Mar 31, 2018
1. Company Information
Marathwada Refractories Ltd (the company) is a company engaged in the activities relating to production, manufacture or trade Refractories of all kind and bricks of all types and varieties with different properties and components.
2. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015.
For all periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance accounting standards notified under the section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP). These financial statements for the year ended 31 March 2017 are the first the Company has prepared in accordance with Ind AS.
These financial statements have been prepared on the historical cost basis, except for certain financial instruments which are measured at fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.
The financial statements are presented in INR and all values are rounded to the nearest thousands, except when otherwise indicated.
3 Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.
i) Provisions and contingent liabilities
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which the reliable estimate can be made. Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is neither recognised nor disclosed in the financial statements.
Terms/Rights attached to Equity Shares
The company has only one class of equity shares having a par value ofRs.10 per share. 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. During the year, the company has not proposed for any dividend payable to the share holders .
In the event of Liquidation, Equity Share holders are entitled to receive the assets of the company remaining after distribution of all preferential amount, in proportion to the number of shares held by them.
4 Micro, Small and Medium Enterprises
As per the information available with the Company and as certified by the management, the dues outstanding including interest as on 31st Mar, 2018 to Small and Micro enterprises as defined under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 stand as below:
5 Deferred Taxes
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority
6 Income Tax
The major components of income tax expense for the years ended March 31, 2018 and March 31, 2017 are:
7 Pending Litigations
With respect to Note 8, the company has filed legal proceedings on the Trade receivables from Shivang Ispat Private Limited amounting to Rs. 6,26,729/-. However, the proceedings are in progress and the outcome of the case is still awaited.
8 Contingent Liabilities
There are no possible obligation on the company as on the reporting date , that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.
9 Financial risk management objectives and policies
The Companyâs principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Companyâs operations to support its operations. The Companyâs principal financial assets include investments, cash and cash equivalents and security deposits that derive directly from its operations.
The Company is exposed to credit risk and liquidity risk. The Companyâs senior management oversees the management of these risks. The Companyâs senior management is supported by a financial risk committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The financial risk committee provides assurance to the Companyâs senior management that the Companyâs financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Companyâs policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams that have the appropriate skills, experience and supervision. It is the Companyâs policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.
a. Credit risk
Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients, including outstanding accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.
Financial Instrument and Cash Deposit
Credit risk from balances with banks and financial institutions is managed by the Companyâs treasury department in accordance with the Companyâs policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Companyâs Board of Directors on an annual basis, and may be updated throughout the year subject to approval of the Companyâs Finance Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterpartyâs potential failure to make payments. The Companyâs maximum exposure to credit risk for the components of the statement of financial position at 31 March 2018 and 2017 is the carrying amounts.
10 Capital management
For the purpose of the Companyâs capital management, capital includes issued equity capital, and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Companyâs capital management is to maintain strong credit rating and heathy capital ratios in order to support its business and maximise the shareholder value.
The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, and other payables, less cash and cash equivalents.
No changes were made in the objectives, policies or processes for managing capital during the years ended March 31, 2018 and March 31, 2017.
11 First-time adoption of Ind AS
These financial statements, for the year ended March 31, 2018, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).
Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on March 31, 2018, together with the comparative period data as at and for the year ended March 31, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Companyâs opening balance sheet was prepared as at April 1, 2016, the Companyâs date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 1, 2016 and the financial statements as at and for the year ended March 31, 2017.
Exemptions applied
Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:
a) Ind AS 27 requires investments in subsidiaries to be recorded at cost or in accordance with Ind AS 109 in its separate financial statements. However Ind AS 101 provides an option in case the Company decides to measure such investment at cost (determined in accordance with Ind AS 27) or deemed cost (fair value or previous GAAP carrying amount) at that date. The Company can avail the above exemption and recognize the investment in subsidiaries at the previous GAAP carrying amount at the date of transition to Ind AS.
b) The Company has elected to apply exemption related to classification of financial assets. Under Ind AS 109, all financial assets are classified into three principal
Amortized cost,
Amortized cost measurement is applicable only for debt instruments. An entity may use FVTPL and FVOCI categories both for debt and equity instruments. The classification depends on the following two criteria:
The entityâs business model for managing the financial assets, and the contractual cash flow characteristics of the financial assets.
Ind AS 109 requires an entity to decide classification on initial recognition. The Company is allowed to designate a financial assets as at FVTPL on the basis of facts and circumstances existing on the date of transition to Ind AS.
c) The estimates at 1 April 2016 and 31 March 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments did not reflect any differences in accounting policies) except for the items where application of Indian GAAP did not require similar estimation. The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at 1 April 2016 the date of transition to Ind As and as of 31 March 2017.
d) Ind AS 101 requires a first time adopters to apply the de-recognition provision of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS 101 allows a first time adopter to apply the derecognition requirements in Ind AS 109 retrospectively from the date of the entity choosing, provided that the information needed to apply Ind AS109 to financial labilities derecognised as result of past transactions was obtained at the time of initially accounting for those transactions.
e) An entity estimates in accordance with Ind AS at the date of transaction to Ind AS shall be consistent with estimate made for the same date in accordance with previous GAAP, Unless there is objective evidence that those estimates were in error.
12 Segment Reporting
The Chief Operating Decision maker reviews the operations of the company as a real estate development activity, which is considered to be the only reportable segment by the management. Hence there are no additional disclosures to be provided under IND AS 108 âOperating Segmentsâ. Further, the Companyâs operations are in India only.
13 Compliance with Companies Act
The Companies Act, 2013 (âthe Actâ) along with notified sections, rules and schedules came into effect from September 12, 2013 and April 10, 2014. The management has initiated the steps for ensuring compliance with the provisions of the act and based on evaluation undertaken by the management (including legal advice where appropriate) is of the view that the company is in compliance with the provisions of the act
14 Disclosure required under Section 186(4) of the Companies Act 2013
For details of loans, advances and guarantees given and securities provided to related parties refer note 16.
15 Previous Year Figures
Previous year figures have been regrouped, rearranged and reclassified wherever necessary to make them comparable to the respective figures in the current year.
Footnotes for the Reconciliation of Balance Sheet as at 01st April 2016 and 31st March 2017 and Profit & Loss for the Year Ended 31st March 2017.
1. Reclassification- Other Payables, Other Equity, Other Financial liabilities ,Other current liabilities & Finance Cost , Other non-current & current assets, Cash & Cash Equivalents
The company determines classification of certain assets and liabilities as financial/ non financial assets and liabilities. Transitional adjustments made by company represents reclassification of non financial assets and liabilities to other assets and liabilities.Same way, transitional adjustment was made by the company on the reclassification of Finance Cost.
2. Borrowings
Under Indian GAAP, transaction costs incurred in connection with borrowings are amortised upfront and charged to profit or loss for the period. Under Ind AS, transaction costs are included in the initial recognition amount of financial liability and amortised to profit or loss on straight line basis in case of floating interest rate loan and subsequently inventorised.
3. Deferred Tax
Indian GAAP required deferred tax accounting using the income statement approach, which focusses on differences between taxable profits and accounting profits for the period.Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focusses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application ofInd AS 12 approach has resulted in recognition of deferred tax on new temporary differences, which was not required under Indian GAAP.
In addition, the various transitional adjustments lead to different temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.
4. Statement of cash flows
The transition from Indian GAAP to Ind AS has not had a material impact on the statement of cashflows.
Mar 31, 2016
1. Pending Litigations j With respect to note 4.9, the company has filed legal proceedings on the Trade Receivables form Shivang Ispat Private Limited amounting to Rs. 6,26,729/-. However, the proceedings are in progress and the outcome of the case is still awaited.
2. Contingent Liabilities
There are no possible obligation on the company as on the reporting date, that may probably require an outflow of resources from the company and as such no disclosure is required for any Contingent Liability.
3. Previous Year Figures
Previous year Figures have been regrouped, rearranged and recast wherever necessary to make them comparable to the respective figures in the Current year.
Mar 31, 2015
1. Company Information
Marathwada Refractories Ltd (the company) is a company engaged in the
activities relating to production, manufacture or trade Ref factories
of all kind and bricks of a 11 types and varieties with different
properties and components.
2. Basis of Preparation of Financial Statements
The financial statements of the company have been prepared under the
historical cost convention on an accrual basis in accordance with the
generally accepted accounting principles in India (Indian GAAP). The
company has prepared these financial statements to comply in all
material respects with the accounting standards notified under
Section133 of the Companies Act 2013, read together with paragraph 7 of
the Companies (Accounts) Rules, 2014. The accounting policies have been
consistently applied by the com pany and are consistent with those used
in the previous year, The Company is not a Small and Medium Sized
Company (Non SMC) as defined in the General Instructions in respect of
| Accounting Standards notified under the Companies Act, 1956.
Accordingly, the Company has complied with the Accounting Standards as
applicable as such
3. 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 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.
During the year, the company has not proposed for any dividend payable
to the share holders.
In the event of Liquidation, Equity Share holders are entitled to
receive the assets of the company remaining after distribution of all
preferential amount, in proportion to the number of shares held by
them.
All Preference shares are redeemable at the end of 7th year from the
date of issue. In the event of Liquidation of the company the
Preference Share holders will have priority over equity share holders
in the payment of dividend and repayment of capital.
4.Related Party Disclosure
Names of Related Parties and Related Party relationships
Member & Key Managerial Personnel Sushi! Mantri
Director Malu Sanjay Tolaram
Director H S Girish Gupta
Director Aparna Goel
Director Kapil Malhotra
Company in which Member is interested Plaza Agencies
Private Limited
Mantri Developers
Private Limited
Mantri Hamlet
Private Limited
Mantri Gardenview
Homes Private Limited
Mantri Mansion
Private Limited
Tarun Realtors
Private Limited
Vismay Realtors
Private Limited
Companies in which Directors are interested 3D Megacity Private
Limited
ASL Hospitalities
Private Limited
Futura Techpark
Private Limited
Gaurang Advisors
Private Limited
Hamara Shelters
Private Limited
Inesh Realtors
Private Limited
Indus Scholastic and
Management Services
Private Ltd., Jasmine
Enterprises Private
Limited
Kirthana Realtors
Private Limited
Lakeview Development
Corporation Private
Limited
Lanco Hills
technology Park
Private Limited
Mantri Abodes Private
Limited
Mantri Apartments
Private Limited
Mantri Castles
Private Limited
Mantri Homes Private
Limited
Mantri Primus
Lifespaces Private
Limited
Mantri Property
Developers Private
Limited
Mantri Resi
Structures Private
Limited
Mantri Techzone
Private Limited
Minerva Infra Tech
Private Limited
North Educational
Academy (India)
Private Limited
Pratibha Realtors
Private Limited
Propcare Holdings
Private Limited
Propcare Mall
Management (India)
Private Limited
Propcare Real Estate
Management Private
Limited
SGP Software
Solutions private
Limited
Sinew Developers
Private Limited
Sugam Vanijya
Holdings Private
Limited
Suraj Inn Private
Limited
Tirupati Buildplaza
Private Limited
VanGuard Hospitality
Private Limited
Vassel Warehousing
Private Limited
Associate Companies Anthariksh
Construction Private
Limited
Avant Garde Shelters
Private Limited
Brahmagiri Realtors
Private Limited
Deeta Constructions
Private Limited
Mantri Dwellings
Private Limited
Mantri Geo Structures
Private Limited
Mantri Habitats
Private Limited
Mantri Infrastructure
Private Limited
Mantri Sierra
Structure Private
Limited
Mantri Technology
Constellations
Private Limited
Mantri Technology
Parks Private Limited
Raffles Enterprises
Private Limited
Shivashakti Estates
and Investments
Private Limited
Smarthomes Developers
(India) Private
Limited
Other Related Parties [Enterprise owned or Classic Developers
significantly influenced by key management Indus International
personnel or significantly influenced School (Pune) Private
by the Company] Limited Mantri
Global Mantri Homes
Movva Outdoor Media
Projenco Software
Systems Private
Limited
Quadra Software
Solutions Private
Limited
Satko Estates
5. Capital and Other Commitments
There are no commitments of capital or other nature falling on the
company except those disclosed in the notes above and | as on the
reporting date, no such comm itments are due to be settled or whith
requires outflow of cash or cash equivalent.
6. IT Refund written off:
With respect to note 4.8, IT Refund due for the AY 2009-10 and 2010-11
amounting to Rs. 27,130/- and Rs. 3,92,404/- has been written off to
Statement of Prof it and Loss Account.
7. Legal Proceedings: With respect to Note 4.9., the company has
filed legal proceedings on the Trade Receivables from Shivang Ispt
Private Limited amounting to Rs. 6,26,729/- however, the proceedings are
in progress and the outcome of the case is still awaited.
8. Contingent Liabiities:
There are no possible obiligation on the company as on the reporting
date, that may probably require an outflow of resources from the company
and as such no disclosure is required for any conti ngent Liability.
9. Previous Year Figures:
Previous year Figures have been regrouped, rearranged and recast
whereever necesary to make them comparable
Mar 31, 2013
1. Company Information
Marathwada Refractories Ltd (the company) is a company engaged in the
activities relating to production, manufacture or trade refractories of
all kind and bricks of all types and vatieties with different
properties and components.
2. Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the notified accounting standard by Companies Accounting
Standards Rules, 2006 and the relevant provisions of the Companies Act,
1956. The financial statements have been prepared under the historical
cost convention on an accrual basis in accordance with accounting
principles generally accepted in India.
The accounting policies have been consistently applied by the Company
and are consistent with those used in the previous year. The Company is
not a small and Medium Sized Company (Non SMC) as defined in the
General Instructions in respect of Accounting Standards as applicable
as such.
3.1. Related Party Disclosure
Names of Related Parties and Related Party Relationships Member & Key
Managerial Personnel Sushil Mantri
Director Prakash G Hegde
Director H S Girish Gupta
Director K S Vasudeva Murthy
Company in which Member is interested Plaza Agencies Private Limited
Mantri Developers Private Limited
Companies in which Directors are interested 3D Megacity Private Limited
Azure Capital Advisors Private Limited
Hamara Shelters Private Limited
Jasmine Enterprises Private Limited
Lakeview Development Corporation Private Limited
Mantri Abodes Private Limited
Mantri Apartments Private Limited
Mantri Castles Private Limited
Mantri Property Developers Private Limited
Mantri Hamlet Private Limited
Mantri Homes Private Limited
Mantri Primus Lifespaces Private Limited
Mantri Resi Structures Private Limited
Mantri Techzone Private Limited
Minerva Infra Tech Private Limited
Pratibha Realtors Private Limited
Propcare Holdings Private Limited
Propcare Mall Management (India) Private Limited
Propcare Real Estate Management Private Limited
VanGuard Hospitality Private Limited
Associate Companies Anthariksh Construction Private Limited
Avant Garde Shelters Private Limited Brahmagiri Realtors Private
Limited Deeta Constructions Private Limited
Devadatta Build Tech Private Limited Mantri Developers (Singapore)
Private Limited Mantri Dwellings Private Limited Mantri Geo Structures
Private Limited Mantri Habitats Private Limited Mantri Infrastructure
Private Limited Mantri Mansion Private Limited Mantri Sierra Structure
Private Limited Mantri Technology Constellations Private Limited
3.2. Contingent Liabilties
There are no possible obligation on the company as on the reporting
date, that may probably require an outflow of resources from the
company and as such no disclosure is required for any Contingent
Liability.
3.3. Previous Year Figures
Previous year figures have been regrouped, rearranged and recast
wherever necessary to make them comparable to the respective figures in
the current year.
Mar 31, 2012
1. Company Information
Marathwada Refractories Ltd (the company) is a company engaged in the
activities relating to production, manufacture or trade refractories of
all kind and bricks of all types and varieties with different
properties and components.
2. Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the notified accounting standard by Companies Accounting
Standards Rules, 2006 and the relevant provisions of the Companies Act
1956. The financial statements have been prepared under the historical
cost convention on an accrual basis in accordance with accounting
principles generally accepted in India.
The accounting policies have been consistently applied by the Company
and are consistent with those used in the previous year. The Company is
not a Small and Medium Sized Company (Non SMC) as defined in the
General Instructions in respect of Accounting Standards notified under
the Companies Act 1956, Accordingly, the Company has complied with the
Accounting Standards as applicable as such.
3.1. Share capital
The company has only one class of equity shares having a par value of
Rs. 10 per share. 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.
During the year, the company has not proposed for any dividend payable
to the share holders.
In the event of Liquidation, Equity Share holders are entitled to
receive the assets of the company remaining after distribution of all
preferential amount, in proportion to the number of shares held by them
All Preference shares are redeemable at the end of 7th year from the
date of issue. In the event of Liquidation of the company the
Preference Share holders will have priority over equity share holders
in the payment of dividend and repayment of capital
3.2. Related Party Disclosure
Names of Related Parties and Related Party relations Ships
Member Sushil Mantri
Director & Key Managerial Personnel Prakash G. Hegde
Director & Key Managerial Personnel H. S. Girish Gupta
Vasudev Murthy
Related Party Transactions
There are no transactions entered into by the company which requires
disclosure as per Accounting Standards 18-Related Party Disclosure.
3.4. Capital and Other Commitments
There are no commitments of capital or other nature falling on the
company except those disclosed in the notes above and as on the
reporting date, no such commitments are due to be settled or which
requires outflow of cash or cash equivalent.
3.5. Contingent Liabilities
There are no possible obligation on the company as on the reporting
date, that may probably require an outflow of resources from the
company and as such no disclosure is required for any Contingent
Liability.
3.6. Previous Year Figures
Pursuant to the adoption of Revised Schedule VI for Preparation and
Presentation of Financial Statements, previous year figures are grouped
and reclassified according to the requirements as per Revised Schedule
VI.
Mar 31, 2011
Not Available
Mar 31, 2010
1. Corresponding figures of the previous year have been regrouped to
confirm with this years grouping wherever necessary.
2. CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:
Particulars Current Year Previous Year
Rs Rs.
Claims against the Company not
acknowledged as debts - Kalpana
Enterprises 50580 50580
3. Writ petitions filed by the Company in the Aurangabad bench of Hon
ble Bombay High Court regarding Sal^s tax demands of the Sales tax
Department & Octroi Refunds claims of the Company have been withdrawn
and sales tax liability as per the Maharashtra Sales Tax Amnesty Scheme
was paid by the Company in full and final settlement.
Mar 31, 2009
Notes Annexed to and forming part of the Balance Sheet as at 31.03.2009
and Profit and Loss Account for the year ended on that date:
1. Corresponding figures of the previous year have been regrouped to
confirm with this years grouping whereve necessary.
2. CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECTOF:
Particulars Current Year Previous Year
Rs . Rs.
Claims against the Company not
acknowledged as debts -
Kalpana Enterprises 50580 50580
3. The Company has filed a writ petition in the Aurangabad bench of
Honble Bombay High Court challenging the notice dated 23.01.2009
issued by the Joint Commissioner of Sales-tax, Maharashtra State as
well as order dated 16.10.2008 passed by the Additional Director of
Industries, Mumbai, cancelling the eligibility certificate dated
22.03.1996. Liability arising in the matter, if any, is presently not
ascertainable.
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