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Notes to Accounts of Madhur Capital & Finance Ltd.

Mar 31, 2013

(a) No provision is made for liabilities for retirement benefits. The effect of the same can not be quantified, to that extent Profit for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) The Scheme for amalgamation Of Madhur Housing Finance Ltd. With the company has been approved by the Honorable high court of Gujarat vide its order dated 6th July, 1999, accordingly Madhur Housing Finance Ltd. Which was carrying on business of loans and advances and trading in shares has been amalgamated with the Company w.e.f. 01.04.1997.

The amount of consideration payable on amalgamation of Madhur Housing Finance Ltd. has been calculated on the basis of paid up capital of Madhur Housing Finance Ltd. This is subject to reconciliation regarding adjustment of allotment Money & the same has been shown under the head of Share Capital Suspense Account.

(c) Cheques on hand amounting to Rs. 132.00 lacs belonging to the frizzed Bank accounts by CBI BS & FC, Mumbai, no action / provision has been taken in this respect.

(d) The Company has invested an amount of Rs. 24.81 lacs in the shares of group concerns and no provision is made for diminution in the value of investment.

(e) The Company has received a show cause notice no. DNBS (AH) No. 1676/R-321 2000-01 dated 7 April, 2001 mentioning various irregularities in the working of the Company and calling upon the company as to why the Certificate of Registration issued to the company u/s 45JA of the RBI act. 1934 should not be cancelled and same was duly replied by the company but the matter is yet under Scrutiny with RBI. The company has also received letter no DNBS(AH)No. 1316/1.10.032/2011-2012 dated 10th August,2011 from Reserve Bank of India for submission of document for cancellation of Certificate of registration.

(f) The group concerns loan account contains frequent transactions. As per the explanation given by the company, many times the loan amount has not been repaid due to liquidity of the fund; the said transaction does not make the transaction/loan repayable on demand.

(g)No provision has been made in respect of doubtful debtors amounting to Rs. 4401796.80 (Outstanding for more than six months Rs.4851179.80 lacs less provision made Rs. 449383) during the year. The Company is in the process of initiating available recourse against the said debtors and the Company is hopeful of the recovery of the same.

(h) Bank Account relating to refund or equity shares / dividend is pending for reconciliation with unclaimed amounts.

(i) In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(j) Related Party Disclosure :

1. Key Managerial Personnel

i) Hitesh R.Gandhi ii) Narendra I.Chavda iii) Bhopal Singh M.Sakhavat

2. ASSOCIATES

i) Madhur Shares & Stock Pvt. Ltd.

3. Transactions with related parties

There is no transaction with related parties.

(k)Earnings in Foreign Exchange is Rs. Nil.

(n)The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

(l) The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

(m)The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.


Mar 31, 2012

(a) No provision is made for liabilities for retirement benefits. The effect of the same can not be quantified, to that extent Profit for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) The Scheme for amalgamation Of Madhur Housing Finance Ltd. With the company has been approved by the Honorable high court of Gujarat vide its order dated 6th July, 1999, accordingly Madhur Housing Finance Ltd. Which was carrying on business of loans and advances and trading in shares has been amalgamated with the Company w.e.f. 01.04.1997.

The amount of consideration payable on amalgamation of Madhur Housing Finance Ltd. has been calculated on the basis of paid up capital of Madhur Housing Finance Ltd. This is subject to reconciliation regarding adjustment of allotment Money & the same has been shown under the head of Share Capital Suspense Account.

(c) Cheques on hand amounting to Rs. 132.00 lacs belonging to the frizzed Bank accounts by CBI BS & FC, Mumbai, no action / provision has been taken in this respect.

(d) The Company has invested an amount of Rs. 24.81 lacs in the shares of group concerns and no provision is made for diminution in the value of investment.

(e) The Company has received a show cause notice no. DNBS (AH) No. 1676/R-321 2000-01 dated 7th April, 2001 mentioning various irregularities in the working of the Company and calling upon the company as to why the Certificate of Registration issued to the company u/s 45JA of the RBI act. 1934 should not be cancelled and same was duly replied by the company but the matter is yet under Scrutiny with RBI. The company has also received letter no DNBS(AH)No. 1316/1.10.032/2011-2012 dated 10th August,2011 from Reserve Bank of India for submission of document for cancellation of Certificate of registration.

(f) The group concerns loan account contains frequent transactions. As per the explanation given by the company, many times the loan amount has not been repaid due to liquidity of the fund; the said transaction does not make the transaction/loan repayable on demand.

(g)No provision has been made in respect of doubtful debtors amounting to Rs. 1656.12 lacs (Outstanding for more than six months Rs.2105.50 lacs less provision made Rs. 449.38 lacs) during the year. The Company is in the process of initiating available recourse against the said debtors and the Company is hopeful of the recovery of the same.

(h) Bank Account relating to refund or equity shares / dividend is pending for reconciliation with unclaimed amounts.

(i) In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(j) Related Party Disclosure :

1. Key Managerial Personnel

i) Hitesh R.Gandhi

ii) Narendra I.Chavda

iii) Bhopal Singh M.Sakhavat

2. ASSOCIATES

i) Madhur Shares & Stock Pvt. Ltd.

3. Transactions with related parties

There is no transaction with related parties.

(k)The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

(l) The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

(m)The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.


Mar 31, 2011

(a) No provision is made for liabilities for retirement benefits. The effect of the same can not be quantified, to that extent Profit for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) The Scheme for amalgamation Of Madhur Housing Finance Ltd. With the company has been approved by the Honorable high court of Gujarat vide its order dated 6th July, 1999, accordingly Madhur Housing Finance Ltd. Which was carrying on business of loans and advances and trading in shares has been amalgamated with the Company w.e.f. 01.04.1997.

The amount of consideration payable on amalgamation of Madhur Housing Finance Ltd. has been calculated on the basis of paid up capital of Madhur Housing Finance Ltd..

(c) Cheques on hand amounting to Rs. 132.00 lacs belonging to the frizzed Bank accounts by CBI BS & FC, Mumbai, no action / provision has been taken in this respect.

(d) The Company has invested an amount of Rs. 24.81 lacs in the shares of group concerns and no provision is made for diminution in the value of investment.

(e) The Company has received a show cause notice no. DNBS (AH) No. 1676/R-321 2000-01 dated 7th April ,2001 mentioning various irregularities in the working of the Company and calling upon the company as to why the Certificate of Registration issued to the company u/s 45 JA of the RBI act. 1934 should not be cancelled and same was duly replied by the company but the matter is yet under Scrutiny with RBI.

(f) The group concerns loan account contains frequent transactions. As per the explanation given by the company, many times the loan amount has not been repaid due to liquidity of the fund; the said transaction does not make the transaction/loan repayable on demand.

(g)No provision has been made in respect of doubtful debtors amounting to Rs. 1656.12 lacs (Outstanding for more than six months Rs.2105.50 lacs less provision made Rs. 449.38 lacs) during the year. The Company is in the process of initiating available recourse against the said debtors and the Company is hopeful of the recovery of the same.

(h) Bank Account relating to refund or equity shares / dividend is pending for reconciliation with unclaimed amounts.

(i) In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(j) Related Party Disclosure :

1. Key Managerial Personnel

i) Hitesh R.Gandhi

ii) Narendra I.Chavda

iii) Bhopal Singh M.Sakhavat

2. ASSOCIATES

i) Madhur Shares & Stock Pvt. Ltd.

3. Transactions with related parties

There is no transaction with related parties.

(k) Additional information pursuant to the provision of para 4C & 4D of part II of Schedule-VI of the Companies Act, 1956.

(l)The balances shown in the Balance sheet under the head of unsecured loans Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

(m) The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

(n)The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.


Mar 31, 2010

(a) No provision is made for liabilities for retirement benefits. The effect of the same can not be quantified, to that extent loss for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) The Scheme for amalgamation Of Madhur Housing Finance Ltd. With the company has been approved by the H;ble high court of Gujarat vide its order dated 6th July, 1999, accordingly Madhur Housing Finance Ltd. Which was carrying on business of loans and advances and trading in shares has been amalgamated with the Company w.e.f. 01.04.1997.

The amount of consideration payable on amalgamation of Madhur Housing Finance Ltd. has been calculated on the basis of paid up capital of Madhur Housing Finance Ltd. This is subject to to reconciliation regarding adjustment of allotment Money & the same has been shown under the head of Share Capital Suspense Account.

(c) Cheques on hand amounting to Rs. 132.00 lacs belonging to the frizzed Bank accounts by CBI BS & FC, Mumbai, no action / provision has been taken in this respect.

(d) The Company has invested an amount of Rs. 24.81 lacs in the shares of group concerns and no provision is made for diminution in the value of investment.

(e) The Company has received a show cause notice no. DNBS (AH) No. 1676/R-321 2000-01 dated 7th april ,2001 mentioning various irregularities in the working of the Company and calling upon the company as to why the Certificate of Registration issued to the company u/s 45 JA of the RBI act. 1934 should not be cancelled and same was duly replied by the company but the matter is yet under Scrutiny with RBI.

(f) The group concerns loan account contains frequent transactions. As per the explanation given by the company, many times the loan amount has not been repaid due to liquidity of the fund; the said transaction does not make the transaction/loan repayable on demand.

(g)No provision has been made in respect of doubtful debtors amounting to Rs. 1656.12 lacs (Outstanding for more than six months Rs.2105.50 lacs less provision made Rs. 449.38 lacs) during the year The Company is in the process of initiating available recourse against the said debtors and the Company is hopful of the recovery of the same.

(h) Bank Account relating to refund or equity shares / dividend is pending for reconciliation with unclaimed amounts.

(i) In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(j) Related Party Disclosure :

1. Key Managerial Personnel

i) Hitesh R.Gandhi

ii) Narendra I.Chavda

iii) Bhopal Singh M.Sakhavat

2. ASSOCIATES

i) Madhur Shares & Stock Pvt. Ltd.

3. Transactions with related parties

There is no transaction with related parties.

(o)The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

(p) The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

(q)The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.

 
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