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Notes to Accounts of Murudeshwar Ceramics Ltd.

Mar 31, 2015

Note : 1 Corporate Information :

Murudeshwar Ceramics Limited (the Company) was established during the year 1983. The Company is manufacturing Ceramic and Vitrified Tiles. The registered office of the Company is at 604/B, Murudeshwar Bhavan, Gokul Road, Hubli - 580 030 and the Corporate Office is at Naveen Complex, 7th Floor, 14, M.G.Road, Bengaluru - 560 001. The Company is having 2 manufacturing plants at Krishnapur Village, Hubli and Karaikal, Pondicherry. The Company started Trading activities for outsourcing of Vitrified Tiles and Ceramic Tiles. The Company''s products are branded as "Naveen Ceramic Tiles" and "Naveen Diamontile". The Company is having well established marketing network all over the country.

2.1 Contingent liabilities and commitments As at 31st As at 31st (to the extent not pr0vided f0r) March 2015 March 2014

(i) Contingent liabilities

(a) Guarantees 436.01 476.01

(b) Letters of Credit established with Banks 2,549.17 1,126.18

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets - 98.46

Note 3 Disclosures under Accounting Standards 28.1 Employee benefit plans

3.1. a DEFINED CONTRIBUTION PLANS

The Company makes Provident Fund and Superannuation 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.31.71 lacs (Year ended 31st March, 2014 Rs.27.44 lacs) for Provident Fund contributions and Rs.7.54 lacs (Year ended 31st March, 2014 Rs.8.97 lacs) for Superannuation 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 schemes.

4.1. b DEFINED BENEFIT PLANS

The Company offers the following employee benefit schemes to its employees :

i. Gratuity : The following tables sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements :


Mar 31, 2014

Particulars As at As at

1.1 Contingent liabilities and commitments (to the extent 31st March 31st March not provided for) 2014 2013

(i) Contingent liabilities Rsin Lacs Rsin Lacs

(a) Guarantees 476.01 232.41

(b) Letters of Credit established with Banks 1,126.18 1,540.77 (ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for Tangible assets 98.46 2.56

1.2 Details of unutilised amounts out of issue of securities made for specific purpose The Company had issued securities (Equity Share and Share Warrants) amounting to Rs. Nil for purposes of clearing high cost debt and working capital needs of the Company.

1.3 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

1.4 Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Note : Figures / percentages in brackets relates to the previous year.

Note 2 Disclosures under Accounting Standards

2.1 Employee benefit plans

2.1.a DEFINED CONTRIBUTION PLANS

The Company makes Provident Fund and Superannuation 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.27.44 lacs(Year ended 31st March, 2013 Rs.30.45 lacs) for Provident Fund contributions and Rs.8.97 lacs (Year ended 31st March, 2013 Rs.8.36 lacs) for Superannuation 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 schemes.

2.1.b DEFINED BENEFIT PLANS

The Company offers the following employee benefit schemes to its employees :

i. Gratuity : The following tables sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements :

Note Particulars

2.2 Related party transactions Details of related parties:

Description of relationship

Associates RNS Infrastructure Ltd

Murdeshwar Power Corporation Ltd. Naveen Hotels Ltd RNS Motors Ltd R N Shetty Trust R N S Trust

Key Management Personnel (KMP) Dr. R N Shetty Shri Satish R Shetty Shri Sunil R Shetty Shri Naveen R Shetty

Key Management Personnel / Shri Satish R Shetty, Shri Sunil Relatives of Key R Shetty and Management Personnel Shri Naveen R Shetty are sons of Dr. R N Shetty Company in which KMP / Above mentioned Associate Relatives of KMP can Companies exercise significant influence

Note : Related parties have been identified by the Management.

Note 3 Previous Year''s Figures

3.1 The revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

NOTES TO THE CASH FLOW STATEMENT CASH AND CASH EQUIVALENT :

Cash and cash equivalents consists of cash on hand and balances with Banks and Investments in money market instruments. Cash and cash equivalents in the cash flow statement comprise the following Balance Sheet amounts.


Mar 31, 2013

Note : 1 Corporate Information :

Murudeshwar Ceramics Limited (the Company) was established during the year 1983. The Company is manufacturing Ceramic and Vitrified Tiles. The registered office of the Company is at 604/B, Murudeshwar Bhavan, Gokul Road, Hubli - 580 030 and the Corporate Office is at Naveen Complex, 7th Floor, 14, M.G. Road, Bangalore - 560 001. The Company is having 2 manufacturing plants at Krishnapur Village, Hubli and Karaikal, Pondicherry. The Company started Trading activities for outsourcing of Vitrified Tiles and Ceramic Tiles. The Company''s products are branded as ''Naveen Ceramic Tiles'' and ''Naveen Diamontile''. The Company is having well established marketing network all over the country.

2.1 Monies received against share warrants

As approved by the shareholder at the Extra Ordinary General Meeting held on March 14, 2012, the Board of Directors at their meeting held on March 21, 2012 alloted 39,70,000 Convertible Share Warrants at a price of Rs.17/- per Convertible Share Warrants in accordance with SEBI Guidelines at Murdeshwar Power Corporation Ltd. 25% price of convertible Share Warrants which amounts to Rs.1,68,72,500/- was received by them. On 19.03.2013, Murdeshwar Power Corporation Limited converted its first trenche of 19,35,000 Convertible Share Warrants into 19,35,000 Equity shares by paying the balance 75% amount to Rs..2,46,71,250/-. The remaining Convertible Share warrants may be converted into equivalent number of shares on payment of the balance amount at any time on or before eighteen months from the date of issue of warrant. In the remaining Convertible Share warrants are not converted into shares within the said period, the Company is eligible to forfeit the amount received towards the warrants.

2.2 Details of unutilised amounts out of issue of securities made for specific purpose

The Company had issued securities (Equity Share and Share Warrants) amounting to Rs. Nil for purposes of clearing high cost debt and working capital needs of the Company.

3.1 Employee benefit plans

3.1.a DEFINED CONTRIBUTION PLANS

The Company makes Provident Fund and Superannuation 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.30.45 lacs(Year ended 31st March, 2012 Rs.39.41 lacs) for Provident Fund contributions and Rs.8.36 lacs (Year ended 31st March, 2012 Rs.8.72 lacs) for Superannuation 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 schemes.

3.1.b DEFINED BENEFIT PLANS

The Company offers the following employee benefit schemes to its employees :

i. Gratuity : The following tables sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements :

4 The revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

Note : 1 Corporate Information :

Murudeshwar Ceramics Limited (the Company) was established during the year 1983. The Company is manufacturing Ceramic and Vitrified Tiles. The registered office of the Company is at 604/B, Murudeshwar Bhavan, Gokul Road, Hubli - 580 030 and the Corporate Office is at Naveen Complex, 7th Floor, 14, M.G. Road, Bangalore - 560 001. The Company is having 2 manufacturing plants at Krishnapur Village, Hubli and Karaikal, Pondicherry. The Company started Trading activities for outsourcing of Vitrified Tiles and Ceramic Tiles.The Company's products are branded as 'Naveen Ceramic Tiles' and 'Naveen Diamontile'. The Company is having well established marketing network all over the country.

2.1 Monies received against share warrants

As approved by the shareholder at the Extra Ordinary General Meeting held on March 14, 2012, the Board of Directors at their meeting held on March 21, 2012 alloted 18,40,000 Equity Shares & 39,70,000 Convertible Share Warrants at a price of Rs.17/- per Equity Share & per Convertible Share Warrants in accordance with SEBI Guidelines to Murdeshwar Power Corporation Ltd. 25% Price of convertible Share Warrants which amounts to Rs. 1,68,72,500/- was received by them. The warrants may be converted into equivalent number of shares on payment of the balance amount at any time on or before eighteen months from the date of issue of warrant. In the event the warrants are not converted into shares within the said period, the Company is eligible to forfeit the amounts received towards the warrants.

As at As at

31st March 31st March

2012 2011 (Rs. in Lacs) (Rs. in Lacs)

2.2 Contingent liabilities and commitments (to the extentnot provided for)

(i) Contingent liabilities

(a) Claims against the Company not acknowledged

as debt (give details) - -

(b) Guarantees 255.90 239.88

(c) Letters of Credit established with Banks 1,272.07 1,794.43

(ii) Commitments

(a) Estimated amount of contracts remaining to be executedon capital account and not provided for Tangible assets 25.22 33.60

2.3 Details of unutilized amounts out of issue of securities made for specific purpose

The Company had issued securities (Equity Share and Share Warrants) amounting to Rs. 4,81,52,500 for purposes clearing high cost debt and working capital needs of the Company.

3.1 Employee benefit plans

3.1.a DEFINED CONTRIBUTION PLANS

The Company makes Provident Fund and Superannuation 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. 39.41 lacs (Year ended 31 March, 2011 Rs. 38.19 lacs) for Provident Fund contributions and Rs. 8.72 lacs (Year ended 31 March, 2011 Rs. 8.13 lacs) for Superannuation 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.

3.1.b DEFINED BENEFIT PLANS

The Company offers the following employee benefit schemes to its employees :

i. Gratuity : The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements :

3.2 Segment information

The Company has identified business segments as its primary segment and geographic segments as its secondary segment. Business segments are primarily Ceramic Tiles and Vitrified Tiles. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably amongst segments are not allocated to primary and secondary segments. Geographical revenues are allocated based on the location of the customer. Geographic segments of the Company are Americas (including Canada and South American countries), Europe, India and others.

4 The revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

 
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