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Notes to Accounts of Mipco Seamless Rings (Gujarat) Ltd.

Mar 31, 2015

1. Contingent liabilities and commitments (to the extent not provided for)

For the For the year year ended ended 31 31 March, Particulars March, 2014 2015 Rs. in Rs. in Lakhs Lakhs

Contingent Liabilities not Provided for :

(i) Income Tax demand contested in appeal. 39.94 39.94

(ii) Claims of Sales Tax disputed by the Company. 7.90 7.90

Arrears of dividend on Cumulative Redeemable

Preference Shares for the years 2001-02 to 2014- 15 140.00 130.00



Notes forming part of the financial statements

2. Additional information to the financial statements

(Contd...)

Related Party Disclosures Under Accounting

Standard 18

RELATED PARTIES

A. (i) Associate Companies:

ABC Bearings Ltd.,

Mipco Investments Pvt. Ltd.,

Manoway Investments Pvt. Ltd.,

Maple Investments Pvt. Ltd.,

Corpus Software Pvt. Ltd.

(ii) Key Management Personnel:

Mr. Sachendra Tummala (Managing Director)

Mr. S.M. Patel (Director)

3. Rs 1.90 Lacs (Previous Year Rs. 1.90 Lacs) included under other current assets is recoverable from the Mr. SM Patel(Director) out of excess remuneration aggregating Rs 5.44 Lakhs paid in earlier years.

4. There is no write offs or write back of any amounts for any of the above related parties.

5. The Company presently does not have any Manufacturing Operations and restructuring of activities is under consideration.

6. Quantitative Details and other information therefore are not applicable.

7. (a) Computation of Net Profit as per Section 309 (5) and Section 198 of the Companies Act, 1956

'-Not applicable in absence of any business activities 8. Previous year's figures

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.d


Mar 31, 2014

1. Related party Disclosures under Accounting Standard - 18

Related Parties:

A. (i) Associate Companies:

a. ABC Bearings Ltd.,

b. Mipco Investments Pvt. Ltd.,

c. Manoway Investments Pvt. Ltd.,

d. Maple Investments Pvt. Ltd.,

e. Corpus Software Pvt. Ltd.

(ii). Key Management Personnel:

a. Mr. Sachendra Tummala (Managing Director)

b. Mr. S.M. Patel (Director)

D. Rs 1.90 lacs (Previous Year Rs. 1.90 lacs) included under other current assets is recoverable from the Mr. S.M Patel (Director) out of excess remuneration aggregating Rs 5.44 lakh paid in earlier years.

E. There are no write off or wrote back of any amounts for any of the above related parties.

2. The Company presently does not have any manufacturing operations and restructuring of activities is under consideration.

3. Quantitative details and other information therefore are not applicable.

4. (a). Computation of net profit as per section 309 (5) and section 198 of the Companies Act, 1956. - Not applicable in absence of any business activity.

(b). Managerial remuneration under section 198 of the Companies Act, 1956 - Nil.

Previous year''s figures:

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

1.1 Related Party Disclosures Under Accounting Standard 18

RELATED PARTIES

A. (i) Associate Companies: ABC Bearings Ltd., Mipco Investments Pvt. Ltd., Manoway Investments Pvt. Ltd., Maple Investments Pvt. Ltd., Corpus Software Pvt. Ltd.

(ii) Key Management Personnel:

Mr. Sachendra Tummala (Managing Director) Mr. S.M. Patel (Director)

D Rs 1.90 lacs(Previous Year Rs. 1.90 lacs) included under other current assets is recoverable from the Mr. SM Patel(Director) out of excess remuneration aggregating Rs 5.44 lakhs paid in earlier years.

E There are no write offs or write back of any amounts for any of the above related parties.

1.2 The Company presently does not have any Manufacturing Operations and restructuring of activities is under consideration.

1.3 Quantitative Details and other information therefore are not applicatble.

1.4 (a) Computation of Net Profit as per Section 309 (5) and Section 198 of the Companies Act, 1956

Not applicable in absence of any business activties (b) Managing Director''s remuneration under Section 198 of the Companies Act, 1956 - Nil

Note 2 Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2011

2010-2011 2009-2010 Rs. In lacs Rs. In lacs

1. Contingent Liabilities not Provided for:

(i) Income Tax demand contested in appeal. 39.94 39.94

(ii) Claims of Sales Tax disputed by the Company. 7.90 7.90

2. RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 RELATED PARTIES

A. (i) Associate Companies: ABC Bearings Ltd., Mipco Investments Pvt. Ltd., Manoway Investments Pvt. Ltd., Maple Investments Pvt. Ltd., Emsons Leasing Co.Pvt. Ltd.,

(ii) Key Management Personnel: Mr. S.M. Patel ( Director) Mr. Sachendra Tummala

D. Details of remuneration to Managing Director is disclosed in the Notes to Accounts.

E. There are no write offs or write back of any amounts for any of the above related parties.

3. In accordance with Accounting Standard-22 Accounting for Taxes on Income.

(i) The deferred tax Assets relates to the extent of liability for Gratuity carried forward.

(ii) Deferred tax arising on account of brought forward losses and unabsorbeed depereciation is presently not recognised for want of certainty of sufficient future taxable income being generated.

4. a) The Company presently does not have any Manufacturing Operations and restructuring of activities is under consideration.

b) Quantitative Details and other information therefore are not applicatble.

5. a) Computation of Net Profit as per Section 309(5) and Section 198 of the Companies Act, 1956. Not applicable in absence of any business activities.

b) Managing Director's remuneration under Section 198 of the Companies Act, 1956 - Nil

Notes:

(i) The Managing Director has resigned from the post of Managing Director with effect from 3-Feb-2011 and he is presently Director in the Company.

(ii) Rs.1.90 lacs (Previous Year Rs.1.90 lacs ) included under advances is recoverable from the Managing Director out of excess remuneration aggregating Rs. 5.44 lacs paid in earlier years.

6. Employee benefits

Since there was no employee during the year, no provision has been created during the year for gratuity and the balance of previous year is being carried forward.

7. Particulars of the Balance Sheet abstract and the Company's General Business Profile, pursuant to Part IV of Schedule VI to the Companies Act, 1956, are attached hereto.

Signature to Schedules 1 to 8

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