Notes to Accounts of Madhav Marbles & Granites Ltd.

Mar 31, 2018

- Note: The cash credit facility is availed from IDBI Bank Limited and secured by pledge of fixed deposits.

- Considering the Company has been extended credit period up to 45 days by its vendors and payments being released on a timely basis, there is no liability towards interest on delayed payments under The Micro, Small and Medium

Enterprises Development Act, 2006" during the year.

There is also no amount of outstanding interest in this regard, brought forward from previous years. The above information is on basis of intimation received, on request made by the Company, with regards to vendors registration under the said act.

(1) Under previous GAAP, provision for taxation was presented as a part of short term provisions. Under Ind AS, provision for taxation is shown as net off against current tax assets. There is no impact on the total equity or profit as a result of this adjustment.

(2) Under the previous GAAP, dividends proposed by the Board of Directors after the Balance Sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend and tax thereon, included under provisions has been reversed with corresponding adjustment to retained earnings.

(1) Under the previous GAAP, investments in fixed maturity plans and other mutual funds were classified as long-term investments or current investments based on the intended holding period and reliability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognized in the Statement of Profit and Loss for the year ended 31 M arch 2017.

(2) Under the previous GAAP, dividends proposed by the Board of Directors after the Balance Sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, provision for proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting. Accordingly, the liability for proposed dividend and tax thereon, included under provisions has been reversed with corresponding adjustment to retained earnings.

(3) Under previous GAAP provision for taxation was presented as a part of short term provisions. Under Ind AS provision for taxation is shown as a deduction from current tax Assets. There is no impact on the total equity or profit as a result of this adjustment

36. Related party disclosures:

Related party disclosures, as required by IND AS - 24 "Related Party Disclosures are given below!

The Company has identified all the related parties having transactions during the year, as per details given below:

(i) List of related parties

Individual exercising control or significant influence.

Directors ! Mr. Ravi K umar Krishnamurthi (Chairman)

; Mr. Prakash K umar Verdia

I Mr. Roshan Lal Nagar

M anaging Director and relatives . Mr. Madhav D oshi

: M rs. Riddhima Doshi

Whole ''time Director . Mr. Sudhir D oshi

(ii) In respect of the outstanding balance recoverable as at March 31, 2018, no provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such related parties.

(iii) Transactions, etc. with Related Parties

1. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

2. Previous year figures have been regrouped wherever necessary.

3. Figures have been rounded off to nearest Rupees.

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Mar 31, 2016

(d) Rights, Preferences and restrictions attached to Equity Shares :

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 dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to shareholder approval in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.

‘Considering the Company has been extended credit period up to 45 days by its vendors and payments being released on a timely basis, there is no liability towards interest on delayed payments under “ The Micro, Small and Medium Enterprises Development Act, 2006” during the year.

There is also no amount of outstanding interest in this regard, brought forward from previous years. The above information is on the basis of intimation received, on request made by the Company, with regards to vendors registration under the said act.

#Trade Payables includes emoluments payable to employees for services rendered.

Note : Previous year figures are given in brackets.

1. Related Party Disclosures:

Related party disclosures, as required by Accounting Standard (AS) 18- “Related Party Disclosures” issued by the ICAI are given below:

The Company has identified all the related parties having transactions during the year, as per details given below:

(i) List of Related Parties

(a) Individual exercising control or significant influence.

Directors

Mr. Ravi Kumar Krishnamurthi (Chairman)

Mr. Prakash Kumar Verdia Mr. Roshan Lal Nagar Ms. Swati Yadav Managing Director and relatives

Mr. Ashok Doshi

Mr. Madhav Doshi, Son

Mrs. Riddhima Doshi, Daughter-in-Law

Whole-time Director

Mr. Sudhir Doshi

(ii) In respect of the outstanding balance recoverable as at 31st March 2016, no provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such related parties.

c) The liability for leave encashment and compensated absences as at year end is Rs. Nil/

d) Gratuity is administered through Group Gratuity Scheme with Life Insurance Corporation of India.

2. The Company has spent Rs 1617618/- (Previous year Rs 1090000) as required as per Section 135 of the Companies Act, 2013 read with Schedule VII towards expenditure related to Corporate Social Responsibility

3. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

4. Previous year figures has been regrouped wherever necessary.

5. Figures have been rounded off to nearest Rupees.

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Mar 31, 2015

NOTE 1 COMPANY OVERVIEW

Madhav Marbles & Granites Limited (the Company) is a public limited Company and listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is engaged in manufacturing, processing and trading of granite slabs / tiles, marble slabs / tiles and realty business. The Granite division is situated in Tamil Nadu and Trading/Realty business is carried at Udaipur.

2. Contingent liabilities not provided for in respect of (Rs. in lacs) As at As at Sr. No. Particulars 31.3.2015 31.3.2014

1. Bills discounted with Bankers Nil Nil

2. Bank Guarantee/ Letter of Credit issued by bank 127.14 105.98

3. Income Tax Liability (including penalty) that may 253.36 111.95 arise in respect of matters which are pending in appeal

4. Central Excise Liability (including penalty) that may 235.06 - arise of matters which are pending in appeal

5. Bond executed in favour of customs, excise and DGFT authorities 815.00 815.00

3. Related Party Disclosures:

Related party disclosures, as required by Accounting Standard (AS) 18- "Related Party Disclosures" issued by the ICAI are given below:

The Company has identified all the related parties having transactions during the year, as per details given below:

(i) List of Related Parties

(a) Individual exercising control or significant influence.

Directors

Mr. Ravi Kumar Krishnamurthi (Chairman)

Mr. Prakash Kumar Verdia Mr. Roshan Lal Nagar

Managing Director

Mr. Ashok Doshi

Mrs. Aruna Doshi, Wife

Mr. Madhav Doshi, Son

Mrs. Riddhima Doshi, Daughter-in-Law

Whole-time Director

Mr. Sudhir Doshi Mrs. Premia Doshi, Wife

c) The liability for leave encashment and compensated absenses as at year end is Rs. Nil/-

d) Gratuity is administered through Group Gratuity Scheme with Life Insurance Corporation of India.

4. The Company has spent Rs 10.90 lacs as required as per Section 135 of the Companies Act, 2013 read with Schedule VII towards expenditure related to Corporate Social Responsibility

5. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

6. Previous year figures has been regrouped wherever necessary.

7. Figures have been rounded off to nearest Rupees.

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Mar 31, 2014

NOTE 1 COMPANY OVERVIEW

Madhav Marbles & Granites Limited (the Company) is a public limited Company and listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is engaged in manufacturing, processing and trading of granite slabs / tiles, marble slabs / tiles and reality business. The Granite division is situated in Tamil Nadu and Marble / Reality business is carried at Udaipur.

(a) Rights, Preferences and restrictions attached to Equity Shares :

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 dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to shareholder approval in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.

*The Working Capital loans from State Bank of India and Allahabad Bank is secured by hypothecation of enitre Current assets comprising of stocks and book debts, present and first charge on all Fixed Assets of the Company and it is also secured by personal guarantee of Mr. Ashok Doshi, Managing Director.

''Considering the Company has been extended credit period upto 45 days by its vendors and payments being released on a timely basis, there is no liability towards interest on delayed payments under " The Micro, Small and Medium Enterprises Development Act, 2006" during the year.

There is also no amount of outstanding interest in this regard, brought forward from previous years. The above information is on the basis of intimation received, on request made by the Company, with regards to vendors registration under the said act.

#Trade Payables includes emoluments payable to employees for services rendered.

2. Contingent liabilities not provided for in respect of

(Rs. in lacs)

As at As at

Sr. Particulars 31.3.2014 31.3.2013 No.

1. Bills discounted with Bankers Nil Nil

2. Bank Guarantee/ Letter of Credit 105.98 93.47 issued by bank

3. Income Tax Liability (including penalty) 111.95 51.16 that may arise in respect of matters which are pending in appeal

4. Bond executed in favour of customs, 815.00 815.00 excise and DGFT authorities

3. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

4. Previous year figures has been regrouped wherever necessary.

5. Figures have been rounded off to nearest Rupees.

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Mar 31, 2013

NOTE 1 COMPANY OVERVIEW

Madhav Marbles & Granites Limited (the Company) is a public limited Company and listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is engaged in manufacturing, processing and trading of granite slabs / tiles, marble slabs / tiles and reality business. The Granite division is situated in Tamil Nadu and Marble / Reality business is carried at Udaipur.

2. Contingent liabilities not provided for in respect of

(Rs. in lacs) Sr. No. Particulars As at As at 31.3.2013 31.3.2012

1. Bills discounted with Bankers Nil 196.61

2. Bank Guarantee/ Letter of Credit issued by bank 93.47 40.75

3. Income Tax Liability (including penalty) that may 51.16 69.11 arise in respect of matters which are pending in appeal

4. Bond executed in favour of customs, excise and DGFT 815.00 815.00 authorities

3. Related Party Disclosures:

Related party disclosures, as required by Accounting Standard (AS) 18- "Related Party Disclosure" issued by the ICAI are given below:

The Company has identified all the related parties having transactions during the year, as per details given below:

(i) List of Related Parties

(a) Individual exercising control or significant influence.

Directors

Mr. Ravi Kumar Krishnamurthi Mr. Prakash Kumar Verdia Mr. Roshan Lal Nagar

Managing Director

Mr. Ashok Doshi Mrs. Aruna Doshi, Wife Mr. Madhav Doshi, Son Mrs.Riddhima Doshi, Daughter-in-Law Mrs. Mumal Doshi, (Kanthed) Daughter

Whole-time Directors

Mr.Sudhir Doshi

Mrs. Prema Doshi, Wife

(ii) In respect of the outstanding balance recoverable as at 31st March 2013, no provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such related parties.

c) The liability for leave encashment and compensated absenses as at year end is Rs. 3529205/- d) Gratuity is administered through Group Gratuity Scheme with Life Insurance Corporation of India.

4. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

5. Previous year figures has been regrouped wherever necessary.

6. Figures have been rounded off to nearest Rupees.

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Mar 31, 2012

COMPANY OVERVIEW

Madhav Marbles & Granites Limited (the Company) is a public limited company and listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is engaged in manufacturing, processing and trading of granite slabs / tiles, marble slabs / tiles and realty business. The Granite division is situated in Tamil Nadu and Marble / Reality business is carried at Udaipur.

The company had sold the assets of Marble unit in the Financial year 2010-11 and during the Financial year 2011-12 the possession was handed over and execution of sale deed was done of the Marble unit situated at Udaipur. [Refer note no. 48]

(a) Rights, Preferences and restrictions attached to Equity Shares :

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 dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to shareholder approval in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any, in proportion to the number of equity shares held by the shareholders.

*Considering the Company has been extended credit period upto 45 days by its vendors and payments being released on a timely basis, there is no liability towards interest on delayed payments under " The Micro, Small and Medium Enterprises Development Act, 2006" during the year.

There is also no amount of outstanding interest in this regard, brought forward from previous years. The above information is on the basis of intimation received, on request made by the Company, with regards to vendors registration under the said act.

#Trade Payables includes emoluments payable to employees for services rendered.

1. Contingent liabilities not provided for in respect of

(Rs. in lacs)

Sr. Particulars As at As at No. 31.3.2012 31.3.2011

1. Bills discounted with Bankers 196.61 624.89

2. Bank Guarantee/ Letter of Credit issued by bank 40.75 242.86

3. Income Tax Liability (including penalty) that may arise in respect of matters 69.11 124.39 are pending in appeal

4. Bond executed in favour of customs, excise and DGFT authorities 815.00 815.00

2. Related Party Disclosures:

Related party disclosures, as required by Accounting Standard (AS) 18- "Related Party Disclosure" issued by the ICAI are given below:

The Company has identified all the related parties having transactions during the year, as per details given below:

(i) List of Related Parties

(a) Individual exercising control or significant influence.

Directors

Mr. C.D. Gopinath,Chairman Mr. Ravi K. Krishnamurthi Mr. Jagdish Dashora Mr. Prakash Kumar Verdia Mr. Roshan Lal Nagar Managing Director Mr. Ashok Doshi Mrs. Aruna Doshi, Wife Mr. Madhav Doshi, Son

Mrs.Riddhima Doshi, Daughter-in-Law Mrs. Mumal Doshi, (Kanthed) Daughter Whole-time Directors Mr.Sudhir Doshi Mrs. Prema Doshi, Wife

(ii) In respect of the outstanding balance recoverable as at 31st March 2012, no provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such related parties.

(c) Notes

1. Management has identified three reportable business segments, namely.

Realty Segment- Comprising of Realty Business.

Granite & Stone Segment- Comprising of Granite & Marble tiles, Slabs, Blocks and other related stones.

Windmill Segment- Comprising of generation of power.

2. The Segment Revenue in the Geographical segments considered for disclosures are as follows: Domestic- Comprising of sales to customers located within India and earnings in India. International- Comprising of sales to customers located outside India and third party exports.

3. Segment Revenue, Results, Assets and Liabilities include the respective amounts identifiable to each of the segments and amounts on a reasonable basis.

c) The liability for leave encashment and compensated absenses as at year end is Rs. 3529205/-

d) Gratuity is administered through Group Gratuity Scheme with Life Insurance Corporation of India.

3. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

4. The Company has sold its assets of Marble unit situated Udaipur in pursuance of agreement to sale dated October 21st, 2010 comprising land, building, plant & machinery and related stores and spares at a consideration of Rs. 421 lacs after obtaining necessary permission / approval from statutory authorities. The sale deed is executed and possession of the assets sold has been given.

5. Previous year figures

The financial statements for the year ended 31 March 2011 had been prepared as per the, then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been re-classified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

6. Figures have been rounded off to nearest Rupees.

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Mar 31, 2010

1 Contingent liabilities not provided for

(Rupees in Lakhs)

Sr. Particulars 2009 - 10 2008 - 09 No. (a) Bills discounted with Bankers 679.24 351.39

(b) Bank Gaurantee/Letter of Credit issued by Bank 40.75 40.75

(c) Bond executed in favour of customs, excise and DGFT authorities 815.00 815.00

(d) Income Tax Liability (including penalty) that may arise in respect of 360.27 211.62 matters which are pending in appeal.

2 Related Party Disclosures

Related party disclosures, as required by Accounting standard (AS) 18- "Related Party Disclosure "issued by the ICAI are given below:

The Company has identified all the related parties having transactions during the year, as per details given below

(i) List of Related Parties

(a) Individual exercising control or significant influence Directors

Mr. C. D. Gopinath,Chairman

Mr. Ravi K Krishnamurthi

Mr. Jagdish Dashora

Mr. Prakash Kumar Verdia

Mr. Roshan Lal Nagar Managing Director

Mr. Ashok Doshi

Mrs. Aruna Doshi, Wife

Mrs. Asha Doshi, Mother

Mr. Madhav Doshi, Son

Mrs. Ridhhima Doshi, Daughter in Law

Whole Time Director

Mr. Sudhir Doshi

Mrs. Prema Doshi, Wife Key Managerial Personnel

Mr. Suranjan Gupta, President (Granite Division)

Mr. L Govindarajan, Works Manager (Granite Division)

Mr. O P Jain, Manager Finance(Marble Division)

Mr. S S Janakarajan, Manager Finance (Granite Division) (ii) In respect of the outstanding balance recoverable as at 31st March 2010, no provision for doubtful debts is required to be made. During the year, there were no amounts written off or written back from such related parties.

3. There were no amounts due and outstanding to be credited to Investor Education and Protection Fund.

4. The figures of the previous year have been re-grouped, rearranged wherever necessary to make them comparable with the current years figure.

5. Figures have been rounded off to nearest Rupees.