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Notes to Accounts of Monnet Industries Ltd.

Mar 31, 2015

A) (i) During the year, the Company has not issued or brought back Equity shares

(ii) During the year the Company has issued 10% Non Comulatiive Non Convertible Reedemable Prererence shares on Dt. 30.09.2014.

b) The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to vote at meetings of the Company.

c) There are no holding or subsidiary companies of the Company.

d) Following shareholders held more than 5% of the total Equity & Preference shares in the Company

(iii) Following is the reconciliation of number of shares outstanding as at the beginning of the year and end of the year

DISCLOSURES REGARDING LONG TERM BORROWINGS

a) The term loan is secured against First pari passu charge by way of hypothecation and mortage over entire present & future movable & immovable fixed assets of the company

b) The loan is further secured by exclusive charge by way of mortage over the immovable property at 10-11, Masjid Moth G.K.-II New Delhi owned by M/s Pace Enterprises Pvt. Ltd. & M/s Cambridge Construction ( Delhi ) Ltd.

c) The total amount of borrowing has been invested in 6.5% Non Convertible Cumulative Redeemable Preference shares (CRPS ) of M/s Monnet Ispat & Energy Ltd. @ Rs.100/- per Share which have been pledged with the bank alongwith all rights associated with CRPS..

d) The loan is further secured by personal guarantee of Sh. Sandeep Jajodia and corporate guarantee of M/s Pace Enterprises Pvt. Ltd. & M/s Cambridge Construction ( Delhi ) Ltd.

e) The loan is repayable in 3 equal installment payable at the end of 3th, 4th & 5th years from the date of disbursement. The loan is carrying interest rate is 12.25 %.

f) There has been no continuing default on the balance sheet date in repayment of loan and interest.

a) Non-Current Investments have been valued considering the Significant Accounting Policy No.5 disclosed in Note No. 1 to these financial statement.

b) Figures in bracket represent previous year figures.

OTHER NOTES ON ACCOUNTS

1. Balance confirmations have not been received from some of the parties showing debit/credit balances.

2. The company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries which is considered sufficient by the management for compliance of Accounting Standard AS-15.

3. The Company, has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

4. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances & other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

5. Deferred tax asset has not been recognized in terms of AS 22 issued by ICAI by adopting the conservative approach in respect of ascertained profitability in the future years.

6. Depreciation and Amortization on tangible and intangible fixed assets: the Company was hitherto charging depreciation on Written Down Value (WDV) at the rates provided in Schedule XIV of the Companies Act, 1956. In the current year, the Company has reassessed the useful life of assets, and adopted the useful life as provided in Schedule II of the Companies Act, 2013.

Consequent to change of useful life as above, an amount of Rs.88,22,928/- representing WDV of those assets whose useful life had already expired as on 1st April, 2014 has been adjusted against the Surplus in Schedule 3, Reserves & Surplus.

Had there been no change, depreciation charge for the year would have been higher by Rs.1412150/- and profit for the year would have been lower by the same amount.

7. The accumulated losses of the company as on 31st March 2015 exceeds its Paid Up Capital & Free Reserves. Since the net worth of the company have become negative, it is a Sick Industrial Unit. Suitable steps shall be taken in current financial year in this connection. In view of uncertainty, the financial statements of the company have been prepared on Going Concern Basis.

8. Segmental Reporting:

The business activity of the company falls within one broad business segment viz "Ferro Magnese" and substantially sale of the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of "Segment Reporting" issued by the Institute of Chartered Accountants of India is not considered applicable.

9. To comply with the guidance note on "Accounting Treatment of Excise Duty" issued by Institute of Chartered Accountants of India, excise duty amounting to Rs.15,83,356/- (previous year Nil ) has been included in the value of inventories as on 31.03.2015 and the corresponding amount of Excise Duty payable has been included in other liabilities. However, this accounting policy has no impact on the profit for the year.

10. Related Party Disclosures:

In accordance with the Accounting Standards (AS-18) on Related Party Disclosures, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year, alongwith description of relationship as identified, are given below:-

11. Earning per share (EPS)-The numerators and denominators used to calculate Basic and Diluted Earning per share :

12. Previous year figures have been regrouped or recasted wherever necessary.


Mar 31, 2014

1. Balance confirmations have not been received from some of the parties showing debit/credit balances.

2. The Company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries which is considered sufficient by the management for compliance of Accounting Standard AS-15.

3. The Company, has during the year not received any information from any vendor regarding their status being registered under Micro, Small and Medium Enterprises Development Act, 2006. Based on the above, disclosures, if any, relating to amounts unpaid as at the period end along with interest paid / payable have not been given.

4. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances & other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

5. Deferred tax asset has not been recognized in terms of AS 22 issued by ICAI by adopting the conservative approach in respect of ascertained profitability in the future years.


Mar 31, 2011

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances & other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

2.Previous year figures have been regrouped or recasted wherever necessary.


Mar 31, 2010

1. Balance confirmations have not been received from some of the parties showing debit/credit balances.

2. The Company has not complied with Accounting Standard AS-15 (revised) regarding retirement benefits of the employees. However the company has accounted for retirement benefit of employees on accrual basis calculated on arithmetical basis based on last drawn salaries.

3. No information has been furnished by any of the Creditors of their being a specific unit under Micro Small & Medium Enterprises Development Act 2006. Hence, the amount due to such units as on 31st March, 2010 is not ascertainable.

4. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of loans, advances & other current assets in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

5. Deferred tax asset has not been recognized in terms of AS 22 issued by ICAI by adopting the conservative approach in respect of ascertained profitability in the future years.

 
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