| (a) No provision is made for liabilities for retirement benefits. The
effect of the same can not be quantified, to that extent Profit for the
year and balance of Profit & Loss account is understated and balance of
current liabilities is understated.
(b) The Scheme for amalgamation Of Madhur Housing Finance Ltd. With the
company has been approved by the Honorable high court of Gujarat vide
its order dated 6th July, 1999, accordingly Madhur Housing Finance Ltd.
Which was carrying on business of loans and advances and trading in
shares has been amalgamated with the Company w.e.f. 01.04.1997.
The amount of consideration payable on amalgamation of Madhur Housing
Finance Ltd. has been calculated on the basis of paid up capital of
Madhur Housing Finance Ltd. This is subject to reconciliation regarding
adjustment of allotment Money & the same has been shown under the head
of Share Capital Suspense Account.
(c) Cheques on hand amounting to Rs. 132.00 lacs belonging to the
frizzed Bank accounts by CBI BS & FC, Mumbai, no action / provision has
been taken in this respect.
(d) The Company has invested an amount of Rs. 24.81 lacs in the shares
of group concerns and no provision is made for diminution in the value
of investment.
(e) The Company has received a show cause notice no. DNBS (AH) No.
1676/R-321 2000-01 dated 7 April, 2001 mentioning various
irregularities in the working of the Company and calling upon the
company as to why the Certificate of Registration issued to the company
u/s 45JA of the RBI act. 1934 should not be cancelled and same was duly
replied by the company but the matter is yet under Scrutiny with RBI.
The company has also received letter no DNBS(AH)No.
1316/1.10.032/2011-2012 dated 10th August,2011 from Reserve Bank of
India for submission of document for cancellation of Certificate of
registration.
(f) The group concerns loan account contains frequent transactions. As
per the explanation given by the company, many times the loan amount
has not been repaid due to liquidity of the fund; the said transaction
does not make the transaction/loan repayable on demand.
(g)No provision has been made in respect of doubtful debtors amounting
to Rs. 4401796.80 (Outstanding for more than six months Rs.4851179.80
lacs less provision made Rs. 449383) during the year. The Company is in
the process of initiating available recourse against the said debtors
and the Company is hopeful of the recovery of the same.
(h) Bank Account relating to refund or equity shares / dividend is
pending for reconciliation with unclaimed amounts.
(i) In view of non-availability of bank statements for bank account
balance with banks are subject to confirmation and reconciliation will
be made on receipt of the same.
(j) Related Party Disclosure :
1. Key Managerial Personnel
i) Hitesh R.Gandhi ii) Narendra I.Chavda iii) Bhopal Singh M.Sakhavat
2. ASSOCIATES
i) Madhur Shares & Stock Pvt. Ltd.
3. Transactions with related parties
There is no transaction with related parties.
(k)Earnings in Foreign Exchange is Rs. Nil.
(n)The balances shown in the Balance sheet under the head of unsecured
loans, Creditors, Debtors and Loans and Advances are each subject to
confirmation from respective parties and are subject to adjustment if
any, on receipt of confirmation.
(l) The Company has not received any intimation from Suppliers
regarding their status under Micro and Medium Enterprises Development
Act, 2006 and hence disclosure , if any, relating to amounts unpaid as
at year end together with interest paid/payable as required under the
said Act have not been given.
(m)The Figures for the previous year have been rearranged and regrouped
wherever considered necessary so as to confirm to the current year
classification.
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