Notes to Accounts of Magnus Retail Ltd.

Mar 31, 2014

CORPORATE INFORMATION

The Company is providing service activities in information technology related fields, with special focus on computer hardware, software, business process outsourcing, training in information technology related fields, academic training, etc.

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Note: Figures in bracket relate to the previous year.

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Mar 31, 2013

1. CORPORATE INFORMATION

The Company is providing service activities in information technology related fields, with special focus on computer hardware, software, business process outsourcing, training in information technology related fields, academic training, etc.

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Mar 31, 2012

1. CORPORATE INFORMATION

The company is providing service activities in information technology related fields, with special focus on computer hardware, software, business process outsourcing, training in information technology related fields, academic training, etc.

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Mar 31, 2011

A. Going concern assumption:

The financial statements have been prepared under the assumption of 'going concern' concept.

b. Contingent liabilities / Commitments

(i) Claims against the Company not acknowledged as debts Rs. Nil (Previous Year Rs. Nil)

(ii) Counter guarantees provided by the Company against bank guarantees outstanding as on 31.03.2011 Rs. Nil (Previous year Rs. Nil)

(iii) Estimated amount of contracts net of advances remaining to be executed on capital account not provided for Rs. Nil (Previous year Rs. Nil)

c. Additional liability, if any, as income tax, sales tax, entry tax will be accounted in the years in which relevant assessments are completed.

d. As on March 31, 2011, the company does not have any dues or outstanding payable to Small-Scale Industrial Undertaking.

f. Details of Capacity and Production:

Since the main objects have been changed with special focus on Computer hardware, software, Business process outsourcing, Training in Information Technology related fields, Academic Training etc, the above details are not applicable

h. Earnings in foreign exchange Rs. Nil (Previous Year Rs. Nil)

i. Expenditure in foreign currency Rs. Nil (Previous year Rs. Nil)

j. The previous year's figures are re-grouped/re-classified wherever necessary to facilitate comparison with the current year's figures.

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Mar 31, 2010

A. Going concern assumption:

The financial statements have been prepared under the assumption of going concern concept.

b. Contingent liabilities/Commitments

(i) Claims against the Company not acknowledged as debts Rs. Nil (Previous Year Rs. Nil)

(ii) Counter guarantees provided by the Company against bank guarantees outstanding as on 31.03.2010 Rs. Nil (Previous year Rs. Nil)

(iii) Estimated amount of contracts net of advances remaining to be executed on capital account not provided for Rs. Nil (Previous year Rs. Nil)

c. Additional liability, if any, as income tax, sales tax, entry tax will be accounted in the years in which relevant assessments are completed.

d. As on March 31, 2010, the company does not have any dues or outstanding payable to Small-Scale Industrial Undertaking.

e. Related Party Disclosure:

There are transactions with companies in which there is commonality of directors between the Company and such other companies. However, the common directors are not in a position to affect the policies of those companies in their mutual dealings. Therefore, the disclosure norms as required under Accounting Standard 18 issued by the Institution of Chartered Accountants of India are not applicable.

f. Details of Capacity and Production:

Since the main objects have been changed with special focus on Computer hardware, software, Business process outsourcing, Training in Information Technology related fields, Academic Training etc, the above details are not applicable

g. Earnings in foreign exchange Rs. Nil (Previous Year Rs. Nil)

h. Expenditure in foreign currency Rs. Nil (Previous year Rs. Nil)

i. The previous years figures are re-grouped/reclassified wherever necessary to facilitate comparison with the current years figures.