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Notes to Accounts of Mahaveer Infoway Ltd.

Mar 31, 2015

Corporate Information

Mahaveer Infoway Ltd was incorporated on May 13, 1991 as a private limited company with the name Mahaveer Leafin and Holdings Pvt Ltd. The company was promoted by Ashok Kumar Jain, a Seasoned Business Professional with magnitude of experience in Banking, Finance and Business Management Operations.

In February 13, 1996, the company was converted into public limited company by listing the Bombay Stock Exchange and the name was changed to Mahaveer Leafin and Holdings Ltd.

In January 7, 2000, the company changed their name from Mahaveer Leafin and Holdings Ltd to Mahaveer Infoway Ltd and carrying the activities of mobile handset manufacturing and trading under the brand name and style 'ZINK' across the various parts of the country. In addition to this the company also does staffing and software development services.


Mar 31, 2014

1. Contingent Liabilities and Commitments

Estimated amount of contracts remaining to be executed on capital accounts and not provided for, net of advances is Rs. Nil

2. Investments

a. Investment includes 5000 shares of Arihant Optics Limited amounting to Rs.5,00,000/-.

b. Investment includes Rs.98,000/- towards subscription of shares in Mahaveer Projects Private Limited.

c. Investment includes Rs.281,000/- towards subscription of shares in Mahaveer Telecom Private Limited.

d. Investments in Skyscrapers unquoted equity shares of worth Rs. 26,19,000./-

e. Rs. 5,33,340/- Minfy Impex (sole proprietor ship of MIL 100% fully owned).

3. Fixed Assets

Capital Work-in-progress:

Company has incurred an expenditure on construction of building of Rs. 37,46,860/- which is certified by the management of the company is shown as capital work-in-progress along with the opening Capital work-in-progress.

4. Segment Reporting

In the opinion of the management, the company''s business activity carried on during the year consists of more than one reportable segment and as such report is given separately by management.

5. Taxation

Current income tax is ascertained on the basis of assessable profits computed in accordance with the provisions of the income tax Act, 1961 and it is charged to the profit and loss of the year.

6. The Company has not having the suppliers who are registered as Micro, Small, Medium Enterprise as on March 31,2014 in terms of the provisions of "The Micro, Small, and Medium Enterprises Development Act, 2006".

7. In the opinion of the Management and to the best of their knowledge and belief realization of current assets and loans and advances are not less than the amount at which they are stated in the Balance Sheet and are subject to confirmation from respective parties.

8. The management is of the opinion that the carrying amounts of fixed assets and other assets are not less than their respective net realizable values.

9. Additional Information pursuant to paragraphs 3, 4, 4-C and 4-D of part-II of Schedule VI to the Companies Act, 1956 to the extent either "Nil" or "Not Applicable" has not been furnished.

10. Previous year''s figures have been regrouped and reclassified, wherever necessary, to conform to those of the current year.


Mar 31, 2013

1. Contingent Liabilities and Commitments

Estimated amount of contracts remaining to be executed on capital accounts and not provided for, net of advances is Rs. Nil

2. Investments

a. Investment includes 5000 shares of Arihant Optics Limited amounting to Rs.500000/- are to be transferred in the name of the Company.

b. Investment includes Rs.98,000/- towards subscription of shares in Mahaveer Projects Private Limited.

c. Investment includes Rs.81,000/- towards subscription of shares in Mahaveer Telecom Private Limited.

d. Investments in skyscrapers unquoted equity shares of worth Rs.26,19,000/- and Rs.8,00,000/- in leo infrastructure (as share of land)

e. Rs.5,33,340/- minfy impex (sole proprietor ship of MIL 100% fully owned)

f. Rs. 15,000/- in Hygrowth Finance company.

g. Rs. 142,50,000 in Trimurthy Pharmaceuticals Limited.

3. Fixed Assets

Capital Work-in-progress:

Company has incurred an expenditure on construction of building Rs. 22,46,860/- which is certified by the management of the company, is shown as capital work-in-progress along with the opening capital work-in-progress

4. Segment Reporting

In the opinion of the management the company''s business activity carried on during the year consist of more than one reportable segment and as such report is given separately by management.

5. Related Party transactions

The company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made. No amounts have been written off or written back during the year in respect of debts due from or related parties. There are no other related parties where control exists that need to be disclosed.

6. Taxation

Current income tax is ascertained on the basis of assessable profits computed in accordance with the provisions of the income tax Act, 1961 and it is charged to the profit and loss of the year.

7. Company has not having the suppliers who are registered as Micro, Small or Medium Enterprises (under the provisions of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006) during the year ended March 31,2013.

8. The management is of the opinion that the carrying amounts of fixed assets and other assets are not less than their respective net realizable values.

9. Additional Information pursuant to paragraphs 3, 4, 4-C and 4-D of part-II of Schedule VI to the Companies Act, 1956 to the extent either "Nil" or "Not Applicable" has not been furnished.

10. Previous year''s figures have been regrouped and reclassified, wherever necessary, to conform to those of the current year.


Mar 31, 2012

1. Contingent Liabilities and Commitments

Estimated amount of contracts remaining to be executed on capital accounts and not provided for, net of advances is Rs. Nil

2. Investments

a. Investment includes 5000 shares of Arihant Optics Limited amounting to Rs.500000/- are to be transferred in the name of the Company.

b. Investment includes Rs.98,000/- towards subscription of shares in Mahaveer Projects Private Limited.

c. Investment includes Rs.75,000/- towards subscription of shares in Mahaveer Telecom Private Limited.

3. Fixed Assets Capital Work-in-progress:

Company has incurred an expenditure of Rs. 9,21,164/- towards construction of building at Hubli, which is certified by the management of the company, is shown as capital work-in-progress.

4. Segment Reporting

In the opinion of the management the company's business activity carried on during the year consist of more than one reportable segment and as such report is given separately by management.

5. Related Party transactions

The company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made. No amounts have been written off or written back during the year in respect of debts due from or related parties. There are no other related parties where control exists that need to be disclosed.

a) Names of related parties and description of relationship

6. Taxation

Current income tax is ascertained on the basis of assessable profits computed in accordance with the provisions of the income tax Act, 1961 and it is charged to the profit and loss of the year. Company made necessary groupings for taxes and accordingly made for Corporate Dividend Tax for the Financial Year 2010-11.

7. Company has not paid any interest nor any interest payable is outstanding to Micro, Small or Medium Enterprises (under the provisions of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006) during the year ended March 31, 2012.

8. In the opinion of the Management and to the best of their knowledge and belief realization of current assets and loans and advances are not less than the amount at which they are stated in the Balance Sheet and are subject to confirmation from respective parties.

9. The management is of the opinion that the carrying amounts of fixed assets and other assets are not less than their respective net realizable values.

10. Additional Information pursuant to paragraphs 3, 4, 4-C and 4-D of part-II of Schedule VI to the Companies Act, 1956 to the extent either "Nil" or "Not Applicable" has not been furnished.

11. Previous year's figures have been regrouped and reclassified, wherever necessary, to conform to those of the current year.

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