Mar 31, 2015
1.COMPANY INFORMATION
MPIL Corporation Limited ("the Company") was established in 1959 under
the Companies Act, 1956. The Company was initially incorporated as
Mather Greaves Private Limited. Thereafter in 1979, the name of the
Company was changed to Mather and Platt (India) Limited and in 2006,
the name of the Company was changed to MPIL Corporation Limited. The
Company is registered in Mumbai (Maharashtra) under registration
No.L74299MH1959PLC163775. The registered office of the Company is at
Udyog Bhavan, 2nd Floor, 29 Walchand Hirachand Marg, Ballard Estate,
Mumbai - 400 001. The Company had discontinued its activities relating
to design, development, installation and servicing of textiles and food
machinery, etc.
2. Rights, preference and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs.10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of shareholders in the ensuing Annual General Meeting, except
in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
3. Contingent Liabilities and Commitments not provided for
March 31, 2015 March 31, 2014
A. Contingent Liability Rs. Rs.
Claims against the Company not
acknowledged as debts regarding
claims by:
* Vendors and Service Providers 13,648,687 12,705,949
* Income Tax (excluding interest
demands leviable, if any) 475,000 475,000
Total 14,123,687 13,180,949
Company''s petitions are pending with various Courts against eviction of
premises and claims for mesne profits by a landlord of leasehold
premises occupied by the Company. Amount not ascertainable as the matter
is sub-judice.
B. Estimated amount of contracts to be executed on Capital account
[Net of advances of Rs. 500,000 (Previous 7,750,000 7,750,000
year Rs. 500,000)]*
* The Company entered into a Memorandum of Understanding ("MoU") with
Watumull Trust ("Vendor") on April 12, 2006 for purchase of the office
premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the Vendor
has disputed the MoU. A legal suit has been filed by the Company in
February, 2008 against the Vendor in the High Court Judicature of
Bombay. The vendor has filed a notice of motion on March 31, 2013
before the Hon. High Court for increase in the rent which is not
accepted by the Company in view of the MoU. Amount of rent arrears is
not ascertainable as the matter is sub-judice.
The Company''s pending litigations comprise mainly claims against the
Company, property disputes, proceedings pending with Tax and other
Authorities. The Company has reviewed all its pending litigations and
proceedings and has made adequate provisions, wherever required and
disclosed the contingent liabilities, wherever applicable, in its
financial statements. The Company does not reasonably expect the
outcome of these proceedings to have a material impact on its financial
statements.
4. Deferred Tax
Deferred Tax Assets arising from timing difference and/or carry forward
business loss and unabsorbed depreciation have not been recognized as a
matter of prudence and absence of virtual certainty of having
sufficient taxable income in future, as the case may be.
5. Micro, Small and Medium Enterprises Development Act, 2006
The Company has not received any information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence, disclosures in this respect have not been given.
This has been relied upon by the auditors.
6. Realisable Value of Assets
In the opinion of the management, any assets other than fixed assets
and non-current investments have a value on realization in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance Sheet.
7. Related Party Disclosures
(a) Parties where control exists:
* Jumbo World Holdings Limited (Ultimate Holding Company)
* Jumbo Investments Limited (Holding Company)
(b) Other Group Companies:
Alfamont (Mauritius) Ltd.; Dandvati Investments & Trading Co. Pvt.
Ltd.; Firestorm Electronics Corporation Pvt. Ltd.; GWL Properties Ltd.;
Harshit Finlease & Investments Pvt. Ltd.; Jumbo World Holdings (India)
Pvt. Ltd.; Jumbo Electronics Corporation Pvt. Ltd.; Narmada Gelatines
Ltd.; Primo Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin
International Ltd.; Starfire Investments Ltd.
All the above companies are controlled directly/indirectly by the heirs
of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its
various subsidiary/associate companies.
The above, though not required in terms of Accounting Standard (AS-18)
on "Related Party Disclosure" issued by The Institute of Chartered
Accountants of India, has been disclosed in view of the disclosure
requirement of the SEBI (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997 in relation to inter-se transfer of shares
amongst group companies.
(c) Key Managerial Personnel :
Sanjeev Jain - Whole Time Director
Ruta Dabke - Chief Financial Officer
Hinal Kothari - Company Secretary
8. Segment Reporting
The Company has not carried out any manufacturing activity during the
year and therefore no separate segment reporting is required as per
Accounting Standard (AS 17) - Segment Reporting.
9. As per the provisions of Schedule II of the Companies Act,
2013, the Company has reassessed the remaining useful life of fixed
assets. Consequently and in line with the transitional provisions:
a) the depreciation for the current year is higher by Rs. 25,50,284
which is inclusive of depreciation of Rs. 373,468 on the revalued
amount;
b) depreciation of Rs. 663,560 relating to Fixed Assets whose useful
life had expired as on 31 March, 2014 has been adjusted to the opening
balance of the retained earnings; and
c) depreciation of '' 373,468 on revalued amount has been transferred
from "Revaluation Reserve" to "Surplus".
10. During the year, as advised by Reserve Bank of India, the
Company had brought down the percentage of financial assets to total
assets and financial income to total income below 50% and given an
undertaking that the Company will not do any Non-Banking Financial
activity without obtaining prior approval of the Reserve Bank of India.
The Company had not accepted deposits from public.
11. Previous year''s figures have been regrouped / rearranged
wherever necessary to conform to the current year''s presentation.
Mar 31, 2014
1. COMPANY INFORMATION
MPIL Corporation Limited ("the Company*) was established in 1959 under
the Companies Act, 1956. The Company was initially incorporated as
Mather Greaves Private Limited and in 1979, the name of the Company was
changed to Mather and Platt (India) Limited. In 2006, the name of the
Company was changed to MPIL Corporation Limited. The Company is
registered in Mumbai (Maharashtra) under registration
NO.U74299PN2000PLC014382. The registered office of the Company is at
Udyog Bhavan, 2nd Floor, 29 Walchand Hirachand Marg, Ballard Estate,
Mumbai 400001.The Company had discontinued its activities relating to
design, development, installation and servicing of textiles and food
machinery, etc.
2. Rights, preference and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs. 10
per share. Each shareholder is eligible for one vote per share held.
Dividend, if any, proposed by the Board of Directors is subject to the
approval of shareholders in the Annual General meeting, except in case
of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential amounts, in proportion
to their shareholding.
Note 3 - Contingent Liabilities And Commitments Not Provided For
As at As at
Particulars 31st March, 2014 31st March, 2013
(Rs.) (Rs.)
A. Contingent Liability
Claims against the Company not
acknowledged as debts by :
* Vendors and Service
Providers 12,705,949 11,763,210
* Income Tax (excluding
interest demands leviable,
if any) 475,000 475,000
Total 13,180,949 12,238,210
Company''s petitions are pending with various Courts against eviction of
premises and claims for mesne profits by a landlord of leasehold
premises occupied by the Company. Amount not ascertainable as the
matter is sub-judice.
B. Estimated amount of contracts to be executed on Capital account
7,750,000 7,750,000
[Net of advances of Rs. 500,000 (Previous year Rs. 500,000)]*
* The Company entered into a Memorandum of Understanding ("MoU") with
Watumull Trust ("Vendor") on 12th April, 2006 for purchase of the
office premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the
Vendor has disputed the MoU. A legal suit has been filed by the Company
in February, 2008 against the Vendor in the High Court Judicature of
Bombay. The vendor has filed a notice of motion on 31st March, 2013
before the Hon. High Court for increase in the rent which is not
accepted by the Company in view of the MoU. Amount of rent arrears is
not ascertainable as the matter is sub-judice.
Note 4 - Deferred Tax
Deferred Tax Assets arising from timing difference and/or carry forward
business loss and unabsorbed depreciation have not been recognized as a
matter of prudence and absence of virtual certainty of having
sufficient taxable income in future, as the case may be.
Note 5 - Micro, Small And Medium Enterprises Development Act, 2006
The Company has not received any information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence, disclosures in this respect have not been given.
This has been relied upon by the auditors.
Note 6 - Realisable Value Of Assets
In the opinion of the management, any assets other than fixed assets
and non-current investments have a value on realization in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance Sheet.
7. (a) No amount pertaining to related parties has been provided for as
doubtful debts/ advances or written off/ written back during the year.
(b) Other related parties:
Aasman Management Services Pvt Ltd; Alfamont (Mauritius) Ltd; Camry
International FZE; Firestorm Electronics Corporation Pvt Ltd; GWL
Properties Ltd.; Harshit Finlease & Investments Pvt Ltd; Jumbo World
Holdings (India) Pvt. Ltd.; Jumbo Electronics Company Ltd. (LLC);
Jumbo Electronics Corporation Pvt Ltd; Primo Enterprises Pvt Ltd; SMN
Engineers Ltd; Solvin International Ltd.; Starfire Investments Ltd;
Wizer Advertising Pvt Ltd.
All the above companies are controlled directly/indirectly by the heirs
of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its
various subsidiary/associate companies.
Note 8. - Segment Reporting
The Company has not carried out any manufacturing activity during the
year and therefore no separate segment reporting required as per
Accounting Standard (AS-17) - Segment Reporting.
Note 9.
Previous year''s figures have been regrouped/rearranged wherever
necessary to conform to the current year''s presentation.
Mar 31, 2013
COMPANY INFORMATION
MPIL Corporation Limited ("the Company") was established in 1959 under
the Companies Act, 1956. The Company was initially incorporated as
Mather Greaves Private Limited thereafter in 1979, the name of the
Company was changed to Mather And Platt (India) Limited and again in
2006 the name of the Company was changed to MPIL Corporation Limited.
The Company is registered in Mumbai (Maharashtra) under registration No
U74299PN2000PLC014382. The registered office of the Company is at Udyog
Bhavan, 2nd Floor, 29, Walchand Hirachand Marg, Ballard Estate, Mumbai
400001. The Company had discontinued its activities relating to
design, development, installation and servicing of textile and food
machinery, etc.
Note 1 - Micro, Small And Medium Enterprises Development Act, 2006
The Company has not received any information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence, disclosures in this respect have not been given.
This has been relied upon by the auditors.
Note 2 - Realisable Value Of Assets
In the opinion of the management, any assets other than fixed assets
and non-current investments have a value on realization in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance Sheet.
Note 3 - Employee Benefits - Disclosure Of Defined Benefit Plans
The Company has determined the liability for Employee Benefits namely
Gratuity and Leave Entitlement as at 31st March, 2013 in accordance
with the revised Accounting Standard 15 - Employee Benefits prescribed
in Companies (Accounting Standards) Rules, 2006 as follows :
Note 4 - Related Party Disclosures
(a) List of related parties
(i) Parties where control exists:
- Jumbo World Holdings Limited (Ultimate Holding Company)
- Jumbo Investments Limited (Holding Company)
- Jumbo World Holdings (India) Pvt Ltd. (Fellow Subsidiary)
(ii) Other related parties with whom the Company has entered into
transactions during the year:
- Narmada Gelatines Limited
(b) Details of transactions during the year with related parties and
balances at year-end
(c) No amount pertaining to related parties has been provided for as
doubtful debts/ advances or written off/ written back during the year.
(d) Other related parties:
Aasman Management Services Pvt Ltd; Alfamont (Mauritius) Ltd; Camry
International FZE; Dandvati Investments & Trading Co. pvt. Ltd.;
Firestorm Electronics Corporation Pvt Ltd; GWL Properties Ltd.; Harshit
Finlease & Investments Pvt Ltd; Jumbo Electronics Company Ltd (LLC);
Jumbo Electronics Corporation Pvt Ltd; Primo Enterprises Pvt Ltd; SMN
Engineers Ltd; Solvin International Ltd.; Starfire Investments Ltd;
Wizer Advertising Pvt Ltd.
All the above companies are controlled directly/indirectly by the heirs
of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its
various subsidiary/associate companies.
Note 5 - Segment Reporting
The Company has not carried out any manufacturing activity during the
year and therefore no separate segment reporting required as per
Accounting Standard 17: Segment Reporting.
Note 6
Previous year''s figures have been regrouped/rearranged wherever
necessary to conform to the current year''s presentation.
Mar 31, 2012
(I) Rights, preference and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs.10
per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the
approval of shareholders in the ensuing Annual General Meeting, except
in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the
Company after distribution of all preferential and other payable. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
Note: 1
Contingent Liabilities not provided for in respect of:
Rs.
As at As at
31st March, 2012 31st March, 2011
Claims against the
Company not acknowledged as debts:
Claims by
a) Vendors and Service Providers 23,488,414 19,953,422
b) Workers/Staff Members 1,161,309 1,094,205
c) Income Tax (excluding interest
demands leviable, if any) 818,477 818,477
d) Company's petitions are pending with various Courts against eviction
of premises and claims for mense profits by the landlord of a leasehold
premises occupied by the Company. Amount not ascertainable as the
matter is sub-judice.
Note : 2
Deferred Tax Assets arising from timing difference are not recognized
as a matter of prudence.
Note : 3
The Company has not received any information from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence, disclosures in this respect have not been given.
This has been relied upon by the auditors. '
Note : 4
In the opinion of the management, any assets other than fixed assets
and non-current investments have a value on realization in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance Sheet. Provision for depreciation and all known
liabilities is adequate and not in excess of what is required.
Note: 5
The Company has determined the liability for Employee Benefits as at
March 31, 2012 in accordance with the revised Accounting Standard 15 -
Employee Benefits prescribed in Companies (Accounting Standards) Rules,
2006.
Note : 6
Related party disclosures:
(a) List of related parties:
(i) Parties where control exists:
- Jumbo World Holdings Limited (Ultimate Holding Company)
- Jumbo Investments Limited (Immediate Holding Company)
- Jumbo World Holdings (India) Pvt. Ltd.(Fellow Subsidiaries)
(ii) Other Associates with whom the Company has entered into
transactions during the year:
- Narmada Gelatines Limited
- Dandvati Investments & Trading Company Pvt. Ltd.
(c) No amount pertaining to related parties has been provided for as
doubtful debts/advances or written off/written back during the year,
other than what is stated above.
(d) Other related parties:
Aasman Management Services Pvt. Ltd.; Alfamont (Mauritius) Ltd.; Camry
International FZE; Derby Electricals (India) Pvt. Ltd.; Firestorm
Electronics Corporation Pvt. Ltd.; GWL Properties Ltd.; Harshit
Finlease & Investments Pvt. Ltd.; Jerom Trading & Investment Pvt. Ltd.;
Jumbo Electronics Company Ltd. (LLC); Jumbo Electronics Corporation
Pvt. Ltd.; Orson Video (P) Ltd.; Phonegarage.com India Pvt. Ltd.;
Primo Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin ' International
Ltd.; Starfire Investments Ltd.; Wizer Advertising Pvt. Ltd.
All the above companies are controlled directly/indirectly by the heirs
of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its
various subsidiary/associate companies.
Note : 7
The Company has not carried out any manufacturing activity during the
year and therefore no separate segment reporting required as per
Accounting Standard 17 (Segment Reporting).
Note : 8
Current year's financial statements have been presented in accordance
with the Revised Schedule VI. Previous year's figure have been
re-grouped/re-arranged wherever necessary to conform to current year's
classification.
Mar 31, 2011
1. Contingent Liabilities not provided for in respect of:
As at As at
31st March, 31st March,
2011 2010
Rupees Rupees
Claims against the Company not
acknowledged as debts:
Claims by
a) Vendors and service providers 19,953,422 12,535,871
b) Customers - 87,235,399
c) Workers/Staff Members 1,094,205 1,027,101
d) Income-tax (excluding interest 818,477 -
demands leviable, if any)
Total 21,866,104 100,798,371
2. Estimated amount of contracts to be executed on capital account
[net 7,750,000 7,750,000 of advances of Rs.500,000; (Previous year
Rs.500,000)] *
* The Company entered into a Memorandum of Understanding (ÃMoUÃ) with
Watumull Trust (ÃVendorÃ) on 12th April 2006 for purchase of the offlce
premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the Vendor
has disputed the MoU; a legal suit has been fled by the Company in
February, 2008 against the Vendor in the High Court Judicature of
Bombay.
3. The Company had revalued the Buildings as on 31.03.1993 based on
independent valuer's report and the net increase was credited to
Revaluation Reserve account. The revalued amount of Rs. 22,171,368
(previous year Rs. 22,171,368) stands substituted for historical cost
of Rs.367,340 (previous year Rs.367,340).
4. Deferred Tax Assets arising from timing difference are not
recognised as there is no virtual or reasonable certainty that these
would be realised in future.
5. The Company has not received any information from suppliers
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures in this respect have not
been given. This has been relied upon by the Auditors.
6. In the opinion of the Management, the Current Assets, Loans and
Advances and Investments have a value on realisation in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance Sheet. The provision for depreciation and for all
the known liabilities is adequate and not in excess of what is
required.
7. Related party disclosures:
(a) List of related parties:
(i) Parties where control exists:
Jumbo World Holdings Ltd. (Ultimate Holding Company)
Jumbo Investments Ltd. (Immediate Holding Company)
(ii) Other Associates with whom the Company has entered into
transactions during the year:
Narmada Gelatines Ltd., Dandvati Investments & Trading
Co. Pvt. Ltd.
(iii) Fellow Subsidiaries:
Jumbo World Holdings (India) Ltd., Harshit Finlease &
Investments Pvt. Ltd.
(c) No amount pertaining to related parties has been provided for as
doubtful debts/advances or written off/ written back during the year,
other than as stated above.
(d) Other related parties:
Aasman Management Services Pvt. Ltd.; Alfamont (Mauritius) Ltd.; Camry
International FZE; Firestorm Electronics Corporation Pvt. Ltd.; GWL
Properties Ltd.; Jerom Trading & Investment Pvt. Ltd.; Jumbo
Electronics Company Ltd. (LLC); Jumbo Electronics Corporation Pvt.
Ltd.; Orson Video (P) Ltd.; Phonegarage.com India Pvt. Ltd.; Primo
Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin International Ltd.
All the above companies are controlled directly/indirectly by the heirs
of Late Mr. M R Chhabria, through Jumbo World Holdings Limited and its
various subsidiary/associate companies.
8. Additional information pursuant to Part II of Schedule VI to the
Companies Act, 1956.
The Company has not carried out any activity/ incurred any expenditure
(other than those disclosed elsewhere in the accounts) which requires
disclosure under Part II of Schedule VI to the Companies Act, 1956.
9. Previous year's fgures have been regrouped / rearranged wherever
necessary to conform to the current year's presentation.
Mar 31, 2010
As at As at
31st March,2010 31st March,2009
Rupees Rupees
1. Contingent Liabilities not
provided for in respect of:
Claims against the Company not
acknowledged as debts: Claims by
a) Vendors and service providers 1,25,35,871 1,13,59,080
b) Custom authorities 72,64,445 72,64,445
c) Customers 8,72,35,399 8,16,58,838
d) Workers/Staff Members 10,27,101 9,59,997
Total 10,80,62,816 10,12,42,360
* The Company entered into a Memorandum of Understanding ("MoU") with
Watumull Trust ("Vendor") on 12th April, 2006 for purchase of the
office premises at Udyog Bhavan, Ballard Estate, Mumbai. However, the
Vendor has disputed the MoU; a legal suit has been filed by the Company
in February, 2008 against the Vendor in the High Court Judicature of
Bombay.
2. The Company had revalued the Buildings as on 31.03.1993 based on
independent valuers report and the net increase was credited to
Revaluation Reserve Account. The revalued amount of Rs.22,171,368
(Previous year Rs.22,171,368) stands substituted for historical cost of
Rs.367,340 (Previous year Rs.367,340).
3. Deferred Tax Assets arising from timing difference are not
recognised as there is no virtual or reasonable certainty that these
would be realised in future.
4. The Company has not received any information from suppliers
regarding their status un^er the Micro, Small and Medium Enterprises
Development Act, 2006 and hence, disclosures in this respect have not
been given. This has been relied upon by the auditors.
5. In the opinion of the management, the Current Assets, Loans and
Advances and Investments have a value on realisation in the ordinary
course of business, at least equal to the amount at which they are
stated in the Balance Sheet. The provision for depreciation and for all
the known liabilities is adequate and not in excess of what is
required.
5. The Company has determined the liability for Employee Benefits as
at March 31, 2010 in accordance with the revised Accounting Standard 15
- Employee Benefits prescribed in Companies (Accounting Standards)
Rules, 2006.
7. Related Party Disclosure: (a) List of related parties:
(i) Parties where control exists:
- Jumbo World Holdings Limited (Ultimate Holding Company)
- Jumbo Investments Limited (Immediate Holding Company)
(ii) Other Associates with whom the Company has entered into
transactions during the year:
- GWL Properties Limited
- Narmada Gelatines Limited
- Dandvati Investments & Trading Company Private Limited
(c) No amount pertaining to related parties has been provided for as
doubtful debts/advances or written off/written back during the year.
(d) Other related parties:
Aasman Management Services Pvt. Ltd.; Alfamont (Mauritius) Ltd.;
Alfamont Ltd.; Camry International FZE; Firestorm Electronics
Corporation Pvt. Ltd.; Harshit Finlease & Investments Pvt. Ltd.; Jerom
Trading & Investment Pvt. Ltd.; Jumbo Electronics Company Ltd. (LLC);
Jumbo Electronics Corporation Pvt. Ltd.; Jumbo World Holdings (India)
Ltd.; Orson Video Pvt. Ltd.; Phonegarage.com India Pvt. Ltd.; Primo
Enterprises Pvt. Ltd.; SMN Engineers Ltd.; Solvin International Ltd.
All the above companies are controlled directly/indirectly by the heirs
of Late Mr. M. R. Chhabria, through Jumbo World Holdings Limited and
its various subsidiary/associate companies.
8. The computation of Basic and Diluted Earnings per Share:
9. ADDITIONAL INFORMATION PURSUANT TO PART-II OF SCHEDULE VI TO THE
COMPANIES ACT, 1956.
The Company has not carried out any activity/incurred any expenditure
(other than those disclosed elsewhere in the accounts) which requires
disclosure under Part II of Schedule VI to the Companies Act, 1956.
10. Previous years figures have been regrouped/rearranged wherever
necessary to conform to the current years presentation.
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