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Moneycontrol.com India | Notes to Account > Diamond Cutting & Jewellery & Precious Metals > Notes to Account from C Mahendra Exports - BSE: 533304, NSE: CMAHENDRA
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C Mahendra Exports

BSE: 533304|NSE: CMAHENDRA|ISIN: INE378J01013|SECTOR: Diamond Cutting & Jewellery & Precious Metals
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C Mahendra Exports is not traded in the last 30 days
C Mahendra Exports is not traded in the last 30 days
Mar 14
Notes to Accounts Year End : Mar '15
 1. Terms / rights attached to Equity shares
 
 The Company has only one class of equity shares having a par value of
 ''10 per share. Each holder of equity shares is entitled to one vote per
 share.
 
 In the event of the liquidation of the Company, the holder of equity
 shares will be entitled to receive remaining assets of the Company,
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of equity shares held by the
 shareholders.
 
 2. Terms / rights attached to 6% Redeemable Preference shares
 
 During year ended 31 March 2010 the Company has issued 12,500,000 6%
 Redeemable Preference shares of '' 10 each at '' 100 each (including '' 90
 premium). Each holder of 6% Redeemable Preference shares is entitled to
 one vote per share only on resolution place before the Company which
 directly affect the right attached to 6% Redeemable Preference shares.
 
 6% Redeemable Preference shares shall be redeemable in 3 equal
 installments commencing from 7th, 8th and 9th year from the date of
 issue i.e. 27/03/2010.
 
 3. Segmental reporting
 
 The Company has only one business segment viz. Gems and Jewellery,
 which is being considered as the primary segment.
 
 The financial information about business segment is not applicable
 since segment results / revenue / assets of the wind mill business are
 not more than 10 percent of the combined business results / revenue /
 assets.
 
 4. Related party disclosures
 
 i. Related party relationships:
 
 a) Subsidiaries (where control exist)
 
 : C. Mahendra International Limited - India
 C. Mahendra NV (Formerly known as C Mahendra BVBA) -Belgium
 Ciemme Jewels Limited - India
 C. Mahendra Exports (H.K.) Ltd. - Hongkong
 C. Mahendra (USA) Inc. - USA
 International Gems & Jewellery FZE - UAE
 Al Daspa Gems & Jewellery FZE - UAE
 
 C. Mahendra DMCC - UAE
 C. Mahendra Trading - India
 C. Mahendra International Limited - Mauritius
 Ciemme Entertainment Pvt.Ltd - India
 
 b) Key Management Personnel
 
 Mahendra C Shah (Chairman and Executive Director)
 Champak K Mehta (Manging Director)
 Sandeep M Shah (Upto 29/12/2014, Executive Director)
 Babulal V Virvadia (Chief Financial Officer)
 Swapnil Dafle (Company Secretary)
 
 c) Relative of key management personnel
 
 : Moghiben C. Shah
 Dipika C. Mehta
 Rasilaben M. Shah
 Vikram M. Shah
 Sandeep M. Shah
 Hansa P. Mehta Hemali
 J. Shah Nayna P. Mehta
 Jignesh M. Shah
 Kanu C. Shah
 Prakash K. Mehta
 Suresh K. Mehta
 Paras C. Mehta
 Alka K. Shah
 Krupa S. Shah
 Kevin P. Mehta
 Sadhana S.Mehta
 Pravin K. Mehta
 Pravin C. Shah
 Ramila P. Shah
 Samir S. Shah
 Suken Shah
 Suresh K. Mehta
 Sweety P. Shah
 Vipul B. Virvadia
 Bhavin B. Virvadia
 
 d) Enterprises in which key : management personnel have significant
 influence
 
 C. Mahendra Commodities Private Limited
 C. Mahendra Capital Ltd.
 Champak K. Mehta (HUF)
 Mahendra C. Shah (HUF)
 Infojewels (India) Private Limited
 Polo Developers Private Limited
 Ashesha Trading Private Limited
 CM Infojewels Private Limited
 
 e) Enterprises in which relative of : key management personnel have
 significant influence
 
 C. K. Shah (HUF)
 Kanu C. Shah (HUF)
 Pravin C. Shah (HUF)
 Allright Trading Private Limited
 KPM Dimon LLC
 
 5. Contingent liabilities and Commitments
 
 Particulars                                        As at       As at
                                                31/03/2015   31/03/2014
                                                  (Rs.)          (Rs.)
 
 Contingent liabilities (not provided for):
 
 Guarantee given to banks in respect of
 credit facilities sanctioned to a
 subsidiary company (USD 11,000,000;
  as at 31/03/2014 USD 12,000,000)            689,048,800    721,797,600
 
 Bond executed in favour of The President
 of India towards manufacture of
 goods for exports                            441,740,000    441,740,000
 
 Bond executed in favour of The President
 of India towards provisional
 release of seized goods                      30,622,000      30,622,000
 
 Bank guarantee in favour of President
 of India towards Bonded Warehouse             2,600,000       2,600,000
 
 Disputed penalty under Customs Act           11,000,000      11,000,000
 
 Disputed service tax liabilities             20,174,407      20,174,407
 
 Disputed income tax liabilities             259,581,739     111,997,722
 
 Unpaid Lease rent payment                      1,80,000               
 
 The Company has received notice U/s 147 of the Income tax Act, 1961 for
 reopening of AY 2007-08, 2008-09, 2009-10 & AY 2010-11 for alleged
 bogus purchase. The assessment proceeding are yet to be commenced.
 
 6. a) The Consortium of the bankers which had granted various working
 and export facilities have withdrawn these facilities and have called
 upon the Company to repay their outstanding. to the promoters,
 guarantors and also to the companies who have provided corporate
 guarantees.. Further the banks have issued notice of Securitisation and
 Reconstruction of Financial Assets and Enforcement of Security Interest
 Act 2002.
 
 b) Most banks had not provided bank confirmations (including working
 capital facility and overdraft) since the accounts are freezed by the
 consortium of banks as a result facility has been ceased to be
 operational.
 
 c) The Company has provided for interest upto the period where it has
 been charged by the banks. No interest is provided by the Company
 amounting to Rs. 915,371,518 where the banks has not intimated to the
 Company.
 
 d) After the balance sheet date symbolic possession has been taken of
 most office premises of the company.
 
 7. Trade receivables amounting to Rs. 11,949,340,981 and Loans and
 advances receivable amounting to Rs. 87,185,015 are outstanding for
 more than one year.
 
 b) The account of Trade Receivables, Loans and Advances and Trade
 Payables are however, subject to formal confirmations/reconciliations
 and consequent adjustments, if any. The management does not expect any
 material difference affecting the current period''s financial statements
 on such reconciliation/adjustments.
 
 c) During the year the company had send notices to its overseas
 customers. No response is received from the overseas customers but the
 company is hopeful of the recovery.
 
 d) Amounts receivable and payable from same party are netted off for
 presentation in the financial statements.
 
 8.  During the year, share of loss from Investment in partnership firm
 - M/s C Mahendra Trading is not considered.
 
 9.  In view of loss incurred no provision is made for Dividend on
 12,500,000 no of 6% Redeemable Preference shares of Rs. 10 each as on
 31st March, 2015 which amounts to Rs. 7,500,000/- (PY Nil).
 
 10.  The Company Secretary and Chief Financial Officer have resigned on
 01/04/2015. In the absence of the Company Secretary and Chief Financial
 Officer, these financial statements have not been authenticated by
 Company Secretary and Chief Financial Officer under Section 203 of
 Companies Act, 2013.
 
 11.  Pursuant to the Companies Act, 2013 (the Act) coming in to
 effect from April1, 2014, the Company has not realigned the remaining
 useful life of its fixed assets in accordance with the provision
 prescribed under Schedule II to the Act.. However the depreciation has
 continued to provide depreciation on written down value method except
 plant and machinery relating to Windmill at the rates and in the manner
 specified in erst while Schedule XIV of old Companies Act, 1956.
 Depreciation on Windmill is provided on straight line method. Leasehold
 land is amortised over the lease period. Due to above the impact in
 financial statement could not be ascertained.
 
 12.  There were disputes among promoters. The management is of the
 opinion that no adjustment is required to be made on account of the
 disputes.
 
 13.  Sundry balance written off includes Rs. 25,682,264/- being
 reversal of part amount of insurance claim receivable provided in
 earlier years. As the Hon''ble Bombay High Court order has been
 contested by the Insurance Company
 
 14. a) Small scale undertakings to whom the company owes a sum which is
 outstanding for more than 30 days at the Balance Sheet is not
 available. In view of this, information required to be furnished is not
 given.
 
 b) Suppliers/ Service providers covered under Micro, Small Medium
 Enterprises Development Act 2006 have not furnished the information
 regarding filing of necessary memorandum with the appropriate authority.
 In view of this, information required to be disclosed u/s 22 of the said
 Act is not given.
 
 15.During the year the company has incurred heavy loss in the year under
 review and due to the company turning into NPA, the Company is yet to
 initiate its Corporate Social Responsibility (CSR) activities as per
 Section 135 of the Companies Act, 2013.
 
 16. Previous year''s figures have been regrouped or rearranged, wherever
 considered necessary to conform to current year''s presentation. Figures
 in bracket are in respect of previous year.
Source : Dion Global Solutions Limited
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