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Notes to Accounts of Madhusudan Securities Ltd.

Mar 31, 2015

1. i. Contingent liability:

The Company has received an order from SEBI dated 17th April, 2015 imposing a penalty of Rs.3,00,000/- for the violation under the SEBI Regulation. ii. Capital Commitments - NIL

2. The Company has paid Rs. 12 Crores to Primus Retail (P) Ltd. pursuant to the BTA Agreement dated 04/02/2011. Due to non-performance by Primus Retail (P) Ltd of their obligation, BTA Agreement stands cancelled. Consequently, the amount of Rs. 12 Crores is recoverable and is treated as Advance to be recovered from the Company which has gone for liquidation. No provision for doubtful debts is made.

3. 61,42,847 equity Shares of Rs. 10/- each were issued without any cash consideration to Primus Retail (P) Ltd. pursuant to BTA for transfer of its Brand & Business. High Court has declined Primus Retail (P) Ltd. to transfer the Brand & Business. Therefore, equity shares issued in lieu of BTA has not materialized, consequently the said shares stands as cancelled & subsequently forfeited by the Company. The securities premium account is adjusted to give effect of cancellation and forfeiture of own shares. The face value of such shares are accounted as Forfeited Shares (to be reissued), pending statutory approval / consideration.

4. The Company has not provided for any deferred taxes on Business losses made during the year.

5. SEGMENT REPORTING (as per AS-17 issued by I.C.A.I.):

The Company has mainly one reportable business segment and hence no further disclosures is required under Accounting Standard (AS) -17 on segment reporting.

6. No employee was in receipt of a remuneration aggregating to Rs. 60,00,000/- or more per annum, if employed for the whole year or Rs. 5,00,000/- or more per month, were employed for a part of the year.

7. The outstanding balance of assets and liabilities are accepted as they appear in the books of accounts and are subject to reconciliation / adjustments, if any, and confirmation by respective parties.

8. Previous year''s figures are regrouped and / or rearranged, wherever necessary.


Mar 31, 2014

1. OTHER DISCLOSURES

a. There are no contingent liabilities & Capital Commitments to the company as on March 31, 2014.

b. The Company has paid Rs. 12 Crores to Primus Retail (P) Ltd. pursuant to the BTA Agreement dated 04/02/2011. Due to non performance by Primus Retail (P) Ltd of their obligation, BTA Agreement stands cancelled. Consequently, the amount of Rs. 12 Crores is recoverable and is treated as Advance to be recovered.

c. The BTA Agreement with Primus Retail (P) Ltd. stands cancelled for which necessary statutory compliances are under progress. Consequently, the allotment of 61,42,857 Equity Shares allotted of Rs. 10 each at a premium of Rs. 60 each amounting to Rs. 43 Crores on 16/05/2011 stands cancelled in view of the contract being void.

d. The Company has not provided for any deferred taxes on Business losses made during the year.

e. SEGMENT REPORTING (as per AS-17 issued by I.C.A.I.):

The Company has mainly one reportable business segment and hence no further disclosures is required under Accounting Standard (AS) -17 on segment reporting.

f. No employee was in receipt of a remuneration aggregating to Rs. 60,00,000/- or more per annum, if employed for the whole year or Rs. 5,00,000/- or more per month, were employed for a part of the year.

g. The outstanding balance of assets and liabilities are accepted as they appear in the books of accounts and are subject to reconciliation / adjustments, if any, and confirmation by respective parties.

h. Previous year''s figures are regrouped and / or rearranged, wherever necessary.


Mar 31, 2013

A. There are no contingent liabilities to the company as on March 31, 2013.

b. Capital Commitment:

The Company had taken over the business of Weekender from Primus Retail P. L. vide agreement dated 04/02/2011 for Rs. 100 Crores and part payment of Rs. 12 Crores is made in cash and Equity Shares for 61,42,857 shares of Rs. 10 each at a premium of Rs. 60 each totalling to Rs. 43 Crores are issued for consideration other than cash, balance about Rs. 45 Crores remained outstanding in the previous year.

c. During the year, Primus Retail P. L. has expressed their inability to transfer and sale the "Weekender" Brand as per the Business agreement dated 04/02/2011. Madhusudan Securities Limited has sought for cancellation of the agreement dated 04/02/2011. This shall result into cancellation of the consideration paid for other than cash of 61,42,857 Equity Shares issued of Rs. 10 each at a premium of Rs. 60 each totalling to Rs. 43 Crores, subject to completing statutory formalities and Madhusudan Securities Limited has put a claim of recovery of Rs. 12 Crores paid to Primus Retail P. L. pursuant to BTA.

d. The revenue figures of the business takeover are not included above since requisites permissions are under process, to be received from the statutory Authorities and pending compliance of the Agreement.

e. The Company has not provided for any deferred taxes on Business losses made during the year.

f. SEGMENT REPORTING (as per AS-17 issued by I.C.A.I.):

The Company has mainly one reportable business segment and hence no further disclosures is required under Accounting Standard (AS) –17 on segment reporting.

g. No employee was in receipt of a remuneration aggregating to Rs. 60,00,000/- or more per annum, if employed for the whole year or Rs. 5,00,000/- or more per month, were employed for a part of the year.

h. The outstanding balance of assets and liabilities are accepted as they appear in the books of accounts and are subject to reconciliation / adjustments, if any, and confirmation by respective parties

i. Previous year''s figures are regrouped and/or rearranged, wherever necessary


Mar 31, 2012

A) Details of Equity Shares allotted during the year

1. 61,42,857 Equity Shares of Rs. 10/- each have been allotted to Primus Retail Pvt Ltd at a premium of Rs. 60, as fully paid up, pursuant to Takeover agreement dated 04/02/2011, for consideration other than cash.

2. 10,52,630 Equity Shares of Rs. 10/- each have been allotted at a premium of Rs. 66, fully paid up, as prefential allotment to 3 parties.

b) Terms / rights attached to the equity shares

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

* - The Special Reserve was created as per the RBI Regulation u/s 45 (IC) in the past. The Company has change d its Main Object to Dealing in Textile Garments. Therefore, application of provisions of NBFC will not be applicable and the said reserve shall be part of General Reserve, henceforth.

* - Other payables includes amount of Rs. 14,82,000 (P.Y. 14,82,000) payable to Sree Sanjeeva Raghu Agencies P. L., Concern in which Directors are interested.

Note All the investments held by the Company in Shares and others are long term in nature, are registered in its own name (Physical / Demat form) or are under process of registration by the Company and are free from any encumbrances.

No Provisions is made for diminishing in value of investment being Long Term in nature as considered by the management

1 . Contingent Liability: NIL

2 . Capital Commitment:

The Company has taken over the business of Weekender from Primus Retail Private Limited vide agreement dated 04-02-2011 for Rs. 100 Crores and part payment upto Rs. 55 Crores is made. Therefore, The estimated amount of contracts remaining to be executed on Capital A/c and not provided for is Rs. 45 Crores (P.Y. Rs.93 Crores).

The revenue figures of the business takeover are not included above since requisites permission are under process, to be received from the statutory authorities and pending compliance of the Agreement.

3. No employee was in receipt of a remuneration aggregating to Rs. 60,00,000/- or more per annum, if employed for the whole year or Rs. 5,00,000/- or more per month, were employed for a part of the year.

4 . Segment reporting as per A.S. 17 issued by ICAI:

The Company has mainly one reportable business segment at present. Therefore, no further disclosure is required under AS 17 on segment reporting.

5 . To comply with Revised Schedule VI, previous years' figures have been regrouped / recast wherever necessary and applicable.


Mar 31, 2010

1. In the opinion of the Directors there were no contingent liabilities as at the Balance Sheet date.

2. No Provision of interest accrued on advances of Rs.l5,50,000/-is made since advance is doubtful in nature and legal proceedings are initiated and pending judgement of the Court

3. No employee was in receipt of a remuneration aggregating to Rs. 24,00,000/- or more per annum, if employed for the whole year or Rs. 2,00,000/- or more per month, were employed for a part of the year.

4. a) Investment made by the company being of long term nature, diminution in the value of quoted investments of Rs. 21, 87, 266/- are not considered, being permanent in nature and thus in the opinion of the management no provision for the same has been made thereon.

b) All the investments held by the Company in Shares and Debentures and others are long term in nature, are registered in its own name (physical / Demat form) and / or are under process of registration by the Company and free from any encumbrances.

5. Other information as required by Schedule VI. Part II of the Companies Act, 1956 relating to employees, Micro, Small & Medium Enterprises Development Act, 2006, exports, imports and earnings in foreign currency, remittance in foreign currency is not given, as the same is NOT APPLICABLE.

6. Sundry Debtors, Sundry Creditors and Loans & Advances are subject to Confirmation and Reconciliation, if any.

7. Segment reporting as per A.S. 17 issued by ICAI;

The Company has mainly one reportable business segment and hence no further disclosure is required under AS 17 on segment reporting.

8. Related party Disclosures as per A.S.-18 issued by ICAI:

In accordance with the Accounting Standard 18, "Related Party Disclosure" issued by the Institute of Chartered Accountants of India, the company has complied and certified the required information as stated below:

a) LIST OF RELATED PARTIES;

S.No. Particulars Name of Related Parties

Shri. K. Madhusudan Reddy

1. Key Management Personnel Smt Piya Reddy Smt Sujatha Reddy

Enterprise owned or significantly influenced by K.S.R. Clearing & Shipping Agents Pvt Ltd

2. Key Management Personnel or their relatives. Nav Bharat Carrriers Pvt Ltd

9. Previous years figures have been regrouped / recast wherever necessary and applicable.

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