| 1. 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.
2. Gratuity and other post-employment benefit plans
Under the gratuity plan, every employee who has completed atleast five
years of service gets a gratuity on departure @15 days of last drawn
salary for each completed year of service.
3. The Company has made provision as per the Gratuity Act since there is
only one employee who has completed above five years of service in the
company.
4. Segment information
The Company has only one reportable business segment and one
geographical segment under Accounting Standard 17 on Segment Reporting.
5. Relatives of key
Managerial personnel
1) Key Managerial Personel Mr. B S Raju Whole time director
Mr.S. Ananda Reddy CFO
Mr. T Thirumalesh Company Secretary
Holding Company M/s. Midwest Granite Pvt. Ltd.
31 March,2015 31 March,2014
Rs. in Lacs Rs. in Lacs
6. Contingent liabilities
Contingent liability not provided for :
a. Un expired Bank Guarantee 14.40 14.40
b. Corporate Guarantee given by 175.00 175.00
M/s. Midwest Granite
Pvt. Ltd. In favor of President of India
c. Bond in favor of President of India . 10.00 10.00
on account of central excise
d. Bond in favor of President of India 468.23 468.23
on account of custom
f Customduty (Refer Note No. B -7) 15.01 15.0
Note No. B-7 - The Company has received a show cause Notice from
customs Department towards differencial duty under Notification No.2/95
Dated 01/04/95 to the tune of Rs. 15.01 Lakhs. The company has made
appeal against this and the same is pending before the concerned
authorities.
7. Details of dues to micro and small enterprises as defined under the
MSMED Act, 2006
As informed to us there are no Micro and Small Enterprises to whom the
company owes dues, which are outstanding for more than 45 days as at
march 31 2015. This information required to be disclosed under the
Micro, Small and Medium Enterprises Development Act, 2006 has been
determined to the extent such parties have been identified on the basis
of information available with the company.
8. Sundry debtors includes amount due from company under the same
management Rs. -Nil- (Previous year Rs. -Nil- ) maximum amount due at
any time during the year Rs. -Nil-
9. Sundry Creditors, Other Liabilities, Sundry Debtors, Loans and
Advances are subject to confirmatiom. Sundry Debtors includes Rs.
399.42 lakhs outstanding more than three years out of which 132.32
lakhs claim was filed with united states bankruptcy court, USA since
the party filed the bankruptcy petition with the said court.
10. In the opinion of the management, the current assets, loans and
advances are expected to realize at least the amount at which they are
stated, if realized in the ordinary course of business and provisions
for all known liabilities have been adequately made in the accounts.
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