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Mirch Technologies Ltd. Notes to Accounts, Mirch Technologies Ltd. Company
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Notes to Accounts of Mirch Technologies Ltd.

Mar 31, 2014

Corporate information

Note on the business activity i operations of the Company:- Manufacturing of chemical processing equipments like heat exchangers, air drying plants etc. and its Registered place of business is aurus Chambers, B Wing, Plat No. 701, S.S. Amrutwar Margh, Worli, Mumbai-400013.

Contingent liabilities are disclosed in the Notes.

Provisions and contingencies

Contingent Liabilities not provided in respect of:

a) Claim against the company not acknowledged as debt Rs.3,18,811/- towards Bombay Sales Tax. Central Sales Tax Assessment dues.

b) No Provision has been made for the present liabilities for future payment of gratuity. Valuation of gratuity not done for the current financial year, the same will be accounted as and when paid

c) Arrears of dividend on 9.5% Redeemable Cumulative Preference Shares of Rs. 100/- each. Rs. 15,20,000/- has neither been paid nor provided.

d) Balance due to/ due from various parties are subject to confirmation.

e) interest on unsecured loan has not been provided as Directors are pursuing with unsecured loan creditors to waive the interest

f) The company do not have any information with regard to creditors whether they possesses any S.S.I. units

g) As per the term and conditions, the company was to redeem the Redeemable Preference shares at par after 12 years, that is in the year 1985-86 subject to three month notice, but not later than 15 years from the date of allotment that is 27.09.1973 but the company has not redeemed the same so far. As the maturity period of same shares is over, the company is liable to pay dividend on these shares @9.5% p.a., that is Rs.95,000/-p.a. and aggregating to Rs.23,50,000/- liable to be paid to the shareholders of those shares, however,Rs.23,50,000/- has not been provided in the balance sheet. Hence the debit balance of profit & loss account as appearing in the balance sheet would have been higher to the extent of Rs.23,50,000/-and the loss for the current year would have been higher to the same extent.


Mar 31, 2013

1 Corporate information

Note on the business activity / operations of the Company:- Manufacturing of chemical processing equipments like heat exchangers, air drying plants etc. and its Registered place of business is aurus Chambers. B Wing, Flat No. 701, S.S. Amrutwar Margh, Worii, Mumbai-400013.

Note 2 Disclosures under Accounting Standards (contd.) Provisions and contingencies

Contingent Liabilities not provided in respect of:

a) Claim against the company not acknowledged as debt Rs.3,18,811/- towards Bombay Sales Tax, Central Sales Tax Assessment dues.

b) No Provision has been made for the present lialibities for future payment of gratuity. Valuation of gratuity not done for the current finanical year, the same will be accounted as and when paid

c) Arrears of dividend on 9.5% Redeemable Cumulative Preference Shares of Rs.100/- each,Rs.15,20,0007- has neither been paid nor provided.

d) Balance due to/ due from various parties are subject to confirmation. rest on unsecured loan has not been provied as Directors are pursuing with unsecured loan creaditors to waive the inie.dst

f) The company do not have any information with regard to creditors whether they possesses any S.S.I, units

g) As per the term and conditions, the company had redeemed the Redeemable Preference shares at par after 12 years, that is in the years, that is in the year 1985-86 subject to three month notice, but not later than 15 years from the date of allotment that is 27.09.1973 but the company has not redeemed the same so far.As the maturity period of same shares is over, the company is liable to pay dividend on these shares @9.5% p.a., that is Rs.95,000/-p.a. and aggregate to Rs.22,80,000/- liable to be paid to the shareholders of those shares, however,Rs.22,80,0007- as not been provided in the balance sheet. Hence the debit balance of profit & loss account as not appearing in the balance sheet would have been higher to the extent of Rs.22,80,000/-and the loss for the current year would have been higher to the same extent.


Mar 31, 2012

1 Corporate information Note on the business activity / operations of the Company:- Manufacturing of chemical processing equipments like heat exchangers, air drying plants etc, and its Registered place of business is Delstar, N.S.Patkar Marq, Mumbai-400

Contingent Liabilities not provided in respect of:

a) Claim against the company not acknowledged as debt Rs.3,18,811/- towards Bombay Sales Tax, Central Sales

b} No Provision has been made for the present lialibities for future payment of gratuity. Valuation of gratuity noi done for the current finanicai year, the same wiil be accounted as and when paid

c) Arrears of dividend on 9.5% Redeemable Cumulative Preference Shares of Rs.100/- each,Rs.15,20,000/- has neither been paid nor provided

d) Balance due to/ due y'rom various parries are subject to confirmation,

e) Interest on unsecured loan has not been provied as Directors are pursuing with unsecured loan creaditors to waive the interest

f) The company do not have any information with regard to creditors whether they possesses any S.S.I, units

g) As per the term and conditions, the company had redeemed the Redeemable Preference shares at par after 12 years, that is in the years, that is in the year 1985-86 subject to three month notice, but not later than 15 years from the date of allotment that is 27.09.1973 but the company has not redeemed the same so far.As the maturity period of same shares is over, the company is liable to pay dividend on these shares @9.5% p.a., that is Rs.95,000/-p,a. and aggregate to Rs.15,20,000/- liable to be paid to the shareholders of chose shares, however.Rs,15,20,0007- as not been provided in the balance sheet. Hence the debit balance of profit & loss account as not appearing in the balance sheet would have been higher to the extent of Rs.l5,20,000/-and the loss for the current year would have been higher to the same extent.


Mar 31, 2011

1.Contingent Liabilities not provided In respect of:

(a) Claim against the company not acknowledged as debt Rs.3,1 8,811/- toward Bombay Sales Tax, Central Sales Tax Assessment dues.

2. No Provision has been made for the present liabilities for future payment of gratuity . Valuation of gratuity not done for the current financial year, the same will be accounted as and when paid.

3. Arrears of Dividend on 9.5% Redeemable Cumulative Preference Shares of Rs.100/- each, Rs. 14.25,000/- has neither been paid nor provided.

4. Balance due to / due from various parties are subject to confirmation .

5. Interest on unsecured loan has not been provided as Directors are pursuing with unsecured loan creditors to waive the interest.

6. Depreciation on Fixed Assets has been provided as per schedule XIV of Companies Act 1956 on a W.D.V . basis.

7. The Company has not disclosed separately the expenses aggregating 2,78,439/-(Rs.4,39,957/-) as required by Part II of schedule VI of Companies Act, 1956 . However , this non compliance does not have any effect on either the result already reflected in the Profit and Loss A/c or state of affairs already reflected in the Balance Sheet.

8. The Company do not have any information with regard to creditors whether they possesses any S.S.I Units.

9. As per the terms and conditions , the company had to redeemed the Redeem bale Preference Shares at par after 12 years, that is in the year 1985 - 86 subject to three months notice , but not later than 15 years from the date of allotment that is 27.09.1973 but the company has not redeemed the same so far . As the maturity period of same shares is over, the company is liable to pay dividend on these shares % 9.50% p.a., that is Rs.95,000/- p.a. and aggregate to Rs. 14,25,000/- liable to be paid to the shareholders of those shares , however , Rs. 14,25,000/- as not been provided in the Balance sheet. Hence the debit balance of profit & Loss Account has appearing in the Balance Sheet would have been higher to the extent of Rs. 14,25.000/- and the loss for the current year would have been higher to the same extent.

10. Segment Reporting :

The company has one segment of activity namely "Engineering goods" during the year .

11. Deferred Tax :

The Company has unabsorbed depreciation and carried forward losses available for set - off under the Income Tax Act, 1961 . However in view of present uncertainty regarding generation of sufficient future taxable income , net deferred tax assets at the year end including related credit for the year have not been recognized in these accounts on prudent basis.

12. Previous year figures have been regrouped and re - arranged wherever necessary.


Mar 31, 2010

1.Contingent Liabilities not provided in respect of:

(a) Claim against the company not acknowledged as debt Rs.3,18,811/- toward Bombay Sales tax, Central Sales Tax Assessment dues.

2. No Provision has been made for the present liabilities for future payment of gratuity Valuation of gratuity not done for the current financial year, the same will be accounted as and when paid.

3. Arrears of Dividend on 9.5% Redemabl Cumulative preference shares of Rs. 100/- each Rs 14,25,000/- has neither been paid nor provided.

4. Balance due to / due from various parties are subject to confirmation .

5. Interest on unsecured loan has not been provided as Directors are pursuing with unsecured loan creditors to waive the interest.

6. Depreciation on Fixed Assets has been provided as per schedule XIV of Companies Act 1956 on a W.D.V . basis.

7. The Company has not disclosed separately the expenses aggregating 4 39 95/-(Rs 4 09 333/-) as required by Part II of schedule VI of Companies Act, 1956 . However . this non compliance does not have any effect on either the result already reflected in the Profit and Loss A/c or state of attars already reflected in the Balance Sheet.

 
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