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Notes to Accounts of Mangal Credit And Fincorp Ltd.

Mar 31, 2022

Secured Loan Federal Bank:

1. The company has taken the secured facility having Sanction Limit of '' 5 Crores and current outstanding of '' 487.66 Lakhs.

2. Security:

a. Primary security-

Receivable of Borrower(s) arising out of loan extended to obligors against security of pledge of gold ornaments which are repledged in favour of the bank and Statement for the same is to be submitted

b. Collateral Security-

Repledge of gold ornaments pledged by Obligors

3. Tenure of loan: 12 months

4. Rate of interest:

Rate of interest is 8.40% p.a.

South Indian Bank:

1. The company has taken the working capital facility payable on demad having Sanction limit of '' 10 Crores and Current Outstanding of '' 927.57 Lakhs.

2. Collateral Security:

Repledge of gold ornaments pledged by Obligors

3. Rate of interest:

Rate of interest is 9.75%

City Union Bank:

1. The company has taken the working capital facility payable on demand having Sanction limit of '' 9 Crores and Current Outstanding of '' 535.94 Lakhs.

2. Collateral Security:

Repledge of gold ornaments pledged by Obligors

Note The Company has only one class of Share referred to as Equity Share having a Par Value of ''10/- per share. Each Shareholder of Equity share is entitled to one vote per Share.

In the event of liquidation of the Company, the shareholder of Equity Share will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholder, after distribution of all preferential amounts.

The company declares and pays dividend in Indian Rupees (''). The dividend proposed by the Board of Directors is subject to the approval of shareolders in ensuing Annual General Meeting, except incase of Interim dividend. The distribution will be propotional to the number of Equity Shares held by the shareholders.

(d) Rights attached to equity Shares

- The Company has only one class of equity shares having face value of ''10/- per share. Each holder of equity share is entitled to one vote per share.

- Every share is entitled to receive dividends in Indian Rupees, if declared.

- In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.

- The distribution will be in proportion to the number of equity shares held by the shareholders.

(f) 1,93,13,986 Equity shares of face value of '' 10 each includes 70,44,075 fully paid Equity shares of face value of '' 10 each issued as bonus shares during the quarter ended December 31, 2015 pursuant to shareholders approval of issue of 5 bonus Equity shares for every 1 existing shares held.

(g) Split of shares:-

The ''Record Date'' for the purpose of ascertaining the Members entitled to receive the said sub-divided equity shares of the Company was fixed by the Board of Directors of the Company as ''06/05/2017. Subsequently, the Company has issued ten (10) sub-divided equity shares of ''1/- each in lieu of one (1) equity share of ''10/- each to the eligible Members of the Company. In case of Members holding equity shares of the Company in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share certificate(s) of the Company for the sub-divided equity shares of ''1/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity shares of the Company held in dematerialized form, the sub-divided equity shares have been duly credited to the respective beneficiary accounts of the Members with the respective Depository Participants, as per the existing credits representing the equity shares of the Company. In view of the aforesaid Stock Split, the number of equity shares of the Company and price of underlying equity share in the stock markets has been correspondingly adjusted by the Stock Exchanges, where the Company''s shares are listed (i.e. BSE). The details of the Authorised and Paid-up share capital of the Company (pre & post Stock Split) is as follows:

Authorised Share Capital

Paid up Share Capital

Particulars

No. of Shares

Amount ('' in Lakhs)

No. of Shares

Amount ('' in Lakhs)

Pre Stock Split

25,000,000

2,500.00

16,112,038

1,611.20

Post stock Split

250,000,000

2,500.00

161,120,380

1,611.20

(h) Consolidation of shares:-

During the year 2017, pursuant to the shareholders approval the face value of existing equity shares of '' 1 each has been consolidated to '' 10 each . Accordingly , the Company has issued one (1) consolidated equity share of ''10/- each in lieu of ten (10) sub-divided equity share of ''1/- each to the eligible Members of the Company. In case of Members holding equity shares of the Company in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share certificate(s) of the Company for the consolidated equity share of ''10/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity shares of the Company held in dematerialized form, the sub-divided equity shares have been duly credited to the respective beneficiary accounts of the Members with the respective Depository Participants, as per the existing credits representing the equity shares of the Company. In view of the aforesaid Stock Consolidation, the number of equity shares of the Company and price of underlying equity share in the stock markets has been correspondingly adjusted by the Stock Exchanges, where the Company''s shares are listed (i.e. BSE). The details of the Authorised and Paid-up share capital of the Company (pre & post Stock Consolidation ) is as follows:

Authorised Share Capital

Paid up Share Capital

Particulars

No. of Shares

Amount ('' In Lakhs)

No. of Shares

Amount ('' in Lakhs)

Pre Stock Consolidation

250,000,000

2,500.00

193,139,860

1,931.40

Post stock Consolidation

25,000,000

2,500.00

19,313,986

1,931.40

* Consolidation of Shares

The consolidation of equity shares of the company from face value ''1/- each to face value of ''10/- each (""Stock Sumup"") and consequent alteration in Capital clause of MOA of the company was approved by the Members on 29/09/2018.

Nature and purpose of reserve Capital reserve

This reserve is created out of amount received against equity share warrants (first tranch i.e. 25% of total value of warrants) due to non excercising of options of converstion and the said amount is forfitted.

Securities premium reserve

The amount received in excess of face value of the equity shares is recognised in Securities premium reserve. This reserve is utilised in accordance with the provisions of the Companies Act 2013.

General reserve

This reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.

Statutory fund reserve

Statutory Reserve represents the Reserve Fund created under Section 45 IC of the Reserve Bank of India Act, 1934. Accordingly an amount representing 20% of Profit for the period is transferred to the fund for the year.

Contingency reserve

The extant guidelines provide for a lower appropriation to Contingency Reserves if provision made towards losses exceed 35% of the premium or fee earned during a financial year.

Retained earnings

Retained earnings represent the accumulated earnings net of losses, if any, made by the Company over the years. Other Comprehensive Income

Other Comprehensive Income includes fair value on investment through OCI, net of taxes that will not be reclassfied to profit & loss.

*Claims against the company not acknowledged as debts for the year ended 31st March, 2022 include demand from the Income Tax Authorities for payment of tax of '' 59,83,730/- upon completion of their tax assessment for Assessment Years 2017-18. The company has filed an appeal with the income tax appellate authorities The company is contesting the demand and the management including its tax advisors believes that its position will likely be upheld in the appellate process. The management believes that the ultimate outcome of these proceedings wll not have a material adverse effect on the company''s financial position and result of operation.

** current outstanding of counter guarantee is '' 652 Lakhs as on 31st March 2022(? 2,672 Lakhs as on 31st March 2021)

Note ''30'' - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

Based on the information available with the Company and has been relied upon by the auditors, none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development (''MSMED'') Act, 2006" Accordingly, no disclosures relating to principal amounts unpaid as at the period ended March 31, 2022 together with interest paid /payable are required to be furnished.

Note ''31''- LEASES

The Company has entered into lease contracts for office premises used in its operation. The Company has adopted Indian Accounting Standard (Ind AS) 116 on ''Leases''. The Company has elected not to apply the requirements of Ind AS 116 to leases which are expiring within 12 months from the date of transition by class of asset and leases for which the underlying asset is of low value on a lease-by-lease basis. The Company has used a single discount rate to a portfolio of leases with similar characteristics. The Company recognised a lease liability and asset measured at the present value of the lease payments. The principal portion of the lease payments have been disclosed under cash flow from financing activities. The weighted average incremental borrowing rate of 10% has been applied to lease liabilities recognised in the balance sheet. On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the right-of-use asset, and finance cost for interest accrued on lease liability.

Note ''32'' - OPERATING SEGMENT

There is no separate reportable segment as per Ind AS 108 on ''Operating Segments'' in respect of the Company. The Company operates in single segment only. There are no operations outside India and hence there is no external revenue or assets which require disclosure.

The Company has spent during the year ended 31 March 2022: '' 14.28 Lakhs (year ended 31 March 2021: '' 23.23 Lakhs) towards various schemes of Corporate Social Responsibility as prescribed under section 135 of the Companies Act, 2013.

Note ''34'' - CAPITAL MANAGEMENT

The Company maintains an actively managed capital base to cover risks inherent in the business, meeting the capital adequacy requirements of Reserve Bank of India (RBI), maintain strong credit rating and healthy capital ratios in order to support business and maximise shareholder value. The adequacy of the Company''s capital is monitored by the Board using, among other measures, the regulations issued by RBI.

The Company manages its capital structure and makes adjustments to it according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities.

The Company has complied in full with the capital requirements prescribed by RBI over the reported period. below given disclosure of capital adequacy as per applicable RBI regulations (Refer note no. 37).

Note ''35''- FINANCIAL RISK MANAGEMENT FRAMEWORK

The company is committed to create value for its stakeholders through sustainable business growth and with that intent has put in place a robust risk management framework to promote a proactive approach in reporting, evaluating and resolving risks associated with the business. Given the nature of the business the company is engaged in, the risk framework recognizes that there is uncertainty in creating and sustaining such value as well as in identifying opportunities. Risk management is therefore made an integral part of the company''s effective management practice.

(i) Credit Risk

The Credit Risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the company''s receivable from loans and advances, investments other than the quoted securities given. Credit risk in respect of quoted securities is expected to have a direct correaltion with the quoted market price and risk.

The Company is exposed to the risk that third parties that owe money will not perform their obligations. These parties may default on their obligations owed to the company due to insolvency, lack of liquidity, operational failure etc. Significant failures by third parties to timely perform their obligations owed could materially and adversely affect the company ''s financial position, and ability to borrow incremental funds and ability to meet business expenses and to repay.make the payment to its creditors in timely manner.

The credit risk may also arise due to the business, operational and technological parameters and business environment in which the company operates. Due to some challenges specific to his/her business or profession, a customer may not be able to meet its performance obligations and credit risk may arise. On the operational side, there could be a slippage in operational procedure and execution of policies leading to credit risk. Similarly technological redundancy and obsoleteness may also pose credit risk.

(A) Management /mitigation of credit risk

The Company''s main business is to grant loans to its customer. The Company is exposed to high credit risk due to the inherent nature of its business. The Company lends both secured and unsecured loans to its customer. To mitigate the credit risk, the company has implemented various policies and mechanisms, including credit policy to define the broad principles which the company follows to accept borrowers and loan proposals, to manage loan portfolio and recover its dues so as to protect business revenues with customers satisafction. To reduce the credit risk in financing ,the company perform a detail credit assessment on the prospective borrower or seek security over some assets of the borrower or a gurantee from a third party . The Company takes all reasonable and business precautions through policies and procedure to mitigate and manage the credit risk.

The Senior management in the company is resposible for evaluation of internal financial controls and risk management systems. The Company conducts regular internal audits of various business units to identify scope of improvement/enhancement in the company ''s processes, quality control, fraud prevention and compliance with law & regulations. The internal audit reports are reviewed by the Audit committee and also placed before the board.

As the portfolio level, the company manges credit risk through limiting concentration of credit at individual borrower

level, group levels, industry level etc. The loan proposals are assessed based on various factors like repayment capacity, credit worthiness, repayment history, business/ professional profile, future business prospects etc of prospective borrower, field investigation, quality & value of security etc.

Despite all measure taken by the company and its management it is inherent in the financing business that the customer may default in the repayment of the loan granted to him. The Company employs all recovery procedures including follow up with the customer for payment, legal remedies for recovery, invocation and sale of collateral.

The credit risk is managed by a robust control framework by the risk and collection department which continuosly align credit and collection policies and resourcing, obatining external data from credit bureaus and reviews of portfolios and delinquencies by senior and middle management team comprising of risk, analytics, collection and fraud containment along with business. The same is periodically reviewed by the board appointed Risk Management Commitee.

(c) Impairment of financial assets

The Company monitors all the loans continuously basis the factors cosidered while sanctioning the loan. If there are any indicators of impairment on mangement assessment of these loans ,these are provided for. The company uses ECL method of impairment and the prudential norms for the income recognition and asset reclassification issued by RBI for the purpose of impairment of loans and other financial assets. Following are the reconcilations of the provision for impairment of financial assets.

(ii) Operational Risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people or systems, or from external events. The operational risks of the company are managed through comprehensive internal control systems and procedures and key back up processes. In order to further strengthen the control framework and effectiveness, the company has established risk control self-assessment at branches to identify process lapses

by way of exception reporting. This enables the management to evaluate key areas of operational risks and the process to adequately mitigate them on an ongoing basis. The company also undertakes risk based audits on a regular basis across all business units / functions. While examining the effectiveness of control framework through self-assessment, the risk-based audit would assure effective implementation of selfcertification and internal financial controls adherence, thereby, reducing enterprise exposure.

(iii) Market risk

Market Risk is the possibility of loss arising from changes in the value of a financial instrument as a result of changes in market variables such as interest rates, exchange rates and other asset prices. The company''s exposure to market risk is a function of asset liability management and interest rate sensitivity assessment. The company is exposed to interest rate risk and liquidity risk, if the same is not managed properly. The company continuously monitors these risks and manages them through appropriate risk limits. The Board of the company reviews market-related trends and risks and adopts various strategies related to assets and liabilities, in line with the company''s risk management framework.

(iv) Foreign currency risk

Currency Risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. However the company is not exposed to the risk of fluctuations on change in exchange rates as company does not have any foreign transaction.

(v) Liquidity Risk(1) Liquidity risk management

Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk arises because of the possibility that the Company might be unable to meet its payment obligations when they fall due as a result of mismatches in the timing of the cash flows under both normal and stress circumstances. Such scenarios could occur when funding needed for illiquid asset positions is not available to the Company on acceptable terms. To limit this risk, management has arranged for diversified funding sources and adopted a policy of availing funding in line with the tenor and repayment pattern of its receivables and monitors future cash flows and liquidity on a daily basis. The Company has developed internal control processes and contingency plans for managing liquidity risk. This incorporates an assessment of expected cash flows and the availability of unencumbered receivables which could be used to secure funding by way of assignment if required.

Financial instruments measured at amortised cost

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values,except for investment since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

The fair value of the financial assets and liabilities is included the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

All the financial assets and liabilities of the Company are measured at amortised cost except for investment.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and place limited reliance on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level.

Note ''38'' - DISCLUSURE UNDER PRUDENTIAL NORMS & RBI GUIDELINES Note ''38(i)''-

The leverage ratio of the Non-Banking Finance Company is less than 7 as per norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.

Note ''38(ii)''-

The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.

Note ''38(v)''-

Schedule to the Balance Sheet of Non-Deposit Taking Non-Banking Financial Company

(as required in terms of paragraph 18 of chapter IV - Prudential Regulations of Master Directions - Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016

Sub Notes:

a. As defined in point xix of paragraph 3 of chapter II of Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016.

b. Provisioning norms shall be applicable as prescribed in Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016

c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (5) above.

*No Commercial Papers and NCD''s are issued during current financial year and are outstanding as on reporting date, hence not applicable.

vi. Institutional set-up for liquidity risk management

In compliance with liquidity circular, the Board of Directors has approved constitution of Asset Liability Committee (ALCO) which reviews and monitors Asset Liability Management (ALM) mismatch on regular basis. The Company''s ALCO monitors asset liability mismatches to ensure that there are no imbalances or excessive concentrations on either side of the balance sheet.

Notes:

1. The amount stated in this disclosure is based on the audited financial statements for the year ended March 31, 2022.

2. Total liabilities refer to the aggregate of financial liabilities and non-financial liabilities.

3. Significant counter party is as defined in RBI Circular RBI/2019-20/88 DOR. NBFC (PD CC.No.102/03.10.001/2019-20 dated November 4, 2019 on Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies.

Note 41 - ADDITIONAL REGULATORY INFORMATION UNDER DIVISION III TO SCHEDULE III AS PERNOTIFICATION DATED MARCH 24, 2021

(i) Title deeds of Immovable Property not held in the name of the Company - All immovable property are in the name of the Company itself.

(ii) Revaluation of Investment Property - The Company has not revalued Investment Property during the year.

(iii) Revaluation of Property, Plant and Equipment - The Company has not revalued Property, Plant & Equipment during the year.

(iv) Revaluation of Intangible Assets - The Company has not revalued Intangible assets during the year.

(v) Loans or Advances - During the year, the Company has not provided any loans or advances granted to promoters, directors, KMPs and the related parties.

(vi) Capital Work-in-Progress (CWIP) ageing schedule / completion schedule - The Company has no CWIP as on March 31, 2022.

(vii) There are no Intangible assets under development.

(viii) Details of Benami Property held - No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and the rules made thereunder.

(ix) Security of current assets against borrowings - Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.-NA

(x) Wilful Defaulter - The Company has not declared as wilful defaulter by any bank or financial institution or other lender.

(xi) Relationship with Struck off Companies - During the year, the company has not entered into any transaction with struck off companies.

(xii) Registration of charges or satisfaction with Registrar of Companies (ROC) - During the year, there was no delay in registration of charge or satisfaction with ROC.

(xiii) Compliance with number of layers of companies - The Company has complied with the requirements of number of layers.

(xiv) Analytical Ratios - NA

(xv) Compliance with approved Scheme(s) of Arrangements - Not applicable

(xvi) Utilisation of Borrowed funds and share premium - Borrowed funds have been utilised for the purpose they have been sanctioned and share premium has been utilised in working capital.

(xvii) There is no undisclosed income during the year in the tax assessments under the Income Tax Act 1961

(xviii) Details of Crypto Currency or Virtual Currency - The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

Note ''42''

Previous year''s figures have been regrouped/reclassified and reclassified wherever necessary to confirm to current

year''s presentation. In accordance with amendments in Schedule III to the companies Act, 2013.


Mar 31, 2018

1. Corporate Information

Mangal Credit & Fincorp Limited (the company) is a public company domiciled in India and incorporated under the Companies Act, 2013 whose Corporate Identity No. is L65990MH1961PLC012227. The Company has granted certificate of registration to carry on the business of Non-Banking Financial Institution by Reserve Bank of India, vide certificate no. 13.00329 dated March 11, 1998 which has been revised in the name of “Mangal Credit & Fincorp Ltd.” and fresh certificate is reissued on May 3, 2016. The Company is Non Systemically Important Non Deposit Taking NBFC (NBFC-ND-Non SI)vide circular no. RBI/DNBR/2016-17/44DNBS (PD).007/03.10.119/2016-17 dated 1 September 01, 2016. It’s shares are listed on Bombay Stock Exchange (BSE) and Ahmedabad Stock Exchange (ASE).

2. Rights attached to equity Shares

The Company has only one class of equity shares having face value of Rs.1/- per share. Each holder of equity share is entitled to one vote per share.

Every share is entitled to receive dividends in Indian Rupees, if declared.

In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.

The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Over previous years, the company has allotted 7044075/- fully paid up equity shares of face value Rs. 10/- each during the quarter ended Dec 31st 2015 pursuant to bonus issue approved by the shareholder through a postal ballout. The record date fixed by the Board of Directors was December 19 2015 where 5 bonus equity share for every 1 existing equity share held were issued.

4. Conversion and forfeiture of share warrants

- For details of conversion and forfeiture of share warrants, refer note 4.

5. The ''Record Date’ for the purpose of ascertaining the Members entitled to receive the said sub-divided equity shares of the Company was fixed by the Board of Directors of the Company as ''06/05/2017. Subsequently, the Company has issued ten (10) sub-divided equity shares of Re.1/- each in lieu of one (1) equity share of Rs.10/- each to the eligible Members of the Company. In case of Members holding equity shares of the Company in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share certificate(s) of the Company for the sub-divided equity shares of Re.1/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity shares of the Company held in dematerialized form, the sub-divided equity shares have been duly credited to the respective beneficiary accounts of the Members with the respective Depository Participants, as per the existing credits representing the equity shares of the Company. In view of the aforesaid Stock Split, the number of equity shares of the Company and price of underlying equity share in the stock markets has been correspondingly adjusted by the Stock Exchanges, where the Company’s shares are listed (i.e. BSE). The details of the Authorised and Paid-up share capital of the Company (pre & post Stock Split) is as follows:

DIVIDEND

Dividend of Rs. 0.05/- share has been recommended for the FY 2017-18 (Dividend of Rs. 0.25/- share was provided in FY 201617).

6. Disclosures in relation to money received against share warrants

(i) Money received against share warrant represent amounts received towards warrants which entitles the warrant holders, the option to apply for and be allotted equivalent number of equity share of the face value of Rs 1 each.

(ii) During last year, the Company issued to its promoters/non-promoters 10,50,000 warrants dtd. 23.02.2016 and 41,00,000 warrants dtd. 03.03.2016 of a face value of Rs. 10 each, having option to apply for and be allotted an equivalent number of equity shares of a face value of Rs. 10 each at a premium of Rs. 26.45/- each determined in accordance with Regulation 76 of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (''SEBI ICDR Regulations”). The holder of the warrants would need to exercise the option to subscribe to shares before 22.08.2017 and 02.09.2017 upon payment of the balance amount of Rs. 14,07,88,125/-. Also in the year itself 2980520 shares were issued against equivalent number of warrant on payment by subscriber.

(iii) During current year, 32019480 shares were issued against equivalent number of warrant on payment by subscriber and on balance 16500000 shares the amount of Rs 1,50,35,625/- were forfeited on non payment of balance amount till the exercise date and transferred to capital reserve.

(iv) The equity shares to be issued up on the exercise of the warrant shall be subject to companies Memorandum of Association and Articles of Association of the company and shall rank paripasu in all respect with the existing equity shares including the right with respect to dividend.

7. Claims against the company not acknowledged as debts for the year ended 31st March, 2018 include demand from the Income Tax Authorities for payment of tax of Rs. 40,75,600/- upon completion of their tax assessment for Assessment Years 2013-14 & 2014-15. The company has filed an appeal with the income tax appellate authorities.The company is contesting the demand and the management including its tax advisors believes that its position will likely be upheld in the appellate process. The management believes that the ultimate outcome of these proceedings wll not have a material adverse effect on the company’s financial position and result of operation.

8. The company has given the following guarantees:

i. Guarantee to The Bharat Co-Operative Bank (Mumbai) Ltd for Loan of Rs. 25.60 crore availed by M/s Mangal Buildhome Pvt. Ltd., subsidiary of the company.

ii. Guarantee to Fullerton India Credit India Pvt. Ltd. for Loan of Rs. 5 crore availed by M/s Mangal Compusolutions Pvt. Ltd., subsidiary of the company.

iii. Guarantee to Indiabulls Home Loan for Loan of Rs. 1.55 crore availed by M/s Mangal Compusolutions Pvt. Ltd., subsidiary of the company.

iv. Guarantee to Reliance Home Finance for Loan of Rs. 2.32 crore availed by M/s Mangal Compusolutions Pvt. Ltd., subsidiary of the company.

v. Guarantee to Bank of India for Loan of Rs. 30 crore availed by M/s Satco Capital Markets Ltd., subsidiary of the company.

vi. Guarantee to HDFC for Loan of Rs. 63 crore availed by M/s Satco Capital Markets Ltd., subsidiary of the company.

vii. Guarantee to The Bharat Co-Operative Bank (Mumbai) Ltd for Loan of Rs. 1 crore availed by M/s Mangal Extrusion Pvt. Ltd., which was subsidiary of the company during the year.

viii. Guarantee to The Bharat Co-Operative Bank (Mumbai) Ltd for Loan of Rs. 4.37 crore availed by M/s Mangal Entertainment Pvt. Ltd., which was subsidiary of the company during the year.

Note 9

The leverage ratio of the Non-Banking Finance Company is less than 7 as per norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.

Note 10

The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.

Note 11 Schedule to the Balance Sheet of Non-Deposit Taking Non-Banking Financial Company.

(as required in terms of paragraph 18 of chapter IV - Prudential Regulations of Master Directions - Non-Banking Financial Company -Non-Systematically Important Non-Deposit taking company (Reserve Bank) Directions, 2016

Sub Notes:

a. As defined in point xix of paragraph 3 of chapter II of Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016.

b. Provisioning norms shall be applicable as prescribed in Non-Banking Financial Company - Non-Systemically Important NonDeposit taking company (Reserve Bank) Directions, 2016

c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (5) above.

Note 12

Disclosure required as per clause 32 of Listing Agreement has been set out in a separate Annexure A2 attached to the financial statement.

Note 13: Previous Year Figures

Previous year figures have been regrouped, re-arranged and reclassified wherever necessary to confirm to the current year’s classification.


Mar 31, 2016

1. Rights attached to equity Shares

The Company has only one class of equity shares having face value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share.

Every share is entitled to receive dividends in Indian Rupees, if declared.

In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.

The distribution will be in proportion to the number of equity shares held by the shareholders.

2. The company has alloted 70,44,075 fully paid up equity shares of face value Rs. 10/- each during the quarter ended December 31,2015 pursuant to a bonus issue approved by the shareholders through a postal ballot. The record date fixed by the Board of Directors was December 19, 2015 where 5 bonus equity share for every one existing equity share held were issued.

3. Preferential Allotment

During the year ended March 31, 2016 the Company has issued 7361096 equity shares to promoters and non promoters category, constituting 46.55% of the post issue share capital of the Company, through preferential allotment at a price of Rs. 36.45 per share aggregating to 2683.12 lac. The proceeds of the preferential allotment were utilized towards the repayment of equivalent debt in accordance with their objective of the preferential allotment. i.e. "To augment the resources of the company, primarily for expansion and for future growth of the business".

4. Shares reserved for issue under options

- For details of shares reserved for share warrants, refer note 4.

5. MONEY RECEIVED AGAINST SHARE WARRANTS

Money received against share warrants represents amounts received towards warrants which entitles the warrant holders, the option to apply for and be allotted equivalent number of equity shares of the face value of Rs. 10 each.

During the current year, the Company issued to its promoters/non-promoters 10,50,000 warrants dated. 23.02.2016 and 41,00,000 warrants dated. 03.03.2016 of a face value of Rs. 10 each, having option to apply for and be allotted an equivalent number of equity shares of a face value of Rs. 10 each at a premium of Rs. 26.45 each determined in accordance with Regulation 76 of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (‘SEBI ICDR Regulations”). The holder of the warrants would need to exercise the option to subscribe to shares before 22.08.2017 and 02.09.2017 upon payment of the balance amount of Rs. 14,07,88,125/-.

6. Claims against the company not acknowledged as debts for the year ended 31st March ,2016 include demand from the Income Tax Authorities for payment of tax of Rs.49,41,750/- upon completion of their tax assessment for Assessment Years 2010-11, 2011-12, 2012-13, 201314 & 2014-15. The company has filed an appeal with the income tax appellate authorities. The company is contesting the demand and the management including its tax advisors believes that its position will likely be upheld in the appellate process. The management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the company’s financial position and result of operation.

7. Company has received as show cause notice by Securities and Exchange Board of India for alleged delay in compliances under regulation 8(3) of SAST Regulation, 1997 in the year 2002,2003,2005 to 2011. No liability has been acknowledged by the company in this respect as any liability in this recoverable from the erstwhile promoters group in view of the terms of Share Purchase Agreement dated 10th February, 2011.

Note 8.

Consequent to the search and seizure proceedings u/s 132 of the Income Tax Act, 1961, assessment of income for the assessment years 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15 have taken place under section 143(3)/153A of the Income Tax Act, 1961. As a result a total demand of Rs. 49,41,750/- has arisen. Aggrieved by the orders so passed, the company has filed appeals before the Commissioner of Income Tax (Appeals) in the respective assessment years. Considering the nature of additions made and recent judicial pronouncements, there are good chances that the additions shall be deleted in the appellate proceedings and therefore no provision in this respect has been made in respect of outstanding demand.

Note 9.

The leverage ratio of the Non-Banking Finance Company is less than 7 as per norms prescribed by Reserve Bank of India vide circular no. RBI/2015-16/23 DNBS (PD) CC No.044/ 03.10.119/2015-16 dated 01 July, 2015 for NBFCs-ND.

Note 10.

The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2015-16/23 DNBS (PD) CC No.044/ 03.10.119/2015-16 dated 01 July, 2015 for NBFCs-ND.

Sub Notes:

a. As defined in paragraph 2 (1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

b. Provisioning norms shall be applicable as prescribed in Non-Systemically Important Nonbanking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.

c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

Note 11

Disclosure required as per clause 32 of Listing Agreement has been set out in a separate Annexure A2 attached to the financial statement.

Note 12: Previous Year Figures

Previous year figures have also been regrouped, re-arranged and reclassified wherever necessary to confirm to the current year’s classification.


Mar 31, 2015

Corporate Information

Mangal Credit & Fincorp Limited (the company) is a public company domiciled in India and incorporated under the Companies Act, 1956. The company had obtained its license from Reserve Bank of India to operate as a Non Banking Financial Company (NBFC) on March 11, 1998 vide certifcate of registration no. 13.00329. In Previous Year, the Company was Systemically Important Non Deposit Taking NBFC (NBFC-ND-SI) but vide circular no. RBI/2014-15/37 DNBS (PD) CC No.382/ 03.02.001/2014-15 dated 1 July 2014 the company was removed from the category of NBFC-ND-SI. Apart from fnancing activity the Company is also engaged in activity of trading in jewellery. It's shares are listed on Bombay Stock Exchange (BSE) and Ahmadabad Stock Exchange (ASE).

NOTE 1: SEGMENT REPORTING

The Company has two business segments i.e. fnance activity and trading in jewellery activity. The segment information is being presented in consolidated fnancial statements.

NOTE 2

During last year the premises of the company were subjected to search and seizure proceedings u/s 132 of the Income Tax Act, 1961 alongwith the similar proceedings at the residential premises of the directors and also the premises of certain other group concerns. Cash of Rs. 7,50,000/- belonging to the company was seized during such proceedings, besides certain other papers, documents, books, electronic data which, according to management, does not contain any incriminating material. During the year notice under section 153A for fling of the returns of income for the F.Y. 2007-08 to 2012-13 were served in compliance of which returns of income have been fled by making a self assessment of undisclosed income at Rs. NIL in all the years. The Assessment Proceedings are pending as on date. The management is of the view that no additional tax liability shall arise as a result of such proceedings.

NOTE 3

The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2014- 15/299 DNBS (PD) CC No.002/ 03.10.001/2014-15 dated 10 Nov, 2014 for NBFCs-ND.

NOTE 4: DISCONTINUING OPERATIONS

On 1st March 2015, the Board of Directors announced a plan to dispose of Company's Trading Division, which was a separate segment as per AS 17, Segment Reporting. The disposal is consistent with the RBI Guidelines that an NBFC can not involve in trading business. For this the company has sold the entire segment fxed assets to Shree Mangal Abhushan Private Limited at Proft of Rs. 5,04,290/- and all its Assets including inventory and Liabilities has been disposed off. The following statement shows the revenue & expenses of continuing and discontinuing operations:

Sub Notes:

a. As defned in paragraph 2 (1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

b. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directons, 2007.

c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classifed as long term or current in (4) above.

NOTE 5:

Disclosure required as per clause 32 of Listing Agreement has been set out in a separate Annexure A2 attached to the fnancial statement.

NOTE 6: PREVIOUS YEAR FIGURES

Previous year fgures have also been regrouped, re-arranged and reclassifed wherever necessary to confrm to the current year's classifcation.


Mar 31, 2014

A) Rights attached to equity Shares

The Company has only one class of equity shares having face value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share.

Every share is entitled to receive dividends in Indian Rupees, if declared.

In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.

The distribution will be in proportion to the number of equity shares held by the shareholders.

e) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being 4,76,189 equity shares @ Rs. 210 per share amounting to Rs. 9,99,99,690/- issued under share swap basis. The detail of shares received is as under:

DIVIDEND

Dividend of Rs. 2 per share on Face Value of Rs. 10/- per share has been recommended for the FY 2013-14 (Dividend of Rs. 2 per share on face value of Rs. 10/- per share was provided in FY 2012-13)

2 The Company has not received any intimation from "suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosres, if any, relating to amounts unpaid as at the end of the year together with interest paid I payable as required under the said Act have not been furnished-

Notes; -

1 Vehicles represent 5 cars purchased by Company and teased to another company.

2 Adjusment of Rs. 5,38,919/- in the gross Block of vehicles has been made in respect of erroneous capitalisation of Value Added Tax (VAT) on purchase of Motor Cars since the Company is entitled to claim set off of Input Tax Credit against Lease Rentals. Correspondingly Prior Period Adjusment has been made in the amount of depreciation of Rs. 2,57,461/- charged on the said amount of VAT paid on purchase in the preceding financial years.

For the Previous Particulars Period ended Year ended 31.03.2014 31.03.2013

Rupees Rupees

(i) Contingent Liabilities - -

(a) Claims against company not acknowledged - - as debt

(b) Guarantees - -

(c) Other money for which the company is - - contingentally liable

(ii) Commitments

(a) Estimated Amounts of contracts remaining - - to be executed on capital account and not provided for

(b) Uncalled liability on shares and other - - investment partly paid up

(c) Other commitments - -

Notes Forming Part of the Financial Statements 26. Related Party

As required under the accounting standard of Related Party Disclosure (AS 18) issued by the Institute of Chartered Accountants of India, the disclosure of Related Party name & their transactions are as under:

Name of Related Parties and Relationships S. No. Related Parties A. Subsidiaries

1 Chakshu Realtors Pvt Ltd

2 Ekadanta Builders Pvt. Ltd

3 Indtrans Container Lines Pvt Ltd

4 Mangal Buildhome Pvt Ltd

5 Mangal Bullion Pvt Ltd

6 Mangal Compusolution Pvt Ltd

7 Mangal Entertainment Pvt Ltd

8 Mangal Globle Marble Pvt Ltd

9 Mangal Royal Jewels Pvt Ltd.

10 Mangal Synnove Energies Pvt Ltd

11 Mangal Timber Pvt Ltd

12 Mayur Abodes Ltd.

13 Satco Capital Markets Ltd

14 Shree Mangal Jewels Pvt Ltd

15 Shree Radhey Mangal Gold Chain Pvt Ltd

16 Shree Ratnamangal Jewels Pvt Ltd

17 Signature Sports & Entertainment Pvt Ltd

18 Standard Medserve Tpa Pvt Ltd

19 Swarn Bhavya Mangal Jewels Pvt Ltd

20 Viraasat Gems & Jewels (Retail) Pvt Ltd

B Associates

1 Scarled Computech Private Limited

2 GoldCrest Realty

3 Student films Festivals

4 Bliss Entertainment

5 Mangal Accad Synnove Energy

6 Swarn Mangal Jewels

C Companies / Others Under Common Control

1 Ally Insurance Brokers Private Limited

2 Bansiwala Real Estates Private Limited

3 Dhakad Proprieties & Financial Services PL

4 E-Ally Commodities India Private Limited

5 E-Ally Consulting India Private Limited

6 E-Ally Equities India Private Limited

7 E-Ally Research India Private Limited

8 E-Ally Securities India Private Limited

9 Ectech Informatics Private Limited

10 Karshma Metal Industries Private Limited

11 Mangal Meta Forging Private Limited

12 Mangal Recycling Private Limited

13 Shwet Developers Private Limited

14 Vijay Dwellers Private Limited

15 Mangal Charitable Trust

D Key Management Person

1 Sandeep Maloo Directors

2 Ajit Jain Directors

3 Meghraj Jain Directors

4 Labh Chand Maioo Directors

5 Neeta Maloo Directors

6 Sunil Ramachandran Nair Directors

7 Atul Jain Directors

Note 27: Segment Reporting

The Company has two business segments i.e. finance activity and trading in jewellery activity. The segment information is being presented in consolidated financial statements.

Note 28

During the year the premises of the company was subjected to search and seizure proceedings u/s 132 of the Income Tax Act, 1961 alongwith the similar proceedings at the residential premises of the directors and also the premises of certain other group concerns. Cash of Rs.7,50,000/- belonging to the company was seized during such proceedings, besides certain other papers, documents, books, electronic data which, according to management, does not contain any incriminating material. Accordingly, the management is of the view that no additional tax liability shall arise as a result of such proceedings.

Note 29

Non Compliance as to following norms prescribed by Reserve Bank of India vide circular no. RBI/2013-14/35 DNBS (PD) CC No.333/ 03.02.001 / 2013-14 dt. July 1, 2013 for systemically important Non-Deposit Accepting NBFC''s (NBFC-ND-SI) which have become applicable on the Company during the year:-

(i) The Capital Risk Adequacy Ratio (CRAR) of 15% is required to be maintained. As against this the CRAR of the Company as on 31.03.2014 is (-) 67.24%.

(ii) The Company is required to maintain exposure to single party / Group within the prescribed percentage of owned funds. As against this the Concentration of Advances and Investments as on 31.03.2014 is as under:-

(iii) The Company charged interest on monthly / by-monthly / quarterly / or annually as per the terms decided with the respective borrowers. Accordingly it is not complying with the norms regarding charging of interest on monthly / quarterly basis in certain cases.

Sub Notes

a. These disclosures are given only for certain items of assets and liabilities from the Balance sheet as required by the above circular and is not a complete depiction of the asset liability maturity position of the Company as at March 31, 2014

b. The asset maturity pattern are based on expected collections pattern of the Company based on past experience.

c. The requirement of ALM has become applicable to the Company for the first time on becoming "Systemically Important" in the F.Y. 2013-14.

Note 32

Schedule to the Balance Sheet of Non-Deposit Taking Non-Banking Financial Company

(as required in terms of paragraph 13 of Non-banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007)

Sub Notes:

a. As defined in paragraph 2(i)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

b. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directons, 2007.

c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

Note 33: Disclosure required as per clause 32 of Listing Agreement has been set out in a separate annexure A2 attached to the financial statement.

Note 34: Previous Year Figures

Previous year figures have also been regrouped, re-arranged and reclassified wherever necessary to confirm to the current year''s classification.


Mar 31, 2013

1. Contingent liability on partly paid debentures and shares. NIL NIL

2. Claim of material amount on account of disputes raised by a customer against the Company which has not been accepted and has been referred to the Arbitrator. The matter is under litigation and the liability, if any, cannot be ascertained and hence not provided in the accounts.

3. There are no doubtfull debts or doubtful advances during the year (Previous year, Rs. NIL)

4. As of 31st March,2013 the Company had no oustanding dues to small scale industrial undertakings for sum of of Rs.1 lac or more for more than 30 days.

5. No loan or advances given to employees during year ( Previous year Rs.NIL).

6. Confirmations for debit and credit balances have been received.


Mar 31, 2012

As at As at 31.03.2012 31.03.2011 Rupees Rupees

1. Estimated amount of capital contracts remaining to be executed and not provided for. NIL NIL

2. Contingent liability on partly paid debentures and shares. NIL NIL

3. Guarantees given by a bank. 24,500 224,000

4. (a) Appeals filed by the Income Tax Department against appellate decisions favourable to the Company involving tax amount to 1,285,940 1,285,940

(b) Necessary provision in respect of above liabilities, including interest if any, will be made in the accounts on final outcome of appeals.

5. Payment to Auditors Audit fees 60,000 40,000

6. Claim of material amount on account of disputes raised by a customer against the Company which has not been accepted and has been referred to the Arbitrator. The matter is under litigation and the liability, if any, cannot be ascertained and hence not provided in the accounts.

7. There are no doubtfull debts or doubtful advances during the year (Previous year, Rs. NIL)

8. As of 31st March, 2012 the Company had no outstanding dues to small scale industrial undertakings for sum of of Rs.1 lac or more for more than 30 days.

9. No loan or advances given to employees during year (Previous year Rs. NIL).

10. Confirmation for debit and credit balances have been received from most of the parties.

11. (a) Managerial Remuneration u/s 198 of the Companies Act, 1956

b) The computation of net profit under Section 198 of the Companies Act, 1956 has not been given since, due to the inadequacy of net profit as per section 309(5), no commission is payable for the year ended 31st March, 2012.


Mar 31, 2010

1. Claim of material amount on account of disputes raised by a customer against the Company which has not been accepted and has been referred to the Arbitrator. The matter is under litigation and the liability, if any, cannot be ascertained and hence not provided in the accounts.

2. No provision has been made in respect of doubtful debts amounting to Rs. 61,322/-(Previous year Rs.50,713/-). and doubtful advances amounting to Rs.15,516 /- ( Previous year Rs. 10,000/-).

3. As of 31st March,2010 the Company had no oustanding dues to small scale industrial undertakings for sum of Rs.1 lac or more for more than 30 days.

4. Advances recoverable include loan to employees of Rs.8,064/- ( Previous year Rs.25,200/-).

Maximum balance outstanding during the year is Rs.25,200/- (Previous year Rs.33,000/-).

5. Confirmation for debit and credit balances have not been received from several parties.

6. DEFERRED TAX ASSETS

Note : Pursuant to Accounting Standard (AS) 22, during the year deferred tax liabilities of Rs.1,02,570/- has been debited to Profit and Loss account and credited to Deferred Tax Assets.

7. TRANSACTION WITH RELATED PARTY:

a) "Including additional provision of Rs. 1,11,100/- on account of increase in Gratuity provision ceiling from Rs.3.50 lacs to Rs.10.00 lacs .

b) The computation of net profit under Section 198 of the Companies Act, 1956 has not been given since, due to the - inadequacy of net profit as per section 309(5), no commission is payable for the year ended 31st March, 2010.

8. Information regarding goods manufactured :

NOTE:

1. # Quantitative information regarding Rawmaterials, Components & Stores cannot be given as the items are numerous and cannot be classified into suitable categories.

2. @ 5 Nos. Cranes Purchased and sold during the year.

10. Earning Per Share (EPS):

11. Expenditure in Foreign Currency on account of: Others

12. Earnings in Foreign Currency

13. There is no remittance of foreign currency in respect of dividend during the year.

14. Figures for the previous year have been regrouped and re-classified to conform with those of the current year, wherever necessary.

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