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Notes to Accounts of Mukesh Babu Financial Services Ltd.

Mar 31, 2014

1 The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2 The Balances of loans and advances, overdraft from bank are subject to confirmation and reconciliation. The necessary adjustment if any will be made in the accounts on receipt thereof.

3 The Company is mainly engaged in the business of providing commercial finance and dealing in shares and securities. All other activities of the Company revolve around the main business, and as such in the opinion of the management, there are no separate reportable segments as per Accounting Standard - AS - 17-"Segment Reporting" Issued by ICAI.

4 Loans and advances given to the employees and associates and for projects do not carry any stipulation as to repayment of principal or payment of interest; and are being repaid periodically. Accordingly, these are considered as good and not considered as part of non-performing assets.

5 The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

6 Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Subsidiary Company -- Mukesh Babu Securities Limited.

Category II: Key management Personnel -- Shri Mukesh Babu, Shri Pankaj Majithia and Shri Vijay Vora. Category III: Others Associates -- Sagar Systech Ltd.

B. Transactions with related Parties:

(Purchases and sales include Bonus Shares and Splits and other adjustments, if any)

Consolidated transaction value (purchases and sales) on account of cash and derivative transactions amounts to Rs.4,872,414,907/- (Previous year Rs.3,602,707,435/-). In case of derivatives transactions, purchases and sales are accounted after netting off.

The previous year''s figures are regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

7 Other information pursuant to General Instructions for preparation of Balance Sheet and Profit & Loss Account of Schedule VI to the Companies Act, 1956 is not applicable.


Mar 31, 2013

1 The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2 The Balances of loans and advances, overdraft from bank are subject to confirmation and reconciliation. The necessary adjustment if any will be made in the accounts on receipt thereof.

3 The Company is mainly engaged in the business of providing commercial finance and dealing in shares and securities. All other activities of the Company revolve around the main business, and as such in the opinion of the management, there are no separate reportable segments as per Accounting Standard - AS - 17-"Segment Reporting" Issued by ICAI.

Loans and advances given to the employees and associates and for projects do not carry any stipulation as to repayment of principal or payment of interest; and are being repaid periodically. Accordingly, these are considered as good and not considered as part of non-performing assets.

The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

4 Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Subsidiary Company -- Mukesh Babu Securities Limited.

Category II: Key management Personnel -- Shri Mukesh Babu, Shri Pankaj Majithia and Shri Vijay Vora. Category III: Others Associates -- Sagar Systech Ltd.

5 Income and Expenses in Foreign Currency:

(Purchases and sales include Bonus Shares and Splits and other adjustments, if any)

Consolidated transaction value (purchases and sales) on account of cash and derivative transactions amounts to Rs. 3,60,27,07,435/- (Previous year Rs. 5,83,43,81,644/-). In case of derivatives transactions, purchases and sales are accounted after netting off.

6 The previous year''s figures are regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

7 Other information pursuant to General Instructions for preparation of Balance Sheet and Profit & Loss Account of Schedule VI to the Companies Act, 1956 is not applicable.


Mar 31, 2012

1 The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2 The Balances of loans and advances, overdraft from bank are subject to confirmation and reconciliation. The necessary adjustment if any will be made in the accounts on receipt thereof.

3 The Company is mainly engaged in the business of providing commercial finance and dealing in shares and securities. All other activities of the Company revolve around the main business, and as such in the opinion of the management, there are no separate reportable segments as per Accounting Standard - AS - 17-"Segment Reporting' Issued by ICAI.

4 Loans and advances given to the employees and associates and for projects do not carry any stipulation as to repayment of principal or payment of interest; and are being repaid periodically. Accordingly, these are considered as good and not considered as part of non-performing assets.

5 Fixed Assets of Company are treated as "Corporate Assets" and are not "Cash Generating Units" as defined by AS-28 issued by the Ministry of Corporate Affairs. In view of this, the Management is of Opinion that this Standard is not applicable to the Company.

6 No interest has been charged on loans and advances given to subsidiary and some associate companies and for projects in view of commercial considerations of the group.

7 Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Subsidiary Company - Mukesh Babu Securities Limited.

Category II: Key management Personnel - Shri Mukesh Babu, Shri Pankaj Majithia and Shri Vijay Vora.

Category III: Others Associates - Babu & Parekh Securities Private Limited, Sagar Systech Ltd,

Consolidated transaction value (purchases and sales) on account of cash and derivative transactions amounts to Rs. 5,834,381,644 (Previous year Rs. 3,333,609,695). In case of derivatives transactions, purchases and sales are accounted after netting off.

8 The previous year's figures are regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

9 Other information pursuant to General Instructions for preparation of Balance Sheet and Profit & Loss Account of Schedule VI to the Companies Act, 1956 is not applicable.


Mar 31, 2010

1. The figures of the previous year are regrouped, rearranged and reclassified wherever necessary to correspond with those of the current year.

2. The balances of loans & advances, overdraft from bank are subject to confirmation & reconciliation. The necessary adjustment if any will be made in the accounts on receipt thereof.

3. The Company is mainly engaged in the business of providing commercial finance and dealing in shares and securities. All other activities of the Company revolve around the main business, and as such in the opinion of the management, there are no separate reportable segments as per Accounting Standard - AS - 17-"Segment Reporting" Issued by ICAI.

4. Loans and advances given to the employees and associates and for projects do not carry any stipulation as to repayment of principal or payment of interest; and are being repaid periodically. Accordingly, these are considered as good and not considered as part of non- performing assets.

5. Directors remuneration RS. 1,480,0007-(Previous year RS. 1,235,000/-) is within the limits of Schedule XIII to the Companies Act 1956.

6. Related Party Disclosures to comply with Accounting Standard - 18 - Related Party Disclosure by ICAI.

List of the related parties with whom transactions entered:.

(i)Subsidiary Company: Mukesh Babu Securities Limited.

(ii) Associates: Istaa Fashions Pvt. Ltd.,Babu & Parekh Securities Private Limited, IstaaInfotech Private Limited, Sagar Systech Limited,

(iii) Key ManagerialPersonnel: Shri Mukesh Babu, Shri Pankaj Majithia, Shri Vijay Vora.

7. Fixed Assets of company are treated as "Corporate Assets" and are not "Cash Generating Units" as defined by AS-28 issued by Institute of Chartered Accountants of India (ICAI), In view of this, the Management is of Opinion that this Standard is not applicable to the Company.

8. No interest has been charged on loans and advances given to subsidiary and some associate companies and for projects in view of commercial considerations of the group.

9. Other information pursuant to paragraph 3, 4A, 4C and 4D of part II of Schedule VI to the Companies Act, 1956 is not applicable.

 
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