Mar 31, 2014
I)Accounting policies not specifically referred to above are
consistent with Generally Accepted Accounting Policies (GAAP)
Ib) Custom duty saved on Machinery imported against advance license
scheme as on 31st March, 2014 and 31st March, 2013 is 2136.31 lacs and
Rs 2136.31 lacs respectively. The management is of the view that the
necessary Compliance will be adhere to.
II) Company has provided Rs. NIL ( last year Rs 2.48 lacs ) as
liability on account of Anti Dumping Duty for the period 1-4-2013 to
31-3-2014 on the basis of last assessment. Difference, if any, will be
accounted for at the time of final assessment for the period.
III) Under the provisions of Accounting Standard-18 Issued by the
Institute of Chartered Accounts of India following information is
disclosed: Particulars of Transactions
V) Deferred Tax Liability
Accounting for Taxes on Income - Disclosure as per AS 22: Major
components of deferred tax assets and liabilities on account of timing
differences are as follows:
The company follows Accounting Standard -22 "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India.
Since there is no convincing evidence which demonstrates virtual
certainty of realization of deferred tax assets, the company has
prudently decided not to recognise deferred tax asset.
VII) SEGMENT INFORMATION
Company deals in one product i.e. export of canned mushroom. As such
Board is of the opinion that no disclosure is required as per
accounting standard 17.
Note : Write off on account of Apeda Transport Subsidy is due to
rejection of claim by the
respective agencies. As regards expense on Freight and others on recall
refer point XV below.
IX) Valuation of Work-in-Process & Finished Goods being a technical
matter has been taken as certified by the Management and Cost
Accountant.
X) As per notification of APEDA, the Company is entitled to transport
Subsidy in respect of freight on Exports made during the year. The
estimated value of Subsidy works out to NIL ( previous year Rs 17.30
lacs ) for the year 2013-14. The same amount has been considered in the
Profit & Loss account against the Ocean Freight.
Company is also entitled for C.S.T reimbursement and Duty drawback on
H.S.D under the EXIM Policy. During the year company paid Rs. 2.71 Lacs
(Previous year Rs. 33.35 Lacs) as C.S.T. The amount has been taken
under the head advance since the whole amount is reimbursable under the
above policy. Duty drawback for NIL (previous year Rs 4.24 Lacs) on
Diesel has been adjusted against consumption of diesel.
XI) On the basis of information available with the Company, regarding
the status of suppliers as defined under the "Micro Small and Medium
Enterprises Development Act 2006", total dues to suppliers as at 31st
March 2014 amounts to Rs. 74,09,527/- (Previous Year : Rs. 78,93,830/-)
Further as per information available the company has not provided any
interest on overdues amount during the period/close of the year as
required under the Act.
XII) In the opinion of the Board Current Assets, Loans & Advances are
approximately of the value stated which if realized in the ordinary
course of business except stated otherwise. The provisions for all the
known liability are adequate.
XIII) Comissioning of Can making plant at chennai is getting delayed
due to final integration of the unit, which is pending due to liquidity
problem being faced by the Company.
XIV) The Company is continously incurring substantial losses and its
net worth has been fully eroded. The entire Loan accounts of the
Company has become Non Performing/recalled/doubtfull and has been
accordingly been shown under the head ''Current Liabilities'' .
Subsequent upon erosion of entire net worth, The Company filed fresh
reference to the BIFR. The same has been registered vide case no.
75/2013
The Secured Consortium Lenders have issued notice under section-13(2)
of SARFESI ACT,2002. The Company has suitably replied the same.
The Secured Lenders have decided to sell surplus and non core assets
through Asset Sale Committee & UBI Consortium.
The company expect the liquidation of the Secured Term Debts by way of
disposing the said non core and surplus assets. Further the activity of
the company shall continue with the remaining assets as going concern.
Taking into account the above facts, the financial statements have
been prepared on the basis that the company is a going concern and
that no adjustments are required to the carrying value of assets and liabilities.
XV) The Operations of the Company continued to be adversely affected
due to presence of some traces of Carbendazim in Shipments of Canned
Mushrooms to US. The said development has resulted into reduced level
of production. The freight forwarder agency has served a legal notice
of Rs. 3.75 Crores, which is towards inward and outward freight and
also includes an amount of Rs. 1.55 Crores towards detention and
demurrage charges. The Company has not made any provision towards that
detention and demurrage as the said claim is not tenable as per the
legal opinion obtained by the company.
XVI) As per the financial restructuring scheme approved by the CDR -
EG, there is no provision relating to penal interest and other charges.
As such the company has not made any provision on that account .More
over since the company is approaching BIFR , it is hopeful of suitable
package which will result in reduction
XVII) DISCLOUSERS IN ACCORDANCE WITH REVISED AS-15 ON "EMPLOYEEES
BENEFITS"
a) Defined Contribution Plan:-
The Company has recognized the following amounts in the Profit and Loss
Account for the Year:
b) Defined Benefit Plans:-
The following figures are as per actuarial valuation, as at the Balance
Sheet Date, carried out by an independent actuary.
i) A reconciliation of Opening and Closing Balances of the Present
Value of the Defined Benefit Plan (DBO).
iii) Amount recognized in Balance Sheet including a Reconciliation of
the Present Value of the Defined obligation in (a) and Fair value of
the Plan assets in (b) to the assets and liabilities recognized in the
balance sheet.
vi) The overall expected rate of return on assets is based on the
expectation of the average long term rate of return expected on
investments of the fund during the estimated term of the obligations.
vii) Following are the Principal Actuarial Assumptions used as at the
Balance Sheet Date:
The above said Rupee Term Loan/FITL/WCTL/Corporate term loans are
secured by way of pari passu first charge on the Fixed assets of the
company and Pari passu second charge on current assets of the company ,
present and future.
The above said Term Loan/WCTL/FITL ( except Foreign Currency Loans )
are further secured by way personal guarantee of two directors of the
company ( Out of which one has resigned) as well as pledge of their
100% holding ( present and future ) in the company. The said facilities
are further secured by the corporate guarantee of M/S Vishwa Calibre
Builders Pvt. Ltd. and M/S Penta Homes Pvt. Ltd . The later''s guarantee
being limited to the extent of face value of 19,00,000 equity shares in
Agro Dutch Industries Limited.
The Secured Lenders (UBI Consortium) have issued a notice under section
13(2) of SARFESI ACT,2002 for repayment of Debt, Which has been
Suitably replied by the company.
The above said Working Capital Demand loan are secured by way of pari
passu first charge on the Fixed assets of the company and Pari passu
second charge on current assets of the company, present and future.
Working capital facilities are secured by way of pari passu first
charge on the current assets of the company and pari passu second
charge on the fixed asets of the company , present and future.
The above said Working Capital facilities & Working Capital Demand
Loans are further secured by way personal guarantee of two directors of
the company as well as pledge of their 100% holding ( present and
future ) in the company. The said facilities are further secured by the
corporate guarantee of M/S Vishwa Calibre Builders Pvt. Ltd. And M/S
Penta Homes Pvt. Ltd . The later''s guarantee being limited to the
extent of face value of 19,00,000 equity shares in Agro Dutch
Industries Limited.
Note All term loan liabilites have become Non Performing
Assets/recalled/doubtful and as such have been shown under the head
Current Maturities of lon g term Debts.
Mar 31, 2013
I) SEGMENT INFORMATION
Company deals in one product i.e. export of canned mushroom. As such
Board is of the opinion that no disclosure is required as per
accounting standard 17.
ii) Valuation of Work-in-Process & Finished Goods being a technical
matter has been taken as certified by the Management and Cost
Accountant.
iii) As per notification of APEDA, the Company is entitled to transport
Subsidy in respect of freight on Exports made during the year. The
estimated value of Subsidy works out to Rs. 17.30 Lacs ( previous year
Rs 172.06 lacs ) for the year 2012-13. The same amount has been
considered in the Profit & Loss account against the Ocean Freight.
Company is also entitled for C.S.T reimbursement and Duty drawback on
H.S.D under the EXIM Policy. During the year company paid Rs. 33.35
Lacs (Previous year Rs. 56.98 Lacs) as C.S.T. The amount has been taken
under the head advance since the whole amount is reimbursable under the
above policy. Duty drawback for Rs.4.24 Lacs (previous year Rs 25.45
Lacs) on Diesel has been adjusted against consumption of diesel.
iv) On the basis of information available with the Company, regarding
the status of suppliers as defined under the "Micro Small and Medium
Enterprises Development Act 2006", total dues to suppliers as at 31st
March 2013 amounts to Rs. 78,93,830/- (Previous Year : Rs.
1,69,13,471/-) Further as per information available there were no over
dues during the period/close of the year and therefore the question of
provision/payment of related disclosure under the said Act, does not
arise.
v) In the opinion of the Board Current Assets, Loans & Advances are
approximately of the value stated which if realized in the ordinary
course of business except stated otherwise. The provisions for all the
known liability are adequate.
vi) Comissioning of Can making plant at chennai is getting delayed
due to final integration of the unit, which is pending due to liquidity
problem being faced by the Company.
vii) The Company is continously incurring substantial losses and its
net worth has been fully eroded. The entire Loan accounts of the
Company has become Non-Performing/recalled/doubtfull and has been
accordingly been shown under the head ''Current Liabilities''.
A reference on the basis of Audited Blance Sheet of 31/03/2011 ,was
made to the Board for Industrial and Financial Reconstruction (BIFR),
which was dismissed by the Board on ground of basis of calculation of
Net worth,considering auditors qualification.The Company filed an
appeal against the order of the BIFR, which has been admitted by
Appellate Authority for Industrial & Financial Reconstruction (AAIFR),
New Delhi vide its order dated 22.08.2012. The company is ready with
suitable rehabilitation scheme to be put before BIFR , which will help
it in turnaround operations. As per the Balance Sheet as on 31st March
2013, the net worth of the company continues to be eroded. The Appeal
in AAIFR is under Consideration .Pending the Appeal, Further the
Company
Propose to file a fresh reference with BIFR.The Company shall be
filling fresh reference as per the Audited Balance sheet as on
31.03.2013.
The Company has approched its Consortium and Secured Lenders to repay
the Debts by Selling its Non-Core and Surplus assets. The Said Proposal
has been Principally agreed and under active consideration for final
approval from the respective Competent authorities of the Lenders.
The company expect to repay the Secured Term Debts by way of disposing
the said non core and surplus assets.Further the Operation shall
continue with the remaninig assets as going concern
Taking into account the above facts, the financial statements have been
prepared on the basis that the company is a going concern and that no
adjustments are required to the carrying value of assets and
liabilities.
viii) The Operations of the Company have been adversely affected due to
presence of some traces of Carbendazim in Shipments of Canned Mushrooms
to US. The said traces have been found during testing by USFDA. The
Company has recalled those containers back to India. The said
development has resulted into reduced level of production.The freight
forwarder agency has served a legal notice of Rs. 3.75 cores, which is
towards inward and outward freight and also includes an amount of Rs.
1.55 Crores towards detention and demurrage charges. The Company has
not made any provision towards that detention and demurrage as the said
claim is not tenable as per the legal opinion obtained by the company.
ix) The Company has not made any provision towards the penal interest
and other charges as levied by the Lenders. In the opinion of the
Company, the said charges are not payable since there is no provision
for the said charges in the loan documents of the company.
Mar 31, 2012
Ia) Contingent liabilities not provided for in respect of:-
Rs. in Lakhs
Particulars Current Year Previous Year
Letter of credit established
by the Company 537.21 1085.72
Bills discounted with Company's Bankers 2057.81 1879.24
Collateral Security Bond with
US Customs and Protection USA 128.76 128.76
Surety Bond to the Excise Department 5,000.00 5,000.00
Litigation Pending against company
and not provided for 107.53 107.53
Guarantee given to AXIS Bank Ã
(against facilities to farmers/JLGs) 413.80 600.00
Preference Dividend on 6% OCCRPS for
2009-10, 2010-11 & 2011-12 829.29 552.86
including Dividend Distribution
Tax thereon.
I) Custom duty saved on Machinery imported against advance license
scheme as on 31st March, 2012 and 31st March, 2011 is Rs 2136.31 lacs
and Rs 2136.31 lacs respectively. The management is of the view that
considering the future export prospects there is certainty that pending
export obligation under advance licenses will be fulfilled before
expiry of respective licenses.
II) Company has provided Rs. 83.64 lacs ( last year Rs 40.24 lacs ) as
liability on account of Anti Dumping Duty for the period 1-4-2011 to
31-3-2012 on the basis of last assessment. Difference , if any , will
be accounted for at the time of final assessment for the period.
The company follows Accounting Standard -22 "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India.
Since there is no convincing evidence which demonstrates virtual
certainty of realization of deferred tax assets, the company has
prudently decided not to recognise deferred tax asset.
III) SEGMENT INFORMATION
Company deals in one product i.e. export of canned mushroom. As such
Board is of the opinion that no disclosure is required as per
accounting standard 17.
Note : Write off on account of Apeda Transport Subsidy and VKGUY is due
to rejection of claim by respective agencies. As regards Debtors written
off and inventory provision refer point XV below and regarding expense
on Freight and others on recall refer point XVII below
IV) Valuation of Work-in-Process & Finished Goods being a technical
matter has been taken as certified by the Management and Cost
Accountant.
V) As per notification of APEDA, the Company is entitled to transport
Subsidy in respect of freight on Exports made during the year. The
estimated value of Subsidy works out to Rs. 172.06 Lacs ( previous year
Rs 94.30 lacs) for the year 2011-12. The same amount has been considered
in the Profit & Loss account against the Ocean Freight.
Company is also entitled for C.S.T reimbursement and Duty drawback on
H.S.D under the EXIM Policy. During the year company paid Rs. 56.98
Lacs (Previous year Rs. 40.66 Lacs) as C.S.T. The amount has been taken
under the head advance since the whole amount is reimbursable under the
above policy. Duty drawback for Rs.25.45 Lacs (previous year Rs 29.54
Lacs) on Diesel has been adjusted against consumption of diesel.
VI) On the basis of information available with the Company, regarding
the status of suppliers as defined under the "Micro Small and Medium
Enterprises Development Act 2006", total dues to suppliers as at 31st
March 2012 amounts to Rs. 1,69,13,471/- (Previous Year : Rs.
1,19,16,619/-)
Further as per information available there were no over dues during the
period/close of the year and therefore the question of
provision/payment of related disclosure under the said Act, does not
arise.
VII) In the opinion of the Board Current Assets, Loans & Advances are
approximately of the value stated which if realized in the ordinary
course of business except stated otherwise. The provisions for all the
known liability are adequate.
VIII) Commissioning of Can making plant at Chennai is getting delayed
due to liquidity problem being faced by the company.
VIX)The Company has incurred substantial losses and its net worth has
been eroded. The Company has also received recall notice from Kotak
Mahindra Bank, Barclays Bank, ICICI Bank , Federal Bank, M & T and DEG.
Kotak Mahindra Bank and Barclay bank has also filed an application with
DRT for recovery of dues .
A reference was made to the Board for Industrial and Financial
Reconstruction (BIFR), which was dismissed by the Board on ground of
basis of calculation of Net worth . The appeal of the company has been
admitted by Appellate Authority for Industrial & Financial
Reconstruction (AAIFR), New Delhi vide its order dated 22.08.2012. The
company is ready with suitable rehabilitation scheme to be put before
BIFR , which will help it in turnaround operations . Taking into
account the above facts, the financial statements have been prepared on
the basis that the company is a going concern and that no adjustments
are required to the carrying value of assets and liabilities
As per the Balance Sheet as on 31st March 2012, the net worth of the
company continues to be eroded. In case AAIFR does not declare the
company sick, the company proposes to file a fresh reference as per the
Audited Balance Sheet as on 31.03.2012.
X) The Sales of the Company have been adversely affected due to
presence of some traces of Carbendazim in Shipments of Canned Mushrooms
to US. The said traces have been found during testing by USFDA. The
Company is in the process of recalling the said containers back to
India. The said development has resulted into reduced level of
production. In addition the company has to bear appox a sum of Rs 92.26
Lacs as additional expense in recalling back these goods to india . The
said additional expense has been charged to Statement of Profit and
Loss account under the head exceptional items.
XI The said recall of containers has affected the sales of financial
year 2011-12 to the tune of Rs 331.66 lacs
XII The Revised Schedule VI became effective form April 1,2011 for the
preparation of Financial Statements. Hence, Current year Financial
Statements are prepared in accordance with Revised Schedule VI.
Previous year figures have been regrouped/reclassified wherever
necessary to correspond with the current year's
classification/disclosure.
XIII The Auditors of the Company in their last year report has
qualified regarding (i) nor provisioning of stock valued at Rs 1071.69
lacs and no provisioning of debts at Rs 1480.24 lacs . The Board of the
company reconsidered the matter and has decided to write off Rs 1071.70
lacs on account of inventory and Rs 1466.56 on account of Debtors .
Both these amounts have been charged to Statement of Profit and Loss
account under the head Exceptional items.
XIV DISCLOUSERS IN ACCORDANCE WITH REVISED AS-15 ON "EMPLOYEEES
BENEFITS"
a) Defined Contribution Plan:
The Company has recognized the following amounts in the Profit and Loss
Account for the Year:
b) Defined Benefit Plans:-
The following figures are as per actuarial valuation, as at the Balance
Sheet Date, carried out by an independent actuary.
a) The overall expected rate of return on assets is based on the
expectation of the average long term rate of return expected on
investments of the fund during the estimated term of the obligations.
b) The holders of the equity shares are entitled to receive dividends
as declared from time to time, and are entitled to voting rights
proportionate to their share holding at the meetings of shareholders.
c) Following Shareholders hold equity shares more than 5% of the total
equity shares of the Company and no other share holder of the Company
holds more than 5 percent of the equity shares.
d) Company allotted 39,64,110, 6 % Optional Convertible Cumulative
Redeemable Preference Shares of Rs 100/- each to the lenders as per
terms of CDR on 31.3.2010
e) The OCCRPS are redeemable in 4 Equal instalments starting from
31.3.2016 and ending in 31.3.2019. The holders of OCCRPS, in case of
default by the company, having right/ option to convert OCCRPS into
equity at the end of four years.
f) The Promoters shall have the right of first refusal in case of
conversion of OCCRPS into equity.
The above said Rupee Term Loan/FITL/WCTL/Corporate term loans are
secured by way of pari passu first charge on the Fixed assets of the
company and Pari passu second charge on current assets of the company ,
present and future.
The above said Term Loan/WCTL/FITL ( except Foreign Currency Loans )
are further secured by way personal guarantee of two directors of the
company ( Out of which one has resigned) as well as pledge of their
100% holding ( present and future ) in the company. The said facilities
are further secured by the corporate guarantee of M/S Vishwa Calibre
Builders Pvt. Ltd. and M/S Penta Homes Pvt. Ltd . The later's guarantee
being limited to the extent of face value of 19,00,000 equity shares in
Agro Dutch Industries Limited
The above said Working Capital Demand loan are secured by way of pari
passu first charge on the Fixed assets of the company and Pari passu
second charge on current assets of the company, present and future
Working capital facilities are secured by way of pari passu first
charge on the current assets of the company and pari passu second
charge on the fixed assets of the company , present and future.
The above said Working Capital facilities & Working Capital Demand
Loans are further secured by way personal guarantee of two directors of
the company as well as pledge of their 100% holding ( present and
future ) in the company. The said facilities are further secured by the
corporate guarantee of M/S Vishwa Calibre Builders Pvt. Ltd. And M/S
Penta Homes Pvt. Ltd . The later's guarantee being limited to the
extent of face value of 19,00,000 equity shares in Agro Dutch
Industries Limited
Mar 31, 2011
La. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:-
Particulars (Rs. In Lacs)
Current Year Previous Year
Letter of credit established by the 1085.72 655.98
Company
Bills discounted with Company's 1879.24 1202.02
Bankers
Collateral Security Bond with US 128.76 128.76
Customs and Protection USA
Surety Bond to the Excise Department 5000.00 5000.00
Estimated amount of contracts remaining - 15.00
to be executed
on capital account and not provided
Litigation Pending against company 107.53 112.93
and not provided for
Guarantee given to AXIS Bank (Against 600.00 600.00
facilities to farmers/JLGs)
Preference Dividend on 6% OCCRPS for 552.86 277.09
2009-10 & 2010-11 including Dividend
Tax thereon.
lb. Custom duty saved on Machinery imported against advance license
scheme as on 31st March, 2011 and 31st March, 2010 is Rs. 2136.31 lacs
and 2105.52 lacs respectively. The management is of the view that
considering the future export prospects there is certainty that pending
export obligation under advance licenses will be fulfilled before
expiry of respective licenses.
2. Company has provided Rs. 40.24 lacs towards liability of Anti
Dumping Duty for the period 1-2-2010 to 31-1-2011. As there will be no
review for this period, as such liability has been provided on the
basis of last assessment.
3. Under the provisions of Accounting Standard-18 Issued by the
Institute of Chartered Accounts of India following information is
disclosed:
4. Segment Information
Company deals in one product i.e. export of canned mushroom. As such
Board is of the opinion that no disclosure is required as per
Accounting standard 17.
5. Valuation of Work-in-Process & Finished Goods being a technical
matter has been taken as certified by the Management and cost
Accountant
6. As per notification of APEDA, the Company is entitled to transport
Subsidy in respect of freight on Exports made during the year. The
estimated value of Subsidy works out to Rs. 94.30 Lacs for 2010-11. The
same amount has been considered in the Profit & Loss account against
the Ocean Freight.
Company is entitled for C.S.T reimbursement and Duty drawback on H.S.D
under the EXIM Policy. During the year company paid Rs 40.66 Lacs
(Previous year 26.76 Lacs) as C.S.T. The amount has been taken under
the head advance since the whole amount is reimbursable under the above
policy. Duty drawback for Rs 29.54 Lacs (Previous year 24.10 Lacs) on
Diesel has been adjusted against consumption of diesel
7. On the basis of information available with the Company, regarding
the status of suppliers as defined under the "Micro Small and Medium
Enterprises Development Act 2006", total dues to suppliers as at 31st
March 2011 amounts to Rs.1,19,64,619/- (Previous Year : Rs.
99,07,567/-)
Further as per information available there were no overdues during the
period/close of the year and therefore the question of
provision/payment of related disclosure under the said Act, does not
arise.
8. In the opinion of the Board Current Assets, Loans & Advances are
approximately of the value stated if realized in the ordinary course of
business except stated otherwise. The provisions for all the known
liability are adequate.
9. Company has till date spent a sum of Rs. 137.24 lacs on easy open
ends can unit being coming up in Chennai. The project is expected to
be operational in near future.
10. The Company has incurred substantial losses and its net worth
after considering audit qualification has been eroded.
The Company has also received recall notice from Kotak Mahindra Bank,
Barclays Bank, M & T and DEG. Barclays bank has filed an application
with DRT for recovery of dues. However having regard to the fact that
company shall be making necessary reference to Hon'ble BIFR for
suitable rehabilitation scheme which will help it in the turnaround
operations, the financial statements have been prepared on the basis
that the Com pay is a going concern and that no adjustments are
required to the carrying value of assets and liabilities.
11. Sundry debtors include an amount of Rs. 1480.24 lacs due from a
foreign buyer, which has been disputed by the said buyer. The company
is making its efforts for the recovery of said amount and, therefore,
no provision for the same has been made in the books.
12. Previous year figures have been regrouped or rearranged wherever
necessary.
13. Schedule 1 to 19 form an integral part of Balance Sheet and Profit
& Loss A/c.
Mar 31, 2010
1 a. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:-
Particulars (Rs. In Lacs)
Current Year Previous Year
Letter of credit established by
the Company 655.98 696.71
Bills discounted with
Companys Bankers 1202.02 3515.62
Collateral Security Bond with
US Customs and Protection USA 128.76 725.00
Surety Bond to the
Excise Department 5000.00 5000.00
Estimated amount of contracts
remaining to be executed 15.00 15.00
on capital account and not
provided
Litigation Pending against
company and not provided for 112.93 191.31
Us Anti Dumping Duty - 772.96
Guarantee given to AXIS Bank
(Against facilities to
farmers/JLGs) 600.00 600.00
Preference Dividend on 6% OCCRPS
for 2009-10 277.09 -
including Dividend Tax thereon.
1b. Company duty saved on Machinery imported for CAN making unit
against advance license scheme as on 31st March, 2010 and 31st March,
2009 is Rs. 2105.52 lacs and 2083.69 lacs respectively. The management
is of the view that considering the future export prospects there is
certainty that pending export obligation under advance licenses will be
fulfilled before expirty of repective licenses.
2. Company has provided Rs. 27.08 lacs towards liability of Anti
Dumping Duty for the period 1-2-2009 to 31-1-2010. As there will be no
review for this period, as such liability has been provided on the
basis of last assessment.
k) Remuneration paid/payable to managing director and executive
director for 2009-10 amounting to Rs. 46.80 lacs and Rs. 39.00 lacs
respectiverly, approval of the central Govt, is pending.
3. SEGMENT INFORMATION
Company deals in one product i.e. export of canned mushroom. As such
Boatd is of the opinion that no disclosure is required as per
Accounting standard 17.
d) Extra ordinary items represents additional anti dumping duty of
Rs.772.97, which on the legal advice of the Companys attorney in USA
was not provided during 2008-09, though the demand for the same was
raised last year. Since confirmation has been received from the
attorney during the year and as such the same has been charged to
Profit and Loss account in current year.
4 Pending necessary approval company has adjusted Rs. 1338,02,600 on
account US customs duty paid/pay.able by customer on behalf of company
against dues from that party on account of exports made. Had the
adjustment been not made debtors would have been higher by Rs.
1338,02,600 with corresponding increase in expenses payable.
5. The Company received Rs 2000.00 lacs against conversion of
Preferential Allotment of Warrants during 2009-10. The amount raised
through Preferential Allotment during the year has been utilized on
over all basis as set out below:
Particulars Rs. In Lacs
Working Capital 2000.00
6 Valuation of Work-in-Process & Finished Goods being a technical
matter has been taken as certified by the Management and cost
Accountant
7. As per notification of APEDA, the Company is entitled to transport
Subsidy in respect of freight on Exports made during the year. The
estimated value of Subsidy works out to Rs. 97.98 Lacs for 2009-10. The
same amount has been considered in the Profit & Loss account against
the Ocean Freight.
Company is entitled for C.S.T reimbursement and Duty drawback on H.S.D
under the EXIM Policy. During the year company paid Rs 26.76 Lacs
(Previous year 55.23 Lacs) as C.S.T. The amount has been taken under
the head advance since the whole amount is reimbursable under the above
policy. Duty drawback for Rs 24.10 Lacs (Previous year 3.23 Lacs) on
Diesel has been adjusted against consumption of diesel
8. On the basis of information available with the Company, regarding
the status of suppliers as defined under the "Micro Small and Medium
Enterprises Development Act 2006", total dues to suppliers as at 31st
March 2010 amounts to Rs.99,07,567/- (Previous Year : Rs. 56,64,882/-)
Further as per information available there were no overdues during the
period/close of the year and therefore the question of
provision/payment of related disclosure under the said Act, does not
arise.
9. Certain Creditors, Debtors and Advances/Capital advances are
subject to reconciliation.
10. In the opinion of the management, the Current Assets, Loans &
Advances are approximately of the value which may be realized in the
ordinary course of business except stated otherwise. The provisions for
all the known liability are adequate.
11. During the year companys proposal for corporate restructuring was
approved. The scheme inter alia includes restructuring of repayment
schedule interest funding as FITL, concession of interest rate,
conversion of irregular working capital into 39,64,110 6% Optional
cumulative convertible preference shares of Rs. 100/- each. Necessary
transactions have been carried out in the current financial year as per
terms and conditions of Master Restructuring Agreement.
12. Previous year figures have been regrouped or rearranged wherever
necessary.
13. Schedule 1 to 18 form an integral part of Balance Sheet and Profit
& Loss A/c,
C. DISCLOUSERS IN ACCORDANCE WITH REVISED AS-15 ON "EMPLOYEEES
BENEFITS"
a) Defined Contribution Plan:-
b) Defined Benefit Plans:-
The following figures are as per acturial valuation, as at the Balance
Sheet Date, carried out by an independent actuary.
vi) The overall expected rate of return on assets is based on the
expectation of the average long term rate of return expected on
investments of the fund during the estimated term of the obligations.
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