Mar 31, 2016
e) Terms/rights attached to each class of shares Equity Shares :
The Company has only one class of equity shares having a par value of Re. 1/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. 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 any of the 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.
f) The Company is not a Subsidiary Company
g) No Shares has been reserved for issue under options and contracts commitments for the sale of shares/disinvestment.
Note :
1 The Current part of Long Term Borrowings, as above, have been shown under Other Current Liabilities (Note No. 9), as Current Maturities of long term debt.
2 Rupee Term Loan :
The Company''s Secured Corporate Loan facilities are secured by First Charge on Fixed Asset (Movable and Immovable) of the Company.
The amount is further secured on second charge basis on the current assets of the Company.
3. As per the Accounting Standard on segment Reporting (AS-17), segment information has been provided In the Notes to the Consolidated Financial Statement.
4. Corresponding comparative figures for the previous year have been regrouped and readjusted wherever considered necessary to confirm to the current year presentation.
Mar 31, 2015
Equity Shares:
The Company has only one class of equity shares having a par value of
Rs.1/-. Each holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. 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 any of the 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.
Note:
1.1 The Current part of Long Term Borrowings, as above, have been shown
under Other Current Liabilities (Note No.9), as Current Maturities of
long term debt.
1.2 Rupee Term Loan:
The Company's Secured Corporate Loan facilities are secured by First
Charge on Fixed Asset (Movable and Immovable) of the Company.
The amount is further secured on second charge basis on the current
assets of the Company.
* Disclosure of payables to MSME vendors as defined under the "Micro,
Small and Medium Enterprise Development Act, 2006" is based on the
information available with the Company regarding the status of
registration of such vendors under the said Act, as per the intimation
received from them on requests made by the Company.
There are no overdue principal amounts/interest payable amounts for
delayed payments to such vendors at the Balance Sheet date. There are
no delays in payment made to such suppliers during the year or for
earlier years and accordingly there is no interest paid or outstanding
interest in this regard in respect of payments made during the year or
brought forward from previous years.
Note:
1.3 The Company's Working Capital facilities are secured by First
Charge on the current assets of the Company ranking pari passu with the
respective Working Capital Bankers.
The amount is further secured on second charge basis on fixed assets of
the Company ranking pari passu with the respective Working Capital
Bankers.
* Other Payables includes Statutory Dues, Advances from Customers &
Overdrawn Balances from banks.
* Indicates Liabilities for excise duty on closing stock of Finished
Goods.
* Includes primarily Prepaid Expenses, Advance to Creditors & Advance
to Staff
* Excise duty on stocks represents differential excise duty on opening
and closing stock of Finished Goods.
** Prior Period Items
In terms of the Scheme of Demerger, 6,55,34,050 shares of Re. 1 each of
the Company have been issued to the Shareholders of Manaksia Limited.
Accordingly, above shares have been considered for the purpose of
calculation of EPS for both current as well as previous financial year.
2. Effective from April 1, 2014, the Company has charged depreciation
based on the revised remaining useful lives of the assets as per the
requirement of Schedule II to the Companies Act, 2013. Due to above,
depreciation charge for the year ended March 31, 2015, is higher and
profit after tax is lower by Rs. 105.14 lacs. An amount of Rs 472.25
Lacs (net of deferred tax) has been recognized in the opening balance
of retained earnings for the assets where remaining useful life as per
Schedule II is Nil.
Note : (i) Transactions have taken place on arm's length basis
(ii) No amount in respect of debts pertaining to the related parties
have been written off or Written back during the year.
(iii) No provision for doubtful debts is required to be made for the
year in respect of debt due from related parties.
(iv) Figures in the brecket () represlnt previous year figures.
3.) As per the Accounting Standard on Segment Reporting (AS-17),
segment information has been provided in the notes to the Consolidated
Financial Statements.
4.) In terms of the scheme of arrangement under section 391 to 394 of
the Companies Act, 1956 ("the Scheme") between Manaksia Limited,
Manaksia Industries Limited ("the Company") and other three transferee
Companies, Manaksia Limited has demerged its business and undertakings
namely; Aluminium Undertaking, Steel Undertaking, CMMC Undertaking and
Packaging Undertaking to four separate transferee Companies. Pursuant
to the Scheme, as approved by Hon'ble High Court of Calcutta vide order
dated 24th March 2014, received on 19th November 2014, the Packaging
undertaking of Manaksia Limited has been demerged into the company on a
going concern basis with effect from 1st October, 2013 being the
appointed date. The certified copy of the said order of the high court
has been filed with the Registrar of Companies, West Bengal on 23rd
November, 2014 and as such the Scheme has become operational from that
date.
5.) In terms of the Scheme 65,534,050 equity shares of Rs. 1/- each,
fully paid-up, of the Company have been issued to the holders of equity
shares of Manaksia Limited, whose names were registered in the register
of members on the record date, without payment being received in cash,
in the ratio of 1 (one) fully paid-up equity share of Rs. 1/- each of
the Company for every equity share held in Manaksia Limited. Consequent
to allotment, "Share Suspense Account" amounting to Rs. 655.34 Lacs has
been transferred to "Share Capital". Further, in terms of the Scheme,
Share Capital of Rs. 5 Lacs prior to allotment of the above shares, has
been cancelled and this amount has been transferred to Capital Reserve
Account.
6.) In terms of the Scheme, excess of net assets so recorded, over
the amount of share capital to be issued, amounting to Rs. 10,944.11
lacs is recognized in these financial statements, as Reserves in the
sequence hereunder:
7.) Corresponding comparative figures for the previous year have been
regrouped and readjusted wherever considered necessary to confirm to
the current year presentation.
8.) Current period figures are for 12 months ended 31st March 2015 and
previous period figures include the results of packaging business of
Manaksia Ltd from appointed date of demerger (i.e 1st October 2013) to
the end of relevant financial year. Since the reporting period of
operational units are not same, these figures are not comparable.
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