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Notes to Accounts of Bharat Agri Fert & Realty Ltd.

Mar 31, 2015

OVERVIEW:

The Company is engaged in the business of construction and development of Residential & Commercial Complex and manufacture of Fertilisers.

1. The details in respect of Enterprises covered/registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2015 have not been furnished.

1. The Company does not expect any reimbursements in respect of claim against the Company not acknowledged as a debt.

2. It is not practicable to estimate the timing of cash flows, if any, in respect of matters claim against the Company not acknowledged as a debt.

ii) Commitments: Estimated amount of contracts on capital accounts remaining to be executed and not provided for is Rs.34,10,000/- (P.Y.Rs.18,95,000/-). 30. The Company has accounted for Society's Common Maintenance Charges Rs.89,46,177/- (Previous Years Rs.28,10,148/-). The Company has outstanding receivables on account of said Society Maintenance Charges Rs. l,14,83,512/-(Previous Years Rs. 27,98,520/-)

The Company has filled civil suit at Thane Court in respect of recovery of these Society Maintenance Charges. Management of the Company is hopeful about positive outcome of the said civil suit. Accordingly no provision has been made in the books of Accounts.

2. The values of Current Assets and Loans & Advances and Deposits are stated value which is the opinion of the Management of the Company is realisable in the ordinary course of the business, of the Company.

3. Retirement Benefits

a) Defined Benefit Plan: The Company Provides for Gratuity on the basis of Actuarial valuation. The Company does not have any fund for Gratuity Liability. The following table summarized the net benefit / Expenses recognised in Statement of Profit & Loss and Balance Sheet.

4. Excise Duty has not been provided on Closing stock Inventory. This, however do not have any impact on profit of the Company.

5. Entire consumption of stores & spares is indigenous for the financial year ended 31st March 2015 and previous financial year.

6. Previous year's figures are regrouped and reclassified wherever necessary to make them comparables with current period's classification.


Mar 31, 2014

1.OVERVIEW:

The Company is engaged in the business of construction and development of Residential & Commercial Complex and manufacture of Fertilizers.

a. Rights, preferences and restrictions attached to shares Equity Shares:

The Company has only one class of shares referred to as equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees.The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2014, the amount of per share final dividend recognised as distributions to equity shareholders was Rs. 2.50/-per share( P.Y. final dividend Rs.2.50/-)

In the event of liquidation of the Company ,the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts.The distribution will be in proportion to the number of equity shares held by the shareholders.

As per records of the Company, including its register of shareholders/members and other declaration received from shareholders ,regarding beneficial interest,the above shareholding represents both legal and beneficial ownership of the above shareholding.

2.Terms of Conditions of Repayment and Details of Securities are as under:

1. The loan is Repayable on demand.

2. Cash Credit loan is secured by hypothecation of stock of raw material, semi-finished goods and finished goods , receivables (both present and future)

3. Cash Credit loan is secured by hypothecation of goods covered by bill supported by document to title of goods.

4. Cash Credit loan is secured by equitable mortgage on factory Land(measuring 18.36 acre) and buildings situated at village Kharivali, Tal-Wada, Dist-Thane.

5. Cash Credit loan is secured by hypothecation of Plant and machinery and all other movable fixed assets of the Company already in possession or to be in possession of the Company.

6. Cash Credit loan is secured by Personal guarantee of Shri Yogendra D. Patel (Promoter Director) and Anjni Y Patel (Promoter Director)

7. Rate of Interest is 13.00% p.a. (P.Y. 15.60%)

3. The details in respect of Enterprises covered/registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2014 have not been furnished.

4. Contingent Liabilities:

A. Letter of Credit issued outstanding as at 31st March 2014

Sn. Particulars As at 31st As at 31st March 2014 March 2013

1. LC opened with Bank of Baroda 10,60,43,735 Nil

B i) Claims against the Company not acknowledged as a debt:

1. Maharashta State Electricity Board 16,04,084 16,04,084

ii) Commitments: Estimated amount of contracts on capital accounts remaining to be executed and not provided for is Rs.18,95,000/- (P.Y.Rs.5,88,500/-).

5. The values of Current Assets and Loans & Advances and Deposits are stated values which is the opinion of the Management of the Company are realizable in the ordinary course of the business, of the Company.

6. Retirement Benefits

a) Defined Benefit Plan: The Company Provides for Gratuity on the basis of Actuarial valuation.The Company does not have any fund for Gratuity Liability.

The following table summerised the net benefit Expenses recognised in Statement of Profit & Loss and Balance Sheet.

7. Excise Duty has not been provided on Closing stock Inventory. This, however do not have any impact on profit of the Company.

8. Entire consumption of Stores & Spares is indigenous for the current and previous financial years.

9. Previous year''s figures are regrouped and reclassified wherever necessary to make them comparables with current period''s classification.


Mar 31, 2013

OVERVIEW:

The Company is engaged in the business of construction and development of Residential & Commercial Complexes and manufacture of Fertilisers.

1. The details in respect of Enterprises covered/registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2013 have not been furnished

2. Contingent Liabilities:

i) Claims against the Company not acknowledged as a debt:

As at 31st March As at 31st March Sl No Particulars 2013 2012

1. Maharashta State 16,04,084 16,04,084 Electricity Board

ii) Commitments: Estimated amount of contracts on capital accounts remaining to be executed and not provided for is Rs.5,88,500/- (P.Y.Rs.Nil).

3. The values of Current Assets and Loans & Advances and Deposits are stated values which is the opinion of the Management ofthe Company are realizable in the ordinary course ofthe business, ofthe Company.

4. Retirement Benefits

a) Defined Benefit Plan: The Company Provides for Gratuity on the basis of Actuarial valuation. The Company does not have any fund for Gratuity Liability.

The following table summerised the net benefit / Expenses recognised in Profit & Loss A/c and Balance Sheet.

5. Excise Duty has not been provided on Closing stock Inventory. This, however do not have any impact on profit of the Company.

6. Director''s Remuneration aggregating to Rs.20,38,476/- provided in the books of accounts, which is payable to the Chairman & Managing Director and the Joint managing Director is in excess ofthe limit specified under section 198 read with Schedule XIII ofthe Companies Act, 1956.The above remuneration has been already approved by Remuneration Committee. Said provision is subject to approval of the Shareholder in ensuing Annual General Meetings.

7. Previous year''s figures are regrouped and reclassified wherever necessary to make them comparables with current period''s classification.


Mar 31, 2012

1. The details in respect of Enterprises covered/registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2012 have not been furnished.

2. Contingent Liabilities:

i) Claims against the Company not acknowledged as a debt:

(Amt. in Rupees)

Sn. Particulars 2011-2012 2010-2011

1. Maharashta State Electricity Board 16.04,084 16.04.084

ii) Commitments: Estimated amount of contracts on capital accounts remaining to be executed and not provided for is Rs.Nil (P.Y.Rs.16,59,000/-).

3. The values of Current Assets and Loans & Advances and Deposits are stated values which is the opinion of the Management of the Company are realizable in the ordinary course of the business, of the Company.

4. During the previous year the Company did not import any raw material, stores & spares.

Accordingly the Company has not incurred any expenditure in foreign currency for the said purpose.

5. The Company has converted land situated at Thane into stock in trade, up to 31 Dec. 2010 The proportionate sales proceeds relating to such conversion were accounted for in Capital Receipt Reserve. The Company was legally advised that the said receipts should be credited to the Profit and Loss Account. The Company has accordingly changed the method of accounting from 01/01/2011.

6. The amount of Capital Receipt Reserve for the year 2008-09 and 2009-10 amounting to Rs. 6.47 Crores, is credited to the Profit & Loss as prior period income in the financial year 2010-2011.

7. Excise Duty has not been provided on Closing stock Inventory. This, however do not have any impact on profit of the Company.

8. The Revised Schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

OVERVIEW:

The Company is engaged in the business of construction and development of Residential & Commercial Complexes and manufacture of Fertilisers.

A) The details in respect of Enterprises covered/registered under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2011 have not been furnished.

B) Contingent Liabilities:

i) Claims against the Company not acknowledged as a debt:

(Amt. Rs. In lacs)

Sr. Particulars 2010-2011 2009-2010 No 1 Maharashtra State Electricity Board 16.04 16.04

C) The values of Current Assets and Loans & Advances and Deposits are stated values which is the opinion of the Management of the Company are realizable in the ordinary course of the business, of the Company.

ii) The Company is operating in India hence there is no reportable geographic/secondary segment. Accordingly no disclosure is required under AS-17

E) Disclosure of Related Party: a. List of Related Parties:

Subsidiary Companies None Associate Concerns 1. Yogi Investments Private Limited 2. Vijal Shipping Private Limited 3. Wada Agro Chemicals Private Limited 4. Wada Bottling Industries Private Limited 5. Patel Combi-Therm (India) Private Limited 6. Chavi Impex Private Limited 7. Wada Alums and Acids Private Limited 8. My Shop Key Management Shri.Y.D.Patel .-Chairman & Managing Director

Personnel Relatives of Key Smt. AnjniY. Patel, Jt. Mg. Director Management Personnel Miss. Chandni Y. Patel, Director Shri.Shailendra D. Patel, CEO (Fertiliser Division) Shri. ViialY.Patel.CEO (Construction Division)

7. During the previous year the Company did not import any raw material and stores & spares and other expenses. Accordingly the Company has not incurred any expenditure in foreign currency forsaid purpose.

I) The Company has converted land situated at Thane into stock in trade. The proportionate sales proceeds relating to such conversion were accounted for in Capital Receipt Reserve. The Company has now been legally advised that the said receipts should be credited to the Profit and Loss Account. The Company has accordingly changed the method of accounting from 01/01/2011.

J) The amount of Capital Receipt Reserve for the year 2008-09 and 2009-10 amounting to Rs. 6.47 Crores, is credited to the Profit & Loss as prior period income.

K) Due to the change in the accounting policy as mentioned in points "I" & "J", the sales for the year ended 31 st March 2011, are not comparable with previous year.

L) Estimated amount of contracts on capital accounts remaining to be executed and not provided for is Rs. 16.59 Lacs (P.Y.Rs.11.18Lacs).

M)The figures of the previous year have been re-grouped and rearranged wherever necessary so as to make them comparable with those of the current financial year.


Mar 31, 2010

A) The details in respect of Enterprises registered under Micro, Small and Medium

Enterprises Development Act, 2006 (MSMED Act) are not available with the Company. Hence the details of the principal amounts and interest, if any, payable to the suppliers as on 31st March 2010 have not been furnished.

B) Contingent Liabilities:

i) Claims against the Company not acknowledged as a debt: (Amt. Rs. In lacs)

Sr. No Particulars 2009-2010 2008-2009

1 MSEB Claim 16.04 16.04

ii) Estimated amount of contracts remaining to be executed on capital account and not provided forRs.11.18lacs(P.Y.Rs.Nil)

C) The values cf Current Assets and loans & Advances and deposits are stated at realizable in ordinary course of the business, as stated in balance sheet as per the opinion of the Management of the Company. 34

D) Disclosure of Related Party: a. List of Related Parties:

Subsidiary Companies None

Associate Concerns 1. Yogi Investments Pvt. Ltd

2. Vijal Shipping Pvt Ltd.

3. WadaAgro Chemicals Pvt. Ltd.

4. Wada Bottling Industries Pvt. Ltd.

5. Patel Combi-Therm (India) Pvt. Ltd.

6. Chavi Impex Pvt. Ltd.

7. Wada Alums and Acids Pvt Ltd.

Key Management Shri.Y.D.Patel .-Managing Director

Personnel

Relatives of Key Smt. Anjni Y. Patel, Jt. Mg. Director

Management Personnel Miss. Chandni Y Patel, Director

-In view of substantial brought forward losses, the deferred tax asset has not been recognized in view of virtual uncertainty of profit in the immediate future.

- During the previous year, initial recognition of deferred tax liability amounting to Rs. 58, 07,521/- has been added to balance in Profit and Loss account.

E) The Company has written off goodwill amounting to Rs. Nil (RY. Rs. 1,56,97,409/-) as per AS- 10.Accounting for Fixed Assets as said goodwill had been resulted on amalgamation of manufacturing division of Wada Alums and Acids Private Limited with Bharat Fertilizers Limited and no consideration has been received for the same.

F) Fertiliser Division : Disclosure of additional information pursuant of the provisions of paragraph 3,4C and 4D of part II Schedule VI to the Companies Act, 1956, to the extent applicable.

G) The company has converted land into stock in trade. The proportionate sale proceeds relating to such conversion is accounted for in the capital reserve. This accounting treatment is based on expert opinion obtained by the Company.

H) The figures of the previous year have been re-grouped and rearranged wherever necessary so as to make them comparable with those of the current financial year.

 
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