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Notes to Accounts of MFS Intercorp Ltd.

Mar 31, 2015

NOTE: 1 In the opinion of the Board, the Current Assets, Loans and Advances are not less than the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE: 2 The Company does not deal in any specific segment therefore it is not possible to give any segment wise information.

NOTE: 3 Accounting For Taxes On Income – Board of directors informed that company is not in position to set off business loss and unabsorbed depreciation in future. Therefore it is assumed as permanent difference and provision for deferred Tax liability not made

NOTE: 4 Related party Disclosures Related party disclosures, as required by AS-18,"Related Party Disclosures" are given below: No Related party transaction was carried out during the year.

NOTE: 5 In the opinion of the management the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

Note: 6 No provision for gratuity is made in absence of any liability as per the provision of Gratuity Act 1972.

Note: 16 Figures in brackets indicate figures relating to the previous year.

Note: 17 previous year's figures have been regrouped /rearranged wherever necessary.


Mar 31, 2014

NOTE: 1 In the opinion of the Board, the Current Assets, Loans and Advances are not less than the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE: 2 The Company does not deal in any specific segment therefore it is not possible to give any segment wise information.

NOTE: 3 Accounting For Taxes On Income - Board of directors informed that company is not in position to set off business loss and unabsorbed depreciation in future. Therefore it is assumed as permanent difference and provision for deferred Tax liability not made

NOTE: 4 Related party Disclosures

Related party disclosures, as required by AS-18,"Related Party Disclosures" are given below:

No Related party transaction was carried out during the year.

NOTE: 5 In the opinion of the management the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

Note: 6 No provision for gratuity is made in absence of any liability as per the provision of Gratuity Act 1972.

Note: 7 Figures in brackets indicate figures relating to the previous year.

Note: 8 previous year''s figures have been regrouped /rearranged wherever necessary.

Note: 9 Other Clause of Part II of Schedule VI of the Companies Act, 1956 is either NIL OR NOT APPLICABLE.


Mar 31, 2013

Contingent Liabilities:

Contingent Liabilities are disclosed when the Company has a possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

NOTE: 1 In the opinion of the Board, the Current Assets, Loans and Advances are not less than the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE: 2 The Company does not deal in any specific segment therefore it is not possible to give any segment wise information.

NOTE: 3 Accounting For Taxes On Income – Board of directors informed that company is not in position to set off business loss and unabsorbed depreciation in future. Therefore it is assumed as permanent difference and provision for deferred Tax liability not made

NOTE: 4 Related party Disclosures

Related party disclosures, as required by AS-18,"Related Party Disclosures" are given below:

No Related party transaction was carried out during the year.

NOTE: 5 In the opinion of the management the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

Note: 6 Figures in brackets indicate figures relating to the previous year.

Note: 7 previous year''s figures have been regrouped /rearranged wherever necessary.

Note: 8 Other Clause of Part II of Schedule VI of the Companies Act, 1956 is either NIL OR NOT APPLICABLE.


Mar 31, 2012

NOTE: 1 In the opinion of the Board, the Current Assets, Loans and Advances are not less than the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE: 2 The Company does not deal in any specific segment therefore it is not possible to give any segment wise information.

NOTE: 3 Accounting For Taxes On Income - Board of directors informed that company is not in position to set off business loss and unabsorbed depreciation in future. therefore it is assumed as permanent difference and provision for deferred Tax liability not made

NOTE: 4 Related party Disclosures

Related party disclosures, as required by AS-18,"Related Party Disclosures" are given below:

No Related party transaction was carried out during the year.

NOTE: 5 In the opinion of the management the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

Note: 6 No provision for gratuity is made in absence of any liability as per the provision of Gratuity Act 1972.

Note: 7 Figures in brackets indicate figures relating to the previous year.

Note: 8 Previous year's figures have been regrouped /rearranged wherever necessary.

Note: 9 Other Clause of Part II of Schedule VI of the Companies Act, 1956 are either NIL OR NOT APPLICABLE.


Mar 31, 2011

1. In the opinion of the Board, the Current Assets, Loans and Advances are not less than the value stated, if realized in the ordinary course of business. The provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

2. The Company does not deal in any specific segment therefore it is not possible to give any segment wise information.

3. Accounting For Taxes On Income - Board of directors informed that company is not in position to set off business loss and unabsorbed depreciation in future. therefore it is assumed as permanent difference and provision for deferred Tax liability not made

4. Related party Disclosures

Related party disclosures, as required by AS-18,"Related Party Disclosures" are given below: No Related party transaction was carried out during the year.

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

6. No provision for gratuity is made in absence of any liability as per the provision of Gratuity Act 1972.

7. Figures in brackets indicate figures relating to the previous year.

8. Previous year's figures have been regrouped /rearranged wherever necessary.

9. Other Clause of Part II of Schedule VI of the Companies Act, 1956 are either NIL OR NOT APPLICABLE.


Mar 31, 2010

(1I) Balance of Sundry creditors, Sundry debtors advances are subject to confirmation recanciliation & adjustments if any.

(2) Previous Years figures have been regrouped & rearranged wherever necessary to make them comparable with the current year figures.

(3) Interest Provision is not made on Term loan of M.P.A.V.N.

C ADDITIONAL INFORMATION PURSUANT TO PARAGRAPHS 3 & 4 OF PART- II OF SCHEDULE VI TO THE COMPANIES ACT. (AS AMENDED)

(As provide & Certified by the Directors & relied by the auditors being technical matter.)

1. Capacity & Production

The Company could not start its commercial production as such datas of production capacity material consumed etc, has not been produced here.

2. Value of Import NIL NIL

3. Expenditure in foreign Currency NIL NIL

4. Earning in Foreign Currency NIL NIL

5. Accounting for taxes on income as required by Accounting Standard 22

Board of Directors informed us that company is not in position to set off Business Loss and Unabsorbed depreciation in future. Therefore it assumed as parmanent differences and provision for deffered tax liability not made.

6. Segment Reporting

The entire operation of the company relate to only one segment i.e. Share Trading. As such there is no septate reportable segment under Accounting Standard 17 on segment Reporting.

7. Disclosure of transection with related parties as required by Accounting Standard 18. Directors and Relatives

01. Shri Sunil Badjatia Remuneration Nil

(also key management personal)

 
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