Mar 31, 2015
1. SEGMENT REPORTING:
The Management of the affairs of the company and its internal reporting
is only on the basis of the significant product line, i.e. meat. Hence,
segment reporting is not required. Accordingly, the disclosure
requirements of Accounting Standard - 17 (AS-17) on "Segment
Reporting", issued by the Institute of Chartered Accountants of India
is not applicable.
2. In the opinion of the management, the Current Assets, Loans and
Advances are realizable at the value stated in the Balance Sheet, in
the ordinary course of business.
3. Due to realignment of the value of Trade Receivables, to make it
commensurate with the closing exchange rate, Sales & Trade Receivables
have accordingly been increased by Rs. 85.48 lacs. (Previous year
increase - Rs. 68.55 lacs).
4. Balances under Trade Receivable, Trade Payable, Loans and Advances
are subject to confirmation and reconciliation and consequent
adjustments thereof. The outstanding Trade Receivables which may not be
recoverable could not be ascertained at the year end.
5. The company has given on loan its finished goods inventory at
various intervals to its subsidiary company which is subsequently
received in due course. In the opinion of the management, the above
practice is adopted to have better realization as per the practice
prevailing in the industry.
6. There exists no indication for the management to conclude that any
of its cash generating units are impaired and accordingly no provision
for impairment is required to be made in the financial statements.
7. Research and Development Expenses : NIL ( Previous Year - NIL )
8. Amount due to small scale industrial undertakings/ suppliers under
the MSME Act, 2006 :
As per the certificate of representation received from the Company, it
has not received any intimation from suppliers regarding their status
under the Micro, Small and Medium Enterprises Development Act, 2006 and
hence disclosure, if any, relating to amounts unpaid as at the year end
together with interest paid / payable as required under the said Act
could not be furnished.
9. The company shall make available the separate financial statements
of the subsidiary to the shareholders of the holding and subsidiary
company whenever required at any point of time.
10. Previous year figures have been reclassified in accordance with
current year requirements.-
Mar 31, 2014
As at As at
Particulars 31.03.2014 31.03.2013
(Rs. in lacs) (Rs. in lacs)
1. CONTINGENT LIABILITIES
(a) Claims against the Company not
acknowledged as Debt: NIL NIL
(b) Guarantees and other Contingencies
Guarantees given for:
Subsidiary 29,305 31780
Associate Company 1,050 1,050
Others 75.25 78.18
2 SEGMENT REPORTING
The Management of the affairs of the company and its internal reporting
is only on the basis of the significant product line, i.e. meat. Hence,
segment reporting is not required. Accordingly, the disclosure
requirements of Accounting Standard  17 (AS-17), on "Segment
Reporting", issued by the Institute of Chartered Accountants of India
is not applicable.
3 In the opinion of the management, the Current Assets, Loans and
Advances are realizable at the value stated in the Balance Sheet, in
the ordinary course of business.
4. Due to realignment of the value of Trade Receivables, to make it
commensurate with the closing exchange rate, Sales & Trade Receivables
have accordingly been increased by Rs. 68.55 lacs. (Previous year
increase - Rs. 59.71 lacs).
5. Balances under Trade Receivable, Trade Payable, Loans and Advances
are subject to confirmation and reconciliation and consequent
adjustments thereof. The outstanding Trade Receivables which may not be
recoverable could not be ascertained at the year end.
6. The company has given on loan its finished goods inventory at
various intervals to its subsidiary company which is subsequently
received in due course. In the opinion of the management, the above
practice is adopted to have better realisation as per the practice
prevailing in the industry.
7. There exists no indication for the management to conclude that any
of its cash generating units are impaired and accordingly no provision
for impairment is required to be made in the financial statements.
8. Research and Development Expenses: NIL (Previous Year  NIL)
9. Amount due to small scale industrial undertakings/ suppliers under
the MSME Act, 2006:
As per the certificate of representation received from the Company, it
has not received any intimation from suppliers regarding their status
under the Micro, Small and Medium Enterprises Development Act, 2006 and
hence disclosure, if any, relating to amounts unpaid as at the year end
together with interest paid / payable as required under the said Act
could not be furnished.
10. The Ministry of Corporate Affairs, Government of India, vide
General Circular No. 2 and 3 dated 8th February 2011 and 21st February
2011 respectively has granted a general exemption from compliance with
section 212 of the Companies Act, 1956, subject to fulfillment of
conditions stipulated in the circular. The Company has satisfied the
conditions stipulated in the circular and hence is entitled to the
exemption.
The company shall make available the separate financial statements of
the subsidiary to the shareholders of the holding and subsidiary
company whenever required at any point of time.
11. Disclosures as required u/s 212 of the Companies Act 1956,
PARTICULARS WITH REGARD TO SUBSIDIARY COMPANY Name of the Subsidiary :
Hind Agro Industries Limited
Country of Incorporation : India
Registered Address : CDF Complex,
Anupshahar Road, Aligarh  202122, Uttar Pradesh
12. Previous year figures have been reclassified in accordance with
current year requirements.
Mar 31, 2013
1. SEGMENT REPORTING
The Management of the affairs of the company and its internal reporting
is only on the basis of the signifcant product line, i.e. meat. Hence,
as per the opinion of management, segment reporting is not required.
Accordingly, the disclosure requirements of Accounting Standard -17
(AS-17) on "Segment Reporting", issued by the Institute of Chartered
Accountants of India, are not applicable.
2. In the opinion of the management, the Current Assets, Loans and
Advances are realizable at the value stated in the Balance Sheet, in
the ordinary course of business.
3. Balances under Trade Receivable, Trade Payable, Loans and Advances
are subject to confrmation and reconciliation and consequent
adjustments thereof. The outstanding Trade Receivables which may not be
recoverable could not be ascertained at the year end.
4. The company has given on loan its fnished goods inventory at
various intervals to its subsidiary company which is subsequently
received in due course. In the opinion of the management, the above
practice is adopted to have better realisation as per the practice
prevailing in the industry.
5. There exists no indication for the management to conclude that any
of its cash generating units are impaired and accordingly no provision
for impairment is required to be made in the fnancial statements.
6. Research and Development Expenses: NIL (previous Year  NIL)
7. Amount due to small scale industrial undertakings/ suppliers under
the MSME Act, 2006:
The company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the said Act could not be furnished.
8. The Ministry of Corporate Affairs, Government of India, vide
General Circular No. 2 and 3 dated 8th February 2011 and 21st February
2011 respectively has granted a general exemption from compliance with
section 212 of the Companies Act, 1956, subject to fulfllment of
conditions stipulated in the circular. The Company has satisfed the
conditions stipulated in the circular and hence is entitled to the
exemption.
The company shall make available the separate fnancial statements of
the subsidiary to the shareholders of the holding and subsidiary
company whenever required at any point of time.
9. Disclosures as required u/s 212 of the Companies Act 1956,
PARTICULARS WITH REGARD TO SUBSIDIARY COMPANY
Name of the Subsidiary : Hind Agro Industries Limited
Country of Incorporation : India
Registered Address : Central Dairy Farm Complex
Mar 31, 2012
1. SHORT TERM BORROWINGS
Secured against the current assets of the company including raw
material, work in progress, finished goods and advance to suppliers
existing and future ( stocks at Sahibabad and other places ). Entire
book debts is hypothecated to the consortium.
FBN/FBP/DP/DA 90 days : DPN by the company and documents of title to
goods covered by foreign bills purchased/negotiated against firm
contracts/drawn under irrevocable LCs of prime banks.
Cheque BP : DPN by the company and Agreement for bills purchased ( for
local/out station cheques ).
Bank Guarantee : Counter guarantee by the company. Pledge of fixed
deposits equivalent to 10% ( as margin ) of guarantee amount and 2nd
charge on the fixed assets of the company including capital work in
progress.
Equitable Mortgage of residential flat at 69, Cat III, 2nd and 3rd
Floor and servant quarter No. 6, Siddartha Enclave, DDA, SFS Scheme,
Ashram, New Delhi in the name of Mr. Sirajuddin Qureshi and pledge of
fixed deposit of Rs. 0.93 crore and personal guarantee of the
directors.
2. TRADE RECEIVABLES
Provision for Doubtful Debts.
Periodically, the Company evaluates all customer dues to the Company
for collectability. The need for provisions is assessed based on
various factors including collectability of specific dues, risk
perceptions of the industry in which the customer operates, general
economic factors, which could affect the customer's ability to settle.
The Company normally provides for trade receivable outstanding for six
months or longer from the invoice date, as at the Balance Sheet date.
The Company pursues the recovery of the dues, in part or full.
3. PERSONNEL EXPENDITURE
EMPLOYEE BENEFITS :
Defined Benefit Plan : The company provides for its liability towards
gratuity as per the actuarial valuation.
FINANCIAL ASSUMPTION :
a) Discount Rate : The rate used to discount post employment benefit
obligations (both funded and unfunded) has been determined by reference
to market yields at the balance sheet date on government bonds. The
currency and term of the government bonds is consistent with the
currency and estimated term of the post employment benefit obligations.
b) Salary Increase : Salary increase is taken in to account inflation,
seniority, promotion and other relevant factors such as supply and
demand in the employment market.
c) Rate of Return on Plan Assets : The liability is not funded and rate
of return on plan assets is not relevant to this report.
4. As per the expert advice received by the management a sum of Rs.
6,60,04,197/- has been written off during the year, being the amount
recoverable from the government on account of export incentives. As and
when if received, such export incentives shall be accounted for as
income.
5. The revised Schedule VI, as notified under the Companies Act,
1956, has become applicable to the company for presentation of its
financial statements for the year ending March 31, 2012. The adoption
of the revised Schedule VI requirements has significantly modified the
presentation and disclosures which have been complied with in these
financial statements.
6. CONTINGENT LIABILITIES
(a) Claims against the Company not
acknowledged as Debt: Rs. NIL
(Previous Year : NIL)
(b) Guarantees and other Contingencies
(Rs. In lacs)
As at As at
31-03-2012 31-03-2011
Guarantees Given for:
Subsidiary 7025.00 6391.41
Associate Company 1553.00 1050.00
Others 98.18 98.18
7. SEGMENT REPORTING
The Management of the affairs of the company and its internal reporting
is only on the basis of the significant product line, i.e. meat. Hence,
as per the opinion of management, segment reporting is not required.
Accordingly, the disclosure requirements of Accounting Standard
(AS-17), on "Segment Reporting", issued by the Institute of Chartered
Accountants of India is not applicable.
8. In the opinion of the management, the Current Assets, Loans and
Advances are realizable at the value stated in the Balance Sheet, in
the ordinary course of business.
9. Balances under Trade Receivable, Trade Payable, Loans and Advances
are subject to confirmation and reconciliation and consequent
adjustments thereof. The outstanding Trade Receivables which may not be
recoverable could not be ascertained at the year end.
10. Cess under section 441A of the Companies Act, 1956 has not been
provided/deposited in view of the fact that notification as required
under the Act has not yet been issued by the Central Government.
11. There exists no indication for the management to conclude that any
of its cash generating units are impaired and accordingly no provision
for impairment is required to be made in the financial statements.
12. Research and Development Expenses: NIL (Previous Year - Nil)
13. Amount due to small scale industrial undertakings/suppliers under
the MSME Act, 2006:
The company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosure, if any, relating to amounts unpaid as
at the year end together with interest paid/payable as required under
the said Act could not be furnished.
14. The Ministry of Corporate Affairs, Government of India, vide
General Circular No. 2 and 3 dated 8th February 2011 and 21st February
2011 respectively has granted a general exemption from compliance with
section 212 of the Companies Act, 1956, subject to fulfillment of
conditions stipulated in the circular. The Company has satisfied the
conditions stipulated in the circular and hence is entitled to the
exemption.
The company shall make available the separate financial statements of
the subsidiary to the shareholders of the holding and subsidiary
company whenever required at any point of time.
15. Previous year figures have been reclassified in accordance with
current year requirements.
Mar 31, 2010
B.1 Claims against the Company not acknowledged as Debt:
Rs. NIL. (Previous Year: NIL)
B.2 Guarantees and other Contingencies
(Rs. In lacs)
CURRENT PREVIOUS
YEAR YEAR
As at As at
31-03-2010 31-03-2009
a) Given to Subsidiary
For Term Loan 896.41 1913.60
For Working Capital 5230.00 5230.00
b) Given to others 98.18 43.18
C.1 Segment Reporting
The Management of the affairs of the company and its internal reporting
is only on the basis of the significant product line, i.e. meat. Hence,
as per the opinion of management, segment reporting is not required.
Accordingly, the disclosure requirements of Accounting Standard (AS-
17) on "Segment Reporting", issued by the Institute of Chartered
Accountants of India is not applicable.
C.6 The Current Assets, Loans and Advances are realizable at the value
stated in the Balance
Sheet, in the ordinary course of business. C.7 Mr. Sirajuddin Qureshi,
Chairman & Managing Director, and Mrs. Kiran Qureshi, Director of the
Company have given personal guarantee to Industrial Finance Corporation
of India Ltd. for Rs. 414.30 lacs. Also the loan of Rs. 1631.84 lacs
from the Bank of India is secured by Personal Guarantees of Mr.
Sirajuddin Qureshi, Mrs Kiran Qureshi, Mr. Samar Qureshi, Dr.
Naseem Qureshi and Guarantee of M/s Islamuddin & Co. C.8 Balances
under Sundry Debtors, Creditors, Loans and Advances are subject to
confirmation and reconciliation and consequent adjustments thereof. The
outstanding Debtors which may not be recoverable could not be
ascertained at the year end. C.9 There exists no indication for the
management to conclude that any of its cash generating units are
impaired and accordingly no provision for impairment is required to be
made in the financial statement. C.IOAs per re-negotiated terms and
conditions with IFCI, the company is making payment as per revised
terms.
C.11 High Security Registration Number Plate (HSRNP) project has
started commercial Production. Accordingly, amount spent on the
Capital Work In Progress have been capitalized under respective assets
heads. C.12 Expenditure incurred on Salboni project has been
capitalized as Capital Work In Progress, being pre-operative in nature.
However, the management is pursuing for the necessary acquisition of
land. C.13 Research and Development Expenses :- NIL (Previous year-
NIL). C.14 Amount due to small scale industrial undertakings /
suppliers under the MSME Act,
2006 :
The company has not received any intimation from suppliers regarding
their status under the Micro, Small and Medium Enterprises Development
Act, 2006 and hence disclosures, if any, relating to amounts unpaid as
at the year end together with interest paid / payable as required under
the said Act could not be furnished. C.15 Fire broke-out at Sahibabad
Plant of the Company and some finished goods were destroyed. As per the
report of the Surveyor, the company has lodged a claim of Rs. 44 lacs
with the insurance company. The effect of the same has been taken in
the Profit and Loss
Account, which is pending for final settlement. The difference, if any,
will be accounted for as
and when received.
18 Previous years figures have been regrouped and reclassified
wherever necessary to the extent possible to make them comparable with
those of the current year.