| 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.
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