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Notes to Accounts of Apis India Ltd.

Mar 31, 2013

NOTE 1: COMPANY''S INFORMATION

M/s Apis India Limited ("the Company") is a public limited Company domiciled in India and is listed on Bombay Stock Exchange (BSE). The Company is a market leader in the honey processing business having unit at Roorkee (Uttarakhand). The Company has its presence in domestic as well as in International market. The company has also started food retail business during the year.

2.1 All the income and expenditure having material impact on financial statements are accounted for on accrual basis except VKUY Licenses receivable from DGFT towards export performance incentives.

2.2 Contingent Liabilities not provided for in respect of Guarantees given by bank on behalf of the Company: Rs.17.75 Lacs.

2.3 In the opinion of Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for depreciation and all known liabilities are adequate and not excess of the amount reasonable necessary.

2.4 Sundry Debtors, Creditors & Unsecured Loans are subject to confirmation.

2.5 There is no Micro, Small & Medium Enterprises under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED Act) to whom the company owes a sum exceeding Rs.1.00 lakh for more than 30 days.

2.6 (i) Secured Loans

a.) Working Capital Facilities/ Borrowings are secured by way of first charge on stock of raw material, stock in process, stores and spares, books debts, finished goods and Block of Plant & Machinery in Fixed Assets & Mortgage of collateral securities offered by Directors.

b.) Term Loan facilities are secured by way of first charge on Factory Building and Block of Plant & Machinery located at Roorkee (Uttarakhand).

(ii) Unsecured Loans

Short Term Working Capital Loan from Kotak Mahindra Bank Limited is by way of mortgage of immovable property as securities offered by Directors.

2.7 During the year, the Company has paid Director''s Remuneration to the tune of Rs.18.00 Lacs.

3. RELATED PARTY DISCLOSURE (AS CERTIFIED BY DIRECTORS) - AS - 18 A) Names of related parties and description of relationship

a) Key Management Personnel

i) Mr. Vimal Anand, Managing Director

ii) Mr. Amit Anand, Joint Managing Director

iii) Mrs. Prem Anand, Director

iv) Mr. Deepak Anand, Chairman

b) Relatives of Key Management Personnel

(i) Mrs. Manisha Anand (Wife of Mr. Vimal Anand), Marketing Executive

(ii) Mrs. Sakshi Anand (Wife of Mr. Amit Anand), Administration - Head

4. DEFERRED TAX:

a) The Company has accounted for deferred tax in accordance with the Accounting Standard 22 "Accounting for taxes on income" issued by Council of ICAI. Accordingly, deferred tax for the year is recognized on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

b) Deferred Tax Assets and Liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

c) Tax on income for the current period is determined on the basis of taxable income and applicable tax rate computed in accordance with the provisions of the Income Tax Act, 1961.

d) Deferred Tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of its realization.

5. On 30th August 2012 the Board of Directors announced a plan to dispose of Company''s Rajpura Plant. The disposal is consistent with the company''s long term strategy to focus and reap the maximum benefit from its plant at Roorkee Uttrakhand. This has enhanced the company''s strength and ability to handle the growing market demand which is on increasing pace every year. Various new technologies have been used in the said manufacturing facilities.

6. Previous year figures are regrouped, rearranged, and recast wherever considered necessary to make them Comparable with current year figures.


Mar 31, 2009

1. Basis of accounting

All the income and expenditure having material impact on financial statements are accounted for on accrual basis except VKUY Licenses receivable from DGFT towards export performance incentives.

2. Contingent Liabilities not provided for in respect of: Guarantees given by bank on behalf of the company: Rs. 91.33 Lakhs.

3. 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 and provision for depreciation and all known liabilities are adequate and not excess of the amount reasonable necessary.

4. Sundry Debtors, Creditors 8t Unsecured Loans are subject to confirmation.

5. There is no micro, small & medium enterprises under the Micro, small & Medium Enterprises Development Act, 2006 to whom the company owes a sum exceeding Rs. 1.00 lakh for more than 30 days.

6. Secured Loans

Working Capital Facilities/ Borrowings are secured by way of first charge on stock of raw materials, stock in process, stores and spares, books debts, finished goods and Block of Plant & Machinery in Fixed Assets St mortgage of collateral securities offered by Directors.

Unsecured Loans

Short Term Bill Discounting facility from Kotak Mahindra Bank Ltd against suppliers bills are secured by way of mortgage of immovable property as securities offered by Directors.

7. During the year the company has paid-directors remuneration to the tune of Rs. 24.00 lakhs.

8. Related-party disclosure (As certified by Directors) - AS -18 A) Names of related parties and description of relationship

1.) Key Management Personnel

a) Mr.Vimal Anand, Managing Director

b) Mr. Amit Ariand, Director

c) Mrs. Prem Anand, Director

d) Mr. Deepak Anand, director

e) Mr. Brahm Swaroop Diwan, Whole Time Director

2) Relatives of Key Management Personnel

a) Manisha Anand (Wife of Mr. Vimal Anand)

b) Sakshi Anand (Wife of Mr. Amit Anand)

3) Enterprises over which key management Personal exercise significant influence

1) M/s Apis Natural Products Private Limited.

2) M/s Modern Herbals Private Limited

9. The Company has carried forward losses under the Income Tax Act, 1961. However, as a matter of prudence, deferred tax assets in respect thereof has been recognized only to the extent there is deferred tax liability.

10. Segment Information

In accordance with AS - 17 -" Segment Reporting" - the unit operates in only one segment "Honey" and has only one reportable segment. Revenue by geographical segment data been provided. Further, segregation of capital employed could not be allocated to either of the segments and thus its segment wise segregation has not been provided.

11. The name of the company been changed during the last year 2007-08 from eWeb Univ Limited to Apis India Limited and after that a new business entity been taken over during the last year naming "Apis India Natural Products".

12. Additional information as required by paragraphs 3 and 4 of part II of the schedule VI to the companies Act, 1956 are not applicable as the company has not carried out any manufacturing or trading activity during the year.

a) Value of imports on CIF Basis:- 696.65 Lakhs (Previous year Rs. 78.06 lakhs)

b) Earning in foreign Exchange: - 2802.12 lakhs (Previous year Rs. 558.42 lakhs) (FOB value of Exports)

c) Expenditure in foreign currency: -

Travelling Expenses 3.82 lakhs (Previous year Rs. 1.14 lakhs)

Commission 0.61 lakhs (Previous year Rs. Nil)

Exhibition 1.12 lakhs (Previous year Rs. Nil)

d) Previous year figures are regrouped, rearranged and recast whenever considered necessary to make them comparable with current year figures.

 
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