) Other Group Companies Centuar Steels & Tools Pvt. Ltd

No transaction has taken place during the year

c) Key Management Personnel Mr.M. Madhu Mohan Reddy Chairman & Managing Director Mr. M. AshokSagar, Executive Director Other than Remunaration the KM P's does not have any related transactions.

6. Raw Materials purchases includes carriage inwards, material handling and clearing & forwarding charges etc

7. Confirmations are still to be received in respect of the amounts relating to Debtors, Creditors and Loans & Advances.

8. Figures for the previous year have been regrouped/ reclassified/ recast wherever necessary. Figures are rounded off to the nearest rupee.


Mar 31, 2010

1. Contingent Liabilities: (Rupees in Millions) As at As at 31.03.2010 31.03.2009

i) Banks Guarantees given by Banks 11.11 6.32

2. Secured Loans :

a) Term Loans by State Bank of India, Axis Bank Ltd. & ICICI Bank Ltd. By joint mortgage by deposit of title deeds of all immovable properties and first charge by way of hypothecation of all movable properties both present and future.

b) Working Capital facilities sanctioned by State Bank of India, Axis Bank Ltd. & ICICI Bank Ltd. Are secured by hypothecation of raw materials, stock in process, finished goods, stores and spares and book debts both present and future. These are further secured by way of second charge on the fixed assets of the Company.

c) The company had availed loan of Rs.35Q lacs from M/s.S E Investment Limited secured by charge on intangible assets including Good will, Patent, License under patent, Trademark, copy right or license under copy right of the company. The said loan has further been secured by pledge of 500,000 equity shares by the promoter of the company, namely Mr. Madhu Mohan Reddy. The company has four overdue installments.

3. Sales Tax Deferment Loan:

During the year, the, company has availed an amount of Rs.32,71,598/- under sales tax deferment scheme' and the sales tax deferment availed till the current accounting period is due for repayment Rs. 1,37,52,643/- as under.

4.Raw Materials purchases includes carriage inwards, material handling and clearing & forwarding charges etc

5. Confirmations are still to be received in respect of the amounts relating to Debtors Creditors and Loans & Advances.

6. Figures for the previous year have been regrouped/ reclassified/ recast wherever necessary. Figures are rounded off to the nearest rupee.


Mar 31, 2009

1. Contingent Liabilities: (Rupees in Millions)

As at As at 31.03.2009 31.03.2008

i, Banks Guarantees given by Banks 6.32 6.79

2. Secured Loans:

a) Term Loans by State Bank of India, Axis Bank Ltd. & ICICI Bank Ltd. By joint mortgage by deposit of title deeds of all immovable properties and first charge by way of hypothecation of all movable properties both present and future.

b) Working Capital facilities sanctioned by State Bank of India, Axis Bank Ltd. & ICICI Bank Ltd. Are secured by hypothecation of raw materials, stock in process, finished goods, stores and spares and book debts both present and future. These are further secured by way of second charge on the fixed assets of the Company.

c) The above loans mentioned in (a) and (b) are guaranteed by a director of the company in his personal capacity.

3. The details of the disputed dues to customs & Sales Tax are given bellow:

4. PARTICULARS OF MANAGERIAL REMUNERATION

5. AUDITORS REMUNERATION

6.Additional information pursuant to the provision of paragraphs 3.4C. & 4D of Part II of Schedule VI of the Companies Act 1956.

7. Foreign Currency Transactions :

8. Deferred Tax Asset:

9. Sales Tax Deferment Loan:

During the year, the company has availed an amount of Rs.2,90,396/- under sales tax deferment scheme and the sales tax deferment availed till the current accounting period is due for repayment Rs. 1,04,81,045/- as under.

10. Worki ng for the earnings per share in terms of AS 20- "Earning per share"

11. Raw Materials purchases includes carriage inwards, material handling and clearing & forwarding charges etc

12. Confirmations are still to be received in respect of the amounts relating to Debtors, Creditors and Loans & Advances.

13. Figures for the previous year have been regrouped/ reclassified/ recast wherever necessary. Figures are rounded off to the nearest rupee.

Find IFSC