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Notes to Accounts of Minda Finance Ltd.

Mar 31, 2015

1. Background

Minda Finance Limited (the Company) was incorporated under the provision of Companies Act, 1956 and registered with Reserve Bank of India, Department of Non- Banking Supervision, Regional Office, Delhi vide Certificate no.B-14-01357 dated 17.11.1998. The Company is engaged in the business of Lease, Finance and Investments.

2. Basis of Preparation

Tire Financial Statements are prepared under the historical cost convention, in accordance with the generally accepted accounting principles, accounting standards notified under Section 133 of the Companies Act, 2013 read with-Rule 7 of Tire Companies (Accounts) Rules 2014 and. the relevant provision thereof. All income and expenditure having a material bearing in the Financial Statements are-recognized on accrual basis.

3.Share Capital

(I) Terms/rights attached is set out below

each holder of equity shares is entitled to one vote per shares.

375000 3% Non cumulative redeemable preference shares of Rs. 400 each alloted during the financial year 2011 -2012 and 130000 alloted during the financial year 2013 -14 are redeemable at par at the expiry of 20 (twenty) years from the date of allotment. However, Board shall have an option to redeem the same on or before 20 (twenty) years the date of allotment keeping in view ability of the profitability/surplus funds, '

4. Fixed Deposit Receipt amounting to Rs. 38,714 is held as security by Punjab & Sind Bank for guarantee given by it in favour of Sales Tax Department, NOIDA .

5. The Company is engaged in non - banking finance activities and there are no separate- reportable segment as per Accounting Standard-17 "Segment Reporting "

6. Managerial Remuneration -Mr, Pramod Kumar Garg

- Salary 293790

- House Rent Allowance 176260

- Other Allowances 11200

Excluding value of perquisites of telephone, car and reimbursement of expenses on conveyance, refreshment, professional pursuit, membership fee, uniform and books and periodicals.

Exclusive of provision for future liabilities in respect of gratuity and leave encashment which are based on actuarial valuation done on overall company basis.

7. Related party disclosures as required under Accounting Standard-18 "Related Party

Disclosures" are given below:-

(a) Relationship

(i) Holding Company : Nil

(ii) Subsidiary Company :

1. Bar Investments and Finance Private Limited

(iii) Joint Venture Company

1. Minda Nabtesco Automotive Private Limited

2. MI Torica India Limited :

3. Tokai Rika Minda India Private Limited,

(iv) Associates Company : 1. Minda Nexgentech Ltd,

(v) Key Management Personnel

: 1. Anil Rustagi ( upto 20.09.2014)

: 2. Pramod Kumar Garg (W,e.f. 14.08.2014)

: 3. Dhiraj Aroraa (W.e.f. 30.09.2014)

(vi) Other entities over which key management personnel is able to exercise significant

: 1 Minda Industries Limited

: 2. Minda Investments Limited

: 3. Minda International Limited influence

8. Basic/ diluted earning per share has been calculated by dividing the net profit after taxation for the year as per the accounts, which is attributable to Equity Shareholders by 2000000 as pei Accounting Standard-20 "Earning Per Share" being the weighted average number of Equity shares outstanding during the year.

9.The Company has recognized' the cumulative net deferred tax assets in accordance with the Accounting Standards-22.

10. Ministry of Micro and Small Enterprises has issued an Office Memorandum dated August 26th, 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs' Memorandum number as allocated after filling of the Memorandum. Based of the information available with the management, there are no overdue outstanding to Micro and Small enterprises as defined in Micro, Small and Medium Enterprises Development Act, 2006. Further the company has not received any claim for. interest from any suppliers under the said Act.