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Notes to Accounts of Mahan Industries Ltd.

Mar 31, 2014

1. Corporate Information

MAHAN INDUSTRIES LIMITED having registered office in Ahmedabad is a Gujarat based Public Limited Company incorporated under provisions of the Companies Act, 1956. The main business of the company is Investment, Trading in Shares & Securities. The company is also into textile business.

The Company is registered with RBI vide Reg. No.01-00247 dt. 16.5.1998; as a Non deposit taking Non- Banking Finance Company (NBFC).

2. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which is, measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the companies (Accounting Standards) Rules , 2006 , the provisions of the companies ACT 2013(to the extent notified), the companies Act, 1956 (to the extent applicable), and guidelines issued by the securities and Exchange Board of the India (SEBI). Accounting policies have been consistently applied except where newly issued accounting standards is initially adopted or a version to an existing accounting standards requires a change in the policy hereto in use.

3. The company has only 1 class of shares referred to as Equity shares having face value of Rs. 10/- Each holder of Equity share is entitled to 1 vote per share.

In the event of liquidation of the company,the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exists currently. The distribution will be in proportion to the number of shares held by the shareholders.

4. Contingent Liabilities

Income Tax demand for the Asst. Year 2001-02. :

The company has made an appeal to the CIT (A) against the order of ITO for assessment year 2001-02. The original demand of Rs.2,225,639/- was reduced to Rs. 46,490/- by the CIT (A), which was duly paid. But the department has filed an appeal in I.T.A.T. against this order; the appeal has been set aside by ITAT and is referred back to the CIT (A).

5. Income Tax demand for the Asst. Year 2006-07 :

The company has made an appeal to CIT(A) against the order for assessment year 2006-07. The original demand of Rs.65,84,951/-


Mar 31, 2013

1. Corporate Information

MAHAN INDUSTRIES LIMITED having registered office in Ahmedabad is a Gujarat based Public Limited Company incorporated under provisions of the Companies Act, 1956. The main business of the company is Investment, Trading in Shares &. Securities. The company is also into textile business.

The Company is registered with RBI vide Reg. No.01-00247 dt.16.5.1998; as a Non deposit taking Non- Banking Finance Company (NBFC).

2. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies ( Accounting Standards) Rules, 2006, (as amended ) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention,

The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below:

 
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