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Mohan Meakin

BSE: 590039|ISIN: INE136D01018|SECTOR: Breweries & Distilleries
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Mohan Meakin is not traded in the last 30 days
Mohan Meakin is not listed on NSE
Mar 09
Notes to Accounts Year End : Mar '10
As at        As at
 
                                               March 31,
                                               2010         March 31,
                                                            2009
 
                                               Rs.          Rs.
 
 1.  Contingent liabilities not provided 
     for * In respect of
 
 
 
 (a) Excise, customs duty, service tax 
     and penalty/Interest demands             3,26,13,082   1,97,62,941
 
 (b) Income-tax and surtax matters 
     (excluding for those matters where 
     a favourable order is available for 
     other years)                             4,23,94,875   4,75,76,069
 
 (c) Sales tax matters                        7,92,40,303   7,05,74,820
 
 (d) Claims against the company not 
     acknowledged as debts                    3,05,96,767   2,34,09,704
 
 - all the above matters are subject to
   legal proceedings in the ordinary 
   course of business. The legal 
   proceedings, when ultimately concluded 
   will not, in the opinion of management, 
   have a material effect on results of 
   operations or financial position of
   the Company.
 
 2.  Estimated amount of contracts 
     remaining to be executed on capital
     account (net of capital advances of 
     Rs.Nil; previous year Rs.3,00,000 
     shown under the head loans and 
     advances) and not                              -          5,71,922
 
     provided for
 
 
 3.  Excise duty attributable to finished goods sold during the year is
 reduced from Sales in the Profit and Loss Account. Increase/ (decrease)
 in excise duty on finished goods has been shown under the head
 Manufacturing and other expenses in schedule 11.
 
 4. In respect of the lease hold land at Salempur Industrial Area,
 Hathras, Uttar Pradesh, purchased from the U.P State Industrial
 Development Corporation Limited (UPSIDC) on installment payment basis,
 physical possession of 330 acres (approximately) of land out of the
 total 830 acres is yet to be received from UPSIDC. Although the
 possession letter for the entire piece of land has been issued by
 UPSIDC, in view of claims on 330 acres of land costing Rs.35,662,397
 (including Rs. 14,091,309 lying under capital work in progress) by
 Forest Department and certain farmers, the Company has not paid the
 installments due to UPSIDC, forwhich UPSIDC has served a notice to
 terminate the lease deed and forfeit the amount already paid. The
 Company had filed a writ petition in the High Court of Allahabad
 challenging the said notice along with waiver of interest claimed by
 UPSIDC as only part possession of land has been given. The High Court
 vide its order dated September 4, 2009 has disposed off the petition
 with a direction to UPSIDC to take a final decision on the objections
 raised by the Company in accordance with the law and the matter is
 presently pending with UPSIDC. The Management is confident that the
 matter would be rescinded in favour of the Company.
 
 Provision for incremental gratuity liability in respect of a whole time
 Director has not been considered above, since the provision is based on
 an acturial basis for the Company as a whole.
 
 Computation of net profit in accordance with section 198 of the
 Companies Act, 1956 has not been given as in view of inadequancy of
 profits, remuneration has been paid in accordance with schedule XIII to
 the Companies Act, 1956.
 
 5.  Related party disclosures under Accounting Standard-18 A.  Name of
 related party and relationship
 
 i) Associate Companies : National Cereals Products Limited (NCPL),
 Mohan Closures Limited (MCL), Himalayan Brewery Limited (HBL)
 
 ii) Key Managerial Personnel: Brig. (Dr.) Kapil Mohan, Mr. Hemant Mohan
 and Mr. P.D.Goswami.
 
 iii) Relatives of Key Managerial Personnel: Mrs. Pushpa Mohan (Wife of
 Brig, (Dr.) Kapil Mohan), Mrs. Seema Bakshi (Daughter of Brig. (Dr.)
 Kapil Mohan), Mrs. Usha Mohan (Mother of Mr.  Hemant Mohan), Mrs.
 Poonam Narang (Sister of Mr. Hemant Mohan), Mr. Vinay Mohan (Brother of
 Mr. Hemant Mohan), Mrs.  Molina Chandra (Sister of Mr. Hemant Mohan),
 Mrs. Satya Goswami (Wife of Mr. P.D.Goswami) and Mrs.Veena Malik
 (Daughter of Mr. P.D Goswami)
 
 iv) Enterprises over which Key Managerial Personnel and/ortheir
 relativesexercisesignificantinfluence: Mohan Rocky Springwater
 Breweries Limited (Brig. (Dr.) Kapil Mohan and Mr. Vinay Mohan are
 Directors), Seema Polutry Farm, Mohan Dairy Farm and New Dairy Farm
 (proprietory concerns of Brig. (Dr.) Kapil Mohan), Modern Dairy Farm
 (proprietory concern of Mrs. Pushpa Mohan), Trade Links Private Limited
 (Mr. Vinay Mohan is a whole time Director), Mohan Shakti Trust (Brig.
 (Dr.) Kapil Mohan isChairman, Mr. Hemant Mohan and Mr. P.D. Goswami are
 Trustee) and Narinder Mohan Foundation (Brig. (Dr.) Kapil Mohan is
 Chairman and Mr. Hemant Mohan is Trustee)
 
 6. Related party disclosures under Accounting Standard-18 (contd.)
 
 7.  Segment reporting
 
 A.  Business segments
 
 Based on the guiding principles given in Accounting Standard (AS) -17
 Segment Reporting notified by the Companies (Accounting Standard)
 Rules, 2006, the Companys business segments include: Alcoholic
 products (including whiskies, brandies, gins, beers, rums and glass
 bottles etc.) and Non-alcoholic products (including juice, vinegar,
 mineral water, breakfast foods and malt extract etc.).
 
 B.  Geographical segments
 
 Since the Companies activities / operations are primarily within the
 country and considering the nature of products / services it deals in,
 the risks and returns are same and as such there is only one
 geographical segment.
 
 C.  Segment accounting policies
 
 In addition to the significant accounting policies applicable to the
 business segment as set out in note 1 of Schedule 13 Notes to the
 Accounts, the accounting policies in relation to segment accounting
 are as under:
 
 a.  Segment assets and liabilities
 
 Segment assets include all operating assets used by a segment and
 consist principally of operating cash, debtors, inventories and fixed
 assets, net of allowances and provisions which are reported as direct
 offsets in the balance sheet. Segment liabilities include all operating
 liabilities and consist principally of creditors and accrued
 liabilities. Segment assets and liabilities do not include investments,
 share capital, reserves and, surplus, loan funds, dividends payable,
 income-tax (current, deferred and fringe benefit tax) and certain other
 assets and liabilities not allocable to the segments on a reasonable
 basis. While most of the assets/liabilities can be directly attributed
 to individual segments, the carrying amount of certain assets /
 liabilities pertaining to two or more segments are allocated to the
 segments on a reasonable basis.
 
 b.  Segment revenue and expenses
 
 Joint revenue and expenses of segments are allocated amongst them on a
 reasonable basis. All other segment revenue and expenses are directly
 attributable to the segments.
 
 c.  Unallocated expenses
 
 Unallocated expenses represents general administrative expenses,
 head-office expenses and other expenses that arise at the Company level
 and relate to the Company as a whole. As such, these expenses have not
 been considered in arriving at the segment results.
 
 8. Employee Benefits.
 
 The Company has recognised the various employee benefits provided to
 employees as under
 
 ii) Defined benefit plans
 
 a) Gratuity
 
 b) Compensated absences - Earned leave
 
 VI.  Detail of plan assets :- Funded with DC #
 
 - Excluding premium of Rs. NIL; (previous year Rs.6,28,391) paid to LIC
 for additional benefits.
 
 - The plan assets are maintained with Life insurance Corporation of
 India Gratuity Scheme. The details of nvestments maintained by the Life
 Insurance Corporation are not made available to the Company and have
 therefore not been disclosed.
 
 (a) As certified by the officials of the Company and accepted by the
 Auditors without verification, being a technical matter.
 
 (b) Includes 17,43,000 LPL transferred to Macdonald Mohan Distillers
 Limited, a joint venture company which is under liquidation.
 
 (c) Includes production for captive consumption but does not include
 302 MT (previous year 256 MT) produced as a by-product in one unit and
 consumed by the same unit.
 
 (d) Includes production for captive consumption.
 
 (e) Within overall licensed capacity of beer.
 
 - The above figures do not include consumption for repairs, etc.
 debited to the relevant accounts, as the amounts are not readily
 ascertainable.
 
 9.  Foreign currency exposures that are not hedged by derivative
 instruments or otherwise is as follows
 
 10.  Previous years figures have been recast, wherever necessary.
 
 
Source : Dion Global Solutions Limited
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