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Notes to Accounts of Agri-Tech (India) Ltd.

Mar 31, 2015

Note 1:

Contingent liabilities not provided for in respect of:

Current Year Rs. Previous Year Rs.

a) Arrears of dividend on Cumulative Redeemable Preference Shares (Including Corporate dividend Tax) 8,303,930 7,835,950



b) Amount of interest liability / penalty / liquidated damages, if any on delayed/non- Amount Amount payment of certain short term Unascertainable Unascertainable borrowings.

NOTES - 2

In the opinion of the Board, Current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

NOTES - 3

a) In view of the unabsorbed depreciation and carried forward business losses / allowances and the Company's income being agricultural income, the Company does not expect any liability for income tax.

b) In view of agriculture income being earned by the Company which is exempt from levy of Income Tax; despite of being carried forward losses and unabsorbed depreciation, no deferred tax assets have been recognized as a matter of prudence.

NOTES - 4

The Company has single reportable segment namely Farming Activity for the purpose of Accounting Standard 17 on Segment Reporting, therefore, the information related to Segmental Reporting have not been provided.

NOTES - 5

(i) In the opinion of the Board, fixed assets have been stated at cost, which is at least equal to or less than the realizable value if sold in the ordinary course of business. Consequently, the management is of the opinion that there is no impairment of assets.

(ii) Pursuant to the notification of Schedule II of the Companies Act, 2013, (the Act) by the Ministry of Corporate Affairs effective from 01.04.2014, the management has internally reassessed based upon the technical evaluation and changed, wherever necessary, the useful life to compute depreciation to confirm the requirement of the Act. Accordingly, the carrying amount as at 01.04.2014 is being depreciated over the revised useful life of the assets. In case of assets with NIL revised remaining useful life as at 01.04.2014 is reduced after tax adjustment from the retained earning as at such date in the financial results. Further, had the company continued with the previously assessed useful life the charge of depreciation for the year ended 31.03.2015 would have been lower by Rs. 1,83,326 and the profit before tax would also have been lower by such amount in financial results as also fixed assets as on 31.03.2015 would have been lower to that extent.

NOTES - 6

Related party disclosure as per Accounting Standard 18:

(a) List of Related Parties

1) Nath Bio-Genes (India) Ltd.

2) Nath Biotechnologies Ltd

(b) Key Management personnel

Mr. Akash Kagliwal, Managing Director

The accounts of trade payable, Unsecured Loans, ARCIL, Other Liabilities and Provisions and Loans & advances, are subject to confirmation and reconciliation, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management the ultimate difference will not be material.

NOTES - 7

Previous year's figures have been re-grouped/rearranged wherever necessary to confirm to the current year's presentation.


Mar 31, 2014

1. Contingent liabilities not provided for in respect of:

Current Year Rs. Previous Year Rs.

a) Arrears of dividend on Cumulative Redeemable Preference Shares (Including Corporate 7835950 7367970 dividend Tax)

b) Amount of interest liability / penalty / liquidated damages, if any on delayed/non- Amount Amount payment of certain short term borrowings. Unascertainable Unascertainable

NOTES - 2

In the opinion of the Board, Current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

NOTES - 3

a) In view of the unabsorbed depreciation and carried forward business losses / allowances and the Company''s income being agricultural income, the Company does not expect any liability for income tax.

b) In view of agriculture income being earned by the Company which is exempt from levy of Income Tax; despite of being carried forward losses and unabsorbed depreciation, no deferred tax assets have been recognized as a matter of prudence.

NOTES - 4

The Company has single reportable segment namely Farming Activity for the purpose of Accounting Standard 17 on Segment Reporting, therefore, the information related to Segmental Reporting have not been provided.

NOTES - 5

Related party disclosure as per Accounting Standard 18:

(a) List of Related Parties

1) Nath Seeds Ltd.

2) Nath Bio-Genes (India) Ltd.

3) Global Transgenes Ltd

4) Nath Biotechnologies Ltd

(b) Key Management personnel

Mr. Akash Kagliwal, Whole Time Director

NOTES - 6

The accounts of certain creditors and Unsecured Loans including from associate concern and ARCIL, loans and advances including associate concern, Other Liabilities and Provisions are subject to confirmation and reconciliation, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management the ultimate difference will not be material.

NOTES - 7

Previous year''s figures have been re-grouped/rearranged wherever necessary to confirm to the current year''s presentation.


Mar 31, 2013

NOTES - 1

Contingent liabilities not provided for in respect of: Rs. Rs.

a) Arrears of dividend on Cumulative Redeemable Preference Shares 7367970 7303080

(Including Corporate dividend Tax)

b) Amount of interest liability / penalty / liquidated damages, if any on Amount Amount delayed/ non-payment of certain short term borrowings.

Unascertainable Unascertainable

NOTES - 2

In the opinion of the Board, Current Assets, Loans and advances are approximately of the value stated, if realized in the ordinary course of business.

NOTES - 3

a) In view of the unabsorbed depreciation and carried forward business losses / allowances and the Company''s income being agricultural income, the Company does not expect any liability for income tax.

b) In view of agriculture income being earned by the Company which is exempt from levy of Income Tax; despite of being carried forward losses and unabsorbed depreciation, no deferred tax assets have been recognized as a matter of prudence

NOTES - 4

The Company has single reportable segment namely Farming Activity for the purpose of Accounting Standard 17 on Segment Reporting, therefore, the information related to Segmental Reporting have not been provided.

NOTES - 5

Related party disclosure as per Accounting Standard 18:

(a) List of Related Parties

1) Nath Seeds Ltd.

2) Nath Bio-Genes (India) Ltd.

3) Global Transgenes Ltd

4) Nath Biotechnologies Ltd

(b) Key Management personnel

Mr. Akash Kagliwal, Whole Time Director

NOTES :6

1. Related party relationship is as identified by the Company and relied upon by the Auditors.

2. No amounts in respect of the related parties have been written off during the year. Also, no accounts have been provided for as doubtful debts.

NOTES - 7

The basic and diluted earnings per share in terms of Accounting Standard 20 on Earnings per Share issued by the Institute of Chartered Accountants of India has been calculated as under: -

NOTES - 8

The accounts of certain debtors, creditors, Secured and Unsecured Loans including from associate concern, loans and advances including associate concern, Other Liabilities and Provisions are subject to confirmation and reconciliation, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management the ultimate difference will not be material.

NOTES - 9

Previous year''s figures have been re-grouped/rearranged wherever necessary to confirm to the current year''s.

 
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