Notes:

1. The above results, were, duly reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on Monday, the 14th November, 2011. Statutory Auditors have carried out the Limited Review.
2. Segment reporting as defined in Accounting Standard (AS) - 17 is not applicable, since the entire operation of the Company relate to only one Primary reportable segment i.e providing finance by way of Hire Purchase & Leasing Operations.
3. In compliance of Accounting Standard 'AS - 22' on Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India and considering brought forward unabsorbed tax losses/depreciation/calculation of deferred/provisions for taxation, if any, will be considered in the Audited accounts for the year ending 31st March, 2012.
4. The Company has also discontinued fresh hire purchase/leasing business.The Financial Statement have been prepared on a Going Concern basis despite Cumulative losses
   The Management is of the view that the Company by realizaion of the assets will be able to generate enough funds to pay off its entire Liabilities.In view of the above the accounts have been prepared on the assumption that the Company will continue as a Going Concern.The accumulated losses as on 30th September, 2011 amounting to Rs.1857.03 lacs against Share Capital and Reserves of Rs.2724.57 lacs.
5. The Auditor's observations in their report on Audited Accounts for the year ended 31st March, 2011 relates to :
   (i) Preparation of Financial Statement on a Going Concern basis
   (ii) Provisions in long term investments not provided for
   (iii) Overdue charges on hire purchase/ lease rentals /receivables/loans against hypothecation and bills discounted respectively are accounted for on realization basis in view of significant uncertainties, instead of on accrual basis.
   (iv) Non Compliance of RBI's Prudential Norms.
   
   Management Comments :
   (i) It has been reasonably explained in para(4) above.
   (ii) Diminitution in value is not of permanent nature and as such no provision for the
   shortfall has been considered necessary.
   (iii) Overdue charges are consistently accounted for on realization.
   (iv) In the near future company will be able to comply with the same.
6. In terms of Clause 41 of the Listing Agreement detailed number of complaints for the quarter ended September 30,2011. Begning -Nil, Received - 7, Disposed off- 7, Pending-Nil .
7. The above financial data include the figures of the erstwhile MGF Services Limited.
8. In view of amalgamation, as stated above, the financial figures are not comparable with the correspongin period in the last year/quarter.
9. Figures have been regrouped / rearranged wherever considered necessary.