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Notes to Accounts of Mangal Credit And Fincorp Ltd.
Mar 31, 2025
x) Provisions, contingent liabilities and contingent assets:
Provisions are recognized only when there is a present obligation, as a result of past events and when
a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are
reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted
to their present values, where the time value of money is material.
Contingent liability is disclosed for:
(a) Possible obligations which will be confirmed only by future events not wholly within the control of
the Company or
(b) Present obligations arising from past events where it is not probable that an outflow of resources will
be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be
made.
Contingent assets are disclosed where an inflow of economic benefit is probable.
xi) Leases:
A contract is, or contains, a lease, if the contract conveys the right to control the use of an assets for a
period of time in exchange for consideration.
Company as a lessee:
The Companyâs lease asset classes primarily consist of leases for office premises. The Company assesses
whether a contract contains a lease, at inception of a contract.
At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term
of 12 months or less (short-term leases) and low value leases. The ROU assets are initially recognized at
cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated depreciation and impairment losses.
ROU assets are depreciated from the commencement date on a straight-line basis over the shorter of the
lease term and useful life of the underlying asset. ROU assets are evaluated for recoverability whenever
events or changes in circumstances indicate that their carrying amounts may not be recoverable.
The lease liability is initially measured at amortized cost at the present value of the future lease
payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease
liabilities are remeasured with a corresponding adjustment to the related ROU asset if the Company
changes its assessment of whether it will exercise an extension or a termination option.
However, company is having lease with term of 12 months or less (short term leases). the Company
recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.
Lease liability and ROU asset have been separately presented in the Balance Sheet. Interest expense on
lease liability is reported as finance cost in the Statement of Profit and Loss and lease payments have been
classified as financing cash flows.
xii) Earnings Per Share:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period.
For the purpose calculating Diluted Earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential ordinary shares. .
3. Recent Pronouncements:
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st
March, 2025, MCA has notified amendments to Ind AS - 116 to clarify how seller should apply the right-of-
use asset and lease liabilities, ensuring that gains or losses related to retained rights are not recognized,
except under specific circumstances in lease back transactions. Other amendments are in Ind As- 117
- Insurance Contact and corresponding amendments in other Ind As, which are not applicable to the
Company.
72 The Loans are given in India to parties other than Public Sectors.
73 Disclosures required by Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended and section 186 (4) of the Companies Act, 2013, as amended:
73.1 Amount of loans/ advances in nature of loans to subsidiaries and joint ventures and outstanding: NIL (PY
NIL)
7.3.2 Amount of loans/ advances in nature of loans to Firms/ Companies in which directors are interested and
outstanding: NIL (PY. NIL)
7.3.3 Details of investments made and outstanding are given in (Note 8).
73.4 Details of guarantee given or security provided and outstanding: NIL (PY. NIL).
73.5 Loans or advances to Promoters, Directors & KMPs : NIL (PY. NIL).
7.3.6 The Company, as part of its normal business, grants loans and advances to its customers being individual
& other entities and borrows money from banks, financial institutions, other entities and persons. These
transactions are part of Companyâs normal non-banking finance business, which is conducted ensuring
adherence to all regulatory requirements.
7.4 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including
foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, directly or indirectly, lend or invest in other person or entities identified by or
on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security of the like to or on
behalf of the Ultimate Beneficiaries.
7.5 The Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding, whether recorded in writing or otherwise, that the Company shall
whether, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the
Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
13.1 All Property, Plant & Equipment are held in the name of the Company. The Title Deeds of all immovable
properties are in the name of Company.
13.2 All lease agreements are duly executed in favour of the company
13.3 Capital-work-in progress ageing schedule NIL (PY. NIL)
13.4 Capital Work-in-Progress, whose completion is overdue or has exceeded its cost compare to its original
plan : NIL (PY. NIL).
13.5 Capital Work-in-Progress, project temporarily suspended : NIL (PY. NIL).
13.6 Revaluation of Property Plant & Equipment, Rights to Use Assets and Intangible Assets : NIL (PY. NIL).
13.7 The amount of Foreign Exchange Difference & Interest capitalised : NIL (PY. NIL).
13.8 No Proceeding against the Company has been initiated or are pending against the Company for holding
any benami property under the Benami Transactions ( Prohibition) Act, 1988 (45 of 1988) and rules made
thereunder.
Security
(i) Term Loans are secured by hypothecation of exclusive charge of unencumbered standard receivables of the
Company to the extent of 110% - 125% of the outstanding amount and further fixed deposits aggregating
to '' 1429.39 Lakhs (PY '' 899.76) have been lien marked as margin money for outstanding Term loans of ''
5824.81 (PY. '' 5039.97).
(ii) Term Loans of '' 650.32 Lakhs (PY '' 1,660.54 Lakhs) were further secured by equitable mortgage of two
residential immovable properties of the Managing Director of the Company. The said security were released
during the year. (Note xv below).
(iii) Term Loans of '' 391797 Lakhs (PY '' 2454.05 Lakhs) are further secured by equitable mortgage of a
commercial and a residential immovable properties of the Managing Director of the Company.
(iv) Short Term Loans and Loans repayable on demand of '' 5330.28 Lakhs (PY. '' 4401.20 Lakhs) are secured
by re-pledge of gold ornaments of the customers of the Company. Gold ornaments of the customers are
mapped for each short term loan.
(v) Short term loans of '' 2534.06 Lakhs (PY. '' 1503.60 Lakhs) are secured by primary charge over standard
receivables of the Company to the extent of 120% of the outstanding loan amount under the said facility
and further secured by collateral charge over the gold ornaments of the customers mapped with each
short term loan.
(vi) Personal guarantees have been given by Managing Director and/or Executive Directors of the Company
(Note 45)
(vii) Unsecured Inter corporate loans carry interest rate from 10.00% p.a. to 12.00% p.a. with maximum tenor of
12 months or repayable on demand. The Company has repaid the said loan as and when due or demanded
by the lenders.
(viii) Unsecured loans from Directors of the Company carry interest @ 9.00% p.a without any stipulations as
regards to repayment. The said loans are availed by the Company terms of special resolution passed in
the Annual General Meeting of the Company held on September 25, 2024 and are in compliance of the
provisions of the Companies Act, 2013.
(ix) Loans availed during the year have been applied for the purpose for which they have been availed except
some of the term loans were temporarily used for working capital of the Company pending its utilsiation
for the purpose for which it were availed.
(x) The Company has not taken any loan from any entity or person on account of or to meet the obligation
of its subsidiaries and joint ventures.
(xi) Quarterly Returns / statements of the current assets/receivables filed by the Company with its bankers are
in agreement with the books of accounts.
(xii) Fund raised on short term basis have not been utilised for long term purpose.
(xiii) Default in terms of repayment of Principal and Interest - NIL (PY NIL).
(xiv) The Company has not been declared as Wilful Defaulter by bank or financial institution or other lender or
government authority.
(xv) All the charges created/modified or satisfied were registered with the Registrar of Company within the
statutory period from the date of creation/modification/satisfacton of security except the Company has
not filed the form for modification of charge upon realease of security of two residential immovable
properties of the Managing Director mortgaged with State Bank of India in May, 2024.
18.1 There is no amount due and outstanding to be transferred to the Investor Education & Protection Fund
(IEPF) as at 31st March, 2025. Unclaimed Dividends, shall be transferred to IEPF as and when they become
due.
18.2 In terms of an agreement for sale dated October 26, 2023 the Company has transferred 15,98,878 fully paid
equity shares of '' 10/- each of Satco Capital Markets Limited for a total consideration of '' 208.17 lakhs
during the year and accordingly, adjusted the advance received in the previous year.
22 (A)(i) Terms/Rights attached to Equity Shares:
The Company has only one class of Shares referred to as equity shares having a Par Value of ''10/- per
share. Each shareholder of equity shares is entitled to one vote per Share.
As per the provisions of the Companies Act, 2013 in the event of liquidation of the Company, the
shareholder of equity shares will be entitled to receive remaining assets of the Company in proportion
to the number of equity shares held by the shareholder, after distribution of all preferential amounts.
22 (A)(ii) There were no Buyback of shares or issue of bonus shares or issue of shares pursuant to contract
without payment being received in cash during the previous 5 years immediately preceding the
reporting date.
22 (A)(iii)The company declares and pays dividend in Indian Rupees (''). The dividend proposed by the Board of
Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case
of Interim dividend. The distribution will be proportional to the number of equity shares held by the
shareholders.
The Board of Directors of the Company have proposed dividend of '' 0.75 per Equity Shares of '' 10 each
for the year ending March 31, 2025 (RY. '' 0.60 per Equity Share) subject to approval of the members at
the forthcoming Annual General Meeting.
Capital Reserve
This reserve represent amount transferred pursuant to cancellation of equity share warrants and transfer of
contingency reserve and investment reserve of erstwhile company in terms of special resolution passed at the
62nd AGM of the Company.
Securities Premium Reserve
This reserve represents the premium on issue of equity shares and can be utilized in accordance with the
provisions of the Companies Act, 2013.
General Reserve
This reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
As the general reserve is created by a transfer from one component of equity to another and is not an item
of other comprehensive income, items included in the general reserve will not be reclassified subsequently to
profit or loss.
Statutory Fund Reserve
This Reserve represents the Reserve Fund created under Section 45 IC of the Reserve Bank of India Act, 1934.
Accordingly an amount representing 20% of profit for the period is transferred to the fund for the year.
Contingency Reserve & Investment Reserves
These reserves are of erstwhile company as per the statutory provisions as applicable at that point in time.
Retained Earnings
Retained earnings represent the accumulated earnings net of losses, if any, made by the Company over the
years.
Money Received Against Share Warrant
Pursuant to the resolution passed in the meeting of the shareholders of the Company held on February 15, 2024,
the Company has issued and allotted on a preferential basis to a Promoter Director of the Company 15,50,000
convertible equity warrants of a nominal value of '' 10/- each at a premium of '' 100 aggregating to '' 1705 Lakhs
in compliance with all the applicable statutory regulations and enactments. The Company has received '' 426.25
Lakhs, being 25% of the aggregate consideration upon allotment of 15,50,000 convertible equity warrants. The
equity warrant holder shall, in terms of issue and subject to the SEBI (ICDR) Regulations and other applicable
rules, regulations and laws, be entitled to exercise the equity warrants in one or more tranches within a period
of 18 (Eighteen) months from the date of allotment of the equity warrants upon payment of balance 75% of the
consideration. The Company shall accordingly issue and allot the corresponding number of Equity Shares of
face value of '' 10 (Rupees Ten only) each to the warrant holder.
The primary objective of the capital management is to ensure that the Company complies with the capital
adequacy requirement of Reserve Bank of India (RBI), maintains strong credit rating and healthy capital
ratios in order to manage capital base to cover risk inherent in the business, support business and maximise
shareholders value. The adequacy of the Companyâs capital is continuously monitored by the Management
using, among other measures, the regulations issued by RBI.
The Company manages its capital structure and makes adjustments to it according to changes in economic
conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the
Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue
capital securities.
The Company has complied in full with the capital requirements prescribed by RBI over the reported period.
Disclosures of capital adequacy as per applicable RBI regulations (Note 42).
Note â40â- Financial Risk Management Framework - Objectives and Policies
The Company is committed to create value for its shareholders through sustainable business growth and
with that intent has put in place a robust risk management framework to promote a proactive approach in
reporting, evaluating and resolving risks associated with the business of the Company. Given the nature of the
business the Company is engaged in, the risk management framework recognizes that there is an uncertainty
in creating and sustaining such value as well as in identifying opportunities. Risk management is therefore
made an integral part of the Companyâs effective management practice.
The Companyâs principal financial liabilities comprise borrowings and trade and other payables. The main
purpose of this financial liabilities is to finance and support the Companyâs operations. The Companyâs
principal financial assets include loans, investments, cash and cash equivalents and other receivables that are
derived directly from its operations. As a financial lending institution, the Company is exposed to various risks
that are related to its lending business and operating environment. The principal objective in the Companyâs
risk management processes is to measure and monitor the various risks that the Company is subject to and to
follow policies and procedures to address such risks.
The Company is generally exposed to Credit Risk, Liquidity Risk, Market Risk and Operational Risk.
(i) Credit Risk
The Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. Credit Risk arises principally from the risk of loss that
may occur from the default of the Companyâs customers under loan agreements. Customer defaults and
inadequate collateral may lead to loan losses.
The Company is exposed to the risk that its customers default in repayment of loans or advances granted
by the Company. Customers may default on their obligations owed to the Company due to insolvency, lack
of liquidity, operational failure etc. Significant failures by the customers to timely perform their obligations
owed could materially and adversely affect the companyâs financial position, ability to borrow incremental
funds, ability to meet business expenses and to repay, make the re-payment to its lenders and creditors in
a timely manner.
The credit risk may also arise due to the business, operational, technological parameters and business
environment in which the company operates. Due to some challenges that may be specific to the customer,
there may be failure on the part of a customer to meet its performance obligations and pose a credit risk
to the Company. On the operational side, there could be a slippage in operational procedure and execution
of policies leading to credit risk. Similarly technological redundancy and obsoleteness may also pose credit
risk.
The Company lends both secured and unsecured loans to its customers. To mitigate the credit risk, the
Company has implemented various policies and mechanisms, including the Credit Policy to define the
broad principles which the Company follows to accept lending proposals, to manage the loan portfolio and
recover its dues in adherence to RBI Regulations to protect the business assets of the Company.
Credit risk on Gold loan is considerably reduced as collateral is in the form of Gold ornaments which
can be easily liquidated and there is only a distant possibility of losses due to adequate margin of 25%
or more retained while disbursing the loan. Credit risk is further reduced through a quick but careful
collateral appraisal and loan approval process. Hence an overall, the Credit risk is normally low. Further,
an established process for customer verification, ornament valuation and purity checks, maximum loan
value and auction of ornaments as per RBI stipulations with delegated powers at the branchs level and
continuous monitoring by the Management of the Company helps to manage the credit risk. Similarly risk
in respect of other secured loans are considerably reduced considering the available collateral securities.
To reduce the credit risk for other loans, the Company performs a detailed credit assessment on the
prospective borrower, seeks security over some assets of the borrower and/or a guarantee from a third
party. The Company takes all reasonable and business precautions through policies and procedures to
mitigate and manage the credit risk in respect of such other loans.
The Company employs all recovery procedures, including follow up with the customer for payment, legal
remedies for recovery, invocation and sale of collateral as per the policies of the Company and guidelines
issued by the Reserve Bank of India.
The Senior management in the Company is responsible for the evaluation of internal financial controls
and risk management systems. In addition to continuous monitoring by the Senior Management, the
Company conducts regular internal audits through an in-house team of various branches to identify the
scope of improvement/enhancement in the Companyâs processes, quality control, fraud prevention and
compliance with law & regulations. In addition, the internal audit reports of external agency are reviewed
by the Audit Committee and placed before the Board.
At the portfolio level, the Company manages credit risk through limiting concentration of credit at
individual borrower level, group levels, etc. The loan proposals are assessed based on various factors like
repayment capacity, credit worthiness, repayment history, business/ professional profile, future business
prospects, field investigation, quality & value of security, etc.
The credit risk is managed by a robust control framework by the risk and collection department which
continuously align credit and collection policies and resourcing, obtaining external data from credit bureaus,
reviews of portfolios and review of loan delinquency by senior and middle management team comprising
of risk, analytics, collection and fraud containment along with business. The same is periodically reviewed
by Risk Management Committee.
Despite all measures being taken by the Management of the Company, the financing business has an
inherent risk of default by the customer in the repayment of the loan.
Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations
associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity
risk arises because of the possibility that the Company might be unable to meet its payment obligations
when they fall due as a result of mismatches in the timing of the cash flows under both normal and stress
circumstances. Such scenarios could occur when funding needed for the business of the Company or to
meet financial obligations is not available to the Company on acceptable / favourable terms. To limit this
risk, management has arranged for diversified funding sources and adopted a policy of availing funding in
line with the tenor and repayment pattern of its receivables and monitors future cash flows and liquidity
on a regular interval. The Company has developed internal control processes and contingency plans for
managing liquidity risk. This incorporates an assessment of expected cash flows and the availability of
unencumbered receivables which could be used to secure funding by way of assignment if required. The
maturity profile of financial assets and financial liabilities at undiscounted values is as under :
(d) Impairment Assessment
The Company is engaged in the business of providing loans against jewellery with a maximum tenure of
24 months, loan againts property with a maximum tenure of 144 months and unsecured business and
personal loans generally with a maximum tenure of 60 months. The Company makes provision for credit
loss allowance/impairment loss based on expected credit loss method as detailed out in material accounting
policies and after considering provisioning requirement as provided in âPrudential Regulationsâ under
Scale Based Regulations issued by Reserve Bank of India and read with erstwhile Non-Banking Financial
Company Non-Systematically important Non-Deposit taking (Reserve Bank) Directions, 2016, as amended
from time to time.
(iii) Market risk
Market Risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate
because of changes in market factor. Such changes in the values of financial instruments may result from
changes in the interest rates, credit, liquidity, and other market changes. The objective of market risk
management is to avoid excessive exposure of our earnings and equity to loss and reduce our exposure
to the volatility inherent in financial instruments. The company continuously monitors these risks and
manages them through appropriate risk limits. The Management of the company reviews market-related
trends and risks and adopts various strategies related to assets and liabilities, in line with the companyâs
risk management framework. The Company is exposed to four types of market risk as follows:
a) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate
because of changes in market interest rates. The Company is subject to interest rate risk, since there is a
mismatch between borrowing and lending vis-a-vis fixed and floating rate interest and maturity period.
The Company is exposed to interest rate risk on short-term and long-term floating rate interest bearing
liabilities. The Companyâs policy is to maintain a balance of fixed and floating interest rate borrowings,
maturity period and the proportion of fixed and floating rate debt are determined by prevailing interest
rates. These exposures are reviewed by the management on a periodic basis.
b) Price Risk
A sudden fall in the gold price and a fall in the value of the pledged gold ornaments can result in default in
loans repayment, if the outstanding loan and the interest thereon exceed the market value of the pledged
gold. This risk is in part mitigated by a minimum 25% margin retained on the value of gold jewellery for the
purpose of calculation of the loan amount. Further, we appraise the gold jewellery collateral solely based
on the weight of its gold content, excluding the weight and value of the stones studded in the jewellery.
In addition, the sentimental value of the gold jewellery to the customers may induce repayment of the
amount due and redemption of the collateral even if the value of gold ornaments falls below the value of
the loan outstanding amount due for payment. An occasional decrease in gold prices will not increase price
risk significantly on account of our adequate collateral security margins. However, a sustained decrease in
the market price of gold can additionally cause a decrease in the size of our loan portfolio and our interest
income.
c) Equity Price Risk
Equity price risk relates to change in the fair value of investments in the equity instruments measured at
fair value through OCI. As at March 31, 2025 the carrying value of such equity instruments recognised at
fair value through OCI amounts to '' 1,400.52 Lakhs (PY. '' 1,427.92 Lakhs).
Operational risk is the risk of loss arising from inadequate or failed internal processess, human error, fraud,
systems failure or from external events. When controls fail to operate effectively, operational risks can cause
damage to reputation, have legal or regulatory implications, or lead to financial loss. The Company cannot
expect to eliminate all operational risks, but it endeavours to manage these risks through comprehensive
internal control systems, procedures and data back up processes. In order to further strengthen the control
framework and effectiveness, the Company has established risk control self-assessment at branches to
identify process lapses by way of exception reporting which enables the management of the Company
to evaluate key areas of operational risks and the process to adequately mitigate them on an ongoing
and timely basis. The Company also undertakes risk based audits on a regular basis across all branches/
functions. While examining the effectiveness of control framework through self-assessment, the risk-
based audit would assure effective implementation of self certification and internal financial controls
adherence, thereby, reducing Companyâs operational risk.
d) Prepayment Risk
Prepayment risk is the risk that the Company will incur a financial loss because its customers and
counterparties repay or request repayment earlier than expected, such as fixed rate loans when interest
rates fall.
e) Foreign currency risk
Currency Risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign
exchange rates. However the company is not exposed to the risk of fluctuations on change in exchange
rates as the Company does not have any foreign transaction.
The fair value of the financial assets and liabilities is the amount at which it could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.
All the financial assets and liabilities of the Company are measured at amortised cost except for investments
in equity instruments, which are classified at fair value through other comprehensive income and based on a
fair valuation report of an independent registered valuer.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments
by valuation technique:
Level 1: Level 1 hierarchy includes Financial Instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data and place limited reliance on
entity specific estimates. If all significant inputs required to fair value an instrument are observable,
the instrument is included in level 2
Level 3: I f one or more of the significant inputs is not based on observable market data, the instrument is
included in level.
Note â43â - Disclosures as per Reserve Bank of India Master Direction (Non-Banking Financial Company
- Scale Based Regulation) Directions, 2023 and Non-Banking Financial Company - Non-Systematically
Important Non-Deposit Taking (Reserve Bank) Directions, 2016, as amended.
In terms of framework for Scale Based Regulations for Non-Banking Financial Company considering size,
activities and perceived riskiness, the Company falls into base layer i.e. (NBFC-BL). The following disclosures
are as applicable to NBFC-BL.
Note â43(i)â-
The leverage ratio of the Company is less than 7
Note â43(ii)â-
The company has complied with norms prescribed as per Reserve Bank of India Master Direction (Non-Banking
Financial Company - Scale Based Regulation) Directions, 2023 and Non-Banking Financial Company - Non¬
Systematically Important Non-Deposit taking (Reserve Bank) Directions, 2016.
Note 46 - Additional regulatory information under division III to schedule III as per notification dated
March 24, 2021
(i) Relationship with struck off Companies
Details of struck off Companies with whom the company has transaction during the year or outstanding
balance:
(iii) Details of crypto currency or virtual currency - the Company has not traded or invested in crypto currency
or virtual currency during the financial year.
Note â47â
Previous yearâs figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
As per our Report of even date For and on behalf of the board of directors
For Bhagwagar Dalal & Doshi Mangal Credit And Fincorp Limited
Chartered Accountants
FRN: 128093W
Sd/- Sd/- Sd/- Sd/-
Jatin V. Dalal Meghraj Jain Nilesh Jain Hardik Jain
Partner Managing Director Director & CFO Director
M.No. 124528 DIN: 01311041 DIN-08788781 DIN:-07871480
Place: Mumbai Place: Mumbai
Date : May 15, 2025 Date : May 15, 2025
Mar 31, 2024
7.2 The Loans are given in India to parties other than Public sectors.
7.3 Disclosures required by Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended (Note 47.3)
7.4 Details of investments made and outstanding are given in Note 8.
7.5 Loans or advances to Promoters, Directors & KMPs : NIL (P.Y. NIL).
7.6 The Company, as part of its normal business, grants loans and advances to its customers, other entities and persons and borrows money from banks, financial institutions, other entities and persons. These transactions are part of Company''s normal non-banking finance business, which is conducted ensuring adherence to all regulatory requirements.
7.7 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly, lend or invest in other person or entities identified by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security of the like to or on behalf of the Ultimate Beneficiaries.
7.8 The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding, whether recorded in writing or otherwise, that the Company shall whether, directly or indirectly, lend or invest in other persons or entities identified by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
8.1 Fair value of Equity Investment is based on the valuation report of a registered valuer as defined under Rule 2 of the Companies (Registered Valuers & Valuation) Rules, 2017 except for the investment in equity shares of Satco Capital Markets Limited as stated in Note 8.4.
8.2 Investments are held in the name of the Company. The company has not pledged its investments to raise loans.
8.3 Investments are made within India
8.4 In terms of an agreement for sale dated October 26, 2023 the Company has agreed to transfer 15,98,878 fully paid equity shares of '' 10/- each of Satco Capital Markets Limited for a total consideration of '' 208.17 lakhs and accordingly, same is considered as fair value of the investments as on March 31, 2024. Pending the shares transfer due to some issue in the opening of a demat account by other party, advance of '' 208.17 lakhs received, being the full consideration has been reported under Note 19 "Other Financial Liabilities".
8.5 The Company has no subsidiary hence compliance with the provision of section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of Layer) Rules, 2017 is not applicable to the Company.
13.1 All Property, Plant & Equipment are held in the name of the Company. The Title deeds of all immovable properties are in the name of Company.
13.2 All lease agreements are duly executed in favour of the company
13.3 Capital-work-in progress ageing schedule NIL (PY. NIL)
13.4 Capital Work-in-Progress, whose completion is overdue or has exceeded its cost compare to its original plan : NIL (P.Y. NIL).
13.5 Capital Work-in-Progress, project temporarily suspended : NIL (P.Y. NIL).
13.6 Revaluation of Property Plant & Equipment, Rights to Use Assets and Intangible Assets : NIL (PY. NIL).
13.7 The amount of Foreign Exchange Difference & Interest capitalised : NIL (PY. NIL).
13.8 No Proceeding against the Company has been initiated or are pending against the Company for holding any benami property under the Benami Transactions ( Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
(vi) Unsecured Inter corporate loans carry interest rate from 10.00% p.a. to 12.00% p.a. with maximum tenor of 12 months.
(vii) Unsecured loan from Directors are out of their owned funds and carry interest rate of 9.00% p.a. without any stipulations as regards to terms of repayment.
(viii) All the charges created/modified or satisfied were registered with the Registrar of Company within the statutory period from the date of creation/modification/satisfaction of security except in respect of charge for term loan of '' 700 Lakhs which has been registered within a period of 60 days from the date of creation as per proviso to section 77 of the Act after paying prescribed additional fees. Further in respect of the charge created for said term loan of '' 700 lacs and thereafter modified for increase in the said term loan to '' 1500 , the Company has not selected " Book debts" ( on which charge is required to be created) in both forms CHG -1 filed with the registrar. However, the Company is regularly submitting certificate to the banker confirming the bookdebts under lien againt the loan liability.
(ix) Loans availed during the year have been applied for the purpose for which they have availed. The Company has not taken any loan from any entity or person on account of or to meet the obligation of its subsidiaries and joint venture
(x) Quarterly Returns / statements of the current assets filed by the Company with its bankers are in agreement with the books of accounts.
(xi) Fund raised on short term basis have not been utilised for long term purpose
(xii) Default in terms of repayment of Principal and Interest - NIL (P.Y. NIL)
(xiii) The Company has not been declared as Wilful Defaulter by bank or financial institution or other lender or government authority.
(i) Term Loans are secured by hypothecation of exclusive charge of unencumbered standard receivable of the Company to the extent of 125% of the outstanding amount and further fixed deposits of '' 899.76 Lakhs (P.Y. NIL) have been lien as a margin money.
19.1 There is no amount due and outstanding to be transferred to the Investor Education & Protection Fund (IEPF) as at 31st March, 2024. Unclaimed Dividends, shall be transferred to IEPF as and when they become due.
19.2 Balance in unclaimed dividend accounts are subject to reconciliation. (Note 5.1)
(ii) Term Loans from State Bank of India are further secured by mortgage of two immovable properties of the Managing Director of the Company.
(iii) Term Loan from Indian Overseas Bank is further secured by mortgage of an immovable property of the Managing Director of the Company.
(iv) Short Term loans and loan repayable on demand are secured by re-pledge of gold ornaments of the customers of the Company. Further, short term loans from Catholic Syrian Bank is secured by exclusive charge of receivable of the Company to the extent of 125% of the outstanding amount.
(v) Personal guarantees have been given by Managing Director and/or Executive Directors of the Company (Note 47)
20.2 Details of transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act, 1961 : Nil (P.Y. Nil)
20.3 The Company does not have any unrecorded income and assets related to previous years which are required to be recorded during the year.
23 (A).1 Terms/Rights attached to equity shares
The Company has only one class of Share referred to as Equity Share having a Par Value of ''10/- per share. Each Shareholder of Equity share is entitled to one vote per Share.
In the event of liquidation of the Company, the shareholder of Equity Share will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholder, after distribution of all preferential amounts.
23 (A).2 There were no Buyback of shares or issue of bonus shares or issue of shares pursuant to contract without payment being received in cash during the previous 5 years immediately preceding the reporting date.
23 (A).3 The company declares and pays dividend in Indian Rupees (''). The dividend proposed by the Board of Directors is subject to the approval of shareholders in ensuing Annual General Meeting, except in case of Interim dividend. The distribution will be proportional to the number of Equity Shares held by the shareholders.
The Board of Directors of the Company have proposed dividend of '' 0.60/- per Equity Shares of '' 10/- each for the year ending 31st March, 2024 (P.Y. '' 0.50/- per Equity Share) subject to approval of the members at the forthcoming Annual General Meeting.
This reserve is created out of amount received against equity share warrants (first tranche i.e. 25% of total value of warrants) due to non exercising of options of conversion and the said amount is forfeited.
The amount received in excess of face value of the equity shares is recognised in Securities premium reserve. This reserve is utilised in accordance with the provisions of the Companies Act 2013.
This reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.
Statutory Reserve represents the Reserve Fund created under Section 45 IC of the Reserve Bank of India Act, 1934. Accordingly an amount representing 20% of profit for the period is transferred to the fund for the year.
Contingency reserve & Investment reserves
These reserves are of erstwhile company as per the statutory provisions as applicable at that point in time.
Retained earnings represent the accumulated earnings net of losses, if any, made by the Company over the years. Money Received against share warrant
Pursuant to the resolution passed in the meeting of the shareholders of the Company held on February 15, 2024, the Company has issued and allotted on a preferential basis to a Promoter Director of the Company 15,50,000 convertible equity warrants of a nominal value of '' 10/- each at a premium of '' 100/- aggregating to '' 1705 Lakhs in compliance with all the applicable statutory regulations and enactments. The Company has received '' 426.25 Lakhs, being 25% of the aggregate consideration upon allotment of 15,50,000 convertible equity warrants. The equity warrant holder shall, in terms of issue and subject to the SEBI (ICDR) Regulations and other applicable rules, regulations and laws, be entitled to exercise the equity warrants in one or more tranches within a period of 18 (Eighteen) months from the date of allotment of the equity warrants upon payment of balance 75% of the consideration. The Company shall accordingly issue and allot the corresponding number of Equity Shares of face value of '' 10/- (Rupees Ten only) each to the warrant holder.
Other Comprehensive Income (OCI)
Other Comprehensive Income includes fair value on investment through OCI, net of taxes that will not be reclassified to profit & loss.
34.1 The Company is contesting the demands and the management believes that the Company''s position is likely to be upheld in the appellate process and accordingly, no provision has been made in the financial statements for the tax demands raised. The management believes that the ultimate outcome of these proceedings will not have material adverse effect on the Company''s financial position and results of operations.
34.2 Outstanding demand pending necessary rectification/short tax credit by the Income Tax authorities - '' 154.50 Lakhs (P.Y. - 138.26 Lakhs).
34.3 Outstanding of counter guarantee is NIL (P.Y. - '' 633 Lacs). (Note 47.1)
The Board of Directors at its meeting held on May 07, 2024 have recommended a payment of dividend of '' 0.60/-(P.Y. '' 0.50/- ) per equity share of face value of '' 10/- each for the financial year ended March 31, 2024, aggregate to '' 117.38 Lakhs(PY '' 96.57 Lakhs). The above is subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognised as a liability.
36.2 The proposed dividend is in compliance with regulatory restrictions and limit.
Note 37- Disclosure as per requirement of Ind AS 116 - Leases:
Lease Contracts entered into by the Company are mainly in respect for office premises taken on the lease in the ordinary course of business. Lease Contracts are for the period of 3- 5 years.
Note â38â - Operating Segment
a) The Company is engaged in the business segment of Financing, whose operating results are regularly reviewed by the entity''s chief operating decision maker to make decisions about resources to be allocated and to assess its performance, and for which discrete financial information is available. Thus, the Company operates in one segment and there is no separate reportable segment.
b) There are no operation outside India and hence there is no external revenue or assets which require disclosures.
c) All the assets of the Company are located in India.
d) There are no transaction with single external customer which amount to 10% or more of the Company''s revenue.
c) Other Employee benefits - Leave Encashment
The employees are not entitled for compensation in respect of unavailed leaves as per the policy of the Company Note â41â - Capital Management
The primary objective of the capital management is to ensure that Company complies with capital adequacy requirement of Reserve Bank of India (RBI), maintain strong credit rating and healthy capital ratios in order to manage capital base to cover risk inherent in the business, support business and maximise shareholder value. The adequacy of the Company''s capital is continuously monitored by the Management using, among other measures, the regulations issued by RBI.
The Company manages its capital structure and makes adjustments to it according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities.
The Company has complied in full with the capital requirements prescribed by RBI over the reported period. Disclosure of capital adequacy as per applicable RBI regulations (Note no. 44).
Note â42â- Financial Risk Management Framework
The Company is committed to create value for its stakeholders through sustainable business growth and with that intent has put in place a robust risk management framework to promote a proactive approach in reporting, evaluating and resolving risks associated with the business. Given the nature of the business the company is engaged in, the risk framework recognizes that there is uncertainty in creating and sustaining such value as well as in identifying opportunities. Risk management is therefore made an integral part of the company''s effective management practice.
The Company''s principal financial liabilities comprises of borrowings and trade and other payables. The main purpose of these financial liabilities is to finance and support the Company''s operations. The Company''s principal financial assets include loans, investments, cash and cash equivalents and other receivables that are derived directly from its operations. As a financial lending institution, Company is exposed to various risks that are related to lending business and operating environment. The principal objective in Company''s risk management processes is to measure and monitor the various risks that Company is subject to and to follow policies and procedures to address such risks.
The Company is generally exposed to credit risk, liquidity risk, market risk and operational risk:-
The Credit Risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit Risk arises principally from the risk of loss that may occur from the default of Company''s customers under loan agreements. Customer defaults and inadequate collateral may lead to loan losses.
The Company is exposed to the risk that its customers defaults in repayment of loan or advances granted by the Company. Customers may default on their obligations owed to the Company due to insolvency, lack of liquidity, operational failure etc. Significant failures by the customers to timely perform their obligations owed could materially and adversely affect the company''s financial position, and ability to borrow incremental funds and ability to meet business expenses and to repay, make the payment to its lenders and creditors in timely manner.
The credit risk may also arise due to the business, operational, technological parameters and business environment in which the company operates. Due to some challenges that may be specific to the customer, there
may be failure on the part of the Customer to meet its performance obligations and pose a credit risk to the Company. On the operational side, there could be a slippage in operational procedure and execution of policies leading to credit risk. Similarly technological redundancy and obsoleteness may also pose credit risk.
(i) (A) Management of credit risk
The Company lends both secured and unsecured loans to its customer. To mitigate the credit risk, the Company has implemented various policies and mechanisms, including credit policy to define the broad principles which the Company follows to accept lending proposals, to manage loan portfolio and recover its dues in adherence to RBI Regulations to protect the business assets of the Company.
Credit risk on Gold loan is considerably reduced as collateral is in the form of Gold ornaments which can be easily liquidated and there is only a distant possibility of losses due to adequate margin of 25% or more retained while disbursing the loan. Credit risk is further reduced through a quick but careful collateral appraisal and loan approval process. Hence overall, the Credit risk is normally low. Further, established process for customer verification, ornament valuation and purity checks, maximum loan value and auction of ornaments as per RBI stipulations with delegated powers at branch level and continuous monitoring by the Management of the Company helps to manage the credit risk. Similarly risk in respect of other secured loans are considerably reduced considering the available collateral securities.
To reduce the credit risk for other loans, the Company performs a detail credit assessment on the prospective borrower, seek security over some assets of the borrower and/or a guarantee from a third party. The Company takes all reasonable and business precautions through policies and procedure to mitigate and manage the credit risk in respect of such other loans.
The Company employs all recovery procedures including follow up with the customer for payment, legal remedies for recovery, invocation and sale of collateral as per the policies of the Company and guidelines issued by Reserve Bank of India.
The Senior management in the Company is responsible for evaluation of internal financial controls and risk management systems. In addition to continuous monitoring by the Senior Management, the Company conducts regular internal audits through in-house team of various branches to identify scope of improvement/enhancement in the Company''s processes, quality control, fraud prevention and compliance with law & regulations. In addition, the internal audit reports of external agency are reviewed by the Audit committee and placed before the Board.
At the portfolio level, the Company manages credit risk through limiting concentration of credit at individual borrower level, group levels, etc. The loan proposals are assessed based on various factors like repayment capacity, credit worthiness, repayment history, business/ professional profile, future business prospects, field investigation, quality & value of security, etc.
The credit risk is managed by a robust control framework by the risk and collection department which continuously align credit and collection policies and resourcing, obtaining external data from credit bureaus, reviews of portfolios and review of loan delinquency by senior and middle management team comprising of risk, analytics, collection and fraud containment along with business. The same is periodically reviewed by Risk Management Committee.
Despite all measures being taken by the Management of the Company, the financing business has an inherent risk of default by the customer in the repayment of the loan.
(i)(A)(c) Impairment Assessment
The Company is engaged in business of providing loan against jewellery with a maximum tenure of 24 months, unsecured business, personal loan and secured loan against property with the tenure of 12 months to 60 months and upto 144 months respectively. The Company makes provision for credit loss allowance/impairment loss based on expected credit loss method as detailed out in material accounting policies and after considering provisioning requirement as provided in prudential regulations of Scale Based Regulations issued by Reserve Bank of India and read with erstwhile Non-Banking Financial Company Non-Systematically important Non-Deposit taking (Reserve Bank) Directions, 2016, as amended from time to time.
Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk arises because of the possibility that the Company might be unable to meet its payment obligations when they fall due as a result of mismatches in the timing of the cash flows under both normal and stress circumstances. Such scenarios could occur when funding needed for illiquid asset positions is not available to the Company on acceptable terms. To limit this risk, management has arranged for diversified funding sources and adopted a policy of availing funding in line with the tenor and repayment pattern of its receivables and monitors future cash flows and liquidity on a daily basis. The Company has developed internal control processes and contingency plans for managing liquidity risk. This incorporates an assessment of expected cash flows and the availability of unencumbered receivables which could be used to secure funding by way of assignment if required. The maturity profile of financial assets and financial liabilities at undiscounted values is as under :
customers may induce repayment and redemption of the collateral even if the value of gold ornaments falls below the value of the repayment amount. An occasional decrease in gold prices will not increase price risk significantly on account of our adequate collateral security margins. However, a sustained decrease in the market price of gold can additionally cause a decrease in the size of our loan portfolio and our interest income.
Equity price risk relates to change in fair value of investments in the equity instruments measured at fair value through OCI. As at March 31, 2024 the carrying value of such equity instruments recognised at fair value through OCI amounts to '' 1,427.92 Lakhs (P.Y. '' 1,560.36 Lakhs).
Market Risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market factor. Such changes in the values of financial instruments may result from changes in the interest rates, credit, liquidity, and other market changes. The objective of market risk management is to avoid excessive exposure of our earnings and equity to loss and reduce our exposure to the volatility inherent in financial instruments. The company continuously monitors these risks and manages them through appropriate risk limits. The Management of the company reviews market-related trends and risks and adopts various strategies related to assets and liabilities, in line with the company''s risk management framework. The Company is exposed to four types of market risk as follows:
Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market interest rates. The Company is subject to interest rate risk, since there is a mismatch between borrowing and lending vis-a-vis fixed and floating rate interest and maturity period. The Company is exposed to interest rate risk on short-term and long-term floating rate interest bearing liabilities. The Company''s policy is to maintain a balance of fixed and floating interest rate borrowings, maturity period and the proportion of fixed and floating rate debt is determined by prevailing interest rates. These exposures are reviewed by the management on a periodic basis.
Prepayment risk is the risk that the Company will incur a financial loss because its customers and counterparties repay or request repayment earlier than expected, such as fixed rate loans when interest rates fall.
Currency Risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. However the company is not exposed to the risk of fluctuations on change in exchange rates as company does not have any foreign transaction.
Operational risk is the risk of loss arising from inadequate or failed internal process, human error, fraud, systems failure or from external events. When controls fail to operate effectively, operational risks can cause damage to reputation, have legal or regulatory implications, or lead to financial loss. The Company cannot expect to eliminate all operational risks, but it endeavours to manage these risks through comprehensive internal control systems, procedures and data back up processes. In order to further strengthen the control framework and effectiveness, the Company has established risk control self-assessment at branches to identify process lapses by way of exception reporting which enables the management of the Company to evaluate key areas of operational risks and the process to adequately mitigate them on an ongoing and timely basis. The Company also undertakes risk based audits on a regular basis across all branches/functions. While examining the effectiveness of control framework through self-assessment, the risk-based audit would assure effective implementation of self certification and internal financial controls adherence, thereby, reducing Company''s operational risk.
Sudden fall in the gold price and fall in the value of the pledged gold ornaments can result in some of the customers to default if the loan amount and interest exceeds the market value of gold. This risk is in part mitigated by a minimum 25% margin retained on the value of gold jewellery for the purpose of calculation of the loan amount. Further, we appraise the gold jewellery collateral solely based on the weight of its gold content, excluding weight and value of the stone studded in the jewellery. In addition, the sentimental value of the gold jewellery to the
Financial instruments measured at amortised cost
The fair value of the financial assets and liabilities is included the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
All the financial assets and liabilities of the Company are measured at amortised cost except for investments in equity instruments, which are classified at fair value through other comprehensive income and based on fair valuation report.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and place limited reliance on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2
Level 3: I f one or more of the significant inputs is not based on observable market data, the instrument is included in level.
Note â45â - Disclosures as per Reserve Bank of India Master Direction (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023 and Non-Banking Financial Company - Non-Systematically Important NonDeposit taking (Reserve Bank) Directions, 2016, as amended.
In terms of framework for Scale Based Regulations for Non-Banking Financial Company considering size, activity and perceived riskiness, the Company falls into base layer i.e. (NBFC-BL). The following disclosures are as applicable to NBFC-BL.
The leverage ratio of the Company is less than 7.
The company has complied with norms prescribed as per Reserve Bank of India Master Direction (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023 and Non-Banking Financial Company - NonSystematically Important Non-Deposit taking (Reserve Bank) Directions, 2016.
*No Commercial Papers and NCD''s with original Maturity not less than a year are not issued during current financial year and are outstanding as on reporting date, hence not applicable.
Note
a) Public fund represent debt securities, borrowings other than debt securities and exclude loans from directors and relatives
b) Total Liabilities represent Total Liabilities and Equity as per Balance Sheet less Equity
c) Other Short Term Liabilities represent all liabilities (excluding Commercial Paper) maturing within a year.
The Company has not issued during the year or in the previous year and there are no outstanding as on the reporting dates (a) Commercial paper (b) Non-convertible Debenture (original maturity of less than 1 year) and hence stock ratios are not applicable in respect of the same.
vi. Institutional set-up for liquidity risk management
In compliance with liquidity circular, the Board of Directors has approved constitution of Asset Liability Committee (ALCO) which reviews and monitors Asset Liability Management (ALM) mismatch on regular basis. The Company''s ALCO monitors asset liability mismatches to ensure that there are no imbalances or excessive concentrations on either side of the balance sheet.
Mar 31, 2022
Secured Loan Federal Bank:
1. The company has taken the secured facility having Sanction Limit of '' 5 Crores and current outstanding of '' 487.66 Lakhs.
2. Security:
a. Primary security-
Receivable of Borrower(s) arising out of loan extended to obligors against security of pledge of gold ornaments which are repledged in favour of the bank and Statement for the same is to be submitted
b. Collateral Security-
Repledge of gold ornaments pledged by Obligors
3. Tenure of loan: 12 months
4. Rate of interest:
Rate of interest is 8.40% p.a.
1. The company has taken the working capital facility payable on demad having Sanction limit of '' 10 Crores and Current Outstanding of '' 927.57 Lakhs.
2. Collateral Security:
Repledge of gold ornaments pledged by Obligors
3. Rate of interest:
Rate of interest is 9.75%
1. The company has taken the working capital facility payable on demand having Sanction limit of '' 9 Crores and Current Outstanding of '' 535.94 Lakhs.
2. Collateral Security:
Repledge of gold ornaments pledged by Obligors
Note The Company has only one class of Share referred to as Equity Share having a Par Value of ''10/- per share. Each Shareholder of Equity share is entitled to one vote per Share.
In the event of liquidation of the Company, the shareholder of Equity Share will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholder, after distribution of all preferential amounts.
The company declares and pays dividend in Indian Rupees (''). The dividend proposed by the Board of Directors is subject to the approval of shareolders in ensuing Annual General Meeting, except incase of Interim dividend. The distribution will be propotional to the number of Equity Shares held by the shareholders.
(d) Rights attached to equity Shares
- The Company has only one class of equity shares having face value of ''10/- per share. Each holder of equity share is entitled to one vote per share.
- Every share is entitled to receive dividends in Indian Rupees, if declared.
- In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.
- The distribution will be in proportion to the number of equity shares held by the shareholders.
(f) 1,93,13,986 Equity shares of face value of '' 10 each includes 70,44,075 fully paid Equity shares of face value of '' 10 each issued as bonus shares during the quarter ended December 31, 2015 pursuant to shareholders approval of issue of 5 bonus Equity shares for every 1 existing shares held.
The ''Record Date'' for the purpose of ascertaining the Members entitled to receive the said sub-divided equity shares of the Company was fixed by the Board of Directors of the Company as ''06/05/2017. Subsequently, the Company has issued ten (10) sub-divided equity shares of ''1/- each in lieu of one (1) equity share of ''10/- each to the eligible Members of the Company. In case of Members holding equity shares of the Company in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share certificate(s) of the Company for the sub-divided equity shares of ''1/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity shares of the Company held in dematerialized form, the sub-divided equity shares have been duly credited to the respective beneficiary accounts of the Members with the respective Depository Participants, as per the existing credits representing the equity shares of the Company. In view of the aforesaid Stock Split, the number of equity shares of the Company and price of underlying equity share in the stock markets has been correspondingly adjusted by the Stock Exchanges, where the Company''s shares are listed (i.e. BSE). The details of the Authorised and Paid-up share capital of the Company (pre & post Stock Split) is as follows:
|
Authorised Share Capital |
Paid up Share Capital |
|||
|
Particulars |
No. of Shares |
Amount ('' in Lakhs) |
No. of Shares |
Amount ('' in Lakhs) |
|
Pre Stock Split |
25,000,000 |
2,500.00 |
16,112,038 |
1,611.20 |
|
Post stock Split |
250,000,000 |
2,500.00 |
161,120,380 |
1,611.20 |
During the year 2017, pursuant to the shareholders approval the face value of existing equity shares of '' 1 each has been consolidated to '' 10 each . Accordingly , the Company has issued one (1) consolidated equity share of ''10/- each in lieu of ten (10) sub-divided equity share of ''1/- each to the eligible Members of the Company. In case of Members holding equity shares of the Company in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share certificate(s) of the Company for the consolidated equity share of ''10/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity shares of the Company held in dematerialized form, the sub-divided equity shares have been duly credited to the respective beneficiary accounts of the Members with the respective Depository Participants, as per the existing credits representing the equity shares of the Company. In view of the aforesaid Stock Consolidation, the number of equity shares of the Company and price of underlying equity share in the stock markets has been correspondingly adjusted by the Stock Exchanges, where the Company''s shares are listed (i.e. BSE). The details of the Authorised and Paid-up share capital of the Company (pre & post Stock Consolidation ) is as follows:
|
Authorised Share Capital |
Paid up Share Capital |
|||
|
Particulars |
No. of Shares |
Amount ('' In Lakhs) |
No. of Shares |
Amount ('' in Lakhs) |
|
Pre Stock Consolidation |
250,000,000 |
2,500.00 |
193,139,860 |
1,931.40 |
|
Post stock Consolidation |
25,000,000 |
2,500.00 |
19,313,986 |
1,931.40 |
* Consolidation of Shares
The consolidation of equity shares of the company from face value ''1/- each to face value of ''10/- each (""Stock Sumup"") and consequent alteration in Capital clause of MOA of the company was approved by the Members on 29/09/2018.
Nature and purpose of reserve Capital reserve
This reserve is created out of amount received against equity share warrants (first tranch i.e. 25% of total value of warrants) due to non excercising of options of converstion and the said amount is forfitted.
The amount received in excess of face value of the equity shares is recognised in Securities premium reserve. This reserve is utilised in accordance with the provisions of the Companies Act 2013.
This reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to profit or loss.
Statutory Reserve represents the Reserve Fund created under Section 45 IC of the Reserve Bank of India Act, 1934. Accordingly an amount representing 20% of Profit for the period is transferred to the fund for the year.
The extant guidelines provide for a lower appropriation to Contingency Reserves if provision made towards losses exceed 35% of the premium or fee earned during a financial year.
Retained earnings represent the accumulated earnings net of losses, if any, made by the Company over the years. Other Comprehensive Income
Other Comprehensive Income includes fair value on investment through OCI, net of taxes that will not be reclassfied to profit & loss.
*Claims against the company not acknowledged as debts for the year ended 31st March, 2022 include demand from the Income Tax Authorities for payment of tax of '' 59,83,730/- upon completion of their tax assessment for Assessment Years 2017-18. The company has filed an appeal with the income tax appellate authorities The company is contesting the demand and the management including its tax advisors believes that its position will likely be upheld in the appellate process. The management believes that the ultimate outcome of these proceedings wll not have a material adverse effect on the company''s financial position and result of operation.
** current outstanding of counter guarantee is '' 652 Lakhs as on 31st March 2022(? 2,672 Lakhs as on 31st March 2021)
Note ''30'' - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006
Based on the information available with the Company and has been relied upon by the auditors, none of the suppliers have confirmed to be registered under "The Micro, Small and Medium Enterprises Development (''MSMED'') Act, 2006" Accordingly, no disclosures relating to principal amounts unpaid as at the period ended March 31, 2022 together with interest paid /payable are required to be furnished.
The Company has entered into lease contracts for office premises used in its operation. The Company has adopted Indian Accounting Standard (Ind AS) 116 on ''Leases''. The Company has elected not to apply the requirements of Ind AS 116 to leases which are expiring within 12 months from the date of transition by class of asset and leases for which the underlying asset is of low value on a lease-by-lease basis. The Company has used a single discount rate to a portfolio of leases with similar characteristics. The Company recognised a lease liability and asset measured at the present value of the lease payments. The principal portion of the lease payments have been disclosed under cash flow from financing activities. The weighted average incremental borrowing rate of 10% has been applied to lease liabilities recognised in the balance sheet. On application of Ind AS 116, the nature of expenses has changed from lease rent in previous periods to depreciation cost for the right-of-use asset, and finance cost for interest accrued on lease liability.
Note ''32'' - OPERATING SEGMENT
There is no separate reportable segment as per Ind AS 108 on ''Operating Segments'' in respect of the Company. The Company operates in single segment only. There are no operations outside India and hence there is no external revenue or assets which require disclosure.
The Company has spent during the year ended 31 March 2022: '' 14.28 Lakhs (year ended 31 March 2021: '' 23.23 Lakhs) towards various schemes of Corporate Social Responsibility as prescribed under section 135 of the Companies Act, 2013.
Note ''34'' - CAPITAL MANAGEMENT
The Company maintains an actively managed capital base to cover risks inherent in the business, meeting the capital adequacy requirements of Reserve Bank of India (RBI), maintain strong credit rating and healthy capital ratios in order to support business and maximise shareholder value. The adequacy of the Company''s capital is monitored by the Board using, among other measures, the regulations issued by RBI.
The Company manages its capital structure and makes adjustments to it according to changes in economic conditions and the risk characteristics of its activities. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payment to shareholders, return capital to shareholders or issue capital securities.
The Company has complied in full with the capital requirements prescribed by RBI over the reported period. below given disclosure of capital adequacy as per applicable RBI regulations (Refer note no. 37).
Note ''35''- FINANCIAL RISK MANAGEMENT FRAMEWORK
The company is committed to create value for its stakeholders through sustainable business growth and with that intent has put in place a robust risk management framework to promote a proactive approach in reporting, evaluating and resolving risks associated with the business. Given the nature of the business the company is engaged in, the risk framework recognizes that there is uncertainty in creating and sustaining such value as well as in identifying opportunities. Risk management is therefore made an integral part of the company''s effective management practice.
The Credit Risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the company''s receivable from loans and advances, investments other than the quoted securities given. Credit risk in respect of quoted securities is expected to have a direct correaltion with the quoted market price and risk.
The Company is exposed to the risk that third parties that owe money will not perform their obligations. These parties may default on their obligations owed to the company due to insolvency, lack of liquidity, operational failure etc. Significant failures by third parties to timely perform their obligations owed could materially and adversely affect the company ''s financial position, and ability to borrow incremental funds and ability to meet business expenses and to repay.make the payment to its creditors in timely manner.
The credit risk may also arise due to the business, operational and technological parameters and business environment in which the company operates. Due to some challenges specific to his/her business or profession, a customer may not be able to meet its performance obligations and credit risk may arise. On the operational side, there could be a slippage in operational procedure and execution of policies leading to credit risk. Similarly technological redundancy and obsoleteness may also pose credit risk.
(A) Management /mitigation of credit risk
The Company''s main business is to grant loans to its customer. The Company is exposed to high credit risk due to the inherent nature of its business. The Company lends both secured and unsecured loans to its customer. To mitigate the credit risk, the company has implemented various policies and mechanisms, including credit policy to define the broad principles which the company follows to accept borrowers and loan proposals, to manage loan portfolio and recover its dues so as to protect business revenues with customers satisafction. To reduce the credit risk in financing ,the company perform a detail credit assessment on the prospective borrower or seek security over some assets of the borrower or a gurantee from a third party . The Company takes all reasonable and business precautions through policies and procedure to mitigate and manage the credit risk.
The Senior management in the company is resposible for evaluation of internal financial controls and risk management systems. The Company conducts regular internal audits of various business units to identify scope of improvement/enhancement in the company ''s processes, quality control, fraud prevention and compliance with law & regulations. The internal audit reports are reviewed by the Audit committee and also placed before the board.
As the portfolio level, the company manges credit risk through limiting concentration of credit at individual borrower
level, group levels, industry level etc. The loan proposals are assessed based on various factors like repayment capacity, credit worthiness, repayment history, business/ professional profile, future business prospects etc of prospective borrower, field investigation, quality & value of security etc.
Despite all measure taken by the company and its management it is inherent in the financing business that the customer may default in the repayment of the loan granted to him. The Company employs all recovery procedures including follow up with the customer for payment, legal remedies for recovery, invocation and sale of collateral.
The credit risk is managed by a robust control framework by the risk and collection department which continuosly align credit and collection policies and resourcing, obatining external data from credit bureaus and reviews of portfolios and delinquencies by senior and middle management team comprising of risk, analytics, collection and fraud containment along with business. The same is periodically reviewed by the board appointed Risk Management Commitee.
(c) Impairment of financial assets
The Company monitors all the loans continuously basis the factors cosidered while sanctioning the loan. If there are any indicators of impairment on mangement assessment of these loans ,these are provided for. The company uses ECL method of impairment and the prudential norms for the income recognition and asset reclassification issued by RBI for the purpose of impairment of loans and other financial assets. Following are the reconcilations of the provision for impairment of financial assets.
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people or systems, or from external events. The operational risks of the company are managed through comprehensive internal control systems and procedures and key back up processes. In order to further strengthen the control framework and effectiveness, the company has established risk control self-assessment at branches to identify process lapses
by way of exception reporting. This enables the management to evaluate key areas of operational risks and the process to adequately mitigate them on an ongoing basis. The company also undertakes risk based audits on a regular basis across all business units / functions. While examining the effectiveness of control framework through self-assessment, the risk-based audit would assure effective implementation of selfcertification and internal financial controls adherence, thereby, reducing enterprise exposure.
Market Risk is the possibility of loss arising from changes in the value of a financial instrument as a result of changes in market variables such as interest rates, exchange rates and other asset prices. The company''s exposure to market risk is a function of asset liability management and interest rate sensitivity assessment. The company is exposed to interest rate risk and liquidity risk, if the same is not managed properly. The company continuously monitors these risks and manages them through appropriate risk limits. The Board of the company reviews market-related trends and risks and adopts various strategies related to assets and liabilities, in line with the company''s risk management framework.
Currency Risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. However the company is not exposed to the risk of fluctuations on change in exchange rates as company does not have any foreign transaction.
(v) Liquidity Risk(1) Liquidity risk management
Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk arises because of the possibility that the Company might be unable to meet its payment obligations when they fall due as a result of mismatches in the timing of the cash flows under both normal and stress circumstances. Such scenarios could occur when funding needed for illiquid asset positions is not available to the Company on acceptable terms. To limit this risk, management has arranged for diversified funding sources and adopted a policy of availing funding in line with the tenor and repayment pattern of its receivables and monitors future cash flows and liquidity on a daily basis. The Company has developed internal control processes and contingency plans for managing liquidity risk. This incorporates an assessment of expected cash flows and the availability of unencumbered receivables which could be used to secure funding by way of assignment if required.
Financial instruments measured at amortised cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values,except for investment since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.
The fair value of the financial assets and liabilities is included the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.
All the financial assets and liabilities of the Company are measured at amortised cost except for investment.
The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and place limited reliance on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level.
Note ''38'' - DISCLUSURE UNDER PRUDENTIAL NORMS & RBI GUIDELINES Note ''38(i)''-
The leverage ratio of the Non-Banking Finance Company is less than 7 as per norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.
The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.
Schedule to the Balance Sheet of Non-Deposit Taking Non-Banking Financial Company
(as required in terms of paragraph 18 of chapter IV - Prudential Regulations of Master Directions - Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016
a. As defined in point xix of paragraph 3 of chapter II of Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016.
b. Provisioning norms shall be applicable as prescribed in Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016
c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (5) above.
*No Commercial Papers and NCD''s are issued during current financial year and are outstanding as on reporting date, hence not applicable.
vi. Institutional set-up for liquidity risk management
In compliance with liquidity circular, the Board of Directors has approved constitution of Asset Liability Committee (ALCO) which reviews and monitors Asset Liability Management (ALM) mismatch on regular basis. The Company''s ALCO monitors asset liability mismatches to ensure that there are no imbalances or excessive concentrations on either side of the balance sheet.
1. The amount stated in this disclosure is based on the audited financial statements for the year ended March 31, 2022.
2. Total liabilities refer to the aggregate of financial liabilities and non-financial liabilities.
3. Significant counter party is as defined in RBI Circular RBI/2019-20/88 DOR. NBFC (PD CC.No.102/03.10.001/2019-20 dated November 4, 2019 on Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies.
Note 41 - ADDITIONAL REGULATORY INFORMATION UNDER DIVISION III TO SCHEDULE III AS PERNOTIFICATION DATED MARCH 24, 2021
(i) Title deeds of Immovable Property not held in the name of the Company - All immovable property are in the name of the Company itself.
(ii) Revaluation of Investment Property - The Company has not revalued Investment Property during the year.
(iii) Revaluation of Property, Plant and Equipment - The Company has not revalued Property, Plant & Equipment during the year.
(iv) Revaluation of Intangible Assets - The Company has not revalued Intangible assets during the year.
(v) Loans or Advances - During the year, the Company has not provided any loans or advances granted to promoters, directors, KMPs and the related parties.
(vi) Capital Work-in-Progress (CWIP) ageing schedule / completion schedule - The Company has no CWIP as on March 31, 2022.
(vii) There are no Intangible assets under development.
(viii) Details of Benami Property held - No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and the rules made thereunder.
(ix) Security of current assets against borrowings - Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.-NA
(x) Wilful Defaulter - The Company has not declared as wilful defaulter by any bank or financial institution or other lender.
(xi) Relationship with Struck off Companies - During the year, the company has not entered into any transaction with struck off companies.
(xii) Registration of charges or satisfaction with Registrar of Companies (ROC) - During the year, there was no delay in registration of charge or satisfaction with ROC.
(xiii) Compliance with number of layers of companies - The Company has complied with the requirements of number of layers.
(xiv) Analytical Ratios - NA
(xv) Compliance with approved Scheme(s) of Arrangements - Not applicable
(xvi) Utilisation of Borrowed funds and share premium - Borrowed funds have been utilised for the purpose they have been sanctioned and share premium has been utilised in working capital.
(xvii) There is no undisclosed income during the year in the tax assessments under the Income Tax Act 1961
(xviii) Details of Crypto Currency or Virtual Currency - The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Previous year''s figures have been regrouped/reclassified and reclassified wherever necessary to confirm to current
year''s presentation. In accordance with amendments in Schedule III to the companies Act, 2013.
Mar 31, 2018
1. Corporate Information
Mangal Credit & Fincorp Limited (the company) is a public company domiciled in India and incorporated under the Companies Act, 2013 whose Corporate Identity No. is L65990MH1961PLC012227. The Company has granted certificate of registration to carry on the business of Non-Banking Financial Institution by Reserve Bank of India, vide certificate no. 13.00329 dated March 11, 1998 which has been revised in the name of âMangal Credit & Fincorp Ltd.â and fresh certificate is reissued on May 3, 2016. The Company is Non Systemically Important Non Deposit Taking NBFC (NBFC-ND-Non SI)vide circular no. RBI/DNBR/2016-17/44DNBS (PD).007/03.10.119/2016-17 dated 1 September 01, 2016. Itâs shares are listed on Bombay Stock Exchange (BSE) and Ahmedabad Stock Exchange (ASE).
2. Rights attached to equity Shares
The Company has only one class of equity shares having face value of Rs.1/- per share. Each holder of equity share is entitled to one vote per share.
Every share is entitled to receive dividends in Indian Rupees, if declared.
In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.
The distribution will be in proportion to the number of equity shares held by the shareholders.
3. Over previous years, the company has allotted 7044075/- fully paid up equity shares of face value Rs. 10/- each during the quarter ended Dec 31st 2015 pursuant to bonus issue approved by the shareholder through a postal ballout. The record date fixed by the Board of Directors was December 19 2015 where 5 bonus equity share for every 1 existing equity share held were issued.
4. Conversion and forfeiture of share warrants
- For details of conversion and forfeiture of share warrants, refer note 4.
5. The ''Record Dateâ for the purpose of ascertaining the Members entitled to receive the said sub-divided equity shares of the Company was fixed by the Board of Directors of the Company as ''06/05/2017. Subsequently, the Company has issued ten (10) sub-divided equity shares of Re.1/- each in lieu of one (1) equity share of Rs.10/- each to the eligible Members of the Company. In case of Members holding equity shares of the Company in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share certificate(s) of the Company for the sub-divided equity shares of Re.1/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity shares of the Company held in dematerialized form, the sub-divided equity shares have been duly credited to the respective beneficiary accounts of the Members with the respective Depository Participants, as per the existing credits representing the equity shares of the Company. In view of the aforesaid Stock Split, the number of equity shares of the Company and price of underlying equity share in the stock markets has been correspondingly adjusted by the Stock Exchanges, where the Companyâs shares are listed (i.e. BSE). The details of the Authorised and Paid-up share capital of the Company (pre & post Stock Split) is as follows:
DIVIDEND
Dividend of Rs. 0.05/- share has been recommended for the FY 2017-18 (Dividend of Rs. 0.25/- share was provided in FY 201617).
6. Disclosures in relation to money received against share warrants
(i) Money received against share warrant represent amounts received towards warrants which entitles the warrant holders, the option to apply for and be allotted equivalent number of equity share of the face value of Rs 1 each.
(ii) During last year, the Company issued to its promoters/non-promoters 10,50,000 warrants dtd. 23.02.2016 and 41,00,000 warrants dtd. 03.03.2016 of a face value of Rs. 10 each, having option to apply for and be allotted an equivalent number of equity shares of a face value of Rs. 10 each at a premium of Rs. 26.45/- each determined in accordance with Regulation 76 of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (''SEBI ICDR Regulationsâ). The holder of the warrants would need to exercise the option to subscribe to shares before 22.08.2017 and 02.09.2017 upon payment of the balance amount of Rs. 14,07,88,125/-. Also in the year itself 2980520 shares were issued against equivalent number of warrant on payment by subscriber.
(iii) During current year, 32019480 shares were issued against equivalent number of warrant on payment by subscriber and on balance 16500000 shares the amount of Rs 1,50,35,625/- were forfeited on non payment of balance amount till the exercise date and transferred to capital reserve.
(iv) The equity shares to be issued up on the exercise of the warrant shall be subject to companies Memorandum of Association and Articles of Association of the company and shall rank paripasu in all respect with the existing equity shares including the right with respect to dividend.
7. Claims against the company not acknowledged as debts for the year ended 31st March, 2018 include demand from the Income Tax Authorities for payment of tax of Rs. 40,75,600/- upon completion of their tax assessment for Assessment Years 2013-14 & 2014-15. The company has filed an appeal with the income tax appellate authorities.The company is contesting the demand and the management including its tax advisors believes that its position will likely be upheld in the appellate process. The management believes that the ultimate outcome of these proceedings wll not have a material adverse effect on the companyâs financial position and result of operation.
8. The company has given the following guarantees:
i. Guarantee to The Bharat Co-Operative Bank (Mumbai) Ltd for Loan of Rs. 25.60 crore availed by M/s Mangal Buildhome Pvt. Ltd., subsidiary of the company.
ii. Guarantee to Fullerton India Credit India Pvt. Ltd. for Loan of Rs. 5 crore availed by M/s Mangal Compusolutions Pvt. Ltd., subsidiary of the company.
iii. Guarantee to Indiabulls Home Loan for Loan of Rs. 1.55 crore availed by M/s Mangal Compusolutions Pvt. Ltd., subsidiary of the company.
iv. Guarantee to Reliance Home Finance for Loan of Rs. 2.32 crore availed by M/s Mangal Compusolutions Pvt. Ltd., subsidiary of the company.
v. Guarantee to Bank of India for Loan of Rs. 30 crore availed by M/s Satco Capital Markets Ltd., subsidiary of the company.
vi. Guarantee to HDFC for Loan of Rs. 63 crore availed by M/s Satco Capital Markets Ltd., subsidiary of the company.
vii. Guarantee to The Bharat Co-Operative Bank (Mumbai) Ltd for Loan of Rs. 1 crore availed by M/s Mangal Extrusion Pvt. Ltd., which was subsidiary of the company during the year.
viii. Guarantee to The Bharat Co-Operative Bank (Mumbai) Ltd for Loan of Rs. 4.37 crore availed by M/s Mangal Entertainment Pvt. Ltd., which was subsidiary of the company during the year.
Note 9
The leverage ratio of the Non-Banking Finance Company is less than 7 as per norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.
Note 10
The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2016-17/44 DNBR (PD) CC No.077/ 03.10.119/2016-17 dated 01 September, 2016 for NBFCs-ND.
Note 11 Schedule to the Balance Sheet of Non-Deposit Taking Non-Banking Financial Company.
(as required in terms of paragraph 18 of chapter IV - Prudential Regulations of Master Directions - Non-Banking Financial Company -Non-Systematically Important Non-Deposit taking company (Reserve Bank) Directions, 2016
Sub Notes:
a. As defined in point xix of paragraph 3 of chapter II of Non-Banking Financial Company - Non-Systemically Important Non-Deposit taking company (Reserve Bank) Directions, 2016.
b. Provisioning norms shall be applicable as prescribed in Non-Banking Financial Company - Non-Systemically Important NonDeposit taking company (Reserve Bank) Directions, 2016
c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (5) above.
Note 12
Disclosure required as per clause 32 of Listing Agreement has been set out in a separate Annexure A2 attached to the financial statement.
Note 13: Previous Year Figures
Previous year figures have been regrouped, re-arranged and reclassified wherever necessary to confirm to the current yearâs classification.
Mar 31, 2016
1. Rights attached to equity Shares
The Company has only one class of equity shares having face value of Rs.10/- per share. Each holder of equity share is entitled to one vote per share.
Every share is entitled to receive dividends in Indian Rupees, if declared.
In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amounts.
The distribution will be in proportion to the number of equity shares held by the shareholders.
2. The company has alloted 70,44,075 fully paid up equity shares of face value Rs. 10/- each during the quarter ended December 31,2015 pursuant to a bonus issue approved by the shareholders through a postal ballot. The record date fixed by the Board of Directors was December 19, 2015 where 5 bonus equity share for every one existing equity share held were issued.
3. Preferential Allotment
During the year ended March 31, 2016 the Company has issued 7361096 equity shares to promoters and non promoters category, constituting 46.55% of the post issue share capital of the Company, through preferential allotment at a price of Rs. 36.45 per share aggregating to 2683.12 lac. The proceeds of the preferential allotment were utilized towards the repayment of equivalent debt in accordance with their objective of the preferential allotment. i.e. "To augment the resources of the company, primarily for expansion and for future growth of the business".
4. Shares reserved for issue under options
- For details of shares reserved for share warrants, refer note 4.
5. MONEY RECEIVED AGAINST SHARE WARRANTS
Money received against share warrants represents amounts received towards warrants which entitles the warrant holders, the option to apply for and be allotted equivalent number of equity shares of the face value of Rs. 10 each.
During the current year, the Company issued to its promoters/non-promoters 10,50,000 warrants dated. 23.02.2016 and 41,00,000 warrants dated. 03.03.2016 of a face value of Rs. 10 each, having option to apply for and be allotted an equivalent number of equity shares of a face value of Rs. 10 each at a premium of Rs. 26.45 each determined in accordance with Regulation 76 of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 (âSEBI ICDR Regulationsâ). The holder of the warrants would need to exercise the option to subscribe to shares before 22.08.2017 and 02.09.2017 upon payment of the balance amount of Rs. 14,07,88,125/-.
6. Claims against the company not acknowledged as debts for the year ended 31st March ,2016 include demand from the Income Tax Authorities for payment of tax of Rs.49,41,750/- upon completion of their tax assessment for Assessment Years 2010-11, 2011-12, 2012-13, 201314 & 2014-15. The company has filed an appeal with the income tax appellate authorities. The company is contesting the demand and the management including its tax advisors believes that its position will likely be upheld in the appellate process. The management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the companyâs financial position and result of operation.
7. Company has received as show cause notice by Securities and Exchange Board of India for alleged delay in compliances under regulation 8(3) of SAST Regulation, 1997 in the year 2002,2003,2005 to 2011. No liability has been acknowledged by the company in this respect as any liability in this recoverable from the erstwhile promoters group in view of the terms of Share Purchase Agreement dated 10th February, 2011.
Note 8.
Consequent to the search and seizure proceedings u/s 132 of the Income Tax Act, 1961, assessment of income for the assessment years 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15 have taken place under section 143(3)/153A of the Income Tax Act, 1961. As a result a total demand of Rs. 49,41,750/- has arisen. Aggrieved by the orders so passed, the company has filed appeals before the Commissioner of Income Tax (Appeals) in the respective assessment years. Considering the nature of additions made and recent judicial pronouncements, there are good chances that the additions shall be deleted in the appellate proceedings and therefore no provision in this respect has been made in respect of outstanding demand.
Note 9.
The leverage ratio of the Non-Banking Finance Company is less than 7 as per norms prescribed by Reserve Bank of India vide circular no. RBI/2015-16/23 DNBS (PD) CC No.044/ 03.10.119/2015-16 dated 01 July, 2015 for NBFCs-ND.
Note 10.
The company has complied with norms prescribed by Reserve Bank of India vide circular no. RBI/2015-16/23 DNBS (PD) CC No.044/ 03.10.119/2015-16 dated 01 July, 2015 for NBFCs-ND.
Sub Notes:
a. As defined in paragraph 2 (1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.
b. Provisioning norms shall be applicable as prescribed in Non-Systemically Important Nonbanking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.
c. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.
Note 11
Disclosure required as per clause 32 of Listing Agreement has been set out in a separate Annexure A2 attached to the financial statement.
Note 12: Previous Year Figures
Previous year figures have also been regrouped, re-arranged and reclassified wherever necessary to confirm to the current yearâs classification.
Mar 31, 2015
Corporate Information
Mangal Credit & Fincorp Limited (the company) is a public company
domiciled in India and incorporated under the Companies Act, 1956. The
company had obtained its license from Reserve Bank of India to operate
as a Non Banking Financial Company (NBFC) on March 11, 1998 vide
certifcate of registration no. 13.00329. In Previous Year, the Company
was Systemically Important Non Deposit Taking NBFC (NBFC-ND-SI) but
vide circular no. RBI/2014-15/37 DNBS (PD) CC No.382/ 03.02.001/2014-15
dated 1 July 2014 the company was removed from the category of
NBFC-ND-SI. Apart from fnancing activity the Company is also engaged
in activity of trading in jewellery. It's shares are listed on Bombay
Stock Exchange (BSE) and Ahmadabad Stock Exchange (ASE).
NOTE 1: SEGMENT REPORTING
The Company has two business segments i.e. fnance activity and trading
in jewellery activity. The segment information is being presented in
consolidated fnancial statements.
NOTE 2
During last year the premises of the company were subjected to search
and seizure proceedings u/s 132 of the Income Tax Act, 1961 alongwith
the similar proceedings at the residential premises of the directors
and also the premises of certain other group concerns. Cash of Rs.
7,50,000/- belonging to the company was seized during such proceedings,
besides certain other papers, documents, books, electronic data which,
according to management, does not contain any incriminating material.
During the year notice under section 153A for fling of the returns of
income for the F.Y. 2007-08 to 2012-13 were served in compliance of
which returns of income have been fled by making a self assessment of
undisclosed income at Rs. NIL in all the years. The Assessment
Proceedings are pending as on date. The management is of the view that
no additional tax liability shall arise as a result of such
proceedings.
NOTE 3
The company has complied with norms prescribed by Reserve Bank of India
vide circular no. RBI/2014- 15/299 DNBS (PD) CC No.002/
03.10.001/2014-15 dated 10 Nov, 2014 for NBFCs-ND.
NOTE 4: DISCONTINUING OPERATIONS
On 1st March 2015, the Board of Directors announced a plan to dispose
of Company's Trading Division, which was a separate segment as per AS
17, Segment Reporting. The disposal is consistent with the RBI
Guidelines that an NBFC can not involve in trading business. For this
the company has sold the entire segment fxed assets to Shree Mangal
Abhushan Private Limited at Proft of Rs. 5,04,290/- and all its Assets
including inventory and Liabilities has been disposed off. The
following statement shows the revenue & expenses of continuing and
discontinuing operations:
Sub Notes:
a. As defned in paragraph 2 (1) (xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
b. Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directons, 2007.
c. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classifed as long term or current in (4) above.
NOTE 5:
Disclosure required as per clause 32 of Listing Agreement has been set
out in a separate Annexure A2 attached to the fnancial statement.
NOTE 6: PREVIOUS YEAR FIGURES
Previous year fgures have also been regrouped, re-arranged and
reclassifed wherever necessary to confrm to the current year's
classifcation.
Mar 31, 2014
A) Rights attached to equity Shares
The Company has only one class of equity shares having face value of
Rs.10/- per share. Each holder of equity share is entitled to one vote
per share.
Every share is entitled to receive dividends in Indian Rupees, if
declared.
In the event of liquidation of the Company, the shareholders of equity
shares will be entitled to receive remaining assets of the company
after distribution of the preferential amounts.
The distribution will be in proportion to the number of equity shares
held by the shareholders.
e) Aggregate number and class of shares allotted as fully paid up
pursuant to contract(s) without payment being 4,76,189 equity shares
@ Rs. 210 per share amounting to Rs. 9,99,99,690/- issued under share
swap basis. The detail of shares received is as under:
DIVIDEND
Dividend of Rs. 2 per share on Face Value of Rs. 10/- per share has
been recommended for the FY 2013-14 (Dividend of Rs. 2 per share on
face value of Rs. 10/- per share was provided in FY 2012-13)
2 The Company has not received any intimation from "suppliers''
regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosres, if any, relating to amounts
unpaid as at the end of the year together with interest paid I payable
as required under the said Act have not been furnished-
Notes; -
1 Vehicles represent 5 cars purchased by Company and teased to another
company.
2 Adjusment of Rs. 5,38,919/- in the gross Block of vehicles has been
made in respect of erroneous capitalisation of Value Added Tax (VAT) on
purchase of Motor Cars since the Company is entitled to claim set off
of Input Tax Credit against Lease Rentals. Correspondingly Prior Period
Adjusment has been made in the amount of depreciation of Rs. 2,57,461/-
charged on the said amount of VAT paid on purchase in the preceding
financial years.
For the Previous
Particulars Period ended Year ended
31.03.2014 31.03.2013
Rupees Rupees
(i) Contingent Liabilities - -
(a) Claims against company not acknowledged - -
as debt
(b) Guarantees - -
(c) Other money for which the company is - -
contingentally liable
(ii) Commitments
(a) Estimated Amounts of contracts remaining - -
to be executed on capital account and not
provided for
(b) Uncalled liability on shares and other - -
investment partly paid up
(c) Other commitments - -
Notes Forming Part of the Financial Statements 26. Related Party
As required under the accounting standard of Related Party Disclosure
(AS 18) issued by the Institute of Chartered Accountants of India, the
disclosure of Related Party name & their transactions are as under:
Name of Related Parties and Relationships S. No. Related Parties A.
Subsidiaries
1 Chakshu Realtors Pvt Ltd
2 Ekadanta Builders Pvt. Ltd
3 Indtrans Container Lines Pvt Ltd
4 Mangal Buildhome Pvt Ltd
5 Mangal Bullion Pvt Ltd
6 Mangal Compusolution Pvt Ltd
7 Mangal Entertainment Pvt Ltd
8 Mangal Globle Marble Pvt Ltd
9 Mangal Royal Jewels Pvt Ltd.
10 Mangal Synnove Energies Pvt Ltd
11 Mangal Timber Pvt Ltd
12 Mayur Abodes Ltd.
13 Satco Capital Markets Ltd
14 Shree Mangal Jewels Pvt Ltd
15 Shree Radhey Mangal Gold Chain Pvt Ltd
16 Shree Ratnamangal Jewels Pvt Ltd
17 Signature Sports & Entertainment Pvt Ltd
18 Standard Medserve Tpa Pvt Ltd
19 Swarn Bhavya Mangal Jewels Pvt Ltd
20 Viraasat Gems & Jewels (Retail) Pvt Ltd
B Associates
1 Scarled Computech Private Limited
2 GoldCrest Realty
3 Student films Festivals
4 Bliss Entertainment
5 Mangal Accad Synnove Energy
6 Swarn Mangal Jewels
C Companies / Others Under Common Control
1 Ally Insurance Brokers Private Limited
2 Bansiwala Real Estates Private Limited
3 Dhakad Proprieties & Financial Services PL
4 E-Ally Commodities India Private Limited
5 E-Ally Consulting India Private Limited
6 E-Ally Equities India Private Limited
7 E-Ally Research India Private Limited
8 E-Ally Securities India Private Limited
9 Ectech Informatics Private Limited
10 Karshma Metal Industries Private Limited
11 Mangal Meta Forging Private Limited
12 Mangal Recycling Private Limited
13 Shwet Developers Private Limited
14 Vijay Dwellers Private Limited
15 Mangal Charitable Trust
D Key Management Person
1 Sandeep Maloo Directors
2 Ajit Jain Directors
3 Meghraj Jain Directors
4 Labh Chand Maioo Directors
5 Neeta Maloo Directors
6 Sunil Ramachandran Nair Directors
7 Atul Jain Directors
Note 27: Segment Reporting
The Company has two business segments i.e. finance activity and trading
in jewellery activity. The segment information is being presented in
consolidated financial statements.
Note 28
During the year the premises of the company was subjected to search and
seizure proceedings u/s 132 of the Income Tax Act, 1961 alongwith the
similar proceedings at the residential premises of the directors and
also the premises of certain other group concerns. Cash of
Rs.7,50,000/- belonging to the company was seized during such
proceedings, besides certain other papers, documents, books, electronic
data which, according to management, does not contain any incriminating
material. Accordingly, the management is of the view that no additional
tax liability shall arise as a result of such proceedings.
Note 29
Non Compliance as to following norms prescribed by Reserve Bank of
India vide circular no. RBI/2013-14/35 DNBS (PD) CC No.333/ 03.02.001
/ 2013-14 dt. July 1, 2013 for systemically important Non-Deposit
Accepting NBFC''s (NBFC-ND-SI) which have become applicable on the
Company during the year:-
(i) The Capital Risk Adequacy Ratio (CRAR) of 15% is required to be
maintained. As against this the CRAR of the Company as on 31.03.2014 is
(-) 67.24%.
(ii) The Company is required to maintain exposure to single party /
Group within the prescribed percentage of owned funds. As against this
the Concentration of Advances and Investments as on 31.03.2014 is as
under:-
(iii) The Company charged interest on monthly / by-monthly / quarterly
/ or annually as per the terms decided with the respective borrowers.
Accordingly it is not complying with the norms regarding charging of
interest on monthly / quarterly basis in certain cases.
Sub Notes
a. These disclosures are given only for certain items of assets and
liabilities from the Balance sheet as required by the above circular
and is not a complete depiction of the asset liability maturity
position of the Company as at March 31, 2014
b. The asset maturity pattern are based on expected collections pattern
of the Company based on past experience.
c. The requirement of ALM has become applicable to the Company for the
first time on becoming "Systemically Important" in the F.Y. 2013-14.
Note 32
Schedule to the Balance Sheet of Non-Deposit Taking Non-Banking
Financial Company
(as required in terms of paragraph 13 of Non-banking Financial
(Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve
Bank) Directions, 2007)
Sub Notes:
a. As defined in paragraph 2(i)(xii) of the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998.
b. Provisioning norms shall be applicable as prescribed in the
Non-Banking Financial (Non Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directons, 2007.
c. All Accounting Standards and Guidance Notes issued by ICAI are
applicable including for valuation of investments and other assets as
also assets acquired in satisfaction of debt. However, market value in
respect of quoted investments and break up/fair value/NAV in respect of
unquoted investments should be disclosed irrespective of whether they
are classified as long term or current in (4) above.
Note 33: Disclosure required as per clause 32 of Listing Agreement has
been set out in a separate annexure A2 attached to the financial
statement.
Note 34: Previous Year Figures
Previous year figures have also been regrouped, re-arranged and
reclassified wherever necessary to confirm to the current year''s
classification.
Mar 31, 2013
1. Contingent liability on partly paid debentures and shares. NIL NIL
2. Claim of material amount on account of disputes raised by a
customer against the Company which has not been accepted and has been
referred to the Arbitrator. The matter is under litigation and the
liability, if any, cannot be ascertained and hence not provided in the
accounts.
3. There are no doubtfull debts or doubtful advances during the year
(Previous year, Rs. NIL)
4. As of 31st March,2013 the Company had no oustanding dues to small
scale industrial undertakings for sum of of Rs.1 lac or more for more
than 30 days.
5. No loan or advances given to employees during year ( Previous year
Rs.NIL).
6. Confirmations for debit and credit balances have been received.
Mar 31, 2012
As at As at
31.03.2012 31.03.2011
Rupees Rupees
1. Estimated amount of capital
contracts remaining to be executed
and not provided for. NIL NIL
2. Contingent liability on partly
paid debentures and shares. NIL NIL
3. Guarantees given by a bank. 24,500 224,000
4. (a) Appeals filed by the Income
Tax Department against appellate
decisions favourable to the Company
involving tax amount to 1,285,940 1,285,940
(b) Necessary provision in respect
of above liabilities, including
interest if any, will be made in
the accounts on final outcome of
appeals.
5. Payment to Auditors Audit fees 60,000 40,000
6. Claim of material amount on account of disputes raised by a
customer against the Company which has not been accepted and has been
referred to the Arbitrator. The matter is under litigation and the
liability, if any, cannot be ascertained and hence not provided in the
accounts.
7. There are no doubtfull debts or doubtful advances during the year
(Previous year, Rs. NIL)
8. As of 31st March, 2012 the Company had no outstanding dues to small
scale industrial undertakings for sum of of Rs.1 lac or more for more
than 30 days.
9. No loan or advances given to employees during year (Previous year
Rs. NIL).
10. Confirmation for debit and credit balances have been received from
most of the parties.
11. (a) Managerial Remuneration u/s 198 of the Companies Act, 1956
b) The computation of net profit under Section 198 of the Companies
Act, 1956 has not been given since, due to the inadequacy of net profit
as per section 309(5), no commission is payable for the year ended 31st
March, 2012.
Mar 31, 2010
1. Claim of material amount on account of disputes raised by a
customer against the Company which has not been accepted and has been
referred to the Arbitrator. The matter is under litigation and the
liability, if any, cannot be ascertained and hence not provided in the
accounts.
2. No provision has been made in respect of doubtful debts amounting
to Rs. 61,322/-(Previous year Rs.50,713/-). and doubtful advances
amounting to Rs.15,516 /- ( Previous year Rs. 10,000/-).
3. As of 31st March,2010 the Company had no oustanding dues to small
scale industrial undertakings for sum of Rs.1 lac or more for more than
30 days.
4. Advances recoverable include loan to employees of Rs.8,064/- (
Previous year Rs.25,200/-).
Maximum balance outstanding during the year is Rs.25,200/- (Previous
year Rs.33,000/-).
5. Confirmation for debit and credit balances have not been received
from several parties.
6. DEFERRED TAX ASSETS
Note : Pursuant to Accounting Standard (AS) 22, during the year
deferred tax liabilities of Rs.1,02,570/- has been debited to Profit
and Loss account and credited to Deferred Tax Assets.
7. TRANSACTION WITH RELATED PARTY:
a) "Including additional provision of Rs. 1,11,100/- on account of
increase in Gratuity provision ceiling from Rs.3.50 lacs to Rs.10.00
lacs .
b) The computation of net profit under Section 198 of the Companies
Act, 1956 has not been given since, due to the - inadequacy of net
profit as per section 309(5), no commission is payable for the year
ended 31st March, 2010.
8. Information regarding goods manufactured :
NOTE:
1. # Quantitative information regarding Rawmaterials, Components &
Stores cannot be given as the items are numerous and cannot be
classified into suitable categories.
2. @ 5 Nos. Cranes Purchased and sold during the year.
10. Earning Per Share (EPS):
11. Expenditure in Foreign Currency on account of: Others
12. Earnings in Foreign Currency
13. There is no remittance of foreign currency in respect of dividend
during the year.
14. Figures for the previous year have been regrouped and
re-classified to conform with those of the current year, wherever
necessary.
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