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Notes to Accounts of Monotype India Ltd.

Mar 31, 2014

1) Contingent Liabilities in respect of: As at As at 31.03.2014 31.03.2013

Central Excise Liability under dispute 16,34,397 16,34,397

2) In the opinion of the management, the current assets, loans and advances have the values on realization in the ordinary course of business at least equal to the amounts at which they are stated in the balance sheet except the trade receivables and loans and advances which falls under management''s policy for bad and doubtful debts as taken in the previous years.

3) Debit and Credit balances are subject to confirmation and reconciliation.

4) There are no dues to Micro, Small & Medium Enterprises as at Balance Sheet date and no interest has been paid to any such parties. This is based on the information on such parties having been identified on the basis of information available with the Company and relied upon by the auditors.

5) The Company operates in one segment and hence no separate disclosure of segment-wise information has been made as per Accounting Standards (AS-17) Segment Reporting issued by the Institute of Chartered Accountants of India.

6) In view of the revision to the Schedule VI as per notification issued by the Central Government, the financial statement for the year ended 31st March, 2014 have been prepared as per the requirement of the Revised Schedule VI to the Companies Act, 1956. The previous year''s figures have been accordingly regrouped / classified to confirm to the year''s classification.

The accompanying notes are an integral part of the financial statements

Note:Previous Year figures has been regrouped/rearranged wherever considered necessary.


Mar 31, 2013

1) In the opinion of the management, the current assets, loans and advances have the values on realization in the ordinary course of business at least equal to the amounts at which they are stated in the balance sheet except the trade receivables and loans and advances which falls under management''s policy for bad and doubtful debts as taken in the previous yea''

2) Debit and Credit balances are subject to confirmation and reconciliation.

3) There are no dues to Micro, Small & Medium Enterprises as at Balance Sheet date and no interest has been paid to any such parties. This is based on the information on such parties having been identified on the basis of information available with the Company and relied upon by the audito''

4) Related Parties Disclosures in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India :- Related Parties and description of relationship

a. Promoter Company : Swagatam Tradevin Limited

b. Nature of transaction with the related party

Promoter Company : Swagatam Tradevin Limited Unsecured Loan Taken : 56,084/- Amount Outstanding at year end : 3,56,084/- Previous Year Balance : 3,00,000

5) The Company operates in one segment and hence no separate disclosure of segment- wise information has been made as per Accounting Standards (AS-17) Segment Reporting issued by the Institute of Chartered Accountants of India.

6) In view of the revision to the Schedule VI as per notification issued by the Central Government, the financial statement for the year ended 31st March, 2013 have been prepared as per the requirement of the Revised Schedule VI to the Companies Act, 1956. The previous year''s figures have been accordingly regrouped/classified to confirm to the year''s classification.


Mar 31, 2010

1. Contingent liabilities in respect of: As at As at

31.03.10 31.03.09

Excise liability under dispute 16,34,397 16,34,397

The above figures represent the amount as on 31.03.1999, since the updated figures as on 31.03.2010 are not available.

2. The operations of the manufacturing units of the Company at Bangalore had been suspended from 01.08.1999 subsequently closed and disposed off. Further, the marketing and other Offices of the Company have also been closed and have become non operational. Earlier The various credit balances details retrieved prior to the suspension of operations and such other adjustments as considered necessary by the management are taken on the basis of available records. The balances compiled was not reconciled with the primary and secondary records since various supporting and other related details were not accessible and these records could not be made available for verification.

3. There are no dues due to the small scale and ancillary industrial undertakings.

4. As the manufacturing units of the company at Bangalore had been closed, the management is exploring possibilities of other business activities. Pending utilization of funds in other business activities, these have been deployed temporarily in Shares & Securities / Loans and advances. In the opinion of the management, the company as such has not undertaken any activity meant for Non-Banking Financial Companies as its business operations, requiring adherence to the requirement of various directions issued by Reserve Bank Of India for Non-Banking Financial Companies.

5. The accumulated losses of the company are in excess of its net worth. The management is exploring possibility of other business activities for the company, and accordingly, the accounts have been prepared on the basis that the Company is a going concern.

6. Related party disclosure in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India:

a. Names of Related parties and description of relationship Associate Company - Jalan Chemical Industries Private Limited

b. Nature of transaction with the related party Associate Company:

Payment of Unsecured Loan - Rs. 12,50,000/-

Unsecured Loan Taken - Rs. 80,000/-

Amount outstanding at year-end - Rs. 22,46,886/-

c. The above related party information has been disclosed to the extent such parties have been identified by the management on the basis of information available. This has been relied upon by the Auditors.

7. The operation of the company had been closed since 01-08-1999 (Refer Note No. 2 of Notes on Accounts), therefore the surplus funds are deployed in deposits and investments and that is the only reportable segment as specified in Accounting Standard 17 issued by The Institute of Chartered Accountants of India.

8. a. Provision for current tax has been made as per the provisions of the Income Tax Act, 1961.

b. The Company has significant amount of carry forward losses and depreciation under the Income Tax Act. However as a matter of prudence deferred tax assets arising on account of the same has not been created by the management.



 
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