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Notes to Accounts of Mangalam Industrial Finance Ltd.

Mar 31, 2015

I Based on the information / documents available with the Company, no creditor is covered under Micro, Small and Medium Enterprise Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures thereof are made in these accounts.

ii Loans and advances balances are subject to confirmation by the respective parties

iii Segment Report :

The Company is engaged in the business of Non-Banking Financial Services and there are no separate reportable segments as per Accounting Standard 17.

iv The Company has Complied this information based on the current information in its possession as at 31.03.2015, No supplier has intimated the Company about its status as a Micro or Small enterprise or its Registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006

Amount due to Micro Small and Medium Enterprises as on 31.03.2014 RS NIL ( PY RS NIL )

v Deferred Taxation :

In the opinion of the management, the Company has provided the provisions for deferred tax assets on account of carry forward losses as well as on the timing differences for the period in which there is virtual certainty of sufficient future income for realisation in future years, in accordance with AS-22 " Accounting For Taxes On Income " issued by the Institute of Chartered Accountants of India.

vi Effective from 1st April, 2014, the Company has charged depreciation based on the useful life of the assets as per the requirement of Schedule II of the Companies Act, 2013. It has recomputed the depreciation on various fixed assets in accordance with and in the manner prescribed with Part C of Schedule II of the Companies Act, 2013. The aggregate difference between the depreciation so computed as per the companies Act, 2013 till 31st March, 2014 and the depreciation charged in the accounts till 31st March, 2014 has been debited to the opening balance of profit & Loss Account.

Deferred Tax assets arising there on has been debited to or credited to against the opening balance of Profit & Loss Account

vii The Financial Statement and Notes on Account has been prepared as per Companies Act, 2013 with their Schedule as the same is effective from 1st April, 2014.

viii Provision for Outstanding Standard Assets have been made @ 0.25% as per RBI Circular No.: DNBPS.PD.CC.No. 207/03.02.002 /2010-11 dated: 17-01-2011

ix Provision for taxation on Income for the year has been made under section 115JB of the income tax act, being Minimum alternate tax higher than tax calculated on income under normal computation as per income tax act. Accordingly the statement of profit and loss has been credited minimum alternate tax credit receivable has been debited with similar amount.

x The management has assessed that there is no impairment of Fixed assets requiring provisions in the accounts. Accordingly, there is no debit to the Profit & Loss Account for the impairment of assets.

xi The management has assessed that there is no impairment of Fixed assets requiring provisions in the accounts. Accordingly, there is no debit to the Profit & Loss Account for the impairment of assets.

xii No Provision has been made on account of gratuity as none of the employees have put in completed years of Service as required by the Payment of Gratuity Act.

xiii No provision has been made on account of leave salary as there are no leave to the credit of employees as at the end of the year.

xiv Previous Year figures have been regrouped, rearranged or recasted wherever considered necessary.

xv Information’s required to be furnished under paragraph 13 of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007 is annexed separately.

xvi No provision has been made for fall in the market value of investment as the said fall is of temporary in nature.


Mar 31, 2014

1 Based on the information / documents available with the Company, no creditor is covered under Micro, Small and Medium Enterprise Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures thereof are made in these accounts.

2 Loans and advances balances are subject to confirmation by the respective parties

3 Segment Report :

The Company is engaged in the business of Non-Banking Financial Services and there are no separate reportable segments as per Accounting Standard 17.

4 Related Party Disclosure :

As per accounting standard 18 the information for related parties is given below:

Name of the related parties

ASSOCIATES

SUBSIDIARIES

1. FUNIDEA REALTORS LTD

2. GYANESHWAR NIKETAN LTD

3. GOPAL PRIYA VINIMAY LTD

4. MEGAPIX CONCLAVE LTD

5. MOONLOVE VYAPAAR LTD

6. MARBUMI IMPEX LTD

7. SUVRIDHI VANIJYA LTD

8. WATERLINK SUPPLIERS LTD

KEY MANAGEMENT PERSONNEL ( KMP )

1. Ramesh Chandra Daga

5 The Company has Complied this information based on the current information in its possession as at 31.03.2014 , No supplier has intimated the Company about its status as a Micro or Small enterprise or its Registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006 Amount due to Micro Small and Medium Enterprises as on 31.03.2014 RS NIL ( PY RS NIL )

6 Deferred Taxation :

Deferred Tax Assets on account of long term losses and short term losses has not been considered on account of uncertainty of realisable income under the said head which will be available for realisation.

7 No provision for taxation has been made during the year as there is no taxable profit during the year.

8 Provision for Outstanding Standard Assets have been made @ 0.25% as per RBI Circular No.: DNBPS.PD.CC.No. 207/03.02.002 /2010-11 dated: 17-01-2011

9 No Provision has been made on account of gratuity as none of the employees have put in completed years of Service as required by the Payment of Gratuity Act.

10 No provision has been made on account of leave salary as there are no leave to the credit of employees as at the end of the year.

11 Previous Year figures have been regrouped, rearranged or re-casted wherever considered necessary.

12 Information required to be furnished under paragraph 13 of Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998 is annexed separately.

13 The company has applied for and granted admission of its securities with the Bombay Stock Exchange.

 
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