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Notes to Accounts of Magnanimous Trade & Finance Ltd.

Mar 31, 2014

1. A sum of Rs.500000/- paid for extra Stamp Duty under Stamp Duty Act on Land Plot No. 68 at Jaipur for owner / Builders Agreement and shown in the Statement of Profit and Loss under " Exceptional Items ".

2. To the extent known there are no dues outstanding in favour of any Micro Enterprises & Small Enterprises.

3. Impairment of Asset :-

The indicators listed in Paragraph 8 to 10 of Accounting Standard (AS-28) . Impairment of Assets issued by the Institute of Chartered Accountants of India have been examined and on such examination it was found that none of the indicators are present in case of the Company.

4. Related Party Transaction

In accordance with accounting standard 18, the disclosures required are given below Names of related party, description of relationship and amount : -

a) Remuneration to Director Rs. 1,80,000.00 Rs. 1,80,000.00

b) Rent to Sudhir Kumar Parasrampuria H.U.F. Rs. Nil Rs. 24,000.00

c) Rent to Amber Mercantiles Ltd. Rs. 12,000.00 Rs. 12,000.00

(In which Sudhir Kumar Parasrampuria, & Smt. Parwati Parasrampuria, are Directors)

d) (i) Unsecured Loans Rs. 2,53,14,423.00 including opening balance of Rs. 1,32,64,423.00 given to Bhuramal Durgi Devi Parasrampuria Public Charitable Trust ( Associate concern ) and received back Rs.44,00,000.00 during the year & Interest Rs. 7,02,212.00, earned on the same on which TDS deducted Rs. 70,221.00. The closing balance as at 31.03.2014 is Rs.2,15,46,414.00.

(ii) Unsecured Loans Rs. 1,14,78,63 8.00 including opening balance of Rs. 69,28,63 8.00 given to Parasrampuria Gems International School a unit of Bhuramal Durgi Devi Parasrampuria Public Charitable Trust (Associate concern) and received back Rs. 78,95,000.00 during the year & earned interest Rs. 1,75,015.00 on the same on which TDS deducted Rs.17,502.00 closing balance as at 31.03.2014 is Rs. 37,41,151.00.

e) Lease Rent received from Parasrampuria Gems International School a unit of Bhuramal Durgi Devi Parasrampuria Public Charitable Trust Rs. 6000000. (Rs. 6000000)

(Mr. Sudhir Kumar Parasrampuria (Director) his wife Mrs. Parwati Parasrampuria (Director) & Smt. Chandra Kala Parasrampuria mother of Mr. Sudhir Kumar Parasrampuria are trustees of the trust.

5. Employee Benefit (Accounting Standard 15)

a) The company has not provided leave encashment as the employees are not entitled for that due to availment of leaves & there is no dues in this account.

b) The company has not provided the Employees Provident Fund & ESI as the company is not covered under E.P.F. & E.S.I Act.

6. Payment against suppliers from small scale and ancillary under taking are made in accordance with agreed credit terms and to the extent as ascertained from available information, there was no amount overdue as on 31st March 2014.

7. The company do not have any dues of micro, small and medium enterprises as on 31st March 2014 as per provision of the Section 16 of the micro, small and medium enterprises Act.2006.

8. All the figures have been rounded off to the nearest rupee.

As per our report of even date.


Mar 31, 2011

1a) The Quantitative details of opening stock, purchases, Sales and Closing stock of shares are as under. Figures in bracket relate to previous year. Stocks have been valued at cost. While upto preceding previous year it was valued on the basis of cost or market value, whichever is lower.

2) Loans & advances include 1409033.00 recoverable from Mr.Shri Prakash Kanodia has not been recovered as yet No interest has been provided in the books of Account. The company is adopting legal recourse for the recovery and hopeful for the recovery. No provision for bad debts has been made in the books of Account.

3) 40 Shares of GTC Industries Ltd. Shown under the head long term investments are not traceable at the company's end. Correspondence in this regard is in process.

4) To the extent known there are no dues outstanding in favour of any Micro Enterprises & Small Enterprises.

5) Impairment of Asset:-

The indicators listed in paragraph 8 to 10 of Accounting Standard (AS-28). Impairment of Assets issued by the Institute of Chartered Accountants of India have been examined and on such examination it was found that none of the indicators are present in case of the company.

i) A builder's agreement has been entered between the company and Amber Mercantilism Ltd. on the land situated at Jaipur. The company will have 70% share over the constructed building.


Mar 31, 2010

1. The Quantitative details of opening Stock, Purchases, Sales and closing stock of Shares & Mutual Funds are as under. Figures in bracket, relate to previous year. Stocks have been valued at cost.

2. Loans & advances include Rs. 361250.00 and 1409033.00 recoverable from Ms.Poonam Khurana and Mr.Shri Prakash Kanodia respectively which are not recovered. The company has adopted let all recourse for recovery of the dues.

No provision for bad debts has been made in the books of account.

3. 40 Shares of GTC Industries Ltd. are not traceable at the company's end. Correspondence in this regard is in process.

4. To the extent Known there are no dues outstanding in favour of any Micro Enterprises & Small Enterprises.

5. Impairment of Assets:

The indicators listed in paragraph 8 to 10 of Accounting Standard (AS-28), Impairment of Assets, issued by the Institute of Chartered Accountants of India have been examined and on such examination it was found that none of the indicators the present in the case of the company.


Mar 31, 2009

1 The company has written off as bad debts the loan given to Jagdish Rolling Works Rs. 3415074,00.

2 Loans & advances include Rs.3fi!25l).<)() and 1409033.00 recoverable from Ms. Poonam Kliurana and Mr. Shri Prnkasb Kanodia respectively which arc nol recovered The company has adopted legal recourse for recovery of the dues. No provision lor bad debts has been made in the books of account.

40 shares ol''GTC Industries Ltd. Arc not traceable at the company''s end. Correspondence in this regard is in process .

3 To the extent known there are no dues outstanding in favour of any Micro [interposes & Small [Enterprises,

 
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