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NOTES TO ACCOUNTS

Mangalam Industrial Finance Ltd.

You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (₹) 32.70 Cr. P/BV 0.34 Book Value (₹) 1.00
52 Week High/Low (₹) 1/0 FV/ML 1/1 P/E(X) 1,700.00
Bookclosure 24/08/2019 EPS (₹) 0.00 Div Yield (%) 0.00
Year End :2018-03 

A. TERMS/ RIGHTS ATTACHED TO EQUITY SHARES

The Company has only one class of equity share having par value of Re 1/- per share. Each holder of Equity share is entitled to one vote per share.

In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The Distribution will be in proportion to the number of equity share held by the shareholders._

As per the records of the Company, including its Register of Members and other declarations received from the shareholders regarding beneficial interest, the above shareholder represents legal ownership of shares.

B. SHARES ISSUED FOR CONSIDERATION OTHER THAN CASH

Out of the above 94,94.50.000 (PY: 94,94.50,000) equity shares have been issued for consideration other than cash.

NOTE-1 OTHER NOTES ON ACCOUNTS

i Based on the information / documents available with the Company, no creditor is covered under Micro, Small and Medium Enterprise Development Act, 2006. As a result, no interest provision/payments have been made by the Company to such creditors, if any, and no disclosures thereof are made in these accounts.

ii Balance of Loans & Advances at the end of the year are subject to confirmation by the respective parties.

iii Segment Report :

The Company is engaged in the business of Non-Banking Financial Services and there arc no separate reportable segments as per Accounting Standard 17 issued by The ICAI.

iv Related Party Disclosure :

As per accounting standard 18 the information for related parties is given below:

Name of the related parties

ASSOCIATES - None

SUBSIDIARIES/WHOLLY OWNED SUBSIDIARIES - None

KEY MANAGEMENT PERSONNEL ( KMP )

1. Pradeep Kumar Daga : Managing Director

2. Kirti Sharma : Whole Time Director

3. Anand Kumar Jain : Chief Financial Officer

4. Kirti Sharma (Resign i.e. 23.06.2017) : Company Secretary

5. Namrata Saboo (Appointed i.e. 27.07.2017) : Company Secretary

ENTERPRISE IN WHICH KMP ANY THEIR RELATIVES HAS SUBSTANTIAL INTEREST - None

RELATED PARTY TRANSACTION

v The Company has Complied this information based on the current information in its possession as at 31.03.2018, No supplier has intimated the Company about its status as a Micro or Small enterprise or its Registration with the appropriate authority under the Micro, Small and Medium Enterprises Development Act, 2006

Amount due to Micro Small and Medium Enterprises as on 31.03.2018 Rs. NIL ( P. Y. Rs. NIL )

vi Deferred Taxation :

In the opinion of the management, the Company has provided the provisions for deferred tax on account of timing differences for the period in which there is virtual certainty of sufficient future income for realisation in future years, in accordance with AS-22 “Accounting For Taxes On Income” issued by the Institute of Chartered Accountants of India.

vii Provision for taxation on Income for the year has been made on income computed under normal computation as per IT Act, tax being higher than tax computed on income under section 115JB of the income tax act, being Minimum alternate tax. Further the Company has not availed Mat Tax Credit brought forward from earlier years.

viii The management has assessed that there is no impairment of Fixed assets requiring provisions in the accounts. Accordingly, there is no debit to the Profit & Loss Account for the impairment of assets.

ix Keeping in view the introduction of GST and to align the same with books of accounts we recommend that do not make provision regarding the audit fes for the financial year 2017-18. The same shall be taken in the books of accounts as and when we raise the bill for audit fees. Consequently do not deduct the TDS on the audit fees in the quarter ending on 31.03.2018 and the same shall be deducted in the quarter when the bill will be raised. Due notes shall be given in Financial Statements regarding this. Kindly note that this is being done so that there can be seamless flow of ITC.

x No Provision has been made on account of gratuity as none of the employees have put in completed years of Service as required by the Payment of Gratuity Act.

xi The company has complied the revised Accounting standard - 15 “Employee Benefits” notified under the Companies (Accounting Standards) Rules, 2006. There is no present obligation of any post employment benefit including gratuity during the year. Therefore no actuarial gain or loss arose at the end of the year.

xii No provision has been made on account of leave salary as there are no leave to the credit of employees as at the end of the year.

xiii The company has considered Tax Credit on income received on the basis of income recognised by it in the Books. However the same is subject to confirmation by the appropriate authorities. Any difference will be accounted for in subsequent accounting year.

xiv Previous Year figures have been regrouped, rearranged or recasted wherever considered necessary to make them comparable with the figures of the current year.

xv Particulars required to be furnished by the NBFCs as per paragraph 13 of Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 issued by the RBI are given as per Annexure attached hereto.

xvi No provisions has been made for fall, if any, in the break-up value of unquoted securities, held as Investments, diminution where, if any, is not permanent in nature.

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