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Accounting Policies of Ashiana Agro Industries Ltd. Company

Mar 31, 2015

1) Accounting Policies

(a) The books of account are maintained under mercantile system of accounting and financial statements are prepared in accordance with the applicable accounting standards issued by the Institute of Chartered Accountants of India.

(b) Fixed assets are stated at cost of acquistion, including any cost attributable for bringing the asset to its working condition for its intended use, less accumulated depreciation.

(c) Depreciation is provided on 'Straight Line method" at the rates specified in Schedule II to the Companies Act, 2013. Depreciation is being provided on assets sold, discarded, demolished or scrapped during the year upto date of its last use.

(d) Investments: NIL

(e) Retirement Benefits: The provision of Employees Provident Funds and Miscellaneous Provisions Act, 1952, the Provisions of Payment of Gratuity Act, 1972, the Provisions of Employees State Insurance Act, 1948 and other labour Acts are not applicable to the company, since the company employees less than the minimum numberof persons prescribed underthe above acts.

AS -1: Disclosure of accounting policies

The accounts are prepared on accrual basis as a going concern. But since the company has sold entire Plant & machinery and other ancillary equipements pertaining to its edible vegetable oil refinery plant and has not manufactured any product for the polices.

AS - 2: Valuation of Inventories

Inventories are valued at cost or net realizable value whichever is lower.

AS - 3: Cash flow Statements

The Company has complied withAS -3 and prepared Cash flow statements, as attached in Annexure I AS - 4: Events occurring after the Balance Sheet Date

No significant event has occurred after the Balance Sheet Date.

AS -5: Net profit or loss for the period, prior period items and changes in accounting policies No change in accounting polices during the year.

AS -6 depreciation Accounting

Depreciation is provided on Straight Line Method, at the rates specified in Schedule II to the Companies Act, 2013. AS - 7: Construction Contracts

This Accounting Standard is not applicable.

AS - 8: Research & Development

ThisAccounting Standard has been withdrawn.

AS - 9: Revenue Recognition

Income from Unsecured Loan given an Interest on Fixed deposits are accounted on accrual basis.

AS -10 :Accounting for Fixed Assets

Fixed assets are valued at cost including expenditure incurred in bringing them to usable condition less depreciation

AS -11: Accounting for effects of changes in foreign exchange rates

No Forextransactions in the current year.

AS -12 :Accounting for Government Grants

The Company has not received any grants.

AS -13: Accounting for Investments

The company has not made any investments during the current year and does not have any investments as on 31.03.2015

AS -14 :AccountingforAmalgamations

No amalgamation during the year.

AS -15 :Accounting for Employee Benefits

This accounting standard is applicable and the same is followed in an consistent manner.

AS -16: Borrowing Cost

During the year, the company has not dealt with any borrowings.

AS -17: Segment reporting

Particulars Financial Activity Trading Activity for the FY 2013-14 for the FY2014-15

Revenue From Operation 1,500,000 1,673,395

Less: Cost of Revenue from Operation - 1,609,878

Result from operation 1,500,000 63,518

AS -18: Related Party Disclosure

A. Related Parties

Name of the Related Party Relationship

Serengeti Holdings Private Limited Associate Company

Mr. Radesh Rangarajan Director

Mr. Pavan Kumar Matli Whole Time Director

Mr. Shankar Venkatakrishnan Additional Director

Mrs. Vemareddy Srutha keerthi Director

Mr. Nirmal Kumar Dash Director

B. Nature of Transactions

Name of the Related Party Nature of Transaction Amount in Rs.

Mr. Pavan Kumar Matli Salary 660,000

AS -19: Accounting for Leases

The Company has one operating lease and is accounted as perAS -19.

AS - 20: Earnings per share

S.No. Particulars 31/03/2015 31/03/2014

1 Profit (Loss) after Tax as per 7,051 170,668 Profit & LossAccount

2 Weighted average number of equity shares of Rs. 10/- share outstanding during the year 4,600,000 4,600,000

3 Earnings per share - Basic & Diluted 0.00 0.04

AS - 21 : Consolidated Financial Statements

AS21 : Is not applicable

AS - 22: Accounting for taxes on Income

Deferred tax is recognized, subject to the consideration of prudence, on timing differences, being the difference between the taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent peroid (s) On evaluation of reasonable certainty and as per the AS - 22, deferred tax liabilities/ assets are nil as the company believes that such liabilities assets are not likely to be reversed in future years.

AS - 23: Accounting for Investment in associates

This standard is not applicable to the Company.

AS - 24: Discontinuing Operation

During the year the Company has not discontinued any of its operations AS - 25: Interim Financial Reporting

This standard is not applicable to the Company.

AS -26 :AccountingforIntangibleAssets

This standard is not applicable to the Company.

AS - 27: Financial reporting of interests in Joint Venture.

This standard is not applicable to the Company.

AS - 28: Impairment of Assets

As on the Balance Sheet date, the carrying amounts of the assets are considered not less than the recoverable amount of those assets. Hence, no impairment loss is considered.

AS - 29: Provisions, Contingent Liabilities and Contingent Assets

No contingent Liabilities or assets exists for the company Other Notes to Accounts

(i) Company has extended an unsecured loan to Daidem Enterprises Private Limited for RS. 2,27,00,000/- at an interest rate of 10% p.a. and the company has received back an amount of Rs. 77,00,000/-during the financial year 2013-14 whose balance as on 31st March 2015 is Rs. 1,50,00,000/-. There is no agreement for the loan given to M/s Diadem Enterprises Private Limited, but there are various communications with M/s Diadem Enterprises Private Limited confirm the loan.

(ii) Lending money with or without interest or security to any person as is specified in the Memorandum of Association underthe ancillary objects clause and not under the main objects clause.

(iii) The Company has sold its entire plant & machinery and other ancillary equipments pertaining to its edible vegetable oil refinery plant in earlier years. The Company has not undertaken manufacturing activity during the year and hence additional information pursuant to part II of Schedule VI to the Companies Act are not applicable to the Company.

(iv) The accounts have been prepared on going concern assumption. However in view of the sale of entire plant & machinery, other ancillary equipments pertaining to its edible vegetable oil refinery plant and land & building, the company has not undertaken manufacturing activtiy during the year. The company has so far not made any plans to replace the fixed assets that have sold. These factors raise substantial doubt about the companies ability to continue as a going concern in the foreseeable future.

(v) Details of Payment to Auditors (Including Service Tax)

Particulars 31/03/2015 31/03/2014

a) For Statutory Audit 14,045 28,090

(vi) As perthe information available with the company, there is no amount due to the enterprises mentioned in the Micro Small Medium Enterprises Development Act 2006 as on the date of Balance sheet.

(vii) Previous year's figures have been regrouped wherever necessary to conform to current year's classification.




Mar 31, 2012

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

System of Accounting:

i) Financial statements are based on historical cost.

ii) The Company generally follows the mercantile system of accounting and recognises income and expenditure on accrual basis except those with significant uncertainties.

Fixed Assets :

Fixed assets are stated at cost. The cost of Fixed Assets includes acquisition and installation expenses incidental to acquisition like freight, erection, installation and commissioning etc. are capitalised to the original cost of Fixed Assets.

Depreciation:

Depreciation on Fixed Assets is provided on "Straight Line Method " in the manner and at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on additions to fixed assets is being provided on pro rata basis from the date of acquisition or installation of the fixed assets. No depreciation is being provided on assets sold, discarded, demolished or scrapped during the year.

Investments: Nil

Retirement Benefits:

The provisions of Employees Provident Funds and Miscellaneous Provisions Act, 1952, the provisions of Payment of Gratuity Act, 1972, the Provisions of Employees State Insurance Act, 1948 and other labour laws are not applicable to the Company, since the Company employees less than the minimum number of persons prescribed under the above Acts.


Mar 31, 2010

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the Accounting Standards issued by the Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

System of Accounting:

i) Financial statements are based on historical cost.

ii) The Company generally, follows the mercantile system of accounting and recognises income and expenditure on accrual basis except those with significant uncertainties.

Fixed Assets:

Fixed assets are stated at cost. The cost of Fixed Assets includes acquisition and installation expenses incidental to acquisition like freight, erection, installation and commissioning etc. are capitalised to the original cost of Fixed Assets.

Depreciation:

Depreciation on Fixed Assets is provided on "Straight Line Method" in the manner and at the rates specified in Schedule XIV of the Companies Act, 1956. Depreciation on additions to fixed assets is being provided on pro rata basis from the date of acquisition or installation of the fixed assets. No depreciation is being provided on assets sold, discarded, demolished or scrapped during the year.

Investments:

i) Long term investments are stated at cost after deducting provision, if any, in cases where the fall in market value has been considered of permanent nature.

ii) Current investments are stated at lower of cost and fair value.

Retirement Benefits:

The provisions of Employees Provident Funds and Miscellaneous Provisions Act, 1952, the provisions of Payment of Gratuity Act, 1972, the Provisions of Employees State Insurance Act, 1948 and other labour laws are not applicable to the Company, since the Company employees less than the minimum number of persons prescribed under the above Acts.

 
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