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

Notes to Accounts of Midwest Gold Ltd.

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, 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.

 
Subscribe now to get personal finance updates in your inbox!