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Notes to Accounts of Muller & Phipps (India) Ltd.

Mar 31, 2015

1. Rights and Restrictions attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

2. Shares held by Holding Company

Out of the above equity shares, 3,22,680 (previous year 3,22,680) shares are held by Holding Company - M/s. Development Holding Asia Ltd.

3. Contingent liabilities not provided for

a) Disputed Sales Tax demands 21,47,000 21,47,000

b) Disputed Income tax demands (including penalty) 2,57,50,206 2,54,70,256

c) Guarantees given by bank on behalf of the company 2,00,000 2,00,000

4. Effective 1st April,2014 the Company has revised the estimated useful life of its fixed assets in line with the life prescribed in part "C " -Schedule II of the Companies Act,2013. In terms of the provisions of this schedule,depreciation is now being charged over the balance life of the assets,keeping a residual value of 5% of cost. Due to the change in the estimated useful life of the assets,the depreciation charged for the period is lower by Rs 40,495.

5. The Company has not received any intimation from suppliers/creditors regarding their status under The Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act has not been made.

6. Deferred Tax Asset on carried forward losses and unabsorbed depreciation and other timining difference as at 31st March, 2015 has not been recognized as there is no virtual/reasonable certainty that the same can be realised in the future.

7. Names of related parties and description of relationship a Where control exists:

Holding Company :

Development Holding Asia Ltd.

Subsidiaries :

Muller and Phipps (Industrial Services) Ltd.

Muller and Phipps Agencies Ltd.

b Other parties where the company has entered in transaction during the year

Fellow Subsidiary:

Getz Bros. Company Limited

Associates:

Foods and Inns Ltd.

Western Press Pvt Ltd.

The Bombay Swadeshi Stores Ltd.

Key Managerial Personnel and their Relatives:

Mr. U K Dhupelia - Director

Mrs. Pallavi Dhupelia - wife of Director

8. Provision for Tax has been made under MAT provision in view of carry forward unabsorted depreciation available for setoff against current year income. MAT credit has not been recognised since there is no reasonable certainty that the same will be recouped out of future taxable income.

9. The Financial Statements have been prepared on going concern basis although the net worth of the Company has been completely eroded, in view of the future business plans which will allow the Company to carry out its business profitably.

10. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.


Mar 31, 2014

1 The Company has not received any intimation from suppliers/creditors regarding their status under The Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act has not been made.

2 Deferred Tax Asset on carried forward losses and unabsorbed depreciation and other timing difference as at 31st March, 2014 has not been recognized as there is no virtual/reasonable certainty that the same can be realised in the future.

3 Names of related parties and description of relationship a Where control exists:

Holding Company :

Development Holding Asia Ltd.

Subsidiaries :

Muller and Phipps (Industrial Services) Ltd.

Muller and Phipps Agencies Ltd.

b Other parties where the company has entered in transaction during the year Fellow Subsidiary:

Getz Bros. Company Limited Associates:

Foods and Inns Ltd.

Western Press Pvt Ltd.

The Bombay Swadeshi Stores Ltd.

Key Managerial Personnel and their Relatives:

Mr. U K Dhupelia - Director

Mrs. Pallavi Dhupelia - wife of Director

Mr. Milan Dalal - Director

4 Disclosure as per Accounting Standard 15 ( Revised )

As per Accounting Standard 15 " Employee Benefits ", the disclosure of employees benefits as Defined in the Accounting Standard are given below.

Defined Benefit Plan :

Gratuity Scheme

The employees gratuity scheme is a funded defined benefit scheme managed by the Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method.

Leave Encashment Scheme

The obligation for leave encashment which is a non funded long term employee scheme is recognized based on actuarial valuation.

The Disclosure in the respect of above Gratuity benefit Scheme as given below

5 The Financial Statements have been prepared on going concern basis although the net worth of the Company has been completely eroded, in view of the future business plans which will allow the Company to carry out its business profitably.

6 Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification.


Mar 31, 2013

1 Contingent liabilities not provided for

a) Disputed Sales Tax demands 21,47,000 21,47,000

b) Disputed Income tax demands (including penalty) 2,54,70,256 3,73,05,207

c) Guarantees given by bank on behalf of the company 2,00,000 2,00,000

2 The Company has not received any intimation from suppliers/creditors regarding their status under The Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amounts unpaid as at the yearend together with the interest paid/payable as required under the said Act has not been made.

3 Deferred Tax Asset on carried forward losses and unabsorbed depreciation and other timing difference as at 31st March, 2013 has not been recognized as there is no virtual/reasonable certainty that the same can be realized in the future.

4 Names of related parties and description of relationship a Where control exists:

Holding Company :

Development Holding Asia Ltd.

Subsidiaries :

Muller and Phipps (Industrial Services) Ltd.

Muller and Phipps Agencies Ltd. b Other parties where the company has entered in transaction during the year Fellow Subsidiary:

Getz Bros. Company Limited Associates:

Foods and Inns Ltd.

Western Press Pvt Ltd.

The Bombay Swadeshi Stores Ltd.

Key Managerial Personnel and their Relatives:

Mr. U K Dhupelia - Director

Mrs. Pallavi Dhupelia - wife of Director

Mr. Milan Dalal - Director


Mar 31, 2012

1.1 Rights and Restrictions attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.

1.2 Shares held by Holding Company

Out of the above equity shares, 3,22,680 (previous year 3,22,680) shares are held by Holding Company - M/s. Development Holding Asia Ltd.

1.3 Details of Shareholders holding more than 5% of the total Equity Shares

2 The Company has not received any intimation from suppliers/ creditors regarding their status under The Micro, Small and Medium Enterprises Development Act,2006 and hence disclosure if any relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act has not been made.

3 Deferred Tax Asset on carried forward losses and unabsorbed depreciation and other timining difference as at 31st March, 2012 has not been recognized as there is no virtual/reasonable certainty that the same can be realised in the future.

4 Names of related parties and description of relationship a Where control exists:

Holding Company :

Development Holding Asia Ltd.

Subsidiaries :

Muller and Phipps (Industrial Services) Ltd. Muller and Phipps Agencies Ltd.

b Other parties where the company has entered in transaction during the year Fellow Subsidiary:

Getz Bros. Company Limited

Associates:

Foods and Inns Ltd.

Western Press Pvt Ltd.

The Bombay Swadeshi Stores Ltd.

Key Managerial Personnel and their Relatives:

Mr. U K Dhupelia - Director

Mrs. Pallavi Dhupelia - wife of Director

Mr. Milan Dalal - Director

5 The Financial Statements have been prepared on going concern basis although the net worth of the Company has been completely eroded, in view of the representation given by the management that the Company will be able to carry on business profi tably in the future.

6 The Financial Statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised Scheduled VI to the Companies Act, 1956. Consequent to the notifi cation of Revised Scheduled VI under the Companies Act, 1956, the Financial Statements for the year ended 31st March, 2012 are prepared as per Revised Scheduled VI. Previous years fi gures have been reclassifi ed / regrouped to confi rm to this year's classifi cation.


Mar 31, 2011

1. Contingent liabilities not provided for

31-03-2011 31-03-2010

a) Guarantees given by bank on behalf of 1,50,000 2,35,000 the company

2 The Company has not received any intimation from suppliers/ creditors regarding their status under The Micro.Small and Medium Enterprises Development Act, 2006 and hence disclosure if any relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act has not been made.

3 Deferred Tax Asset on carried forward losses and unabsorbed depreciation and other timing differences as at 31 st March, 2011 has not been recognized as there is no virtual/reasonable certainty that the same can be realised in the future.

4 Names of related parties and description of relationship :

a Where control exists :

Holding Company:

Development Holding Asia Ltd.

Fellow Subsidiary:

Getz Bros. Company Limited

Subsidiaries:

Muller and Phipps (Industrial Services) Ltd

Muller and Phipps Agencies Ltd

b Other parties where the company has entered in transaction during the year :

Associates:

Foods and Inns Ltd.

Western Press Pvt Ltd.

The Bombay Swadeshi Stores Ltd.

Key Managerial Personnel and their Relatives :

U K Dhupelia - Director

Mrs. Pallavi Dhupelia-wife of Director

Milan Dalal-Director

5 Disclosure as per Accounting Standard 15 ( Revised)

Defined Benefit Plan: Gratuity Scheme

The employees gratuity scheme is a funded defined benefit scheme managed by the Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method.

Leave Encashment Scheme

The obligation for leave encashment which is a non funded long term employee scheme is recognized based on acturial valuation.

6 The financial statements have been prepared on going concern basis although the net worth of the Company has been completely eroded as the Company has made a profit in the current year and the management has plans to increase business in the future.

7 Previous year's figures have been re-grouped wherever necessary to conform to current year's classification.


Mar 31, 2010

1 The Company has not received any intimation from suppliers/ creditors regarding their status under The Micro.Small and Medium Enterprises Development Act,2006 and hence disclousre if any relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act has been not made.

2 Deferred Tax Asset on carried forward losses and unabsorbed depreciation and other timining diffrence as at 31st March, 2010 has not been recognized as there is no virtual/reasonable certainty that the same can be realised in the future.

3 Names of related parties and description of relationship - a Where control exists : Holding Company:

Development Holding Asia Ltd. Fellow Subsidiary:

Getz Bros. Company Limited Subsidiaries:

Muller and Phipps (Industrial Services) Ltd

Muller and Phipps Agencies Ltd

b Other parties where the company has enterd in transaction during the year: Associates:

Foods and Inns Ltd..

Western Press Pvt Ltd.

The Bombay Swadeshi Stores Ltd.

Key Managerial Personnel and their Relatives:

U K Dhupelia - Director

Mrs. Paliavi Dhupelia-wife of Director Milan Dalai-Director

4 The financial statements have been prepared on going concern basis although the net worth of the Company has been completely eroded as the Company has made a profit in the current year and the management has plans to increase business in the future.

5 Previous years figures have been re-grouped wherever necessary to conform to current years classification.

 
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