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Notes to Accounts of Manraj Housing Finance Ltd.

Mar 31, 2015

1. CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provi- sions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2. OTHER NOTES

3. Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund

Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/- )

4. Provision for Current and Deferred Tax. (AS-22)

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is ac- counted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

5. Current assets, loans and advances

In the opinion of the board, the current assets, loans and advances , have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance sheet.

6. Amount due to micro & small enterprises:

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and, hence, disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

7. Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. N I L /-. (P.Y. Rs. NIL).

8. Segment Reporting

The company's operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard - 17. During the year under report substantial part of the company's business has been carried out in the state of Maharashtra. The conditions prevailing in Maharashtra being uniform, no separate geo- graphical disclosures are considered necessary.

9. Employee Benefits

No provision for gratuity payable is made as there is no eligible employee entitled to gratuity. There are no other dues payable to employees for which provision / payment has been made in books of accounts including leave encashment dues etc.

10. Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

3 Shri Pramod N. Mehta Director

4 Shri Suganchand K. Raka Director

5 Shri Ramvilas K. Rathi Director

6 Shri Prashant J. Agrawal Director

7 Shri Purushottam T. Wani Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Ishwarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Ishwarlal Jain)

3 Mrs. Neetika Jain (wife of Shri Manish Jain)

Enterprises having common Key Management Personnel (Associates)

Name of the Related Party Relationship

Arya Automobiles Proprietary Concern of Shri. I.S.Jain Rajmal Lakhichand (Jalgaon)

Rajmal Lakhichand & Sons

Arya Impex

Manraj Travels

Manraj Construction

Manraj Green Gold

Rajmal Lakhichand Jewellers (Pune)

R.L.Commodities Pvt. Ltd. Shri Ishwarlal S. Jain / Manish I. Jain and their relatives Manraj Jewellers Pvt. Ltd. are partners / directors / share- holders in these firms / RLJewels Pvt Ltd companies.

Ajanta Health Resort Pvt. Ltd.

R.L. Gold Pvt. Ltd.

Rajmal Lakhichand Jewellers Pvt. Ltd.

Manraj Motors Pvt. Ltd.

Manavi Holdings Pvt. Ltd.

Chatrapati Real Estate and Projects Pvt. Ltd.

Precious Hallmarking Pvt, Ltd.

11. Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.


Mar 31, 2014

1) CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provisions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2) OTHER NOTES

2.1) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/- )

2.2) Loans and Advances

The company has granted loans aggregating to Rs. 13,32,01,708 during the financial year 2012- 13 to certain parties and an advance of Rs. 70,00,000 to a relative of a director only on the basis of an agreement to furnish documents to create security to repay on demand. However, no security was created for the said loans and the entire loans were recovered / adjusted before 31/03/2014.

2.3) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

2.4) Current assets, loans and advances

In the opinion of the board, the current assets ,loans and advances , have a value on realization in the ordinary course of business at least equal to the amount at which they are stated,in the Balance sheet.

2.5) Amount due to micro & small enterprises:

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and, hence , disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

2.6) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. N I L /-. (P.Y. Rs. NIL).

2.7) Segment Reporting

The company''s operations predominantly consist of construction activities. Hence there are no reportable segments under Accounting Standard - 17. During the year under report substantial part of the company''s business has been carried out in the state of Maharashtra. The Conditions prevailing in Maharashtra being uniform, no separate geographical disclosures are considered necessary.

2.8) Employee Benefits

No provision for gratuity payable is made as there is no eligible employee entitled to gratuity. There are no other dues payable to employees for which provision / payment has been made in books of accounts including leave encashment dues etc.

2.9) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties (As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

3 Shri Pramod N. Mehta Director

4 Shri Suganchand K. Raka Director

5 Shri Ramvilas K. Rathi Director

6 Shri Prashant J. Agrawal Director

7 Shri Purushottam T. Wani Director

2.10) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.


Mar 31, 2013

1) CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provisions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund

Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/-)

3) The Company has granted loans aggregating to Rs. 13,32,01,708 during the year (balance as on 31-03-2013 Rs.14,42,61,132) to certain parties and an advance of Rs. 70,00,000 (balance as on 31/03/2013 Rs. 74,54,512) to a relative of a director only on the basis of an agreement to furnish documents to create security to repay the same on demand. However, no security is created till this date.

4) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

5) Current assets, loans and advances

In the opinion of the board, the current assets Joans and advances , have a value on realization in the ordinary course of business at least equal to the amount at which they are stated,in the Balance sheet.

6) Amount due to micro & small enterprises:

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and, hence , disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

7) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL/-. (P.Y. Rs. NIL).

8) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Iswarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Iswarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Manish Jain)

9) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.


Mar 31, 2012

1) CORPORATE INFORMATION

Manraj Housing Finance Limited is a listed Company incorporated in India under the provisions of the Companies Act, 1956. Earlier it was engaged in the business of providing finance for housing. This activity of late has been discontinued and since last few years the company has started construction activity and is otherwise dealing in real estate business.

2) PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS.

For the year ended 31st March, 2012 the revised Schedule VI notified under the companies Act, 1956, has become applicable to the company, for the preparation and presentation of Financial statement. The adoption or Sctredute Vt does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosure made in financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

3) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund Unclaimed Dividend of Rs. NIL ( P.Y. Rs. NIL/-)

4) As certified by the management loans granted by the Company are secured by -

- Simple / equitable mortgage of the property and/or

- Assignment of Life Insurance Policy and/or

- Personal Guarantees and/or

- Undertaking to create a security and/or

- Promissory Note.

and are considered good except in the cases where the provisions have been made.

The Company has granted loans to certain parties during the year under review aggregating to Rs. 3,00,00,000 and in earlier years aggregating to Rs. 3,81,74,000/- only on the basis of an agreement to create security as and when required. However no such security is created till date.

5) Borrowing Costs

There are no borrowing costs that are attributable to the acquisition or construction of qualifying asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

6) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

7) Bad Debts .

Company has written off Housing loans without enforcing security on the ground that recovery steps would not be commercially viable.

8) Current assets, loans and advances

In the opinion of the board, the current assets Joans and advances , subject to the provision, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

9) Amount due to micro & small enterprises:

The Company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and, hence, disclosures relating to amounts unpaid as at the year end together with interest paid/payable under this Act has not been given.

10) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL/- (P.Y. Rs. NIL).

11) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties -

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(Having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Ishwarlal Jain)

2 Mrs. Pushpadevi Jain (wife of Shri Ishwarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Manish Jain)

12) Where changes in presentation are made, comparative figures for the previous year are re- grouped accordingly.


Mar 31, 2011

1) Unclaimed Dividend and Transfer of Dividend to Investor Protection Fund Unclaimed Dividend of Rs. NIL (P. Y. Rs. NIL/-)

2) As certified by the management loans granted by the Company are secured by -

- Simple / equitable mortgage of the property and/or

- Assignment of Life Insurance Policy and/or

- Personal Guarantees and/or

- Undertaking to create a security and/or

- Promissory Note.

And are considered good except in the cases where the provisions have been made.

3) Borrowing Costs

There are no borrowing costs that are attributable to the acquisition or construction of qualifying assets. A Qualifying asset is one that necessarily takes substantial period of time to get ready for intended use.

4) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

5) Transfer to Special Reserve

The company has transferred Rs.50,00,000 /-(P.Y. Rs.50,00,000) to Special Reserve Account during the current year.

6) Bad Debts

Company has written off certain Housing loans without enforcing security on the ground that recovery steps would not be commercially viable.

7) Current assets, loans and advances

In the opinion of the board, the current assets, loans and advances, subject to the provision, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

8) Amount due to micro & small enterprises:

The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures relating to amounts unpaid as at the year end together with interest paid / payable under this Act has not been given.

9) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL /-. (P.Y. Rs. NIL).

10) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(having common Key Management Personnel or their relatives )

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Iswarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Iswarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Manish Jain)

11) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.

Figures for the Previous Year have been regrouped and reclassified wherever necessary to conform to the classification of current year This is the Cash Flow Statement referred to in our report of even date


Mar 31, 2010

1) The company has complied with the provisions of Non-Banking Financial Companies and Miscellaneous Non-Banking Companies (Advertisement) Rules 1977.

2) Unclaimed Dividend and Transfer of

Dividend to Investor Protection Fund

Unclaimed Dividend of Rs. NIL (P.Y. Rs. NIL/-)

3) As certified by the management loans granted by the Company are secured by -

- Simple / equitable mortgage of the property and/or

- Assignment of Life Insurance Policy and/or

- Personal Guarantees and/or

- Undertaking to create a security and/or

- Promissory Note.

And are considered good except in the cases where the provisions have been made.

4) Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A Qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

5) Provision for Current and Deferred Tax.

Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

Deferred tax resulting from "timing difference" between book and taxable profit is ac- counted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. The deferred tax asset is recognised and carried forward only to the extent there is a reasonable certainty that the assets will be realised in future.

6) Transfer to Special Reserve

The company has transferred Rs. 50,00,000 /-(P.Y. Rs.2,00,000) to Special Reserve Account during the current year.

7) Amount due to micro & small enterprises:

There are no micro & small enterprises to which the company owes dues, which are outstanding for more than 45 days as on 31st March 2010.

8) Contingent Liability

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. NIL/-. (P.Y. Rs. NIL).

9) Disclosure in respect of Related Parties pursuant to Accounting Standard 18

1) List of Related Parties

(As identified by the Management)

i) Enterprises that directly or indirectly exercise control NIL

ii) Key Managerial Personnel and Enterprises

(having common Key Management Personnel or their relatives)

Key Management Personnel

1 Shri Ishwarlal S. Jain Managing Director

2 Shri Manish I. Jain Director

Relatives of Key Management Personnel

1 Shri Amrish Jain (son of Shri Iswarlal Jain)

2 Mrs Pushpadevi Jain (wife of Shri Iswarlal Jain)

3 Mrs. Nitika Jain (wife of Shri Jain)

10) Where changes in presentation are made, comparative figures for the previous year are re-grouped accordingly.

 
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