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SENSEX NIFTY India | Notes to Account > Construction & Contracting - Civil > Notes to Account from Mukand Engineers - BSE: 532097, NSE: MUKANDENGG

Mukand Engineers

BSE: 532097|NSE: MUKANDENGG|ISIN: INE022B01014|SECTOR: Construction & Contracting - Civil
Oct 17, 16:00
-0.17 (-1.43%)
VOLUME 14,628
Oct 17, 15:45
-0.2 (-1.71%)
VOLUME 2,326
Mar 16
Notes to Accounts Year End : Mar '17

1. The Company has issued only one class of shares referred to as equity shares having par value of ''10/-. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all the preferential amount, in the proportion of the number of equity shares held by each shareholder.

2. Nature of security for short term Loans

Cash credit facility from Central Bank of India is secured by :

(i) Hypothecation of all, present and future, stocks, book debts and fixed assets of the company excluding assets taken on hire purchase.

(ii) Pledge of 681,200 equity shares of Mukand Ltd.

(iii) Corporate Guarantee given by an Associate Company.

3. The Company has, as at 31st March, 2017 loans aggregating Rs.44,300,000/- (Previous Year - Rs.58,800,000/-) and interest recoverable thereon aggregating Rs.22,271,683/- (net of provision) (Previous Year - Rs.29,228,810/-) due from investment companies. The net worth of these companies has eroded. On the basis of undertaking by these companies to pay the principal amount along with interest, (accrued up to 31st March, 2003) the Company had agreed to waive interest on these loans with effect from 1st April, 2003. As a matter of prudence, the Company had already stopped accounting for interest income on these loans with effect from 1st April, 2003. The management, based on its assessment of the estimated realizable values of the financial assets of these companies, believes that the Company would still be able to recover the loans and interest as mentioned above



5. Unallocated income includes interest received Rs.42,89,223/- (Previous Year Rs.5,666,174/-).

6. Unallocated assets mainly relate to loans to Companies, Advance tax and Investments. Unallocated Liabilities mainly relates to Loan Funds and Tax Liabilities.

7. Interest and Finance Cost is net of interest income from Trade Dues.


8. Segments have been identified in line with the Accounting Standard (AS) 17 on Segment Reporting taking into account the organization structure as well as the differential risks and returns of these segments.

9. The Company has disclosed Business Segment as the primary segment.

10. Types of products and services in each business segment :

Business Segment Types of Products and Services

a) Construction - Construction and Engineering Activities

b) Infotech - ERP Implementation and Infotech Services

11. The Segment Revenues, Results, Assets and Liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis.

12. Secondary Segment Information - Geographical Segment :

The operations of the Company are, at present, only in India within a single Geographical Segment.

13. Trade Payables includes '' NIL (Previous Year - '' NIL) due to Micro Small & Medium Enterprises registered under Micro Small & Medium Enterprises Development Act, 2006 (MSME Act). During the year, no amounts have been paid beyond the appointed day in terms of MSME Act and there are no amounts paid towards interest. Further, there is no interest accrued / payable under the MSME Act at the close of the year.

The disclosure above is based on the information available with the Company regarding the status of suppliers under the said MSME Act.

14. As per section 73 of the Act, read with The Companies (Acceptance of Deposit) Rules, 2014, every Company having net worth less than '' 100 Crores or turnover less than '' 500 Crores, shall repay the deposits, on or before 31st March, 2015, accepted before the commencement of the Act, along with interest due thereon.

Though the Company has not made any default in repayment of deposits which were due on maturity dates, the Company not being an “Eligible Company”, was required to repay the deposits accepted before the commencement of the Act, on or before 31st March, 2015. The Company had preferred an appeal before the Company Law Board for granting permission to repay the deposits along with interest thereon on the respective maturity dates.

The Company Law Board by its order dated 19/05/2015, has granted the said permission to the Company subject to fulfilling of certain conditions therein. In view of the above, the Company has continued to repay its deposits along with its interest thereon, on the respective maturity dates.

During the year under review, the Company has repaid deposits to all the deposit holders who claimed their maturity Proceeds. The Company Communicates / sends letter & reminders to holders who have not claimed the maturity proceeds of their respective Fixed deposits. The balance of unclaimed deposits amounting to Rs 2,962,000/- has been shown under current liabilities which will be paid as & when claimed by the depositors.

15. The provisions of Section 135 of the Act, 2013 read together with the rules framed there under relating to CSR initiatives which need to be undertaken by specified companies are at present not applicable to the Company.

16. In the opinion of the Board of Directors, all items of Current Assets, Loans and Advances continue to have a realisable value of at least the amounts at which they are stated in the Balance Sheet, unless otherwise stated.

17. Balances of Trade Receivables, Loans & advances and Trade Payables are subject to confirmation and are as per books of account only. However, in the opinion of management, the reconciliation, if any will not have any material impact on Loss / Net worth of the Company for the year.

18. We hereby certify that the details of Specified Bank Notes (SBNs) as defined in the Notification of the Government of India, Ministry of Finances Department of Economic Affairs S.O. 3407(E) dated 8th November, 2016 of the denomination of ''500/and ''1000/- held and transacted during the period from 8th November, 2016 to 30th December, 2016 as follows:

19. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

Source : Dion Global Solutions Limited
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