Mangalore Refinery and Petrochemicals
BSE: 500109 | NSE: MRPL | ISIN: INE103A01014 | Refineries
- Directors Report
- Chairman's Speech
- Auditors Report
- Notes To Accounts
- Accounting Policy
- Finished Products
- Raw Materials
| Notes to Accounts | Year End : Mar '08 |
1. Contingent Liabilities not provided for in respect of : 1.1 Corporate Guarantee given by the Company towards loan of Rs.3,372.30 Million sanctioned by certain bankers / financial institutions to New Mangalore Port Trust (NMPT) for construction of Jetties. Amount outstanding as at the close of the year is Rs.230.27 Million (Previous Year Rs.469.82 Million). 1.2 Claims against the Company not acknowledged as debt Rs.457.35 Million (Previous Year Rs.474.69 Million). 1.3 Disputed tax/Duty demands pending on appeal: a) Income Tax : Rs. 833.84 Million (Previous Year Rs.219.11 Million); b) Commercial Tax: Rs.3,381.72 Million (Previous Year Rs. 3,731.71 Million) - includes Rs.474.16 Million relating to projects (Previous Year Rs. 474.16 Million). (Against this Rs.471.02 Million is paid under protest and included under loans & advances); c) Excise Duty: Rs. 173.53 Million (Previous Year Rs. 342.59 Million), (against this Rs,41.45 Million is paid under protest and is included under loans & advances; d) Customs Duty: Rs. 126.67 Million (previous year Rs.31.62 Million). 1.4. The estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs 2,775.79 Million (Previous Year Rs. 2,870 Million). 2 Loans and Advances : 2.1 Loans to employees / Port Trust represents Loans to employees/ port trust having repayment schedule of more than seven years, balance outstanding is Rs. 528.80 Million (Previous Year Rs. 501.47 Million). 2.2 Loans and advances include refund claims for Custom Duty orr project imports Rs.378.70 Million (Previous year Rs.378.70 Million) and Central Sale Tax Rs.309,32 Million (Previous year 366.91 Million). A further refund due towards Commercial Taxes Rs.2,884.43 Million is also included therein for which there is a matching liability to pay to customers on receipt of the refund which is included under sundry creditors - others 4. The Company has yet to receive response of its confirmation letters from some of the Sundry Debtors , Loans and Advances and Sundry Creditors. Reconciliation and adjustment will be effected on receipt of confirmations which in the opinion of the management will not be significant. 5. Accounting of State Level VAT To fall in line with the Guidance note on accounting of State- level VAT issued by the Institute of Chartered Accountants of India, the company has changed its accounting policy on sale of products to exclude the state level VAT which was hitherto included in the sale of products. Consequently the sale of products and expenditure on sales tax are lower by Rs. 2,153.09 Million (previous year Rs. 1,687.48 Million) 6. Provision for Wage Revision: The wage revision of management and non-management cadres is due effective from 01.01.07 and 01.04.07 respectively. During the year a provision of Rs. 165.00 Million towards the said wage revision has been made on estimated basis. 7. Following expenses are included under other heads of expenses. a) Stores and spares consumed Rs 339.56 Million (Previous Year Rs. 245.48 Million). b) Insurance Rs. 11.37 Million (Previous year Rs. 18.14 Million) 8. Dues to Micro, Small & Medium enterprises: The classification of the suppliers under Micro, Small and Medium Enterprises Development Act, 2006 is made based on the submission of the registration certificate under the said Act by the suppliers. The outstanding to the Micro, Small & Medium Enterprise more than 16 days of closing date is NIL. 9. Forward Contracts to cover Forex Risk: Forward contracts to the tune of US8 Million are outstanding as on 31.03.08, which were entered into, to hedge the risk of changes in foreign currency exchange rates on future export sales against existing long term export contract. The notional mark to market loss on these unexpired contracts as on 31.03.2008 amounting to Rs.120.47 Million has not been considered in the financial statements. The actual loss/gain could vary and be determined only on settlement of the contract on their respective due dates, 10 Employee Terminal Benefits: (A) Brief Description : A general description on the type of Defined Benefit Plans is as follows: a) Earned Leave Benefit (EL) Accrual - 32 days per year Accumulation up to 300 days allowed EL accumulated in excess of 60 days is allowed for encashment while in service b) Sick Leave (SL) Accrual - 10 days per year Encashment while in service is not allowed Encashment on retirement in permitted and entire accumulation is allowed for encashment c) Gratuity 15 days salary for every completed year of service. Vesting period is 5 years and the payment is restricted to Rs.3.50 lacs d) Long Service Emblem On completion of each milestone of service from the date of joining and also at the time of retirement, employees will be gifted with Gold Coin, weight depends on the milestone of service completed. e) Post Retirement Medical Benefits After retirement, on payment of one time employees share of premium, the employee and his/her spouse will be covered under Group Medical Insurance. |
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| Source : Religare Technova | |
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