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Notes to Accounts of Bambino Agro Industries Ltd.

Mar 31, 2015

(Amount in Rs.)

Period Ended Year Ended PARTICUIARS 31st Mar 2015 30thSep2014

1. Contingent liabilities NIL NIL

Claims/Demands for the following matters in respect of which proceedings or appeals are pending and are not acknowledged as debts:

* Central Excise

* Income Tax

Outstanding guarantees furnished by Banks on behalf of the 55.34 55.34

Company/By the Company including in respect of letters of credit and Bank Guarantees (Rs. In Lakhs)

2. CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its shares are listed on BSE. The Company is engaged in manufacturing and selling vermicelli, macaroni and other pasta products under the brand name "Bambino". The Company also sells the products of its related companies (common Directors) engaged in the manufacture of pasta and instant mixes, spices, namkeens, sweets, meat masalas etc.

I. Share Capital

For non-payment of call-moneys, 82,200 equity shares of Rs. 10/- each were forfeited by the Board after

due compliance of legal formalities and such shares have not been reissued so far.

II. Secured Loans

a) All the term loans are secured by exclusive first charge by way of hypothecation of all movable assets both present & future and mortgage of immovable properties acquired from out of the respective loans.

b) Working Capital loans from Banks viz., State Bank of India, Commercial Branch, Hyderabad, Indian Overseas Bank, Adarshnagar Branch, Hyderabad and IDBI Bank, Chapel Road branch, Hyderabad are secured on pari passu basis by a first charge by way of hypothecation of all stocks of raw materials, packing materials, finished goods, stores & spares and book debts.

c) Working Capital loans from State Bank of India, Indian Overseas Bank and IDBI Bank are further secured by a second charge on the movable and immovable assets at Bibinagar and on plant and machinery at Gurgaon. Working Capital loans from State Bank of India, Indian Overseas Bank and IDBI, are further secured by a second charge on the movable & immovable assets of the Company on pari passu basis.

d) Sri M.Kishan Rao, Sri M.Raghuveer and Sri M.Subramanyam have guaranteed all the above loans in their personal capacities.

III. Sundry Creditors

Based on the information available with the Company, there are no dues / Interest outstanding to Micro, Small and Medium Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act 2006, as at 31st March, 2015. (Previous Year: Nil)

IV. Taxes

Provision for Income tax Rs. 2,22,25,689/- Previous year Rs. 73,17,498/- (including extraordinary items).

I. Details of Auditors' Remuneration

31st Mar 2015 30th Sep 2014

Statutory Audit Fee 3,00,000 6,00,000

Tax Audit Fee 75,000 1,50,000

Fees for Other Services - -

Service Tax 46,350 92,700

4,21,350 8,42,700

II. Details of Directors' Remuneration

Executive Director (Marketing)

Salary, Perquisites - 38,76,405

Contributions to Provident Fund - 3,96,179

Including against arrears - 42,72,584

III. Directors' Sitting Fees

Other expenses includes Directors Sitting Fee of Rs. 3,16,666/- (Previous year Rs. 1,95,000/-)

IV. Deferred Tax

a. The Company has adopted Accounting Standard 22 "Accounting for Taxes on Income" issued by the ICAI, with effect from 1st April 2001. The accumulated deferred tax liability amounting to Rs. 3,56,65,778/- on account of timing differences between book and tax profits as of 1st April 2001 has been adjusted against General Reserve and Subsequent year's deferred tax adjustments were carried out in the respective Profit and Loss Accounts.

b. During the current year the tax effect of the timing differences resulted in deferred tax liability of Rs. 44,45,149/- and the same has been shown in P&L Account.

V. Related Parties Disclosure i) Particulars of Related Companies

Name of the Related Party

Related Companies

Seshsayi Foods Private Limited Ghanta Foods Private Limited KRS Finance Private Limited MLR Industries Private Limited

Nature of Relation

(Common Directors) (Common Directors) (Common Directors) (Common Directors)

OTHERS

M K Rao Family Trust Madhava Roller Flour Mills Marshal Transport Company M.KISHAN RAO (HUF) ii) Key Management Personnel Sri.M. KISHAN RAO Sri. M. RAGHUVEER Sri M. SUBRAMANYAM MS. RITU TIWARY

Members are Common Directors Partners are Common Directors Partners are Common Directors Members are Common Directors

Chairman & Managing Director Whole Time Director Whole Time Director Company Secretary & Legal

VI. Applicability of Accounting Standard - 17

The Company is engaged in Food Products, which as per AS 17 is considered as the only reportable business segment. The geographical segmentation is not relevant as exports are insignificant.

VII. Previous year's figures have been re-grouped/re-arranged wherever necessary to confirm to current year's classification. Previous year figures are not comparable as the current figures are for a period of Six Months ended 31st March 2015.

IX. Figures have been rounded off to the nearest rupee.

X. a. For the Six months ended 31st March 2015, the Company has adopted the Rates and Method prescribed under Schedule II of Companies Act 2013, for the calculation of depreciation. As a result depreciation is lower by Rs. 12.51 lakhs and the profits of the company are more by the aforesaid amount.

b. In respect of the assets in the opening balance as on 01.10.2014 for which the useful life has expired as per Companies Act 2013, have been adjusted against the opening balance of retained earnings in an amount of Rs. 2.81 lakhs.


Sep 30, 2014

Year Ended Year Ended 30-Sep-2014 30-Sep-2013

1. Contingent Liabilities NIL NIL

Claims /Demands for the following matters in respect of which proceedings or appeals are pending and are not acknowledged as debts:

- Central Excise NIL NIL

- Income Tax NIL NIL

Outstanding guarantees furnished by Banks of behalf of the Company/By the Company including in respect of letters of credit and Bank Guarantees 55.34 36.11

NOTE N0.2

1. CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its shares are listed on BSE. The Company is engaged in manufacturing and selling vermicelli, macaroni and other pasta products under the brand name "Bambino". The Company also sells the products of its related companies (common Directors) engaged in the manufacture of pasta and instant mixes, spices, namkeens, sweets, meat masalas etc.

I. Related Parties Disclosure

i) Particulars of Related Companies

Name of the Related Party

Related Companies Nature of Relation

Seshsayi Foods Private Limited (Common Directors)

Ghanta Foods Private Limited (Common Directors)

KRS Finance Private Limited (Common Directors)

MLR Industries Private Limited (Common Directors)

OTHERS

M K Rao Family Trust Members are Common Directors

Madhava Roller Flour Mills Partners are Common Directors

Marshal Transport Company Partners are Common Directors

ii) Key Management Personnel

Sri.M. KISHAN RAO Chairman & Managing Director

Sri.M. RAGHUVEER Whole Time Director & C.F.O.

Sri M. SUBRAMANYAM Whole Time Director

Sri. P.ESWAR DAS *Executive Director (Marketing)

*Since retired from service on 12th Sep, 2014)

II. Applicability of Accounting Standard -17

The Company is engaged in Food Products, which as per AS 17 is considered as the only reportable business segment The geographical segmentation is not relevant as exports are insignificant

III. Previous year''s figures have been re-grouped / re-arranged wherever necessary to confirm to current year''s classification.

IV. Figures have been rounded off to the nearest rupee.


Sep 30, 2013

1. CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its shares are listed in BSE. The Company is engaged in manufacturing and selling vermicelli, macaroni and other pasta products under the brand name "Bambino". The Company also sells the products of its associate companies engaged in the manufacture of pasta and instant mixes, spices, namkeens, sweets, meat masalas etc.

I. Share Capital

For non-payment of call-moneys, 82,200 equity shares of Rs. 10/- each were forfeited by the Board after due compliance of legal formalities and such shares have not been reissued so far.

II. Secured Loans

a) All the term loans are secured by exclusive first charge by way of hypothecation of all movable assets both present & future and mortgage of immovable properties acquired from out of the respective loans

b) Working Capital loans from Banks viz., State Bank of India, Commercial Branch, Hyderabad & Indian Overseas Bank, Adarshnagar Branch, Hyderabad, IDBI Bank Chapel Road branch, Hyderabad are secured on pari passu basis by a first charge by way of hypothecation of all stocks of raw materials, packing materials, finished goods, stores & spares and book debts.

c) Working Capital loans from State Bank of India are further secured by a second charge on the movable and immovable assets at Bibinagar and on plant and machinery at Gurgaon. Working Capital loans from State Bank of India, Indian Overseas Bank and IDBI Bank, are further secured by a second charge on the movable & immovable assets of the Company on pari passu basis.

d) Sri M.Kishan Rao, Sri M. Raghuveer and Sri M.Subramanyam have guaranteed all the above loans in their personal capacities.

III. Sundry Creditors

Based on the information available with the Company, there are no dues/Interest outstanding to Micro, Small and Medium Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act 2006, as at September 30,2013. (Previous Year :Nil)

IV. The Company during the year has repaid the Foreign currency non rupee Bank demand loan of US $ 31,90,000/-. The difference amount of exchange fluctuation on repayment of the loan amounting to Rs. 1,07,83,323/- has been debited to the P&L A/c.

V. Plant at Indore

The Company is setting a Pasta plant at Indore in Madhya Pradesh. Part of Plant & Machinery available at the Bibinagar Factory has been refurbished and transferred to Indore for installation. The cost of refurbishing the Plant and construction cost of building and other direct costs are shown on Fixed Assets Schedule under Capital Work in Progress (cwp). Other Indirect expenses relatable to the new plant like interest on term loan, salaries & wages etc, are shown under Pre operative expenses pending capitalization.

VI. Contingent Liabilities 30th SEP, 2013 30th SEP, 2012

(i) Others:

Letters of Credit Nil Nil

Bank Guarantees 36.11 lacs 34.71 lacs

III. Directors'' Sitting Fees

Other expenses includes Directors'' Sitting Fee of Rs.1,72,222/- (Previous year Rs.1,85,000/-)

IV. Deferred Tax

a. The Company has adopted Accounting Standard 22 "Accounting for Taxes on Income" issued by the ICAI, with effect from 1st April 2001. The accumulated deferred tax liability amounting to Rs.3,56,65,778/- on account of timing differences between book and tax profits as of 1st April, 2001 has been adjusted against General Reserve and subsequent year''s deferred tax adjustments were carried out in the respective Profit and Loss Accounts.

b. During the current year the tax effect of the timing differences resulted in deferred tax asset of Rs.1,007,391/- and the same has been shown in P&L Account

VI. Applicability of Accounting Standard - 17

The Company is engaged in Food Products, which as per AS 17 is considered the only reportable business segment The geographical segmentation is not relevant as exports are insignificant.

VII. Previous year''s figures have been re-grouped/re-arranged wherever necessary to confirm to current year''s classification.

VIII. Figures have been rounded off to the nearest rupee.

 
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