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Notes to Accounts of MPIL Corporation Ltd.

Mar 31, 2015

1.COMPANY INFORMATION

MPIL Corporation Limited ("the Company") was established in 1959 under the Companies Act, 1956. The Company was initially incorporated as Mather Greaves Private Limited. Thereafter in 1979, the name of the Company was changed to Mather and Platt (India) Limited and in 2006, the name of the Company was changed to MPIL Corporation Limited. The Company is registered in Mumbai (Maharashtra) under registration No.L74299MH1959PLC163775. The registered office of the Company is at Udyog Bhavan, 2nd Floor, 29 Walchand Hirachand Marg, Ballard Estate, Mumbai - 400 001. The Company had discontinued its activities relating to design, development, installation and servicing of textiles and food machinery, etc.

2. Rights, preference and restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

3. Contingent Liabilities and Commitments not provided for

March 31, 2015 March 31, 2014

A. Contingent Liability Rs. Rs.

Claims against the Company not acknowledged as debts regarding claims by:

* Vendors and Service Providers 13,648,687 12,705,949

* Income Tax (excluding interest demands leviable, if any) 475,000 475,000

Total 14,123,687 13,180,949

Company''s petitions are pending with various Courts against eviction of premises and claims for mesne profits by a landlord of leasehold premises occupied by the Company. Amount not ascertainable as the matter is sub-judice.

B. Estimated amount of contracts to be executed on Capital account

[Net of advances of Rs. 500,000 (Previous 7,750,000 7,750,000 year Rs. 500,000)]*

* The Company entered into a Memorandum of Understanding ("MoU") with Watumull Trust ("Vendor") on April 12, 2006 for purchase of the office premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the Vendor has disputed the MoU. A legal suit has been filed by the Company in February, 2008 against the Vendor in the High Court Judicature of Bombay. The vendor has filed a notice of motion on March 31, 2013 before the Hon. High Court for increase in the rent which is not accepted by the Company in view of the MoU. Amount of rent arrears is not ascertainable as the matter is sub-judice.

The Company''s pending litigations comprise mainly claims against the Company, property disputes, proceedings pending with Tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements.

4. Deferred Tax

Deferred Tax Assets arising from timing difference and/or carry forward business loss and unabsorbed depreciation have not been recognized as a matter of prudence and absence of virtual certainty of having sufficient taxable income in future, as the case may be.

5. Micro, Small and Medium Enterprises Development Act, 2006

The Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures in this respect have not been given. This has been relied upon by the auditors.

6. Realisable Value of Assets

In the opinion of the management, any assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

7. Related Party Disclosures

(a) Parties where control exists:

* Jumbo World Holdings Limited (Ultimate Holding Company)

* Jumbo Investments Limited (Holding Company)

(b) Other Group Companies:

Alfamont (Mauritius) Ltd.; Dandvati Investments & Trading Co. Pvt. Ltd.; Firestorm Electronics Corporation Pvt. Ltd.; GWL Properties Ltd.; Harshit Finlease & Investments Pvt. Ltd.; Jumbo World Holdings (India) Pvt. Ltd.; Jumbo Electronics Corporation Pvt. Ltd.; Narmada Gelatines Ltd.; Primo Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin International Ltd.; Starfire Investments Ltd.

All the above companies are controlled directly/indirectly by the heirs of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its various subsidiary/associate companies.

The above, though not required in terms of Accounting Standard (AS-18) on "Related Party Disclosure" issued by The Institute of Chartered Accountants of India, has been disclosed in view of the disclosure requirement of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 in relation to inter-se transfer of shares amongst group companies.

(c) Key Managerial Personnel :

Sanjeev Jain - Whole Time Director

Ruta Dabke - Chief Financial Officer

Hinal Kothari - Company Secretary

8. Segment Reporting

The Company has not carried out any manufacturing activity during the year and therefore no separate segment reporting is required as per Accounting Standard (AS 17) - Segment Reporting.

9. As per the provisions of Schedule II of the Companies Act, 2013, the Company has reassessed the remaining useful life of fixed assets. Consequently and in line with the transitional provisions:

a) the depreciation for the current year is higher by Rs. 25,50,284 which is inclusive of depreciation of Rs. 373,468 on the revalued amount;

b) depreciation of Rs. 663,560 relating to Fixed Assets whose useful life had expired as on 31 March, 2014 has been adjusted to the opening balance of the retained earnings; and

c) depreciation of '' 373,468 on revalued amount has been transferred from "Revaluation Reserve" to "Surplus".

10. During the year, as advised by Reserve Bank of India, the Company had brought down the percentage of financial assets to total assets and financial income to total income below 50% and given an undertaking that the Company will not do any Non-Banking Financial activity without obtaining prior approval of the Reserve Bank of India. The Company had not accepted deposits from public.

11. Previous year''s figures have been regrouped / rearranged wherever necessary to conform to the current year''s presentation.


Mar 31, 2014

1. COMPANY INFORMATION

MPIL Corporation Limited ("the Company*) was established in 1959 under the Companies Act, 1956. The Company was initially incorporated as Mather Greaves Private Limited and in 1979, the name of the Company was changed to Mather and Platt (India) Limited. In 2006, the name of the Company was changed to MPIL Corporation Limited. The Company is registered in Mumbai (Maharashtra) under registration NO.U74299PN2000PLC014382. The registered office of the Company is at Udyog Bhavan, 2nd Floor, 29 Walchand Hirachand Marg, Ballard Estate, Mumbai 400001.The Company had discontinued its activities relating to design, development, installation and servicing of textiles and food machinery, etc.

2. Rights, preference and restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. Dividend, if any, proposed by the Board of Directors is subject to the approval of shareholders in the Annual General meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Note 3 - Contingent Liabilities And Commitments Not Provided For

As at As at Particulars 31st March, 2014 31st March, 2013 (Rs.) (Rs.)

A. Contingent Liability

Claims against the Company not acknowledged as debts by :

* Vendors and Service Providers 12,705,949 11,763,210

* Income Tax (excluding interest demands leviable, if any) 475,000 475,000

Total 13,180,949 12,238,210

Company''s petitions are pending with various Courts against eviction of premises and claims for mesne profits by a landlord of leasehold premises occupied by the Company. Amount not ascertainable as the matter is sub-judice.

B. Estimated amount of contracts to be executed on Capital account 7,750,000 7,750,000

[Net of advances of Rs. 500,000 (Previous year Rs. 500,000)]*

* The Company entered into a Memorandum of Understanding ("MoU") with Watumull Trust ("Vendor") on 12th April, 2006 for purchase of the office premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the Vendor has disputed the MoU. A legal suit has been filed by the Company in February, 2008 against the Vendor in the High Court Judicature of Bombay. The vendor has filed a notice of motion on 31st March, 2013 before the Hon. High Court for increase in the rent which is not accepted by the Company in view of the MoU. Amount of rent arrears is not ascertainable as the matter is sub-judice.

Note 4 - Deferred Tax

Deferred Tax Assets arising from timing difference and/or carry forward business loss and unabsorbed depreciation have not been recognized as a matter of prudence and absence of virtual certainty of having sufficient taxable income in future, as the case may be.

Note 5 - Micro, Small And Medium Enterprises Development Act, 2006

The Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures in this respect have not been given. This has been relied upon by the auditors.

Note 6 - Realisable Value Of Assets

In the opinion of the management, any assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

7. (a) No amount pertaining to related parties has been provided for as doubtful debts/ advances or written off/ written back during the year.

(b) Other related parties:

Aasman Management Services Pvt Ltd; Alfamont (Mauritius) Ltd; Camry International FZE; Firestorm Electronics Corporation Pvt Ltd; GWL Properties Ltd.; Harshit Finlease & Investments Pvt Ltd; Jumbo World Holdings (India) Pvt. Ltd.; Jumbo Electronics Company Ltd. (LLC); Jumbo Electronics Corporation Pvt Ltd; Primo Enterprises Pvt Ltd; SMN Engineers Ltd; Solvin International Ltd.; Starfire Investments Ltd; Wizer Advertising Pvt Ltd.

All the above companies are controlled directly/indirectly by the heirs of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its various subsidiary/associate companies.

Note 8. - Segment Reporting

The Company has not carried out any manufacturing activity during the year and therefore no separate segment reporting required as per Accounting Standard (AS-17) - Segment Reporting.

Note 9.

Previous year''s figures have been regrouped/rearranged wherever necessary to conform to the current year''s presentation.


Mar 31, 2013

COMPANY INFORMATION

MPIL Corporation Limited ("the Company") was established in 1959 under the Companies Act, 1956. The Company was initially incorporated as Mather Greaves Private Limited thereafter in 1979, the name of the Company was changed to Mather And Platt (India) Limited and again in 2006 the name of the Company was changed to MPIL Corporation Limited. The Company is registered in Mumbai (Maharashtra) under registration No U74299PN2000PLC014382. The registered office of the Company is at Udyog Bhavan, 2nd Floor, 29, Walchand Hirachand Marg, Ballard Estate, Mumbai 400001. The Company had discontinued its activities relating to design, development, installation and servicing of textile and food machinery, etc.

Note 1 - Micro, Small And Medium Enterprises Development Act, 2006

The Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures in this respect have not been given. This has been relied upon by the auditors.

Note 2 - Realisable Value Of Assets

In the opinion of the management, any assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

Note 3 - Employee Benefits - Disclosure Of Defined Benefit Plans

The Company has determined the liability for Employee Benefits namely Gratuity and Leave Entitlement as at 31st March, 2013 in accordance with the revised Accounting Standard 15 - Employee Benefits prescribed in Companies (Accounting Standards) Rules, 2006 as follows :

Note 4 - Related Party Disclosures

(a) List of related parties

(i) Parties where control exists:

- Jumbo World Holdings Limited (Ultimate Holding Company)

- Jumbo Investments Limited (Holding Company)

- Jumbo World Holdings (India) Pvt Ltd. (Fellow Subsidiary)

(ii) Other related parties with whom the Company has entered into transactions during the year:

- Narmada Gelatines Limited

(b) Details of transactions during the year with related parties and balances at year-end

(c) No amount pertaining to related parties has been provided for as doubtful debts/ advances or written off/ written back during the year.

(d) Other related parties:

Aasman Management Services Pvt Ltd; Alfamont (Mauritius) Ltd; Camry International FZE; Dandvati Investments & Trading Co. pvt. Ltd.; Firestorm Electronics Corporation Pvt Ltd; GWL Properties Ltd.; Harshit Finlease & Investments Pvt Ltd; Jumbo Electronics Company Ltd (LLC); Jumbo Electronics Corporation Pvt Ltd; Primo Enterprises Pvt Ltd; SMN Engineers Ltd; Solvin International Ltd.; Starfire Investments Ltd; Wizer Advertising Pvt Ltd.

All the above companies are controlled directly/indirectly by the heirs of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its various subsidiary/associate companies.

Note 5 - Segment Reporting

The Company has not carried out any manufacturing activity during the year and therefore no separate segment reporting required as per Accounting Standard 17: Segment Reporting.

Note 6

Previous year''s figures have been regrouped/rearranged wherever necessary to conform to the current year''s presentation.


Mar 31, 2012

(I) Rights, preference and restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential and other payable. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note: 1

Contingent Liabilities not provided for in respect of:

Rs. As at As at 31st March, 2012 31st March, 2011

Claims against the Company not acknowledged as debts:

Claims by

a) Vendors and Service Providers 23,488,414 19,953,422

b) Workers/Staff Members 1,161,309 1,094,205

c) Income Tax (excluding interest demands leviable, if any) 818,477 818,477

d) Company's petitions are pending with various Courts against eviction of premises and claims for mense profits by the landlord of a leasehold premises occupied by the Company. Amount not ascertainable as the matter is sub-judice.

Note : 2

Deferred Tax Assets arising from timing difference are not recognized as a matter of prudence.

Note : 3

The Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures in this respect have not been given. This has been relied upon by the auditors. '

Note : 4

In the opinion of the management, any assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. Provision for depreciation and all known liabilities is adequate and not in excess of what is required.

Note: 5

The Company has determined the liability for Employee Benefits as at March 31, 2012 in accordance with the revised Accounting Standard 15 - Employee Benefits prescribed in Companies (Accounting Standards) Rules, 2006.

Note : 6

Related party disclosures:

(a) List of related parties:

(i) Parties where control exists:

- Jumbo World Holdings Limited (Ultimate Holding Company)

- Jumbo Investments Limited (Immediate Holding Company)

- Jumbo World Holdings (India) Pvt. Ltd.(Fellow Subsidiaries)

(ii) Other Associates with whom the Company has entered into transactions during the year:

- Narmada Gelatines Limited

- Dandvati Investments & Trading Company Pvt. Ltd.

(c) No amount pertaining to related parties has been provided for as doubtful debts/advances or written off/written back during the year, other than what is stated above.

(d) Other related parties:

Aasman Management Services Pvt. Ltd.; Alfamont (Mauritius) Ltd.; Camry International FZE; Derby Electricals (India) Pvt. Ltd.; Firestorm Electronics Corporation Pvt. Ltd.; GWL Properties Ltd.; Harshit Finlease & Investments Pvt. Ltd.; Jerom Trading & Investment Pvt. Ltd.; Jumbo Electronics Company Ltd. (LLC); Jumbo Electronics Corporation Pvt. Ltd.; Orson Video (P) Ltd.; Phonegarage.com India Pvt. Ltd.; Primo Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin ' International Ltd.; Starfire Investments Ltd.; Wizer Advertising Pvt. Ltd.

All the above companies are controlled directly/indirectly by the heirs of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its various subsidiary/associate companies.

Note : 7

The Company has not carried out any manufacturing activity during the year and therefore no separate segment reporting required as per Accounting Standard 17 (Segment Reporting).

Note : 8

Current year's financial statements have been presented in accordance with the Revised Schedule VI. Previous year's figure have been re-grouped/re-arranged wherever necessary to conform to current year's classification.


Mar 31, 2010

As at As at 31st March,2010 31st March,2009 Rupees Rupees

1. Contingent Liabilities not provided for in respect of: Claims against the Company not acknowledged as debts: Claims by

a) Vendors and service providers 1,25,35,871 1,13,59,080

b) Custom authorities 72,64,445 72,64,445

c) Customers 8,72,35,399 8,16,58,838

d) Workers/Staff Members 10,27,101 9,59,997

Total 10,80,62,816 10,12,42,360



* The Company entered into a Memorandum of Understanding ("MoU") with Watumull Trust ("Vendor") on 12th April, 2006 for purchase of the office premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the Vendor has disputed the MoU; a legal suit has been filed by the Company in February, 2008 against the Vendor in the High Court Judicature of Bombay.

2. The Company had revalued the Buildings as on 31.03.1993 based on independent valuers report and the net increase was credited to Revaluation Reserve Account. The revalued amount of Rs.22,171,368 (Previous year Rs.22,171,368) stands substituted for historical cost of Rs.367,340 (Previous year Rs.367,340).

3. Deferred Tax Assets arising from timing difference are not recognised as there is no virtual or reasonable certainty that these would be realised in future.

4. The Company has not received any information from suppliers regarding their status un^er the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures in this respect have not been given. This has been relied upon by the auditors.

5. In the opinion of the management, the Current Assets, Loans and Advances and Investments have a value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet. The provision for depreciation and for all the known liabilities is adequate and not in excess of what is required.

5. The Company has determined the liability for Employee Benefits as at March 31, 2010 in accordance with the revised Accounting Standard 15 - Employee Benefits prescribed in Companies (Accounting Standards) Rules, 2006.

7. Related Party Disclosure: (a) List of related parties:

(i) Parties where control exists:

- Jumbo World Holdings Limited (Ultimate Holding Company)

- Jumbo Investments Limited (Immediate Holding Company)

(ii) Other Associates with whom the Company has entered into transactions during the year:

- GWL Properties Limited

- Narmada Gelatines Limited

- Dandvati Investments & Trading Company Private Limited

(c) No amount pertaining to related parties has been provided for as doubtful debts/advances or written off/written back during the year.

(d) Other related parties:

Aasman Management Services Pvt. Ltd.; Alfamont (Mauritius) Ltd.; Alfamont Ltd.; Camry International FZE; Firestorm Electronics Corporation Pvt. Ltd.; Harshit Finlease & Investments Pvt. Ltd.; Jerom Trading & Investment Pvt. Ltd.; Jumbo Electronics Company Ltd. (LLC); Jumbo Electronics Corporation Pvt. Ltd.; Jumbo World Holdings (India) Ltd.; Orson Video Pvt. Ltd.; Phonegarage.com India Pvt. Ltd.; Primo Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin International Ltd.

All the above companies are controlled directly/indirectly by the heirs of Late Mr. M. R. Chhabria, through Jumbo World Holdings Limited and its various subsidiary/associate companies.

8. The computation of Basic and Diluted Earnings per Share:

9. ADDITIONAL INFORMATION PURSUANT TO PART-II OF SCHEDULE VI TO THE COMPANIES ACT, 1956.

The Company has not carried out any activity/incurred any expenditure (other than those disclosed elsewhere in the accounts) which requires disclosure under Part II of Schedule VI to the Companies Act, 1956.

10. Previous years figures have been regrouped/rearranged wherever necessary to conform to the current years presentation.

 
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