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Notes to Accounts of Minal Industries Ltd.

Mar 31, 2014

Note. 1.

a) There has been a diminution of Rs. 3,53,000/- in the value of long term investments held by the Company as at 31st March, 2014. No provision against the same has been considered necessary since in the opinion of management such diminution is of temporary in nature.

Note 2.

a) Total present liability for future payment of gratuity as on 31st March, 2014 is neither provided nor actuarially determined. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard (AS) 15- 'Employee Benefit' issued by the Institute of Chartered Accountants of India.

b) Leave encashment liability, if any, has not been determined, presently, and would be charged when paid. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard (AS) 15- 'Employee Benefit' issued by the Institute of Chartered Accountants of India.

Note 3.

During the year the Company has accounted for deferred tax in accordance with the Accounting Standard 22 –"Accounting for Taxes on Income" issued by the Institute of Chartered Accountings of India.

Note 4.

Trade receivables amounting to Rs. 395,61,66,909/- is outstanding for more than three years and the management classifies these debts fully recoverable and Good and accordingly accordingly does not consider it necessary to make any provision.

Note. 5.

LEASE:

The Company has entered into a lease agreement for use of sales counter space along with all the other amenities, which is in the nature of operating lease. As per the terms of the agreement, the period of lease ranges from 11 months to 3 years and the same is further renewable for such period as may be mutually agreed by the lessor and the lessee. The leases can be terminated by either party by giving one month notice as per terms of agreement.

Note. 6.

The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of any of its fixed assets is not lower than its carrying amount. Accordingly no provision for impairment is required as at 31 March 2014.

Note 7.

In the absence of the Company Secretary, these financial statements have not been authenticated by a whole time Company Secretary under Section 215 of Companies Act, 1956.

Note 8.

As required by the Notification No. GSR 129(F) dated 22nd February, 1999 issued by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs there are no small scale undertakings to which the Company owes sum which is outstanding for more than 30 days. This information has been determined on the basis of information available with the Company. This has been relied upon by the auditors.

Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act 2006, have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this, information required to be disclosed u/s 22 of the said Act is not given.

Note 9.

In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business and provisions for all the known liabilities and depreciation are adequate and not in excess of the amount reasonably necessary.

Note 10.

Previous year's figures have been regrouped or rearranged, wherever considered necessary to conform to current year's presentation. Figures in bracket are in respect of previous year.

Note 11.

Balances of debtors, loans and advances and creditors are subject to Confirmation.


Mar 31, 2013

Contingent Assets are neither recognized nor disclosed in the financial statements.

Note. 1

Contingent Liabilities and Commitments

Corporate Guarantee given to bank in respect of credit facilities sanctioned to a Associate company Rs. 12,00,00,000/- (P.Y. Rs. 12,00,00,000/-)

Note. 2

a) There has been a diminution of Rs. 3,53,000/- in the value of long term investments held by the Company as at 31st March, 2013, No provision against the same has been considered necessary since in the opinion of management such diminution is of temporary in nature.

Note 3

a) Total present liability for future payment of gratuity as on 31* March, 2013 is neither provided nor actuarially determined. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard (AS) 15- ''Employee Benefit* issued by the Institute of Chartered Accountants of India.

b) Leave encashment liability, if any, has not been determined, presently, and would be charged when paid. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard (AS) 15- ''Employee Benefit* issued by the Institute of Chartered Accountants of India.

Note 4

During the year the Company has entered into the derivatives transaction in gold commodities and incurred a net derivative loss of Rs.27,IO,100/-(Previous Year Rs.88,53,515/-) which is shown under the head Other Expenses.

Note 5

During the year the Company has accounted for deferred tax in accordance with the Accounting Standard 22 -"Accounting for Taxes on Income" issued by the Institute of Chartered Accountings of India.

ii. The segment revenue and total assets includes the revenue and assets respectively, which are identifiable with each segment and amounts allocated to the segment; on a reasonable basis.

c) The transactions with related parties have been entered at an amount which is not materially different from those on normal commercial terms.

d) No amount has been written back / written off during the year in respect of due to / from related parties.

e) The amount due to / from related parties are good and hence no provision for doubtful debts in respect of dues from such related parties is required.

Note.6

LEASE:

The Company has entered into a lease agreement for use of sales counter space along with all the other amenities, which is in the nature of operating lease. As per the terms of the agreement, the period of lease ranges from 11 months to 3 years and the same is further renewable for such period as may be mutually agreed by the lessor and the lessee. The leases can be terminated by either party by giving one month notice as per terms of agreement.

Note.7

The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of any of its fixed assets is not lower than its carrying amount. Accordingly no provision for impairment is required as at 31 March 2013.

Note 8

The company secretary appointed as per the provision of Section 3 83 A of the Companies Act. 1956 has been resigned on 30/04/2012. Hence in the absence of the Company Secretary, these financial statements have not been authenticated by a whole time Company Secretary under s^rr5^ Section 215 of Companies Act 1956.

Note 9

As required by the Notification No, GSR 129(F) dated 22nd February, 1999 issued by the Department of Company Affairs, Ministry of Law, Justice am! Company Affairs there are no small scale undertakings to which the Company owes sum which is outstanding for mote than 30 days. This information has been determined on fee b-.sis of information available with the Company. This has been relied upon by the auditors.

Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act 2006, have not furnished the information regarding Tiling of necessary memorandum with the appropriate authority. In view of this, information required tc be disclosed u/s 11 of the said Act is not given.

Note 10

In the opinion of the Board, current assets, leans and advances are approximately of the value stated, if realised in the ordinary course of business and provisions for all the known liabilities and depreciation are adequate end not in excess of the reasonably necessary,

Note 11

The previous year''s figures have been reworked, regrouped, and re- classified wherever necessary.


Mar 31, 2011

1) i) In consultation with the Vododara Stock Exchange and after due compliance of legal requirements, the Company had forfeited 22,58,000 Equity Shares of Rs. 10/- each

ii) During the year company has reissued 22,58,000 forfeited shares at a premium of Rs. 77.17 per share. The balance in forefeited share capital account is transferred to reserve.

2) There has been a diminution of Rs.3.53 Lacs in the value of long term investments held by the Company as at 31st March 2011, No provision against the same has been considered necessary since in opinion of management such diminution is of temporary in nature.

3) a) Total present liability for future payment of gratuity as on 31st March, 2011 is neither provided nor actuarially determined. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard(AS) 15- 'Employee Benefit' issued by the Institute of Chartered Accountants of India.

b) Leave encashment liability, if any, has not been determined, presently, and would be charged when paid. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard(AS)15- 'Employee Benefit' issued by the Institute of Chartered Accountants of India.

4) During the year the Company has accounted for deferred tax in accordance with the Accounting Standard 22- "Accounting for Tax on Income" issued by the Institution of Chartered Accountings of India.

11) The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of any of its fixed assets is not lower than its carrying amount. Accordingly no provision for impairment is required as at 31 March 2011.

5) Sundry Debtor; include; Rs. 2,23,083/- being amount due from the firm in which Directors are interested (Maximum Outstanding during the year Rs.2,74.0m/-)(Previous Year Rs. 2,74,083/-)

Loans and Advances- includes Rs. 1,43,28,930/- being amount given to Wholly Owned Subsidiary company. (Maximum Outstanding during the year Rs.l,43,28.930/-) (Previous Year Rs. 71,88,500/-)

Loans and Advances includes Rs. NIL being amount lent to concern In which Directors are interested (Maximum Outstanding during the year Rs. 1,06,000/-)(Previous Year Rs. 1,00,000/-)

6) The Company is in process of appointing a full time Company Secretary by the provision of Section 3S3A of the Companies Act. 1956, In the absence of the Company Secretary, these financial statements have not been authenticated by a whole time Company Secretary under Section 215 of Companies Act 1956.

7) As required by the Notification Ho. GSR 129(f) dated 22nd February, 1999 issued by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs there are no small scale undertakings to which the Company owes sum winch is outstanding for more than 30 days. This information has been determined en the basis of information available with the Company. This has been relied upon by the auditors, Suppliers/Service providers covered under Micro, Small Medium Enterprises Development Act 2006, have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this, information required to be disclosed u/s 21 of the said Act is not given.

8) In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business and provisions for all the It own liabilities and depreciation are adequate and not in excess of the amount reasonably necessary,

9) Balances of debtors, loans and advances and creditors are subject to confirmations.

10) Previous year figures are regrouped, rearranged and recast wherever felt necessary so as to mate them comparable with that of current year.

11) Additional information pursuant to provisions of Paragraph 3 & 4 In Part -IT of Schedule-VI to the Companies Act, 1956.

Information in respect of goods manufactured/purchased for resale, sold and stocks (As Certified by a Director)


Mar 31, 2010

1) In consultation with the Vadodara Stock Exchange and after due compliance of legal requirements, the Company had forfeited 22,58,000 Equity Shares of Rs. 10/- each and resultant paid-up value of Rs. 75,53,000/- of such shares have been shown alongwith the paid-up capital of the Company.

2) There has been a diminution of Rs. 3.53 Lacs in the value of long term investments held by the Company as at 31st March, 2010. No provision against the same has been considered necessary since in the opinion of management such diminution is of temporary in nature.

3) a) Total present liability for future payment of gratuity as on 31st March, 2010 is neither provided nor actuarially determined. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard (AS) 15- Employee Benefit issued by the Institute of Chartered Accountants of India.

b) Leave encashment liability, if any, has not been determined, presently, and would be charged when paid. This liability will be dealt with on cash basis which is not in accordance with Accounting Standard (AS) 15- Employee Benefit issued by the Institute of Chartered Accountants of India.

4) The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of any of its fixed assets is not lower than its carrying amount. Accordingly no provision for impairment is required as at 31 March 2010.

5) Sundry Debtors includes Rs. 2,71,323/- being amount due from the firm in which Directors are interested ( Maximum Outstanding during the year Rs.2,74,083 /-)(Previous Year Rs. 2,74,083/-)

Loans and Advances includes Rs. 71,88,500/- being amount given to Wholly Owned Subsidiary company. (Maximum Outstanding during the year Rs.71,88,500/-)(Previous Year Rs. NIL)

Loans and Advances includes Rs. 1,00,000/- being amount given to concern in which Directors are interested ( Maximum Outstanding during the year Rs.l,00,000/-)(Previous Year Rs. NIL)

6) The Company is in process of appointing a full time Company Secretary by the provision of Section 383A of the Companies Act, 1956. In the absence of the Company Secretary, these financial statements have not been authenticated by a whole time Company Secretary under Section 215 of Companies Act, 1956.

7) As required by the Notification No. GSR 129(F) dated 22nd February, 1999 issued by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs there are no small scale undertakings to which the Company owes sum which is outstanding for more than 30 days.

In the absence of necessary information with the company relating to the registration status of suppliers under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

8) In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business and provisions for all the known liabilities and depreciation are adequate and not in excess of the amount reasonably necessary.

9) The management based on their review of assets and operation of the Company has determined that there is no indication of potential impairment and that the recoverable amount of any of its fixed assets is not lower than its carrying amount. Accordingly no provision for impairment is required as at 31 March 2010.

10) Balances of debtors, loans and advances and creditors are subject to confirmations.

11) Previous year figures are regrouped, re-arranged and recast wherever felt necessary so as to make them comparable with that of current year.

 
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