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Notes to Accounts of Mudit Finlease Ltd.

Mar 31, 2015

1. Change in Accouting Policies:

The company has not made any changes in its accounting policy and are same as were in previous year.

2. Segmental Reporting:

The company is an investing and financing company and most of the revenue of the company arise from investing activities. As all the investment and finances made by the company are subject to same risk and return, hence, there is only one segment of business.

3. Deferred Tax

Consequent to the issuance of Accounting Standard (AS) 22, "Accounting For Taxes on Income" issued by The Institute of Chartered Accountants of India, the Company has recognised deferred tax liability of Rs.15,89,230/-for the period up to 31st March, 2015 (Pr. Yr. Rs.13,81,469/-) on account of difference in depreciation calculated as per schedule II of the Companies Act, 2013 and as per Income Tax Act, 1961.

4. Operating Lease

The company was taken head office building on lease which is classified as an Operating Lease. The information as per Accounting Standard (AS) 19, 'Leases" issued by The Institute of Chartered Accountants of India is as follows:-

5. Related Party Disclosures:

a . List of related parties and their relationship (as recognized by the management): i . Shri Pavel Garg (Key Management Personnel) ii. Smt. Poonam Garg (Key Management Personnel) i ii . Shri Shri Chand Mittal (Key Management Personnel)

b. Related Parties Transactions:

6. On the basis of above information available with the company, there are no amounts payable to micro and small enterprises as at 31.03.2015 (Pr. Yr. - Nil). However, the status of all the undertakings is presently not known to the company.

7. Earning/Expenditure in foreign currency: Rs. Nil (Pr. Yr. Nil)

8. Debit and credit balances with the parties are subject to their confirmations by the parties.

9. In the opinion of board of directors, the current assets, loans & advances shall 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 and provisions for all the known current liabilities have been made in the balance sheet.

10. Schedule to the Balance Sheet as required in terms of Paragraph 13 of Non Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, is enclosed herewith by way of separate annexure.

11. Previous year figures have been regrouped or rearranged wherever considered necessary to make it comparable with the figures of the current year.

Notes :

1 As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2 Provisioning norms shall be applicable as prescribed in the Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

3 All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break-up/fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.


Mar 31, 2014

1. Contingent Liabilities Current year Previous year

Estimated amount of contingent Nil Nil liability

2. Change in Accounting Policies:

The company has not made any changes in its accounting policy and are same as were in previous year.

3. Segmental Reporting:

The company is an investing and financing company and most of the revenue of the company arise from investing activities. As all the investment and finances made by the company are subject to same risk and return, hence, there is only one segment of business.

4. Deferred Tax

Consequent to the issuance of Accounting Standard (AS) 22, "Accounting For Taxes on Income" issued by The Institute of Chartered Accountants of India, the Company has recognised deferred tax liability of Rs.13,81,469/-for the period up to 31st March, 2014 (Pr. Yr. Rs.9,93,208/-) on account of difference in depreciation rates prescribed as per the Companies Act 1956 and as per Income Tax Act, 1961.

5. On the basis of above information available with the company, there are no amounts payable to micro and small enterprises as at 31.03.2014 (Pr. Yr. - Nil). However, the status of all the undertakings is presently not known to the company.

6. Earning/Expenditure in foreign currency: Rs. Nil (Pr. Yr. Nil)

7. Debit and credit balances with the parties are subject to their confirmations by the parties.

8. In the opinion of board of directors, the current assets, loans & advances shall 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 and provisions for all the known current liabilities have been made in the balance sheet.

9. Schedule to the Balance Sheet as required in terms of Paragraph 9BB of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, and Additional information pursuant to the provisions of part IV of Schedule VI to the Companies Act, 1956, Balance Sheet Abstract and Company''s General Business Profile are enclosed herewith by way of separate annexures.

10. Previous year figures have been regrouped or rearranged wherever considered necessary to make it comparable with the figures of the current year.

11. The company has kept equity shares of companies in margin account with broker M/s Maheshwari Technical & Financial


Mar 31, 2013

1. Contingent Liabilities Current year Previous year

Estimatedamountofcontngentliabiliry Nil Nil

2. Change in Accouting Policies:

The company has not made any changes in its accounting policy and are same as were in previous year.

3. Segmental Reporting:

The company is an investing and financing companyand most of the revenue of the company arise frominvesting activities. As all the investment and finances made by the compmany are subject to same risk and return.hence.thereisonlyonesegmentofbusiness.

4. Deferred Tax

Consequent to the issuance of Accounting Standard (AS) 22, ''Accounting For Taxes on Income" issued by The Institute of Chartered Accountants of India, the Company has recognised deferred tax liability of Rs.9,93,208/-forthe period upto 31st March, 2013 on account of difference in depreciation rates prescribed as per the Companies Act, 1956 and as per Income TaxAct, 1961.

5. On the basis of above information available with the company, there are no amounts payable to micro and small enterprises as at 31.03.2013 (Pr. Yr. - Nil). However, the status of all the undertakings is presently not known to the company.

6. Earning/Expenditure in foreign currency: Rs. Nil (Pr. Yr. Nil)

7. Debit and credit balances with the parties are subject to their confirmations by the parties.

8. In the opinion of board of directors.the current assets joans & advancesshallhaveavalueonrealizationintheordinarycourseofbusiness atleast equal to the amountatwhich they are stated in the balance sheetand provisions for all the known current liabilities have been made in the balance sheet.

9. Schedule to the Balance Sheetas required in terms of Paragraph 9BB of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, andAdditional information pursuanttothe provisionsof part IV of Schedule VI to the Companies Act, 1956, Balance SheetAbstract and Company''s General Business Profile-are enclosed herewith by way of separate annexures.

10. Previousyearfigureshavebeenregroupedorrearrangedwhereverconsidered necessary to make it comparable with the figures of the currentyear.

11. Thecompany has kept equity shares of companies in margin account with brokerM/sMaheshwariTechnical&FinancialServicesLimited as margin. Details of share in margin for the year ending is as under:


Mar 31, 2012

1. Contingent Liabilities Current year Previous year Estimated amount of contingent liability Nil Nil

2. Change in Accouting Policies:

The company has not made any changes in its accounting policy and are same as were in previous year.

3. Segmental Reporting:

The company is an investing and financing company and most of the revenue of the company arise from investing activities. As all the investment and finances made by the company are subject to same risk and return, hence, there is only one segment of business.

4. Deferred Tax

Consequent to the issuance of Accounting Standard (AS) 22, "Accounting For Taxes on Income" issued by The Institute of Chartered Accountants of India, the Company has recognised deferred tax liability of Rs.5,47,938/-for the period up to 31st March, 2012 on account of difference in depreciation rates prescribed as per the Companies Act, 1956 and as per Income Tax Act, 1961.

5. Operating Lease

The company has taken head office building on lease which is classified as an Operating Lease. The information as per Accounting Standard (AS) 19, 'Leases" issued by The Institute of Chartered Accountants of India is as follows:-

(b) Lease payment recognized in the statement of profit and loss for the year Rs. 1,80,000/- P.A.

(c) (i) The company has taken head office building on lease for 3 years, which can be increased as mutually

decided by both the parties to the lease agreement.

(ii) If both the parties agreed to increase the lease period, the lease rental after three years will increase by such % as mutually decided by both the parties.

6. Related Party Disclosures:

a. List of related parties and their relationship (as recognized by the management):

i. Shri Pavel Garg (Key Management Personnel)

ii. Smt. Poonam Garg (Key Management Personnel)

iii. Shri Shri Chand Mittal (Key Management Personnel)

iv. Combitic Global Caplet (P) Ltd. (Associates)

7. On the basis of above information available with the company, there are no amounts payable to micro and small enterprises as at 31.03.2012 (Pr. Yr. - Nil). However, the status of all the undertakings is presently not known to the company.

8. Earning/Expenditure in foreign currency: Rs. Nil (Pr. Yr. Nil)

9. Debit and credit balances with the parties are subject to their confirmations by the parties.

10. In the opinion of board of directors, the current assets, loans & advances shall 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 and provisions for all the known current liabilities have been made in the balance sheet.

11. Schedule to the Balance Sheet as required in terms of Paragraph 9BB of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998, and Additional information pursuant to the provisions of part IV of Schedule VI to the Companies Act, 1956, Balance Sheet Abstract and Company's General Business Profile- are enclosed herewith by way of separate annexures.

12. Previous year figures have been regrouped or rearranged wherever considered necessary to make it comparable with the figures of the current year.

 
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