Mar 31, 2015
1. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity shares is entitled to one vote
per share.
2. Gratuity and other post-employment benefit plans
Under the gratuity plan, every employee who has completed atleast five
years of service gets a gratuity on departure @15 days of last drawn
salary for each completed year of service.
3. The Company has made provision as per the Gratuity Act since there is
only one employee who has completed above five years of service in the
company.
4. Segment information
The Company has only one reportable business segment and one
geographical segment under Accounting Standard 17 on Segment Reporting.
5. Relatives of key
Managerial personnel
1) Key Managerial Personel Mr. B S Raju Whole time director
Mr.S. Ananda Reddy CFO
Mr. T Thirumalesh Company Secretary
Holding Company M/s. Midwest Granite Pvt. Ltd.
31 March,2015 31 March,2014
Rs. in Lacs Rs. in Lacs
6. Contingent liabilities
Contingent liability not provided for :
a. Un expired Bank Guarantee 14.40 14.40
b. Corporate Guarantee given by 175.00 175.00
M/s. Midwest Granite
Pvt. Ltd. In favor of President of India
c. Bond in favor of President of India . 10.00 10.00
on account of central excise
d. Bond in favor of President of India 468.23 468.23
on account of custom
f Customduty (Refer Note No. B -7) 15.01 15.0
Note No. B-7 - The Company has received a show cause Notice from
customs Department towards differencial duty under Notification No.2/95
Dated 01/04/95 to the tune of Rs. 15.01 Lakhs. The company has made
appeal against this and the same is pending before the concerned
authorities.
7. Details of dues to micro and small enterprises as defined under the
MSMED Act, 2006
As informed to us there are no Micro and Small Enterprises to whom the
company owes dues, which are outstanding for more than 45 days as at
march 31 2015. This information required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company.
8. Sundry debtors includes amount due from company under the same
management Rs. -Nil- (Previous year Rs. -Nil- ) maximum amount due at
any time during the year Rs. -Nil-
9. Sundry Creditors, Other Liabilities, Sundry Debtors, Loans and
Advances are subject to confirmatiom. Sundry Debtors includes Rs.
399.42 lakhs outstanding more than three years out of which 132.32
lakhs claim was filed with united states bankruptcy court, USA since
the party filed the bankruptcy petition with the said court.
10. In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provisions
for all known liabilities have been adequately made in the accounts.
Mar 31, 2014
1 Gratuity and other post-employment benefit plans
Under the gratuity plan, every employee who has completed atleast five
years of service gets a gratuity on departure @ 15 days of last drawn
salary for each each completed year of service.
The Company has made provision as per the Gratuity Act since there is
only one employee who has completed above five years of service in the
company.
31 March,2014 31 March,2013
Rs. Rs.
2 Contingent liabilities
Contingent liability not provided for :
a. Un expired Bank Guarantee 14.40 14.40
b. Corporate Guarantee given by M/s.
Midwest Granite 175.00 175.00
Pvt. Ltd. In favor of President
of India
c. Bond in favor of President of
India on account of central excise. 10.00 10.00
d. Bond in favor of President of
India on account of custom 468.23 468.23
f Customduty (Refer Note No. B -7) 15.01 15.0
Note No. B-7 - The Company has received a show cause Notice from
customs Department towards differencial duty under Notification No.
2/95 Dated 01/04/95 to the tune of Rs. 15.01 Lakhs. The company has
made appeal against this and the status not known.
3 Details of dues to micro and small enterprises as defined under the
MSMED Act, 2006
As informed to us there are no Micro and Small Enterprises to whom the
company owes dues, which are outstanding for more than 45 days as at
march 31 2014. This information required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company. However no documents
produced before us for our verification.
4 Sundry debtors includes amount due from company under the same
management Rs. -Nil- (Previous year Rs. -Nil- ) maximum amount due at
any time during the year Rs. -Nil-.
5 Sundry Creditors, Other Liabilities, Sundry Debtors, Loans and
Advances are subject to confirmatiom. Sundry Debtors includes Rs.
399.42 lakhs outstanding more than three years out of which 132.32
lakhs claim was filed with united states bankruptcy court, USA since
the party filed the bankruptcy petition with the said court.
6 In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provisions
for all known liabilities have been adequately made in the accounts.
Mar 31, 2013
1. Corporate Information
Midwest Gold Limited (the company) is a public company domiciled in
India and incorporated under the provisions of the companies Act, 1956.
Its Shares are listed on stock exchanges in India. The company is
presently engaged in the trading business of Granite, Marbles and Gold.
2. Basis of Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP).The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provision of the companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
3 Gratuity and other post-employment benefit plans
Under the gratuity plan, every employee who has completed atleast five
years of service gets a gratuity on departure @ 15 days of last drawn
salary for each each completed year of service. At present no employees
completed five years.
The Company has not provided any details & workings for defined benefit
plan which is required as per revised AS 15. In the absence of these
details we could not report the quantum of expenses & provisions.
31 March,2013 31 March,2012
Rs. Rs.
4 Contingent liabilities
Contingent liability not
provided for :
a. Un expired Bank Guarantee 14.40 14.40
b. Corporate Guarantee given
by M/s. Midwest Granite 175.00 175.00
Pvt. Ltd. In favor of
President of India
c. Bond in favor of President of
India on account of central
excise. 10.00 10.00
d. Bond in favor of President of
India on account of custom 468.23 468.23
f Customduty (Refer Note No. B -7) 15.01 15.01
Note No. B-7 - The Company has received a show cause Notice from
customs Department towards differencial duty under Notification No.2/95
Dated 01/04/95 to the tune of Rs. 15.01 Lakhs. The company has made
appeal against this and the status not known.
5 Details of dues to micro and small enterprises as defined under the
MSMED Act, 2006
As informed to us there are no Micro and Small Enterprises to whom the
company owes dues, which are outstanding for more than 45 days as at
march 31 2013. This information required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company. However no documents
produced before us for our verification.
6 Sundry debtors includes amount due from company under the same
management Rs. -Nil- (Previous year Rs. -Nil- ) maximum amount due at
any time during the year Rs.-Nil- 32 Sundry Creditors, Other
Liabilities, Sundry Debtors, Loans and Advances are subject to
confirmatiom.
Sundry Debtors includes Rs. 399.73 lakhs outstanding more than three
years out of which 132.32 lakhs claim was filed with united states
bankruptcy court, USA since the party filed the bankruptcy petition
with the said court.
7 In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provisions
for all known liabilities have been adequately made in the accounts.
Mar 31, 2012
1. Corporate Information
Midwest Gold Limited (the company) is a public company domiciled in
India and incorporated under the provisions of the companies Act, 1956.
Its Shares are listed on stock exchanges in India. The company is
presently engaged in the trading business of Granite, Marbles and Gold.
2. Basis of Preparation
The financial statements of the company have been prepared in
accordance with generally accepted accounting principles in India
(Indian GAAP).The company has prepared these financial statements to
comply in all material respects with the accounting standards notified
under the companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provision of the companies Act, 1956. The financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
a. Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of
Rs.10/- per share. Each holder of equity shares is entitled to one vote
per share.
Mar 31, 2010
1. Contingent Liability not provided for:
Particulars As at As at
31.03.2010 31.03.2009
Rs. in Lakhs Rs. in Lakhs
a. Un expired Bank Guarantee 14.40 14.40
b. Corporate Guarantee given by M/s.
Midwest Granite Pvt Ltd
in favor of President of India 175.00 175.00
c. Bond in favor of President of India
on account of Central Excise. 10.00 10.00
d. Bond in favor of President of India
on account of Custom 468.23 468.23
E. Custom Duty 13.54 13.54
f. Customs Duty (Refer Note No B-7) 15.01 15.01
2. The Company has received a Show Cause Notice from the Customs
Department for a demand of Rs.13.54 Lakhs towards differential duty on
DTA Clearances. The Company has deposited an amount of Rs. 13.54 Lakhs
under protest and appealed before the Customs Authorities. Subsequently
the company has received the Refund of the same against which the
customs authorities have fled an Appeal.
3. The Company has received a Show Cause Notice from Customs
Department towards differential duty under Notifcation No 2/95 Dated
1/4/95 to the tune of Rs.15.01 Lakhs. The company has decided to go for
appeal against this at Appellate Tribunal.
4. AUDITORS FEE
5. Directors Remuneration : Rs . NIL (Prevyous year Rs. NIL)
6. Value of Imports on C.I.F. basis.
7. Sundry Debtors includes amount due from Company under the same
management Rs. ÃNil- (Previous year Rs. 7.97 Lakhs) maximum amount due
at any time during the year Rs. ÃNil-.
8. Secured Loans, Unsecured Loans, Sundry Creditors, Other
liabilities, Sundry Debtors, Loans & Advances are subject to
confrmation.
8. In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
10. Sundry Creditors include Rs Nil (previous year Rs. Nil )
pertaining to Small Scale Industrial Undertakings (SSI) to the extent
such parties have been identifed from the available
information/documents. The name of SSI to whom the Company owes a sum
exceeding Rs. 1 lakh and outstanding for more 30 days are - Nil. -
11. EARNING PER SHARE
Earning Per Share is calculated by dividing the Proft attributable to
the Equity Share Holders by weighted average number of equity shares
outstanding during the year as under
12. AS -15
The Company has not provided any details & workings for defned beneft
plan which is required as per revised AS 15. In the absence of these
details we could not report the quantum of expenses & provisions.
13. RELATED PARTY DISCLOSURES
Following disclosure has been made as per the requirements of
Accounting Standard 18 on ÃRelated Party Disclosuresà (AS 18), issued
by the Institute of Chartered Accountants of India
Name of the Related parties and description of their relationship:
1. Key Managerial Personnel : Mr. K Raghava Reddy Director
: Mr. P.K. Taygi Director
: Mr. B.S. Raju Whole Time Director
2. Associate Companies : Midwest Granite (P) Ltd
: Victorian Granites (P) Ltd
: Reliance Granite (P) Ltd
: RLP Granite (P) Ltd
Note:
(a) There is no amount Written Off or Written back during the year in
respect of debts due from or to related parties.
(b) There are no other entities where the control exists as defned in
AS-18.
14. BUSINESS SEGMENTS
The Company has only one reportable business segment and geographical
segment and hence no further disclosure is required under Accounting
Standard 17 on Segment Reporting.
15. DEFERRED TAX
In accordance with Accounting Standard Ã22 "Accounting for Taxes on
Income" The Company has reviewed the deferred tax Assets and Liability
at the end of the year. The net deferred tax liability is estimated to
Rs.345.24 Lakhs( previous Year Rs. 334.05 lakhs.) The deferred tax
liability is mainly on account of difference in carrying value of fxed
assets between book fgures and income tax records.
16. In terms of Accounting standard 28- Impairment of Assets issued by
ICAI, the Management has reviewed its fxed assets and the difference
between the carrying amount and recoverable value of relevant assets
was not material. Hence, provision for impairment loss is not
considered necessary to be made in the books.
17. Amounts have been rounded off to the nearest Rupee.
18. Previous years fgures have been rearranged / regrouped wherever
necessary so as to correspond with current yearÃs fgures.
19. Schedules "A" to ÃNÃ form an integral part of Balance Sheet and
the Proft and Loss Account and have been duly authenticated.
Mar 31, 2009
1. Contingent Liability not provided for:
Particulars As at As at
31.03.2009 31.03.2008
Rs. in Lakhs Rs. in Lakhs
a. Un expired Bank Guarantee 14.40 14.40
b. Corporate Guarantee given by
M/s. Midwest Granite Pvt Ltd
in favor of President of India 175.00 175.00
c. Entry tax demand raised by tax authorities
for which relief requested to BIFR & they
directed Sales Tax authority to give relief
as per Standard Package, which
is pending. - 15.21
d. Bond in favor of President of India on account
of Central Excise. 10.00 10.00
e. Bond in favor of President of India
on account of Custom 468.23 468.23
f. Sales Tax (Refer Note No. B-4) - 24.43
g Custom Duty 13.54 13.54
h Customs Duty (Refer Note No B-7) 15.01 15.01
2. The Company has received a Show Cause Notice from the Customs
Department for a demand of Rs. 13.54 Lakhs towards differential duty on
DTA Clearances. The Company has deposited an amount of Rs. 13.54 Lakhs
under protest and appealed before the Customs Authorities. Subsequently
the company has received the Refund of the same against which the
customs authorities have filed an Appeal.
3. The Company has received a Show Cause Notice from the Sales Tax
Department for an demand of Rs. -Nil- (Previous Year Rs 24.43 Lakhs)
towards Local Sales Tax payable on certain irregularities observed by
the Customs Department and Sales Tax Department for which we have been
informed that the Company has appealed against this at the appellate
tribunal.
4. The Company has received a Show Cause Notice from Customs
Department towards differential duty under Notification No 2/95 Dated
1/4/95 to the tune of Rs.15.01 Lakhs. The company has decided to go for
appeal against this at Appellate Tribunal.
5. Directors Remuneration.
Directors Sitting Fees : Rs . NIL (Prevyous year Rs. NIL)
6. Sundry Debtors includes amount due from Company under the same
management Rs. 7.97 Lakhs (Previous year Rs. 11.69 Lakhs) maximum
amount due at any time during the year Rs. 7.97 Lakhs.
7. Secured Loans, Unsecured Loans, Sundry Creditors, Other
liabilities, Sundry Debtors, Loans & Advances are subject to
confirmation.
8. In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provision
for all known liabilities have been adequately made in the accounts.
9. Sundry Creditors include Rs Nil (previous year Rs. Nil ) pertaining
to Small Scale Industrial Undertakings (SSI) to the extent such parties
have been identified from the available information/documents. The name
of SSI to whom the Company owes a sum exceeding Rs. 1 lakh and
outstanding for more 30 days are - Nil. -
10. AS -15
The Company has not provided any details & workings for defined benefit
plan which is required as per revised AS 15. In the absence of these
details we could not report the quantum of expenses & provisions.
11. RELATED PARTY DISCLOSURES
Following disclosure has been made as per the requirements of
Accounting Standard 18 on "Related Party Disclosures" (AS 18), issued
by the Institute of Chartered Accountants of India
Name of the Related parties and description of their relationship:
1. Key Managerial Personnel
Mr. B.S. Raju Whole Time Director
Mr. K Raghava Reddy Director
Mr. Aja Babu Mali Reddy Director
Mr. P.K. Taygi Director
2. Associate Companies
Midwest Granite (P) Ltd
Victorian Granite (P) Ltd
Reliance Granite (P) Ltd
RLP Granite (P) Ltd
12. BUSINESS SEGMENTS
The Company has only one reportable business segment and geographical
segment and hence no further disclosure is required under Accounting
Standard 17 on Segment Reporting.
13. DEFERRED TAX
In accordance with Accounting Standard -22 " Accounting for Taxes on
Income" The Company has reviewed the deferred tax Assets and Liability
at the end of the year. The net deferred tax liability is estimated to
Rs.334.05 Lakhs( previous Year Rs.201.37 lakhs.) The deferred tax
liability is mainly on account of difference in carrying value of fixed
assets between book figures and income tax records.
14. In terms of Accounting standard 28- Impairment of Assets issued by
ICAI, the Management has reviewed its fixed assets and the difference
between the carrying amount and recoverable value of relevant assets
was not material. Hence, provision for impairment loss is not
considered necessary to be made in the books.
15. Amounts have been rounded off to the nearest Rupee.
16. Previous years figures have been rearranged / regrouped wherever
necessary so as to correspond with current years figures.
17. Schedules "A" to "P" form an integral part of Balance Sheet and
the Profit and Loss Account and have been duly authenticated.