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Notes to Accounts of Multibase India Ltd.

Mar 31, 2015

1. Capital commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 719,398 (Previous Year Rs. 209,999).

2. Employee Advances' includes due from Managing Director (against expenses) Rs. NIL (Previous Year Rs. 47,909). Maximum amount outstanding there against at any time during the year is Rs. 47,909/- (Previous Year Rs. 50,375/-)

3. Segment reporting

The Company operates in a single business segment of "Thermoplastic Compounds". Hence, being a single segment company, no additional reporting requirements under Accounting Standard-17 issued by the Companies (Accounting Standards) Rules, 2006 "(as amended)" are attracted.

4. Related party disclosure

(i) As per Accounting Standard-18 on 'Related Party Disclosures', issued by the Companies (Accounting Standards) Rules,2006 "(as amended)"; the nature of relationship and nature of transactions with related parties are as below

Note:

01. Discount rate is determined by reference to market yields at the Balance Sheet date on Govt. Bonds, where the currency and terms of the Govt. Bonds are consistent with the currency and estimated terms for the benefit obligation.

02. The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

5. The Company has not taken/entered into any derivative instrument during the year and there is no derivative instrument outstanding as at the year end. The foreign currency exposures that are not hedged by a derivative instrument or otherwise are as follows.

6. Previous Year Comparatives

The previous year figures have been accordingly regrouped / re-classified to conform to the current year's classification.


Mar 31, 2014

Notes

(1) The Company has one class of equity shares having a par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. If any, dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting. 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.

(2) Out of the above equity shares 9,464,994 shares i.e. 75% (Previous year 9,464,994 shares i.e. 75%) are held by M/s. Multibase S.A, France, the Holding Company (of which Dow Corning Corporation, USA is the ultimate Holding Company).

(3) Except for above, no other shareholder holds more than 5% of the equity shares of the Company.

Nature of operations

Multibase India Limited is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.

1. Contingent liabilities against the Company not acknowledged as debt

Amount in Rupees

Claims against the Company not acknowledged as debt 2013-14 2012-13

* Towards C-forms pending collection 11,224,530 8,444,389

* The Company has made duty free imports of specific raw material under Advance 365,575 22,311,063 Licence scheme with a condition to fulfill the related export obligation. The export obligation remaining to be fulfilled in this regard as at year end is

* Income tax demand 4,520,453 4,520,453

Future cashflows in respect of the above matters are determinable only on receipts of judgement/decisions pending at various forums/authorities.

2. Capital commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 209,999/- (Previous Year Rs. 524,995/-).

3. Employee Advances'' includes due from Managing Director (against expenses) Rs. 47,909/- (Previous Year Rs. Nil). Maximum amount outstanding there against at any time during the year is Rs. 50,375/- (Previous Year Rs. 160,000/-)

4. Segment reporting

The Company operates in a single business segment of "Thermoplastic Compounds". Hence, being a single segment Company, no additional reporting requirements under Accounting Standard-17 issued by the Companies (Accounting Standards) Rules, 2006 "(as amended)" are attracted.

5. Defined benefit plan being Gratuity (Unfunded)

As per Actuarial valuations as on 31st March 2014 and in accordance with the Accounting Standard-15 (Revised) on ''Employee Benefits'' issued under the Companies (Accounting Standards) Rules 2006 "(as amended)".

6. Note:

01. Discount rate is determined by reference to market yields at the Balance Sheet date on Govt. Bonds, where the currency and terms of the Govt. Bonds are consistent with the currency and estimated terms for the benefit obligation.

02. The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

03. Basic & Diluted earnings per share

2013-14 2012-13

Profit after tax attributable to equity share holders (Rs) 50,788,712 44,897,522

Weighted average number of shares outstanding during the year (Nos.) 12,620,000 12,620,000

Earning per share (Basic/Diluted) (Rs) 4.02 3.56

Nominal value per share (Rs) 10 10

7. The Company has not taken/entered into any derivative instrument during the year and there is no derivative instrument outstanding as at the year end. The foreign currency exposures that are not hedged by a derivative instrument or otherwise are as follows.

8. previous Year Comparatives The previous year figures have been accordingly regrouped / re-classified to conform to the current year''s classification.


Mar 31, 2013

1. Nature of operations

Multibase India Limited is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.

2. Contingent liabilities and claims against the Company not acknowledged as deb

Amount in Rupees 2012-13 2011-12

a) Contingent Liabilities

Letters of credit and bank guarantee - 11,088,879

Towards C-forms pending collection 8,444,389 6,970,685

The Company has made duty free imports of specific raw material 22,311,063 2,940,401

under Advance Licence scheme with a condition to fulfill the related export obligation. The export obligation remaining to be fulfilled in this regard as at year end is

b) Claims against the Company not acknowledged as debt

Income tax demand 4,520,453 4,520,453

Central sales tax demand - 2,759,520

3. Capital commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 524,995 (Previous YearRs. 918,300).

4. ''Employee Advances'' includes due from Managing Director (against expenses) Rs. Nil (Previous Year Rs. Nil). Maximum amount outstanding there against at any time during the year is Rs. 160,000/- (Previous Year Rs. 7000/-)

5. Segment reporting

The Company operates in a single business segment of "Thermoplastic Compounds". Hence, being a single segment Company, no additional reporting requirements under Accounting Standard-17 issued by the Companies (Accounting Standards) Rules, 2006 are attracted.

6. Related party disclosure

As per Accounting Standard-18 on ''Related Party Disclosures'', issued by the Companies (Accounting Standards) Rules, 2006; the nature of relationship and nature of transactions with related parties are as below:

7. The Company has not taken/entered into any derivative instrument during the year and there is no derivative instrument outstanding as at the year end. The foreign currency exposures that are not hedged by a derivative instrument or otherwise are as follows.

8. Previous Year Comparatives

The previous year figures have been accordingly regrouped / re-classified to conform to the current year''s classification.


Mar 31, 2012

Notes :-

02. The Cash Flow statement has been prepared under the indirect method as set out in Accounting Standard -3 ("AS-3") on Cash flow statement notified by the Companies (Accounting Standards) Rules, 2006.

03. Previous year's figures have been regrouped wherever necessary to correspond with the current year's presentation.

Note

(1) Out of the above equity shares 9,464,994 shares i.e. 75% (Previous year 9,464,994 shares i.e. 75%) are held by M/s. Multibase S.A, France, the Holding Company (of which Dow Corning Corporation, USA is the ultimate Holding Company)

(2) Except for above, no other shareholder holds more than 5% of the equity shares of the Company.

Note

The amount due to Micro, small and medium enterprises is determined on the basis of intimation received by the Company from the suppliers.

Note

Rate of interest on external commercial borrowings is LIBOR 2%

Note

(1) Raw materials include goods in transit Rs. 4,194,783 (Previous year: Rs. 2,393,422).

(2) Finished goods include goods in transit (traded) Rs. 2,063,818 (Previous year: Nil) and inventory of traded goods Rs. 3,638,400 (Previous year: Rs. 2,870,333)

1. Nature of operations

Multibase India Limited is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.

2. Contingent liabilities and claims against the Company not acknowledged as debt

Amount in Rupees

2011-12 2010-11

a) Contingent Liabilities

- Letters of credit and bank guarantee 11,088,879 1,347,100

- Towards C-forms pending collection 6,970,685 5,736,105

- The Company has made duty free imports 2,940,401 - of specific raw material under Advance Licence scheme with a condition to fulfll the related export obligation. The export obligation remaining to be fulflled in this regard as at year end is

3. Capital commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 918,300 (Previous Year Rs. 1,082,127).

4. 'Employee Advances' includes due from Managing Director (against expenses) Rs. Nil (Previous Year Rs. Nil). Maximum amount outstanding there against at any time during the year is Rs. 7,000/- (Previous Year Rs. 14,668/-)

5. Segment reporting

The Company operates in a single business segment of "Thermoplastic Compounds". Hence, being a single segment Company, no additional reporting requirements under Accounting Standard-17 issued by the Companies (Accounting Standards) Rules, 2006 are attracted.

* Does not include provision for Leave Encashment/Gratuity, contribution to Provident fund.

6. Defend benefit plan being Gratuity (Unfunded)

As per Actuarial valuations as on 31st March 2012 and in accordance with the Accounting Standard-15 (Revised) on 'Employee Benefits' issued under the Companies (Accounting Standards) Rules 2006.

Note:

01. Discount rate is determined by reference to market yields at the Balance Sheet date on Govt. Bonds, where the currency and terms of the Govt. Bonds are consistent with the currency and estimated terms for the benefit obligation.

02. The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

7. Previous Year Comparatives

The Company prepares and presents its financial statements as per Schedule VI to the Companies Act, 1956, as applicable to it from time to time. In view of revision to the Schedule VI as per a notification issued during the year by the Central Government, the financial statements for the financial year ended 31st March, 2012 have been prepared as per the requirements of the Revised Schedule VI to the Companies Act, 1956. The previous year figures have been accordingly regrouped / re-classified to conform to the current year's classification.


Mar 31, 2010

1. Nature of Operations

Multibase India Limited is engaged in manufacturing and selling of Polypropylene Compound, Thermoplastic Elastomer, Silicon Master Batch and Thermoplastic Master Batch.

2. Contingent Liabilities not provided for

Amount in Rupees

2009-10 2008-09

Letters of Credit and Bank Guarantee 6,527,501 2,997,000

Income Tax & FBT Demand 3,252,577 2,148,697

C- Forms Pending Collection 6,157,556 3,568,749

3. Advance Recoverable in cash or in kind or for value to be received includes due from Managing Director (against expenses) Rs 5.47 lacs (Previous Year Rs 1.28 lacs). Maximum amount outstanding thereagainst at any time during the year is Rs 5.47 lacs (Previous Year Rs 1.28 lacs)

4. Segment Reporting :-

The Company operates in a single business segment of "Thermoplastic Compounds". Hence, being a single segment company, no additional reporting requirements under Accounting Standard-17 issued by the Companies (Accounting Standards) Rules, 2006 are attracted.

5. Gratuity and other post-employment benefit plans:

As per Actuarial valuations as on 31st March 2010 and in accordance with the Accounting Standard-15 (Revised) on Employee Benefits issued under the Companies (Accounting Standards) Rules 2006.

6. Based on information available with the Company, no supplier of the Company is registered under the Micro, Small and Medium enterprises Development Act,2006.

7. Previous Year comparatives

Previous years figures have been regrouped / reclassified wherever necessary to conform to the current years classification.

 
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