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Notes to Accounts of Monte Carlo Fashions Ltd.

Mar 31, 2015

1. (All amounts in Rs. unless stated otherwise)

As at As at 31 March 2015 31 March 2014

Contingent liabilities

(i) Contingent liabilities:

(a) Claims against the Company not acknowledged as debt

Indirect tax litigations - As against these litigations, the Company has 502,759 502,759

deposited Rs. 230,998 (previous year Rs. 230,998) under protest. The Company is contesting these claims at various levels.

(b) Other money for which the Company is contingently liable 3,150,000

(ii) Capital commitments - Estimated amount of contracts remaining to be 46,007,228 70,663,743

executed on capital account and not provided for (net of advances and deposits)

2. The information required by paragraph 5 of general instructions for preparation of the statement of profit and loss as per revised schedule III of Companies Act, 2013

3. The Company is primarily engaged in the business of manufacturing/trading of textile garments. Accordingly, the entire operations of the Company are governed by the same set of risk and rewards and thus, it operates in a single primary segment. The Company is mainly operating in India which is considered to be the only reportable geographical segment. The disclosures as per the Accounting Standards (AS) 17 on Segment Reporting are not applicable to the Company.

4. As per the transfer pricing legislation under sections 92-92F of the Income Tax Act, 1961, the Company is required to use certain specific methods in computing arm's length prices of transactions with associated enterprises and maintain adequate documentation in this respect. Since law requires existence of such information and documentation to be contemporaneous in nature, the Company has appointed independent consultants for conducting a Transfer Pricing Study (the 'Study') to confirm that the transactions with associate enterprises undertaken during the financial year are on an "arms length basis". Management is of the opinion that the Company's transactions are at arm's length and that the results of the proposed study will not have any impact on the financial statements and that they do not expect any transfer pricing adjustments.

5. The Company completed its Initial Public Offering (IPO) pursuant to which 5,433,016 equity shares of the Company of Rs. 10 each were allotted at a price of Rs. 645 per equity share through an offer for sale by the selling shareholders. This being an offer for sale, the IPO proceeds have been received by the selling shareholders and hence requirements to disclose utilisation of proceeds from IPO does not apply to the Company. The equity shares of the Company were listed on the National Stock Exchange Limited (NSE) and Bombay Stock Exchange of India Limited (BSE) on 19 December 2014.

6. In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. In terms with the provisions of the said Act, the Company was to spend a sum of Rs.15,162,060 towards CSR activities during the year ended 31 March 2015. The CSR Committee has been examining and evaluating suitable proposals for deployment of funds towards CSR initiatives. Pending examination and evaluation of such proposal, no amounts have been incurred on CSR initiative during the year. The management expects finalization of the proposals in due course.

7. Previous year figures have been regrouped/recasted, wherever considered necessary to make them comparable with those of the current year.

Oct 24, 12:00 am
Oct 24, 4:14 pm
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