| 1. CORPORATE INFORMATION
Mayur Leather Products Limited (the Company) is a publicly held Company
engaged in the manufacturing and export of Leather Shoes and Shoe
Uppers and company is also engaged in Restaurant activity. The majority
sales of the Company comprises of exports. The Company is engaged in
production of industrial shoe / uppers segment both internationally and
in the domestic market. The Equity Shares of the Company are presently
listed with the Bombay Stock Exchange Limited (BSE).
2. LEASES
As a Lessee
(1) Finance Lease
There is no Finance Lease taken by the Company during the year.
(2) Operating Lease
(i) The total of future minimum lease payments under non-cancelable
operating lease for each of the following periods :-
(a) Not later than one year Nil
(b) Later than one year and not later than five years Nil
(c) Later than Five Years Nil
(ii) Lease payments recognized in the statement of profit & loss for
the year ended on 31st March, 2015 is Rs50.39(50.39)Lacs.
(iii) The Company has given sub-lease during the year 30.93 (24.30)
Lacs.
3 DECLARATION & PAYMENT OF DIVIDENDS
Company fails to comply the provisions of Sec. 123 sub clause (4) of
companies Act 2013 with regard to deposit of interim dividend in
schedule bank in a separate account within five days from the date of
declaration of dividend hence resulted into delay in dispatch of
dividend warrant & delay in payment of tax payable on dividend as per
income tax Act 1961.
4. The company reassessed the useful life of fixed assets as per part
C of schedule II of the Companies Act, 2013. This has resulted in
higher depreciation amounting to Rs 26.86 lacs for the year ended 31st
March 2015.
5. Company has accounted Export benefit on account of Duty Credit
Scrip (Focus Product) on the basis of Actual realization of export
sales.
6. In the opinion of the management and to the best of their
knowledge and belief the value of realization of advances and other
current assets in the ordinary course of business will not be less than
the amount at which they are stated in the Balance sheet.
7. The debit & credit balances of suppliers are subject to
confirmation and reconciliation.
8. The Company did not have convertible, partly convertible
debentures as on 31st March, 2015.
9. Figure in brackets denotes figures for previous year ended on 31st
March, 2015.
10. Figures for Previous year are regrouped and rearranged wherever
necessary.
|