Notes to Accounts of Mishka Exim Ltd.

Mar 31, 2018

1 Corporate Overview

Mishka Exim Limited is a listed public company domiciled in India and incorporated under the provisions of the Companies Act, 2013. The Company is engaged in the business of sale/purchase and trading of jewelley, fabric and shares.

Note 2: Defined benefit plans

In accordance with the requirements of AS-15 “Employee Benefits” issued by The Institute of Chartered Accountant, the company paid short term benefits which fall due wholly within 12 months after the end of the period in which the employee renders the related service. Long term benefits are recorded when they are paid.

Note 3: Leases

Leases where the lessor retains substantially all the risks and rewards of ownership are classified as operating leases. Lease rentals in respect of assets taken under operating leases are charged to statement of profit and loss over the lease term. During the year company has paid as a lessor Rs.267900/-(Rs 3,00,000) and company has received rent as a lessee Rs.195000/-(Rs.2,40,000).

Note 4

In the opinion of the management the balances shown under sundry debtors, loans and advances and other current assets have approximately same realizable value as shown in the accounts.

Note 5: Grouping and classification

Figures of the previous year have been rearranged and regrouped wherever necessary to them comparable with the current year’s classification.

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Mar 31, 2016

Deferred Tax Assets and Deferred Tax Liabilities are offset, if a legally enforceable right exists to set off current tax assets against current liabilities and the deferred tax assets and deferred tax liabilities relate to the same taxable entity and the same taxation authority.

1. In accordance with the requirements of AS-17 "Segment Reporting" issued by The Institute of Chartered Accountant, The Company has identified business segments as its primary segment and there are no geographical segments of the company. Business segments are primarily divided into three segments. First segment consists of Income from sale of fabric. Second segment consists of Income from sale of Ornaments and Third segment consists of Income from sale of shares. Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reportable segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallowable expenses. Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallowable:

b. List of Key Management Personnel:

a. Mr. Rajneesh Gupta Managing Director

b. Mrs. Suman Gupta Whole Time Director

c. Mr. Varan Gupta CFO/Director

c. Transactions with related parted (in Rs.)

2. In accordance with the requirements of AS-15 "Employee Benefits" issued by The Institute of Chartered Accountant, the company paid short term benefits which fall due wholly within 12 months after the end of the period in which the employee renders the related service.

3. In accordance with the requirements of AS-19 “Leases” issued by The Institute of Chartered Accountant, during the year the company paid Rs. 2,65,000 /- as rental charges.

4. (a) In accordance with the requirements of AS-22 "Taxes on Income" issued by The Institute of Chartered Accountant During the year, the net Deferred tax asset is calculated for Rs. 2,96,304.12 as a timely difference of the following:

(b) During the year Rs. 31,07,957.26/- (Rupees Thirty One Lakhs Seven Thousand Nine Hundred Fifty Seven and Twenty Six Paisa Only) has been written off as deferred revenue expenditure & Rs. 11,88,168.00 /- (Rupees Eleven Lakhs Eighty Eight Thousand One hundred Sixty Eight Only) as preliminary expenses.

5. a. In the opinion of the management the balances shown under sundry debtors, loans and advances and other current assets have approximately same realizable value as shown in the accounts.

b. Previous year figures have been regrouped and rearranged to make items comparable with the current year figures.

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Mar 31, 2015

1. The Company is incorporated on 25/08/2014; hence the financial statements is prepared for a period from 25/08/2014 to 31/03/ 2015

2. I n the opinion of the management the balances shown under sundry debtors, loans and advances and other current assets have approximately same realizable value as shown in the accounts.

3. During the year, the company has transacted with the following in which Directors are Interested:

a) M/s Varun Capital Services Limited

b) M/s Happy Impex (Prop.)

4. In accordance with the requirements of AS-18 "Related Party Disclosures" issued by The Institute of Chartered Accountant, following disclosures have been made:

Name of Party

Key Managerial Personnel

Mr. Rajneesh Gupta Managing Director

Mrs. Suman Gupta Director

Mr. Varun Gupta Director& Chief Financial Officer

5. During the year, the deferred tax asset is calculated for Rs. 1,720/- as a timely difference of Rs. 5, 5366.35/between depreciation of Companies Act, 2013 and Income Tax Act, 1961.

6. Preliminary Expense and Deferred revenue expenses written off amounted to Rs. 2,97,042/- (Rs. Two Lakhs Ninty Seven Thousand Forty Two only) and Rs. 11,236/- (Eleven Thousand Two Hundred Thirty Six Only) respectively.