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Notes to Accounts of Mercantile Ventures Ltd.

Mar 31, 2015

1. Term Loan has been availed against hypothecation charge on rental receivables from tenants occupying company's office space and mortgage on 46118 sq. ft. of office space of the company in Chennai.

2. Zero interest 3 year Convertible Bonds were issued to the Creditors of the company on 27 March 2013 in pursuance of a Scheme of Arrangement with the Creditors approved by the Hon'ble Madras High Court. The Bonds are redeemable at the end of the third year from the date of issue or in lieu of such redemption, at the option of the Creditors, convertible into equity shares of Rs. 10/- each par.

3. Allotment of shares by India Radiators Limited is subject to approval of the revival scheme by the Board of Industrial and Financial Reconstruction

5. Investments in equity shares of National Trust Housing Finance Ltd are yet to be transferred in the name of the company

6. Capital Advances represent advances made towards purchase of immovable properties and Fixed Assets

7. The Non-Current assets relate to the balances of old NBFC business. The Management is in the process of reviewing the prospects of further realisations from the above balances and appropriate decision will be taken in the ensuing year.

8. Details of Inter corporate Deposits disclosed pursuant to Section 186(4) of the Companies Act, 2013

Edac Engineering Ltd 2862.59

Greenstar Fertilizers ltd 700.00

The above Inter Corporate Deposits were utilised for the business purposes of the recipient companies

The above disclosure was not applicable for the previous year

9. The profit on sale of fixed assets represents profit arising from sale of immovable proeprties belonging to the company.

10. Expenditure in foreign currency during the current period NIL

11. Earnings in Foreign Exchange received during the current period NIL

12. As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: Related Parties:

Subsidiaries:

Oasis Ventures Private Limited

i3 Security Private Limited

Rayce Electronic Intelligence India Private Limited

Associate:

Navia Markets Limited

Key Managerial Personnel:

Mr. E.N. Rangaswami, Whole-time Director

Mr.V.Padmanabha Sarma,Chief Financial Officer

Ms.S.Aarthi,Company Secretary

13. The figures for the previous year have been regrouped / reclassified wherever necessary.


Mar 31, 2014

The accounting period for the previous period is from 15-11-2012 to 31-3 2013. Hence the figures are not comparable.

2.1. Zero Interest 3 year Convertible Bonds were issued to the Creditors of the company in pursuance of a Scheme of Arrangement with the Creditors approved by the Hon''ble Madras High Court.The Bonds are redeemable at the end of the third year from the date of issue or in lieu of such redemption, at the option of the Creditors, convertible into equity Shares of Rs 10 each at par.

Notes:

1 Deletions to Fixed Assets relate to disposal of immovable properties during the financial year.

2 Capital work-in-progress represents the company''s entitlement to certain residential units in a freehold land belonging to the company.

2.1 3,60,000 shares in Karuturi Floritech Ltd which are held at a cost of Rs 9.00 lakhs are partly paid up.

2.2 Cost of quoted shares include Rs 3.35 lakhs being the cost of shares held in third party names.

2.3 Oasis Ventures Private Limited became a wholly owned subsidiary on its incorporation on 4-11-2013.

2.4 Allotment of shares by India Radiators Limited is subject to approval of the revival scheme by the Board of Industrial and Financial Reconstruction.

3.1 The profit on sale of fixed assets represents profit arising from sale of immovable properties and transfer of 75% of undivided share of freehold land belonging to the company in terms of a Joint Venture Agreement entered in to with a Developer.

3.2 After a review of the balances in Non-current Assets relating to old NBFC business, an amount of Rs.6118.62 lakhs which are considered irrecoverable have been written off during the year.

4 Expenditure in foreign currency during the current year - Nil -

5 Earnings in foreign exchange received during the current year - Nil -

6 As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

Related Parties:

Subsidiaries:

Oasis Ventures Private Limited i3 Security Private Limited

Associates:

Armenian Investments Ltd Elliot Investments Ltd Everest Investments Ltd Harrington Investments Ltd Pantheon Investments Ltd Ripon Investments Ltd Success Investments Ltd Windsor Investments Ltd

Key Managerial Personnel:

Mr.E N Rangaswami, Whole-time Director The following are transactions & Closing Balances with the related parties during current year

Transaction with related parties during the year 2013-14

1. Write off of amounts due:

Everest Investments Ltd - Rs.1001.10 lakhs

Harrington Investments Ltd - Rs,. 61.00 lakhs

2. Security charges paid to M/s. 3 Security Private Limited - Rs.3.67 lakhs

3. Director''s Remuneration - Mr E N Rangaswami Rs.19.35 lakhs

7. Commitments on capital account and not provided for Rs. 3558.38 Lakhs

8. Dividend receivable on Preference Shares Rs 88.13 lakhs

9. The figures for the previous period have been regrouped reclassified wherever necessary.

 
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