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MRO - TEK Ltd. Notes to Accounts, MRO - TEK Ltd. Company
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Notes to Accounts of MRO - TEK Ltd.

Mar 31, 2015

EXPLANATORY INFORMATION

(a) Revenues from Sale of Solar Based Equipment and projects during the year was Rs. 15,21,27,938/- (P.Y: Rs.24,87,17,338/-). This includes a sum of Rs. NIL (Rs. 2,42,23,243/-) being the Central Financial assistance receivable from the Ministry of Non Renewable Energy (MNRE) on supply of such equipment and projects.

(b) Certain balances representing trade receivables and trade payables are subject to reconciliation and receipt of confirmations from parties, pursuant to confirmation requests sent by the Company. Trade Receivables includes a sum of Rs. NIL (P.Y: Rs. 2,96,18,165/-) being the Central Financial Assistance receivable from the Ministry of Non Renewable Energy (MNRE) on the supply of Solar based Equipments and Projects.

(c) Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED):

Dues in respect of, Micro and Small enterprises who have duly registered themselves under the relevant Act and furnished the statutorily required proof thereof, are being regularly met as per agreed terms. Disclosures as required under MSMED are:

(d) Segment Reporting

Disclosures pursuant to Accounting Standard 17 prescribed under the Act are:

Primary Segment

The Company''s primary business segment is ''Access & Networking products'' and ''SBEP products''.

Secondary Segment

The Company''s secondary segment is determined based on location of customers / export destinations (Geographical Segment).

The segment revenue in the geographical segments for disclosure are as follows:

- Revenue within India includes sales to customers located within India and earnings in India.

- Revenue outside India includes sales to customers located outside India and earnings outside India.

(e) Related Party Disclosure

Disclosures pursuant to Accounting Standard 18 prescribed under the Act are: A. Relationships:

(i) RAD-MRO Manufacturing Private Limited - Joint Venture Company

(ii) Whole time Directors -

f. Narayanan, Chairman & Managing Director H. Nandi, Managing Director

(g) Accounting for Taxes on Income

Deferred Tax

During the year, the Company has accounted for Rs. 8,26,237/- (Rs. 8,29,143/- Deferred Tax Asset) towards deferred tax liability and has considered the same to the statement of profit and loss as stipulated under Accounting Standard 22, on "Accounting for Taxes on Income", prescribed under the Act. However, on conservative basis, deferred tax asset on carry forward losses, has not been considered.

(h) Impairment of Assets

During the year the Company has capitalised development cost incurred in house towards development of certain products as an intangible asset aggregating to Rs. 81,61,802/- (P.Y: Rs. Nil). However, based on the market condition at the end of the year, the Company has impaired such intangible asset fully by transferring the same to statement of profit and loss.

(i) Provisions and Contingent Liabilities

- Provision has been made for an estimated amount of Rs 10,00,000/- (P.Y: Rs. 2,65,00,000/-) in respect of certain items of non moving / slow-moving inventory, based on Generally Accepted Accounting Practices, even though these items continue to be usable and / or salable in the activities of the Company.

- Inventories includes a sum of Rs. NIL (P.Y: Rs.1,38,43,660/-) being slow moving stock beyond 1 year not provided for.

- With respect to Access & Networking products, no provision has been made for post-sales support expenses, as the Company is of the opinion that such expenses are not material, based on past experience.

- With regard to the newly introduced products related to Solar Based Equipments & Projects, the Company has back-to-back arrangements towards warranty support with the original suppliers'', hence the Company is of the opinion that no additional provision is required to be made in the book of accounts for post-sale support expenses.

Contingent liabilities Amount in Rs.

Particulars 31 March 2015 31 March 2014

Counter Guarantees to Bank (to the extent of live guarantees issued by bank) 73,55,088 2,44,75,041

Letters of Credit 23,88,300 5,73,07,215

Capital Commitments 50,00,000 1,80,00,000

Sales tax liability in lieu of Form ''C'' yet to be received 2,13,45,448 1,50,39,644

Disputed Central Excise Duty 4,66,90,550 4,66,90,550

(o) Figures for the year have been rounded-off to the nearest rupee and, those in the brackets, wherever given, correspond to respective figures for the previous year. Figures of previous year have been regrouped & reclassified, wherever necessary.


Mar 31, 2013

1 Corporate Information

MRO-TEK Limited was incorporated in the year 1984. The Company is engaged in the activity of manufacture and supply, as well as distribution, of Access and networking equipment & solutions. During the year, as a means of product diversification, the company commenced full-fledged commercial operations in manufacture and supply of Solar Based Equipment & Products (SBEP).

The Equity shares of the Company are listed in Bombay Stock Exchange of India, Mumbai and National Stock Exchange of India Limited, Mumbai.

1. Deferred Tax:

During the year, the Company has accounted for Rs.6,24,200 (Rs.5,56,029 Deferred Tax Liability) towards Deferred Tax Asset and has considered the same as reverse charge to the Profit & Loss account as stipulated under Accounting Standard- 22, on "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India. However, on conservative basis, deferred tax asset on carry forward business losses, has not been considered.

2. Exceptional Item of Rs. 1,51,71,384, is on account of profit on acquisition of assets, representing, receipt of compensation from National Highway Authority of India, consequent upon acquisition of a portion of Land belonging to the Company.

3. Inventories:

Finished Goods includes Rs.31,98,885 (Rs.35,81,373), being value of material at prospective customers'' premises for demonstration purposes.

4. Disclosure under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 :

Dues in respect, Micro and Small enterprises who have duly registered themselves under the relevant Act, and furnished the statutorily required proof thereof, are being regularly met as per agreed terms and, as such, there remains no liability towards interest. Principal amount/s remaining payable in respect of such parties, as at 31 March 2013, amount to Rs.16,61,366 (Rs.24,16,911).

5. Revenues from Sale of Solar Based Equipment and Projects during the year was Rs 15,05,95,994. This includes a sum of Rs.2,02,19,122 being Central Financial assistance receivable from the Ministry of Non Renewable Energy (MNRE) on supply of such equipment and projects.

6. Certain balances representing debtors and creditors, are subject to reconciliation & receipt of confirmations from parties, pursuant to confirmation requests sent by the company. Sundry debtors includes a sum of Rs.2,02,19,122 being Central financial assistance receivable from the Ministry of Non Renewable Energy (MNRE) on the supply of Solar Based Equipment and Projects.

7. ''Upkeep & Maintenance expenses'' reflected in Note - 24 includes Repairs to Building - Rs.53,86,091 (Rs.29,14,685) and Repairs to Machinery - Rs.9,37,550 (Rs.15,06,992).

8. No provision has been made for post-sales support expenses, with respect to Access & Networking products, as the company is of the opinion that such expenses are not material, based on past experience.

With regard to the newly introduced products related to Solar Based Equipment & Projects, the Company has back-to-back arrangements towards warranty support with the original suppliers'', hence the Company is of the opinion that no additional provision is required to be made in the book of accounts for post-sale support expenses.

9. Inventories includes a sum of Rs. 2,76,96,729 being slow moving stock beyond 1 year not provided for.

10. Provision has been made for an estimated amount of Rs.500 lacs (Previous year Rs.400 lacs) in respect of certain items of non moving/slow-moving inventory, based on Generally Accepted Accounting Practices and estimates by the company.

Equipment & Projects (SBEP). As such and based on the guiding principles given in Accounting Standard on ''Segment Reporting'' (AS 17) prescribed by the Companies (Accounting Standards) Rules 2006, the Company''s primary business segments for the purposes of Segment Reporting constitutes ''Access & Networking products'' and ''SBEP products''. The secondary segment of the Company is based on location of customers''/export destinations. The segment revenue in the geographical segments for disclosure are as follows:

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

11. Related Party Disclosure

Related party disclosures, as required by AS-18: (i) RAD-MRO Manufacturing Private Limited (ii) S Narayanan (iii) H Nandi

A. Relationships:

(i) RAD-MRO Manufacturing Private Limited - Joint Venture Company

(ii) Whole time Directors -

S. Narayanan H. Nandi

Chairman & Managing Director Managing Director

B i). The following transactions were carried out with RAD-MRO Manufacturing Private Limited, the Joint Venture Company in the ordinary course of business.

12. Research and Development

The Company has in-house R&D Centre involved in developmental activities for new products in the fields of Access & Networking technology.

13. Figures for the year have been rounded-off to the nearest rupee and, those in the brackets, wherever given, correspond to respective figures for the previous year.

Figures of previous year have been regrouped & reclassified, wherever necessary.


Mar 31, 2012

1. Deferred Tax:

During the year, the Company has accounted for Rs.5,56,029 (Rs.45,87,803 Deferred Asset) towards Deferred Tax liability and has considered the same as charge to the Profit & Loss account as stipulated under Accounting Standard- 22, on "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India. However, on conservative basis, deferred tax asset on carry forward business losses, has not been considered.

2. Inventories:

Finished Goods includes Rs.35,81,373 (Rs.38,25,203), being value of material at prospective customers' premises for demonstration purposes.

3. Disclosure under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 :

Dues in respect, Micro and Small enterprises who have duly registered themselves under the relevant Act, and furnished the statutorily required proof thereof, are being regularly met as per agreed terms and, as such, there remains no liability towards interest. Principal amount/s remaining payable in respect of such parties, as at 31 March 2012, amount to Rs.24,16,911 (Rs.47,42,858)

4. Certain balances representing debtors and creditors, are subject to reconciliation & receipt of confirmations from parties, pursuant to confirmation requests sent by the company.

5. 'Upkeep & Maintenance expenses' reflected in Note - 24 includes Repairs to Building - Rs.29,14,685 (Rs.48,56,471) and Repairs to Machinery - Rs.15,06,992 (Rs.12,54,169).

6. No provision has been made for post-sales support expenses, as the company is of the opinion that such expenses are not material, based on past experience.

7. Provision has been made for an estimated amount of Rs 400 lakhs in respect of certain items of slow- moving inventory, based on Generally Accepted Accounting Practices, even though these items continue to be usable in the activities of the company.

8. Contingent liabilities on account of

Amount in Rs.

2011-2012 2010-2011

Counter Guarantees to Bank (to the extent of live guarantees issued by bank) 28,15,488 1,26,68,398

Letters of Credit 2,63,90,468 1,17,09,765

Capital Commitments 60,00,000 NIL

Sales tax liability in lieu of

Form 'C' yet to be received 65,42,302 68,71,117 Disputed Central Excise Duty 4,66,90,550

9. Segment Reporting

Based on the guiding principles given in Accounting Standard on 'Segment Reporting' (AS 17) prescribed by the Companies (Accounting Standards) Rules 2006, the Company's primary business segment is related to 'Access & Networking Solutions'. This business segment of the Company incorporates product groups viz., Last Mile Access, ISDN based products, Layer 3 Switches and others which mainly have similar risks and returns. Since all the products stated above fall in the same segment of Access & Networking Solutions, there remains a single segment to which the whole activity pertains to.

The secondary segment for the Company is based on location of customers'/export destinations.

The segment revenue in the geographical segments for disclosure are as follows:

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

10. Related Party Disclosure

Related party disclosures, as required by AS-18:

(i) RAD-MRO Manufacturing Pvt Ltd.,

(ii) S Narayanan

(iii) H Nandi

A. Relationships:

(i) RAD-MRO Manufacturing Pvt Ltd., - Joint Venture Company

(ii) Whole time Directors -

S. Narayanan H. Nandi

Chairman & Managing Director

Managing Director B i). The following transactions were carried out with RAD- MRO Manufacturing Private Limited, the Joint Venture Company in the ordinary course of business.

12. Figures for the year have been rounded-off to the nearest rupee and, those in the brackets, wherever given, correspond to respective figures for the previous year. Figures of previous year have been regrouped & reclassified, wherever necessary.


Mar 31, 2011

1. Deferred Tax:

During the year, the Company has accounted for Rs.45,87,803 (Rs.2,92,462) towards Deferred Tax asset and has considered the same as reverse charge to the Profit & Loss account as stipulated under Accounting Standard- 22, on "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India.

2. Inventories:

Finished Goods includes Rs.38,25,203 (Rs.20,42,605), being value of material at prospective customers premises for demonstration purposes and Rs.Nil (Rs.203,835), being value of material at suppliers premises for rectification purposes.

3. Customs Duty Refundable amounting to Rs.67,21,166 (Previous Year- Rs.63,96,107) reflected in Schedule 10 pertains to Special Additional (Customs) Duty paid on goods imported on which, pursuant to relevant guidelines, the Company is eligible for refund on eventual sale of the said goods, and includes Rs.8,032 (Rs. 1,97,843) refund of which is awaiting such sale of relevant goods and/or filing of relevant documents for claiming said refund.

The aforesaid claim has been rejected by the Department on certain procedural grounds against which an appeal has been preferred. Pending disposal of the same, no provision is made in these accounts, in this regard.

4. Disclosure under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 :

Dues in respect, Micro and Small enterprises who have duly registered themselves under the relevant Act, and furnished the statutorily required proof thereof, are being regularly met as per agreed terms and, as such, there remains no liability towards interest. Principal amount/s remaining payable in respect of such parties, as at 31 March 2011, amount to Rs.47,42,858 (Rs. 10,03,387)

5. Certain balances representing debtors and creditors, are subject to reconciliation & receipt of confirmations from parties, pursuant to confirmation requests sent by the company.

6. Repairs & Maintenance expenses reflected in Schedule 16 includes Repairs to Building - Rs.48,56,471 (Rs.30,98,735) and Repairs to Machinery- Rs.12,54,169 (Rs.4,27,687).

7. No provision has been made for post-sales support expenses, as the company is of the opinion that such expenses are not material, based on past experience.

8. Due to Loss from operations, the tax liability computed under normal provisions of Income Tax Act, is NIL. (previous year - NIL)

9. Prior period Income includes, Services Charges Collected Rs. NIL (7,20,000), AMC Income related to prior years 2,73,396 (Rs. NIL), reversal of expenses provision no longer required amounting to Rs.2,15,66,829 (Rs.10,09,960 - reversal of Gratuity Provision) and is net of prior period expenses comprising of Rates & Taxes Rs. 1,52,500 (NIL) and Income Tax - Rs.77,477 (Rs.77,582) for earlier years.

10. Other income includes Rs.60,000 (Rs.60,000) being Lease rentals received from RAD-MRO Manufacturing Private Limited (related party),

11. Proposed dividend for the year being Rs. NIL (Rs. 1,86,84,602), no Income-tax is deductable on the same.

12. Gains from Foreign Exchange fluctuation reflected, as required under AS 11, in the Profit & Loss Account amounting to Rs.29,71,951 (Rs.2,34,11,540) denotes the variance between rates at which various imports & exports have been recorded, and the actual amount paid/received in settlement of the respective import/export invoices (based on the exchange rate/s prevailing on the actual date/s of inward/outward remittance) and includes net gain of Rs. 1,433 (NIL), attributable to Capital Assets which is absorbed in these accounts.

13. Contingent liabilities on account of

2010-2011 2009-2010 Rs. Rs.

Counter Guarantees to Bank (to the extent of live guarantees issued by bank) 1,26,68,398 1,50,05,162

Letters of Credit 1,17,09,765 5,94,52,365

Capital Commitments NIL NIL

Sales tax liability in lieu of Form C yet to be received 68,71,117 90,22,911

14. Cash & Cash equivalent reflected in Cash Flow Statement includes Fixed Deposits amounting to Rs.23,25,00,000 held by the Company with maturity period beyond three months.

15. Segment Reporting

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS 17) prescribed by the Companies (Accounting Standards) Rules 2006, the Companys primary business segment is related to Access & Networking Solutions. This business segment of the Company incorporates product groups viz., Last Mile Access, ISDN based products, Layer 3 Switches and others which mainly have similar risks and returns. Since all the products stated above fall in the same segment of Access & Networking Solutions, there remains a single segment to which the whole activity pertains to.

The secondary segment for the Company is based on location of customers/export destinations.

The segment revenue in the geographical segments for disclosure are as follows:

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

16. Related Party Disclosure

Related party disclosures, as required by AS-18:

(i) RAD-MRO Manufacturing Pvt Ltd.,

(ii) S Narayanan

(iii) H Nandi

A. Relationships:

(i) RAD-MRO Manufacturing Pvt Ltd., -

Joint Venture Company

(ii) Whole time Directors - S. Narayanan, Chairman & Managing Director

H. Nandi, Managing Director

B i). The following transactions were carried out with RAD-MRO Manufacturing Private Limited, the Joint Venture Company in the ordinary course of business.

ii) Transaction details relating to Whole time Directors for the year is disclosed under note no. (9) above

17. Research and Development

The Company has in-house R&D Centre involved in developmental activities for new products in the fields of Access & Networking technology.

18. Figures for the year have been rounded-off to the nearest rupee and, those in the brackets, wherever given, correspond to respective figures for the previous year. Figures of previous year have been regrouped & reclassified, wherever necessary.


Mar 31, 2010

1. The Board of Directors of the company, at their meeting held on 25 February 2009, approved a Share Buy Back scheme under which, a quantity not exceeding 22,00,000 equity shares would be bought from open market through Stock Exchange mechanism for & up to a maximum limit of Rs.5,00,00,000, which will be financed out of free reserves of the Company. Having complied with all the Statutory formalities relating thereto, the Company has bought 3,01,372 equity shares at a cost of Rs.66,17,252 up to 24 February 2010, and the said quantity fully extinguished, on expiry of the aforesaid Buy Back period. The Face Value of said shares bought back amounting to Rs. 15,06,860 is shown as reduction in Share Capital under the Schedule 1 and the corresponding Premium paid on the same amounting to Rs. 51,10,392 has been reduced from the Share premium under Schedule 2 of Reserves & Surplus. For the Corresponding amount of Share Capital bought back of Rs. 15,06,860 Capital Redemption Reserve has also been created as shown under Schedule 2 of Reserves & Surplus.

2. Deferred Tax:

During the year, the Company has accounted for Rs.2,92,462 (Rs.47,09,547) towards Deferred Tax liability and has considered the same as charge to the Profit & Loss account as stipulated under Accounting Standard- 22, on "Accounting for Taxes on Income", issued by the Institute of Chartered Accountants of India.

3. Inventories:

Finished Goods includes Rs.20,42,605 (Rs.60,70,324), being value of material at prospective customers premises for demonstration purposes and Rs.2,03,835 (Rs.2,03,835), being value of material at suppliers premises for rectification purposes.

4. Customs Duty Refundable amounting to Rs.63,96,107 (Previous Year- Rs.1,17,36,152) reflected in Schedule 10 pertains to Special Additional (Customs) Duty paid on goods imported on which, pursuant to relevant guidelines, the Company is eligible for refund on eventual sale of the said goods, and includes Rs. 1,97,843 (Rs.27,58,860) refund of which is awaiting such sale of relevant goods and/or filing of relevant documents for claiming said refund.

5. Disclosure under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 :

Dues in respect, Micro and Small enterprises who have duly registered themselves under the relevant Act, and furnished the statutorily required proof thereof, are being regularly met as per agreed terms and, as such, there remains no liability towards interest. Principal amount/s remaining payable in respect of such parties, as at 31 March 2010, amounts to Rs. 10,03,387 (Rs. 18,95,220)

6. Certain balances representing debtors and creditors, are subject to reconciliation & receipt of confirmations from parties, pursuant to confirmation requests sent by the company.

7. Repairs & Maintenance expenses reflected in Schedule 16 includes Repairs to Building - Rs.30,98,735 (Rs.47,79,183) and Repairs to Machinery - Rs.4,27,687 (Rs. 10,53,740).

8. No provision has been made for post-sales support expenses, as the company is of the opinion that such expenses are not material, based on past experience.

-excluding Rs.22,68,000 being the contribution to Provident and other funds, grouped underMiscellaneous Expenses in Sen 16.

9. Due to Loss from operations, the tax liability computed under normal provisions of Income Tax Act, is Nil. (previous year - Rs.29,91,000 under Minimum Alternate Tax provision of Income Tax).

10. Prior period Income includes, Services Charges Collected Rs.7,20,000 (NIL), AMC Income related to prior years Nil (Rs.83,024), reimbursement of Advertisement & Publicity expenses of Rs.Nil (Rs.2,66,316) and Credits no longer required- Rs.Nil (Rs. 1,08,988) and is net of, prior period expenses comprising reversal of Gratuity Provision Rs. 10,09,960 (NIL) and Income Tax for earlier years - Rs.77,582 (Rs.2,16,806).

11. Other income includes Rs.60,000 (Rs.65,000) being Lease rentals received and Rs.NIL (Rs. 1,45,04,000) being Dividend received from RAD-MRO Manufacturing Private Limited (related party) which is of non-recurring in nature.

12. Proposed dividend for the year is Rs. 1,86,84,602 (Rs. 1,88,47,862) No Income-tax is deductible on the same.

13. Gains from Foreign Exchange fluctuation reflected, as required under AS 11, in the Profit & Loss Account amounting to Rs.2,34,11,540 (Loss Rs.4,75,59,647) denotes the variance between rates at which various imports & exports have been recorded, and the actual amount paid/received in settlement of the respective import/export invoices (based on the exchange rate/s prevailing on the actual date/s of inward/outward remittance) and includes net gain of Rs.NIL (Rs.5,163), attributable to Capital Assets which is absorbed in these accounts.

14. Cash & Cash equivalent reflected in Cash Flow Statement includes Fixed Deposits amounting to Rs.30,96,01,000 held by the Company with maturity period beyond three months.

15. Segment Reporting

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS 17) issued by the Institute of Chartered Accountants of India, the Companys primary business segment is related to Access & Networking Solutions. This business segment of the Company incorporates product groups viz., Last Mile Access, ISDN based products, Layer 3 Switches and others which mainly have similar risks and returns. Since all the products stated above fall in the same segment of Access & Networking Solutions, there remains a single segment to which the whole activity pertains to.

The secondary segment for the Company is based on location of customers/export destinations.

The segment revenue in the geographical segments for disclosure are as follows:

a) Revenue within India includes sales to customers located within India and earnings in India.

b) Revenue outside India includes sales to customers located outside India and earnings outside India.

16. Related Party Disclosure

Related party disclosures, as required by AS-18:

(i) RAD-MRO Manufacturing Pvt Ltd.,

(ii) S Narayanan

(iir) H Nandi

A. Relationships:

(i) Holding Companies - Nil

(ii) Subsidiaries - Nil

(iii) Other entities-

RAD-MRO Manufacturing Pvt Ltd., - Joint Venture Company

(iv) Whole time Directors -

S. Narayanan,

Chairman & Managing Director

H. Nandi, Managing Director

B. The following transactions were carried out with RAD-MRO Manufacturing Private Limited, the Joint Venture Company in the ordinary course of business.

i) Details relating to parties referred to in items A(i), (ii) and (iii) above:

ii) Details relating to parties referred to in items (iv) - Remuneration to Directors for the year is disclosed under note no. (11) above

17. Research and Development

The Company has in-house R&D Centre involved in developmental activities for new products in the fields of Access & Networking technology.

Revenue expenditure incurred towards in-house R&D included in Schedule 15 & 16 relating to Cost of goods sold and administrative & selling expenses respectively, is as detailed below:

Details of Capital Expenditure incurred, is provided in Schedule 5 relating to Fixed Assets.

18. Figures for the year have been rounded-off to the nearest rupee and, those in the brackets, wherever given, correspond to respective figures for the previous year. Figures of previous year have been regrouped & reclassified, wherever necessary.

 
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