1. Company Information
Marathwada Refractories Ltd (the company) is a company engaged in the
activities relating to production, manufacture or trade refractories of
all kind and bricks of all types and varieties with different
properties and components.
2. Basis of Preparation of Financial Statements
The financial statements have been prepared to comply in all material
respects with the notified accounting standard by Companies Accounting
Standards Rules, 2006 and the relevant provisions of the Companies Act
1956. The financial statements have been prepared under the historical
cost convention on an accrual basis in accordance with accounting
principles generally accepted in India.
The accounting policies have been consistently applied by the Company
and are consistent with those used in the previous year. The Company is
not a Small and Medium Sized Company (Non SMC) as defined in the
General Instructions in respect of Accounting Standards notified under
the Companies Act 1956, Accordingly, the Company has complied with the
Accounting Standards as applicable as such.
3.1. Share capital
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. The company declares and pays dividends in Indian rupees.
The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
During the year, the company has not proposed for any dividend payable
to the share holders.
In the event of Liquidation, Equity Share holders are entitled to
receive the assets of the company remaining after distribution of all
preferential amount, in proportion to the number of shares held by them
All Preference shares are redeemable at the end of 7th year from the
date of issue. In the event of Liquidation of the company the
Preference Share holders will have priority over equity share holders
in the payment of dividend and repayment of capital
3.2. Related Party Disclosure
Names of Related Parties and Related Party relations Ships
Member Sushil Mantri
Director & Key Managerial Personnel Prakash G. Hegde
Director & Key Managerial Personnel H. S. Girish Gupta
Related Party Transactions
There are no transactions entered into by the company which requires
disclosure as per Accounting Standards 18-Related Party Disclosure.
3.4. Capital and Other Commitments
There are no commitments of capital or other nature falling on the
company except those disclosed in the notes above and as on the
reporting date, no such commitments are due to be settled or which
requires outflow of cash or cash equivalent.
3.5. Contingent Liabilities
There are no possible obligation on the company as on the reporting
date, that may probably require an outflow of resources from the
company and as such no disclosure is required for any Contingent
3.6. Previous Year Figures
Pursuant to the adoption of Revised Schedule VI for Preparation and
Presentation of Financial Statements, previous year figures are grouped
and reclassified according to the requirements as per Revised Schedule