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Notes to Accounts of Mukat Pipes Ltd.

Mar 31, 2014

1. (i) There has been no movement in the equity shares in the current year and previous year.

(ii) There is no change in issued, subscribed and paid up capital during the current year and corresponding previous year

(iii) The company has only one class of Equity Shares having a par value of Rs. 10 per share

(iv) Each holder of equity share is entitled to one vote per share

(v) Shareholders holding more than 5% shares

2. Contingent liabilities not provided for:

As At As At 31.03.2014 31.03.2013 Rs. Rs.

a) Counter guarantee given by Bank - -

b) Claims not acknowledged as debts - -

i) Excise Duty demand (against 16,912,000.00 13,655,000.00 which the company has preferred appeals)

ii) Income Tax demanded 17,587,000.00 20,679,000.00

iii) Demand from DGFT (against which the company has preferred appeals) - 22,500,000.00



iv) Sales Tax 12,632,000.00 12,632,000.00

v) Dues of Municipal Corporation Rajpura 1,805,000.00 1,805,000.00

vi) SASF 1,000,000.00 -

No Provision has been made for the aforesaid contigent liabilities as the company''s DRS is under consideration of Hon''ble BIFR.

3. No Provision has been made for Income Tax

4. The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

5. In the absence of confirmation letter of balances from Debtors, Creditors and Other parties,the balances are taken as per the books of accounts

6. Related Party Disclosure Under Accounting Standard (AS)18

A Key management personnel and their relatives

i) Mr. Rupinder Singh Ahluwalia, Chairman

ii) Mrs. Sandeep Kaur Ahluwalia, Director (Administration)

iii) Mrs. Mandeep Ahluwalia Pahwa, Director

iv) Mr. Kamal Jain, Director

v) Mr. Raj Kumar Bali. Director

vi) Ms. Manpreet Kaur Ahluwalia, relative

B. Entities over which key management personnel are able to exercise significant influence:

i) M/s. Balaji Steel & Pipes

ii) M/s. Silver Business Opportunities Pvt. Ltd.

iii) M/s. Surindra Engg. Co. Ltd.

iv) M/s. Mukat Tanks and Vessels Ltd.,

7. Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification / disclosures.


Mar 31, 2013

1 No Provision has been made for Income Tax

2 The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

3 Amount remitted in foreign Currency on Account of Dividends to Non-Resident Shareholders

a) Number of Shareholders

b) Number of shares held

c Amounts remitted (Net) Rs. In Lacs d) Year for which dividend was remitted

4 Earning in Foreign Exchange

FOB Value of exports

Figures of the previous year have been re-grouped and re-classified wherever necessary to facilitate company''s presentation.

5 Related Party Disclosure Under Accounting Standard (AS)1 8

A. Key management personnel and their relatives

i) Mr. Rupinder Singh, Chairman

ii) Mrs. Sandeep Kaur Ahluwalia, Director

iii) Mrs. Mandeep Ahluwalia Pahwa, Director

iv) Mr. Kamal Jain, Director

v) Mr. Raj Kumar Bali. Director

vi) Ms. Manpreet Kaur Ahluwalia, relative

B. Entities over which key management personnel are able to exercise significant influence:

i) M/s. Balaji Steel & Pipes

ii) M/s. Silver Business Opportunities Pvt. Ltd.

iii) M/s. Surindra Engg. Co. Ltd.

iv) M/s. Mukat Tanks and Vessels Ltd.,

6 Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification / disclosures.


Mar 31, 2012

1 Contingent liabilities not provided for:

a) Counter guarantees given by Bank - -

b) Claims not acknowledged as debts 9,000.00 9,000.00

i) Excise Duty demand (against which the company has preferred appeals) 13,655,000.00 13,655,000.00

ii) Income Tax demanded (against which the company has preferred appeals) 25,516,000.00 21,167,000.00

iii) Demand from DGFT (against which the company has preferred appeals) 22,500,000.00 22,500,000.00

iv) Sales Tax 12,632,000.00 12,590,000.00

2 The company has written back Rs. 45923819/- on account of balances with different group companies in terms of family settlement recorded by the Hon'ble Supreme Court vide its orders dtd. 12-05-2011. This has resulted in increase in profits of the company by the aforsaid amount.

3 All the assets of Baramati unit of the company were sold during the year with the permission of the Hon'ble BIFR through the process of public auction and the proceeds of the sales were credited to secured creditors, SASF/IDBI, ARCIL/OBC under the process of negotiated OTS's as envisaged in the DRS submitted by O.A. to the Hon'ble BIFR. Profit on sale amounting to Rs.84820959/- has been shown in extraordinary item.

4 The company has entered into OTS's with PNB, IDBI and OBC. The company has settled the accounts with the aforsaid institutions in full. The profit on settlement amounting to Rs. 113465864/- is treated as income for the year and is shown under extra ordinary item.

5 The sale proceeds of Rs. 1.78 Crores of colleteral security under the process of SAFFRASI Act were credited in the OTS account of PNB and the counter balance was written off.

6 No Provision has been made for Income Tax

7 The company has not produced books of accounts and other relevant record in respect of Baramati unit which has since been sold, as such the balances are taken as per audited balance sheet as on 31-03-2008. The impact of transactions entered into by the company at Baramati Unit after 31-03-2008 will be considered when the relevant documents are produced.

8 In the absence of confirmation letter of balances from Debtors, Creditors and Other parties, the balances are taken as per the books of accounts

9 Related Party DisclosureUnder Accounting Standard (AS)18

A. Key management personnel and their relatives

i) Mr. Rupinder Singh, Chairman

ii) Mrs. Sandeep Kaur Ahluwalia, Director

iii) Mrs. Mandeep Ahluwalia Pahwa, Director

iv) Mr. Kamal Jain, Director

v) Ms. Manpreet Ahluwalia, Relative

vi) Mr. Kuljinder Singh Ahluwalia, Director (upto 12-05-2011)

vii) Mr. Ravinder Singh Ahluwalia, Director (upto 12-05-2011)

B. Entities over which key management personnel are able to exercise significant influence:

i) M/s. Balaji Steel & Pipes

ii) M/s. Silver Business Opportunities Pvt. Ltd.

iii) M/s. Surindra Engg. Co. Ltd.

iv) M/s. Mukat Tanks and Vessels Ltd.,

v) M/s. Muktanandan Pipes Ltd.,

vi) M/s. Mukat Finance Ltd.

10 The Revised Schedule - VI has become effective from April 1, 2011 for the preparation of financial statements. Pursuant to the same, the required changes in presentation and disclosures have been incorporated in these financial statements. Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification / disclosures.

 
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