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Notes to Accounts of Munoth Financial Services Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Munoth Financial Services Limited is a public limited company domiciled in India and incorporated during the year 1990, under the provisions of the Companies Act,1956. Its shares are listed on Bombay and Madras Stock Exchanges. The Company belongs to the reputed Munoth Group, Chennai. The company primarily focuses on Stock Broking, DP Operations, Portfolio Management Services, Merchant Banking and other Advisory Services.

2. Terms/Rights 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 Share is entitled to one vote per share. No dividend has been recognised as distribution to Equity shareholders for the Year ended 31.03.2015 ( 31.03.2014 : Rs. NIL )

In the event of Liquidation of the Company, the holders of Equity shares will be entitled to receive any of the assets of the Company, only after the distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the Shareholders.

(i) The Market Value of Aggregated Quoted investments amounts to Rs. 3327381/-

(ii) The company has not made provision for a sum of Rs. 23,138,833/-(Previous year Rs. 22,276,170) being fall in the market value of quoted investments. Such provision has not been made as the management perceives that the investments are of long term in nature and such diminution in value is temporary. The Current value of unquoted investments cannot be ascertained in the absence of availability of latest financial results.

(iii) The Company Munoth Neg Windfarm Pvt Ltd ceased to be associate company during financial year 2014-15

3. DISCLOSURE OF RELATED PARTIES/RELATED PARTY TRANSACTIONS

A. Name of the Related Parties with whom transactions were carried out during the year and description of relationship :

(I) Key Management personnel and their relatives:-

a) Lalchand Munoth

b) Jaswant Munoth

c) Bharat Munoth

(II) Enterprises owned or significantly influenced by Key management personnel or their relatives ( either individually or with others)

a) Munoth Communication Limited

4. EMPLOYEE BENEFITS ( AS - 15 )

Defined contribution plan :

The Company makes Recognized Provident Fund contributions and Employees State Insurance Contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 2,05,667 (Year ended 31 March, 2015) for Provident Fund contributions and Employees State Insurance Contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

5. CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars Current Year Previous Year

a) Guarantees issued by the company's banker -Guarantee given by HDFC Bank & Federal Bank to Stock Exchanges 13,850,000 13,850,000

b) Estimated Liability on account of certain taxes and duties not provided for - Income Tax Appeals pending before CIT(Appeals) 58,004 -

6. The company has received a letter from RBI exempting it from Registration as a Non Banking Financial Company as it is already registered as stock broker with SEBI.

7. Bangalore branch transactions are consolidated in respective heads in Head office account.

8. Previous year figures have been regrouped and rearranged wherever necessary to conform to this year classification.


Mar 31, 2014

1 CORPORATE INFORMATION

Munoth Financial Services Limited is a public limited company domiciled in India and incorporated during the year 1990, under the provisions of the Copanies Act,1956. Its shares are listed on Bombay and Madras Stock Exchanges. The Company belongs to the reputed Munoth Group, Chennai. The company primarily focuses on Stock Broking, DP Operations, Portfolio Management Services and other Advisory Services.

2 Terms/Rights 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 Share is entitled to one vote per share. No dividend has been recognised as distribution to Equity shareholders for the Year ended 31.03.2014 ( 31.03.2013 : Rs. NIL )

In the event of Liquidation of the Company, the holders of Equity shares will be entitled to receive any of the assets of the Company, only after the distribution of all preferential amounts. The distribution will be in proportion to the number of Equity shares held by the Shareholders.

3 Name of the Related Parties with whom transactions were carried out during the year and description of relationship :

(I) Key Management personnel and their relatives:-

a) Lalchand Munoth

b) Jaswant Munoth

c) Bharat Munoth

(II) Enterprises owned or significantly influenced by Key management perrsonnel or their relatives ( either individually or with others )

a) Munoth Communication Limited

4 Employee Benefits ( AS - 15 )

Defined contribution plan :

The Company makes Recognized Provident Fund contributions and Employees State Insurance Contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 2,16,859 (Year ended 31 March, 2014) for Provident Fund contributions and Employees State Insurance Contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

5 Contingent Liabilities Not Provided For

Particulars Current Year Previous Year

Guarantee given by Federal Bank to Stock Exchanges 138,500,000 138,500,000

6. The company has received a letter from RBI exempting it from Registration as a Non Banking Financial Company as it is already registered as stock broker with SEBI.

7. Bangalore branch transactions are consolidated in respective heads in Head office account.

8. Previous year figures have been regrouped and rearranged wherever necessary to conform to this year classification.


Mar 31, 2013

Note 1 Corporate Information

Munoth Financial Services Limited is a public limited company domiciled in India and incorporated during the year 1990, under the provisions of the Companies Act, 1956. Its shares are listed on Bombay and Madras Stock Exchanges. The Company belongs to the reputed Munoth Group, Chennai. The company primarily focuses on Stock Broking, DP Operations, Portfolio Management Services and other Advisory Services.

2. The company''s business activity falls within a single primary business segment i.e. stock broking & Capital Market. As such there is on separate reportable segment as per Accounting Standard 17.

3. We have been informed that Current Assets Loans and Advances other than doubtful have the value at which they are stated in the Balance sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

4. Balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation.

5. Contingent Liability

Contingent liabilities comprise Bank Gurantees amounting to Rs. 138.50 Lacs provided to Stock Exchanges. (Previous year - Rs. 138.50 Lacs).

6. The company has not made provision for a sum of Rs 2,19,58,387/-(Prev yr Rs. 2,19,76,897) being fall in the market value of quoted investments. Such provision has not been made as the management perceives that the investments are of long term in nature and such diminution in value is temporary. The Current value of unquoted investments cannot be ascertained in the absence of availability of latest financial results.

7. The company has received a letter from RBI exempting it from Registration as a Non Banking Financial Company as it is already registered as stock broker with SEBI.

8. Bangalore branch transactions are consolidated in respective heads in Head office account

9. During the current year Freehold Land was revalued by an approved Valuer and updated as on 31.03.2013, on the basis of assessment about current value of the similar assets.resulting in an increase in its value by Rs. 3,59,76,570/- which has been transferred to Revaluation Reserve.

10. Previous year figures have been regrouped and rearranged wherever necessary to conform to this year classification.

11 Employee benefit plans

Defined contribution plans

The Company makes Recognized Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 2,43,078 (Year ended 31 March, 2013) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.


Mar 31, 2012

Note 1 Corporate Information

Munoth Financial Services Limited is a public limited company domiciled in India and incorporated during the year 1990, under the provisions of the Companies Act,1956. Its shares are listed on Bombay and Madras Stock Exchanges. The Company belongs to the reputed Munoth Group, Chennai. The company primarily focuses on Stock Broking, DP Operations, Portfolio Management Services and other Advisory Services.

2. The company's business activity falls within a single primary business segment i.e. stock broking & Capital Market. As such there is no separate reportable segment as per Accounting Standard 17.

3. We have been informed that Current Assets Loans and Advances other than doubtful have the value at which they are stated in the Balance sheet, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

4. Balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation.

5. Contingent Liability

Contingent liabilities comprise Bank Gurantees amounting to Rs. 138.50 Lacs provided to Stock Exchanges. (Previous year - Rs. 150.00 Lacs).

6. The company has not made provision for a sum of Rs 2,19,76,897/-(Prev yr Rs. 2,21,18,170) being fall in the market value of quoted investments. Such provision has not been made as the management perceives that the investments are of long term in nature and such diminution in value is temporary. The Current value of unquoted investments cannot be ascertained in the absence of availability of latest financial results.

7. The company has received a letter from RBI exempting it from Registration as a Non Banking Financial Company as it is already registered as stock broker with SEBI.

8. Bangalore branch transactions are consolidated in respective heads in Head office account

9. Previous year figures have been regrouped and rearranged wherever necessary to conform to this year classification.

Note 10 Employee benefit plans

Defined contribution plans

The Company makes Recognized Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits.

The Company recognised Rs. 2,23,646 (Year ended 31 March, 2012) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.


Mar 31, 2010

1. The Company has since refunded the Share Application money of Rs.1.5 Crs on 04.04.2010 due to pending completion of formalities with regards to issue of share on preferential allotment basis.

2. We have been informed that Current Assets Loans and Advances other than doubtful have the value at which they are stated in the Balance sheet, if realized in the ordinary course of busi- ness. The provision for all known liabilities is adequate and not in excess of the amount rea- sonably necessary.

3. Balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirma- tion.

4. Contingent Liability

Contingent liabilities comprise Bank Gurantees amounting to Rs. 213.50 Lacs provided to Stock Exchanges. (Previous year - Rs. 213.50 Lacs).

5 a) Investment includes Rs. 1,75,56,107- being cost of shares not held in the name of the com- pany (Prev. Year Rs. 1,75,56,107/-).

b) The company has not made provision for a sum of Rs 2,24,11,007/- being fall in the mar- ket value of quoted investments. Such provision has not been made as the management per- ceives that the investments are of long term in nature and such diminution in value is tempo- rary. The Current value of unquoted investments cannot be ascertained in the absence of avail- ability of latest financial results.

6 The company has received a letter from RBI exempting it from Registration as a Non Banking Financial Company as it is already registered as stock broker with SEBI.

7 Bangalore branch transactions are consolidated in respective heads in Head office account.

8 Loans and Advances includes Rs. Nil (Prev. Year Rs.NIL ) due from the company under the same management.

9. Previous year figures have been regrouped and rearranged wherever necessary to conform to this year classification.

 
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