Notes to Accounts of Mishka Finance and Trading Ltd.

Mar 31, 2015

Note 1 : Quantitative details of items traded during the year:

a. Since the Company is in the business of trading of various products, the provisions regarding licensed and installed capacity, as well as production & raw - material consumption are not applicable.

b. Details of items traded –

Note 2 : Provisions, Contingent Liabilities & Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Note 3.: The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the yearend together with the interest paid/payable as required under the said Act have not been given.

Note 4 : Disclosures under accounting standards: i. Segment Reporting (AS-17):

The Company operates in the business of Trading. It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

ii. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India. The related parties of the company at March 31, 2015 are as follows:

i. Promoter Group :

- Embassy Finance & Consultants Pvt Ltd

- Pearl Arcade Trading Pvt Ltd

ii. Directors & Key management personnel :

- Ankit Garodia - Managing Director

- Jugalkishore Pralhadrai Sharma - Director

- Rakesh Kumar Singhoya - Director

- Shriven Kumar - Director

Note 5: The Company had given loans & advances from the surplus fund left over after using of working capital.

Note 6 : The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances, Secured & Unsecured Loan balances are subject to confirmation, If any Note 26 : Figures have been rounded off to the nearest rupee. Note 27 : Comparative Figures:

Previous year's figures have been regrouped and rearranged wherever necessary to make them Comparable with the figures for the current year.

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Mar 31, 2014

Note 1 : Information required under Para 3 (ii) (b) of Part II of Schedule VI to the Companies Act, 1956 in respect of items traded during the year:

a. Since the Company is in the business of trading, the provisions regarding licensed and installed capacity, as well as production & raw - material consumption are not applicable.

b. Details of items traded

Note 2 : Provisions, Contingent Liabilities & Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Note 3 : The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act have not been given.

Note 4 : Disclosures under accounting standards: i. Segment Reporting (AS-17):

The Company operates in the business of Trading. It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

ii. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India.The related parties of the company at March 31, 2014 are as follows:

a. Promoter Group :

- Embassy Finance & Consultants Pvt Ltd

- Pearl Arcade Trading Pvt Ltd

b. Directors & Key management personnel :

- Ankit Garodia - Managing Director

- Jugalki shore Pralhadrai Sharma - Director

- Amit Kumar Vasishtha - Director

- Rameshwar Manohar Wagh - Director

c. Summary of significant related party transactions

The nature and volume of transaction of the company during the year with the above

Note 5 : The Company had given deposit and loans and advances from the surplus fund left over after using of working capital.

Note 6 : The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances, Secured & Unsecured Loan balances are subject to confirmation. Note 28 : Figures have been rounded off to the nearest rupee.

Note 7 : Comparative Figures:

Previous year''s figures have been regrouped and rearranged wherever necessary to make them Comparable with the figures for the current year.

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Mar 31, 2013

Note 1 : Information required under Para 3 (ii) (b) of Part II of Schedule VI to the Companies Act, 1956 in respect of items traded during the year:

a. Since the Company is in the business of trading, the provisions regarding licensed and installed capacity, as well as production & raw - material consumption are not applicable.

b. Details of items traded –

Note 2 : Provisions, Contingent Liabilities & Contingent Assets :

Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.

Note 3 : The Company has not received any intimation from suppliers regarding their status under theMicro, Small and Medium Enterprises Development Act, 2006 and hence disclosures if any, relating to amounts unpaid as at the year end together with the interest paid/payable as required under the said Act have not been given.

Note 4 : Disclosures under accounting standards: i. Segment Reporting (AS-17):

The Company operates in the business of Trading. It operates only in Domestic Market, hence there is no business / geographical segments to be reported as required under Accounting Standard (AS-17) "Segment Reporting" issued by the Institute of Chartered Accountants of India.

ii. Related Party Disclosure (AS-18):

Related Party Disclosure under AS-18 issued by the Institute of Chartered Accounts of India. The Management has informed that all the transactions entered during the previous year with various parties do not fall within the purview of the Accounting standard 18 "Related Party Transaction" issued by the Institute of Chartered Accountants of India. The related parties of the company at March 31, 2013 are as follows:

a. Promoter Group :

- Embassy Finance & Consultants Pvt Ltd

b. Directors & Key management personnel :

- Ankit Garodia - Director

- Jugalkishore Pralhadrai Sharma - Director

- Amit Kumar Vasishtha - Additional Director

- Rameshwar Manohar Wagh - Additional Director

c. Summary of significant related party transactions

The nature and volume of transaction of the company during the year with the above parties were as follows:

Note 5 : The Company had given Inter-Corporate deposit and loans and advances from the surplus fund left over after using of working capital.

Note 6 : The balances of Current assets, Current liabilities including Sundry Debtors, Sundry Creditors, Loans & advances, Secured & Unsecured Loan balances are subject to confirmation.

Note 7 : Figures have been rounded off to the nearest rupee.

Note 8 : Comparative Figures:

Previous year''s figures have been regrouped and rearranged wherever necessary to make them Comparable with the figures for the current year.

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Mar 31, 2012

A) No provision is made for diminution in the value of investment in case of Pasupati Fabrics Ltd. as these diminution is considered temporary in nature in the opinion of management.

b) Deferred Taxation as per Separate annexure attached

c) Loans .Advances receivables and Sundry Debtors are subject to Confirmation and Reconciliation if any.

d) Accounting standard on segment reporting is not applicable to the company as it is engaged in financial and investment business which is treated as single segment.

e) Contingent Liabilities: The Company has given corporate guarantee of Rs.32.96 crores to State Bank of India on behalf of Pasupati Fabrics Ltd.

Previous year : Rs.32,96 crores

f) Current Assets Loans & Advances

In the Opinion of the Board Current Assets, Loans & Advances have a value on reliasation in the ordinary course of business at least equal to the amount at which they are stated in accounts and adequate provision for all liabilities of the Company have been made, unless stated otherwise and cash / bank payments if made / entered during the year under review are genuine in respect of amount and purpose for which the payment is made.