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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