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Notes to Accounts of Mihika Industries Ltd.

Mar 31, 2015

1. Other Notes

(A) Dues to SMEs:

There are no dues to Micro and Small Enterprises, that are reportable under the Micro, Small and Medium Enterprises Development Act, 2006.

(B) Related Party Disclosure:

1. Relationship:

Key Management Personnel

a. Mr. Kuldeep Kumar Sethia, Managing Director

b. Ms. Varsha Khandelwal, Company Secretary and Compliance Officer

(C) The main business of the Company is Trading of Merchandise and Commission Agency. This is in context of Accounting Standard -17 on segment reporting notified by the Company(Accounting Standard) Rules 2006, is considered to constitute a single primary segment.

(D) At each Balance Sheet date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

(E) The figures have been rounded off to nearest rupee.

(F) The figures of previous year have been regrouped / recast wherever considered necessary to make them comparable with those of current year.

(G) Disclosure u/s 186(4) of the Companies Act, 2013 regarding Loans given, Investment made or Guarantees given or Securities provided :

Notes :

(i) All loans given to unrelated corporate entities/others at an interest ranging from 9% to 12%.

(ii) All loans are short term in nature.

(iii) All the loans are provided for business purpose of respective entities, repayable on demand with prepayment option to the borrower.

2. Investment made

There are no investments by the Company other than those stated under Note No. 6 in the Financial Statements.

3. Guarantees Given

There are no guarantees given during the year.

4. Securities Provided

There are no guarantees given during the year.


Mar 31, 2014

A) Rights, preferences and restrictions attached to shares :

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

b) No shares are reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment.

c) During the immediately preceeding five years to current year as well as previous year. The Company has :

not allotted any shares without payment being received in cash ;

not allotted any shares as bonus shares;

not bought back any shares.

1. (A) Dues to SMEs :

There are no dues to Micro and Small Enterprises, that are reportable under the Micro, Small and Medium Enterprises Development Act, 2006.

(B) Related Party Disclosure :

a) Related Parties as per AS-18

Associates : Jain Commodity Broking Pvt. Ltd.

Key Management Personnel: Kuldeep Kumar Sethia

(b) Segment Reporting :

The main business of the Company is Trading in Fabrics, Commission Agent and Investment and accordingly there are no separate reportable segment as per accounting standard -17.

(c) The Company has elected to publish quarterly financial results which were reviewed by the statutory auditors.

(d) During the year, the Company has not discontinued any of its operations.

(e) The figures have been rounded off to nearest rupee.

(f) The figures of previous year have been regrouped / recast whereever considered necessary to make them comparable with those of current year.


Mar 31, 2013

A) Rights, preferences and restrictions attached to shares:

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaining assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

No shares are reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment.

b) During the immediately preceeding five years to current year as well as previous year. The Company has : not allotted any shares without payment being received in cash;

not allotted any shares as bonus shares;

not bought back any shares.

(C) Segment Reporting:

The main business of the Company is Trading in Fabrics, Commission Agent and Investment and accordingly there are no separate reportable segment as per Accounting Standard -17.

(D) The Company has raised its equity share capital by issue of 9759930 equity shares of Rs.10/- each at a premium of Rs.15/- per share amounting to Rs.24,39,98,250/- in terms of SEBI (ICDR) Regulations, 2009 after taking all the requisite approvals as required. The Company has received Final Listing Approval from the U.P.Stock Exchange Ltd. for the fresh equity shares issued.

(E) There has been no events occurred after the Balance Sheet date having financial effect on Financial Statement.

(F) There has been no foreign exchange transaction or operation conducted by the company.

(G) There are no contingencies existing at the Balance Sheet date.

(H) The Company has elected to publish quarterly financial results which were subject to limited review by the statutory auditors.

(I) During the year, the Company has not discontinued any of its operations.

(J) At each Balance Sheet date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

(K) The figures have been rounded off to nearest rupee.

(L) The figures of previous year have been regrouped / recast whereever considered necessary to make them comparable with those of current year.


Mar 31, 2012

1 Rights, preferences and restrictions attached to shares:

The Company has issued one class of equity shares having a face value of Rs. 10 per share. Each shareholder has right to vote in respect of such share, on every resolution placed before the Company and his voting right on a poll shall be in proportion to his share of the paid-up equity capital of the Company. In the event of liquidation, the equity shareholders are entitled to receive the remaininq assets of the Company after payments to secured and unsecured creditors, in proportion to their shareholding.

2 None of the shareholders held 5% or more as on 31/03/2012 as well as on 31/03/2011.

3 No shares are reserved for issue under options and contracts/ commitments for the sale of shares/disinvestment.

4 During the immediately preceeding five years to current year as well as previous year. The Company has:

not allotted any shares without payment being received in cash ; not allotted any shares as bonus shares; not bought back any shares .

5 Segment Reporting

The main business of the Company is trading in fabrics and commission agency and accordingly there are no separate reportable segment as per Accounting Standard -17

6 Other Notes

a. There has been no events occurring after the Balance Sheet date having any material effect on Financial Statements

b. The has been no foreign exchange transaction or operation conducted by the company

c. There are no contingencies existing at the Balance Sheet date.

d. The Company has elected to publish quarterly financial results which were subject to limited review by the statutory auditors.

e. During the year, the Company has not discontinued any of its operations.

f. At each Balance Sheet date an assessment is made whether any indication exists that an asset has been impaired. If any such indication exists, an impairment loss i.e. the amount by which the carrying amount of an asset exceeds its recoverable amount is provided in the books of account.

g. The figures have been rounded off to nearest rupee.

h. The Company has prepared current year''s account as per presentation and disclosure requirement of Revised Schedule VI of the Companies Act, 1956 applicable with effect from 1st April, 2011. Previous year''s figure has been reclassified/regrouped to conform current year figures.

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