Mar 31, 2014
1. A) Terms / Rights attached to Equity Shares
The company has only one class of equity share having a par value of
Rs. 10 per share. Each equity shareholder is entitled for one vote per
share. The company declares and pays dividend in Indian rupees. The
dividend proposed by the board of directors is subject to the approval
of 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 remaining assets of the company,
after distribution of all preferential amounts. This distribution will
be in proportion to the number of equity shares held by the
shareholder.
As per records of the company, including its register of
shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both
legal and beneficial ownerships of shares.
2. Vehicle loan from Scheduled Bank is Secured by way of Hypothecation
of the respective vehicles.
*In the absence of any agreement, unsecured loans from body corporates
is considered as payable on de- mand and thus shown as short term
borrowings. No provision for interest is made in the books of accounts,
as the management claims no interest is payable thereon. The company is
in default in repayment of principal amount of Rs. 901.99 lacs
(previous year Rs. 939.15 lacs) and interest thereon, if any. The
balances outstanding are subject to confirmation.
* Investment in quoted equity shares is held towards settlement of
investors claims , hence treated as Short Term Investment.
Aggregated Market value of Company''s quoted Investments ( Market Value
Rs. 15.73 lacs (P.Y. - Rs. 17.53 ).
* Ferro Alloys CJSC incorporated in Kyrgz Republic. Face value of each
share is converted in equivalent rupees. Shares are alloted @ 50 soms
each including premium of 40 som
3. i) The company has taken the approval of its members in Extra
Ordinary General Meeting held on 14/03/2008, for investments up to Rs.
100 Cr. (Rupees hundred crores only) in one or more tranches , by way
of Equity Capital / making loans to / providing security by way of
loans to be granted to, new company( ies) to be incorporated as
subsidiary (ies) of this company in a foreign country. The said
approval was modified in the AGM held on 30/09/2009 by authorizing the
company to invest in the company (ies) other than subsidiary also. The
members also ratified the action of Board of Directors for sums
advanced to M/s Ferro Alloys LLC, Kyrgyzstan, a foreign company, which
is not a subsidiary of this company and also authorized to give further
sums by way of loans, provide security for the loans to M/s Ferro
Alloys CJSC Kyrgyzstan, within the aggregate limit of Rs. 100 crores.
ii) The company has so far invested sums aggregating to Rs. 282325873/-
(Previous year Rs. 282325873/-). Out of which, shares for Rs. 2589.44
lacs (previous year Rs. 2589.44 lacs), equivalent to USD 5613363 has
been allotted to company. The balance amount of Rs. 233.81 lacs
(Previous year Rs. 233.81 lacs) is shown as advance to M/s Ferro Alloys
C JSC, Kyrgyzstan.
iii) That M/s Ferro Alloys CJSC Kyrgyzstan on 26/11/2009 alloted
4100000 equity shares of 10 Soms each at a premium of 40 Soms amounting
to 205000000 Soms equivalent to 5613363 USD (Conversion rate 1 USD =
36.52 Soms as on date of allotment) to the company.
* Rs. 0.09 lacs on account of Bank Charges debited by Bank has not been
replenished by the Company.
* These balances are not available for the use by the company as they
represents corresponding unpaid dividend liabilities.
4. Nature of Operation
The MCS Limited, hereafter reffered to as a Company,is engaged in
Regitrar and Share Transfer agent activities.
5. Contingent Liabilities not provided for:
In respect of losses on account of fraud, no provision has been made as
the matter is under investigation. In the absence of adequate
information and pending completion of investigations likely liability
of loss could not be ascertained. However, the investors'' claims to the
extent admitted by the Company are accounted for in the year of
settlement.
In respect of Civil Suits filed against the Company, no provision has
been made as the case is pending in the courts of law. The liability of
the Company could not be ascertained.
Due to certain discrepancies in some public issues handled by the
company rectification of the errors is in process and consequent
liability, if any, and its effect on profitability is not
ascertainable. The same is accounted for in the year of settlement.
In respect of Bank Guarantees executed Rs 6.40 lacs (Previous year
Rs.6.40 lacs).
The Company has given a Corporate Guarantee of Rs.2565.50 lacs (Rupees
Twenty Five Crore Sixty Five Lacs Fifty Thousand Only) jointly in
favour of Punjab National Bank and Dena Bank on behalf of Computech
International Ltd., a Company in which promoters have substantial
interest (Previous Year Rs.2565.50 lacs).
6. Segment reporting, as defined in Accounting Standard 17, is not
applicable as the Company is engaged in one business of Register &
Share Transfer Agents only. Also Geographical segments is not
applicable as the company operates only within India where risk &
returns are not considered to be different area wise/locatiowise.
7. Other additional informations have been furnished to the extent
applicable.
i) Foreign currency outgo Nil (Previous year Nil).
ii) Foreign Currency earnings Nil ( Previous Year Nil.)
8. PREVIOUS YEAR FIGURES
The company has reclassified previous year figures to conform to this
year''s classification, wherever considered necessary.
Mar 31, 2013
1 Nature of Operation
The MCS Limited, hereafter referred to as a Company, is engaged in
Registrar and Share Transfer agent actives.
2 Contingent Liabilities not provided for:
In respect of losses on account of fraud, no provision has been made as
the mater is under investigation. In the absence of adequate
information and pending completion of investigations likely liability
of loss could not be ascertained. However, the investors'' claims to the
extent admitted by the Company are accounted for in the year of
settlement.
In respect of Civil Suits filed against the Company, no provision has
been made as the case is pending in the courts of law. The liability of
the Company could not be ascertained.
Due to certain discrepancies in some public issues handled by the
company rectification of the errors is in process and consequent
liability, if any, and its effect on profitability is not
ascertainable. The same is accounted for in the year of settlement.
In respect of Bank Guarantees executed Rs 6.40 lacs (Previous year
Rs.5.55 lacs).
The Company has given a Corporate Guarantee of Rs.2565.50 lacs (Rupees
Twenty Five Crore Sixty Five Lacs Fifty Thousand Only) jointly in favor
of Punjab National Bank and Dena Bank on behalf of Computes
International Ltd., a Company in which promoters have substantial
Interest (Previous Year Rs.2565.50 lacs).
3 Segment reporting, as defend in Accounting Standard 17, is not
applicable as the Company is engaged in one business of Register &
Share Transfer Agents only. Also Geographical segments is not
applicable as the company operates only within India where risk &
returns are not considered to be different area wise/local wise.
4 Other additional information''s have been furnished to the extent
applicable.
i) Foreign currency outgo Nil (Previous year Nil).
ii) Foreign Currency earnings Nil ( Previous Year Nil.)
5 PREVIOUS YEAR FIGURES
The company has reclassified previous year figures to conform to this
year''s classification, wherever considered necessary.
Mar 31, 2012
* The Authorized share capital of the Company as per books of accounts
is Rs. 1025 lacs , however, as
i The company has only one class of equity share having a par value of
Rs. 10 per share. Each equity
ii In the event of liquidation of the company, the holders of equity
shares will be entitled to receive
As per records of the company, including its register of
shareholders/members and other declarations 111 received from
shareholders regarding beneficial interest, the above shareholding
represents both legal
i Vehicle loan from scheduled bank is secured by way of hypothecation
of the respective vehicles.
ii The vehicle loan from bank bear Interest Rate @ 11-13 % and
repayable in 36-60 months.
iii Vehicle loan Installments falling due within next 12 months Rs.
6.82 lacs (Previous year Rs. 3.15 lacs)
In the absence of any agreement, unsecured loans from body corporate
is considered as payable on demad and thus shown as short term
borrowings. No provision for interest is made in the books of accounts,
as the management claims no interest is payable thereon. The company is
in default in repayment of principal amount of Rs. 970.15 lacs
(previous year Rs. 970.15 lacs) and interest thereon, if any.The
balances outstanding are subject to confirmation.
(1) to be transferred to Investor Protection fund as and when due
NOTES:
* Buildings includes:
i) The Building includes Rs. 79.19 lacs being the cost of building
constructed on a land not belonging to the company, taken on lease. The
land in question, was mortgaged to banks, and taken in possession by
these banks in terms of Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002. The future of
these assets is uncertain
** Electrical Equipments includes:
i) The Electrical equipment includes Rs. 6.94 lacs fittings on building
constructed on a land not belonging to the company, taken on lease. The
land in question, was mortgaged to banks, and taken in possession by
these banks in terms of Securitization and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002. The future of
these assets is uncertain.
* Investment in quoted equity shares is held towards settlement of
investors claims, hence treated as Short Term Investment.
Aggregated Market value of Company's quoted Investments ( Rs. 16.33
lacs (P.Y. - Rs. Nil). No Provision has been made ford minis hi ng in
value of quoted investments, as the amount is insignificant and
demising in value is temporary in nature.
** Ferro Alloys CJSC incorporated in Kyrgz Republic. Face value of each
share is converted in equivalent rupees. Shares are allotted @ 50 soms
each including premium of 40 som
The company has taken the approval of its members in Extra Ordinary
General Meeting held on 14/03/2008, for investments up to Rs. 100 Cr. (
Rupees hundred crores only) in one or more tranches , by way of Equity
Capital / making loans to / providing security by way of loans to be
granted to, new company( ies) to be incorporated as subsidiary (ies) of
this company in a foreign country. The said approval was modified in
the AGM held on 30/09/2009 by authorizing the company to invest in the
company (ies) other than subsidiary also. The members also ratified the
action of Board of Directors for sums advanced to M/s Ferro Alloys LLC,
Kyrgyzstan, a foreign company, which is not a subsidiary of this
company and also authorized to give further sums by way of loans,
provide security for the loans to M/s Ferro Alloys CJSC Kyrgyzstan,
within the aggregate limit of Rs. 100 crores.
The company has so far invested sums aggregating to Rs. 28,23,25,873/-.
Out of which, shares for Rs. 2589.44 lacs, equilent to USD 5613363 has
been allotted to company. The balance amount of Rs. 233.81 lacs is
shown as advance to M/s Ferro Alloys C JSC, Kyrgyzstan.
That M/s Ferro Alloys CJSC Kyrgyzstan on 26/11/2009 allotted 4100000
equity shares of 10 Soms each at a premium of 40 Soms amounting to
205000000 Soms equivalent to 5613363 USD (Conversion rate 1 USD = 36.52
Soms as on date of allotment) to the company.
No Provision has been made for diminishing in value of investments in a
foreign company, as due to Political instability and disturbances
prevailing in that country , the requisite information could not
gathered from M/s Ferro Alloys CJSC Kyrgyzstan. Had the provision been
made, this would have significant impact on the net worth of the
company.
* Rs. 0.09 lacs on account of Bank Charges debited by Bank has not been
replenished by the Company. These balance are not available for the
use by the Company as they represents corresponding unpaid dividend
liabilities.
1 Nature of Operation
The MCS Limited, hereafter referred to as a Company, is engaged in
Regitrarand Share Transfer agent activities.
Short terrr/ Long term compensated absences are provided for, based on
actuarial valuation carried by Actuarial gains/ losses are immediately
taken to Profit and Loss account and are not deferred.
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable of equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares
outstanding during the period. For the purpose of calculating diluted
earnings per share, the net profit or loss for the year attributable to
equity shareholders and the weighted average number of shares
outstanding during the period are adjusted for the effects of all
dilutive potential equity shares.
As stipulated in accounting standard -28 on Impairment of Assets issued
by the Institute of Chartered Accountants of India, the Company
assessed potential generation of economic benefits from its business
units and is of the view that assets employed in continuing business
are capable of generating adequate returns over their useful lives in
the usual course of business, there is no indication to the contrary
and accordingly the management is of the view that no impairment
provision is called for in
2 Contingent Liabilities not provided for:
In respect of losses on account of fraud, no provision has been made as
the matter is under investigation. In the absence of adequate
information and pending completion of investigations likely liability
of loss could not be ascertained. However, the investors' claims to the
extent admitted by the Company are accounted for in the year of
settlement.
In respect of Civil Suits filed against the Company, no provision has
been made as the case is pending in the courts of law. The liability of
the Company could not be ascertained.
Due to certain discrepancies in some public issues handled by the
company rectification of the errors is in process and consequent
liability, if any, and its effect on profitability is not
ascertainable. The same will be accounted for in the year of
settlement.
In respect of Bank Guarantees executed Rs 5.55 lacs (Previous year
Rs.14.50 lacs).
The Company has given a Corporate Guarantee of Rs.2565.50 lacs (Rupees
Twenty Five Crore Sixty Five Lacs Fifty Thousand Only) jointly in
favour of Punjab National Bank and Dena Bank on behalf of Computes
International Ltd., a Company in which promoters have substantial
interest (Previous Year Rs.2565.50 lacs).
2g Segment reporting, as defined in Accounting Standard 17, is not
applicable as the Company is engaged in the business of Register &
Share Transfer Agents.
-- Previous year figures are given in bracket
* Balance amount of Rs. 2.97 lacs , Receivable from Computes
International Limited, has been written off during the year.
** Rs. 10 lacs security deposit, Receivable from Computech
International Limited, on account of rent has been written off during
the year.
Other additional information pursuant to paragraph 3, 4C & 4D of Part
II of Schedule VI of the Companies Act, 1956, have been furnished to
the extent applicable.
i) Foreign currency outgo Nil (Previous year Nil).
ii) Foreign Currency earnings Nil ( Previous Year Nil.)
3 PREVIOUS YEAR
Till the year ended 31st March'2011,the company was using pre-revised
Schedule VI to the Companies Act 1956, for the preparation and
presentation of its financial statements. During the year ended 31st
March'2012,The revised Schedule VI Notified under the Companies A:t
1956, has become applicable to the company . The company has
reclassified previous year figures to confirm to this year's
classification.
* These balances are not available for use of the company as they
represent corresponding dividend liabilities.
Mar 31, 2010
1. Contingent Liabilities not provided for:
i) In respect of Income Tax under appeal Rs. Nil (Previous year Rs.
20.17 lacs).
ii) In respect of Service Tax of Rs. 15.05 lacs (Previous Year Rs.
15.05 lacs).
iii) In respect of losses on account of fraud, no provision has been
made as the matter is under investigation. In the absence of adequate
information and pending completion of investigations likely liability
of loss could not be ascertained. However, the investors claims to the
extent admitted by the Company are accounted for in the year of
settlement.
iv) In respect of Civil Suits filed against the Company, no provision
has been made as the case is pending in the courts of law. The
liability of the Company could not be ascertained.
v) Due to certain discrepancies in some public issues handled by the
company rectification of the errors is in process and consequent
liability, if any, and its effect on profitability is not
ascertainable. The same will be accounted for in the year of
settlement.
vi) In respect of Bank Guarantees executed Rs 14,50,500 /- (Previous
year Rs.14,50,500/-).
vii) The Company has given a Corporate Guarantee of Rs.256,550,000/-
(Rupees Twenty Five Crore Sixty Five Lacs Fifty Thousand Only) jointly
in favour of Punjab National Bank and Dena Bank on behalf of Computech
International Ltd., a Company in which promoters have substantial
interest (Previous Year Rs.256,550,000/-).
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs. Nil (Previous years. Nil) net of
advances.
3. The company has taken the approval of its members in Extra Ordinary
General Meeting held on 14/03/2008, for investments up to Rs. 100 Cr. (
Rupees hundred crores only) in one or more tranches, by way of Equity
Capital / making loans to / providing security by way of loans to be
granted to, new company (ies) to be incorporated as subsidiary (ies) of
this company in a foreign country. The said approval was modified in
the AGM held on 30/09/2009 by authorozing the company to invest in the
company (ies) other than subsidiary also. The members also ratified the
action of Board of Directors for sums advanced to M/s Ferro Alloys LLC,
Kyrayzstan, a foreign company, which is not a subsidiary of this
company and also authorized to give further sums by way of loans,
provide security for the loans to M/s Ferro Alloys OSC Kyrgyzstan,
within the aggregate limit of Rs. 100 crores.
(ii) That M/s Ferro Alloys CJSC Kyrgyzstan on 26/11/2009 allotted
4100000 equity shares of 10 SOMS each at a premium of 40 SOMS amounting
to 205000000 SOMS equivalent to 5613363 USD (conversion rate 1 USD =
36.52 SOMS) to the company.
(iii) Due to political instability and disturbances prevailing in that
country, the requisite information could not gathered from M/s Ferro
Alloys DSC Kyrgyzstan. In the absence of requisite informations (a) it
could not be determined whether that company becomes subsidiary of MCS
Ltd. or not, (b) present value of investment could not be determined
and provisions if any, for diminishing in value of investments could
not be made in the books of accounts. Thus the disclosures, if
applicable, in terms of AS-21 and AS-13 could not be made.
(iv) The Unique Identification number (UID) applied to Reserve Bank of
India making overseas direct investment is yet to be allotted to the
company.
4. The Building includes Rs. 79,18,698/- being the cost of building
constructed on a land not belonging to the company, taken on lease .
The land in question, was mortgaged to banks, and taken in possession
by these banks in terms of Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002. The
future of these assets is uncertain.
5. The Electrical equipment includes Rs. 6,93,590/- fittings on
building constructed on a land not belonging to the company, taken on
lease. The land in question, was mortgaged to banks, and taken in
possession by these banks in terms of Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Interest Act, 2002. The
future of these assets is uncertain.
6. During the year the company has allotted 10,50,000 equity shares of
Rs. 10/- each on preferential basis to certain parties totaling Rs.
1,65,34,000/- (including premium of Rs.60,34,000/-
at a price computed as per SEBI guidelines. The amount received has
been utilized for repayment of application money of convertible
warrants of Rs. 1,59,00,000/- and the balance amount used for working
capital requirement.
7. During the current year the company has sold its land & building
along with furniture & fixtures, etc. situated at Mumbai at a total
consideration of Rs.25,00,000/- (net of brokerage paid). Since, the
assets wise sales consideration is not known, total consideration is
considered to have been received against building and the other assets
like furniture & fixture etc. were impaired and discarded at zero
value.
8. During the year the company has setteled claims of Rs.
24,56,314/-(approx). The amount paid has been shown as recoverable and
included in Loans & Advances in the Balance Sheet as on 31.03.2010
instead of charging of Profit & Loss account.
9. The authorized share capital of the company as per books of
accounts is Rs. 102,500,000/- , however, as per the records of
Registrar of the Companies, Maharastra, same is appearing as Rs.
52,500,000/-. The difference in amount needs to be determined and
corrected.
10. Segment reporting, as defined in Accounting Standard 17, is not
applicable as the Company is engaged in the business of Register &
Share Transfer Agents.
11. (a) Derivatives outstanding as on 31st March, 2010 - NIL
(b) Unhedged foreign currency exposures as on 31st March, 2010 - Nil
12. Related Party Disclosures :-
(a) Related parties with whom no transactions have taken place during
the period but control exist:
i) AXC Computers Pvt. Ltd.
ii) Compubell Infotech Ltd.
iii) Vedanth.com Worldwide Ltd.
(b) Related parties with whom transactions have taken place during the
period :
i) Parties in which substantial interest : Computech International Ltd.
of persons having subtantial interest
Surbhi Development Projects
in the company Pvt. Ltd.
ii) Persons having substantial interest : Shri S K Rateria
directly or indirectly in the voting Shri Saurabh Rateria
power of the company Ms. Sneha Rateria
iii) Key Management personal : Shri Aniruddha Mitra
iv) Director & relative of a person : Shri Saurabh Rateria
having substantial interest
v) Directors : Shri Hemant Kumar
Shri Ashok Sharma
Shri A N Shanbhag
13. Other additional information pursuant to paragraph 3, 4C & 4D of
Part II of Schedule VI of the Companies Act, 1956, have been furnished
to the extent applicable.
i. Foreign currency outgo Nil (Previous year Nil). (Does not includes
advances and expenditure incurred for Kyrgystan Project.)
ii Foreign Currency earning Nil (Previous Year Nil.)
14. Figures have been rounded off to the nearest rupee.
15. Previous year figures have been regrouped and/or rearranged
wherever considered necessary.