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Notes to Accounts of HRB Floriculture Ltd.

Mar 31, 2013

1.01 ACCOUNTING STANDARD DISCLOSURES

I The company has acquired the lease right of land of 118 Bighaand 10 B''swa from the directors/ relative of directors for the 10 years as per terms and condition of the agreement. The total amount paid for the said lease of 10 year is Rs. 1,16,50000/- which is amortized equally over the period of lease. The aforesaid lease agreement is cancelable lease agreement and therefore no disclosure is required to be made in accordance with AS-19 "Leases" issued by ICAI.

II Employees Benefits are recognized as on expense in the profit and loss account in which the related service in rendered. In respect of payment of gratuity, the same is neither applicable as per statute nor payable under any formal plan or agreement between company and its employees

2 SEGMENT DISCLOSURE

In pursuant to Accounting Standard 17 regarding Segment Reporting, the Segment wise disclosure are as under:

3.1 The company has entered into an agreement for cultivation of crops at its land. The party has borne labour and tractor running and maintenance expenses for a consideration of 25% of total produced crops at the said land of the company. The company has taken into account the production of only 75% of totai produced crop at the said land being its share and sales thereof have been accounted for in the books of accounts

3.2 The company during the year has paid Rs. 14,04,500 as revocation fees for re-listing of its shares In Bombay Stock Exchange. The said amoun: (net of liability provided for listing fees) has been debited to statement of profit and lossaccount. The Equity shares of the company are now listed on BSE. The company In earlier year had made apllications to other stock exchanges for delisting its shares which is pending. No provsion for the stock exchange fees payable to these stock exchange is made in the books of accounts.

3.3 In the opinion of the Board, all the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amojntat which they are stated and provsion for all liabilities have been made.

3.4 Figures for the previous year have been regrouped and rearranged wfoereever considered necessary.


Mar 31, 2012

1.01 EXCEPTIONAL ITEMS

"Exceptional item amounting to Rs. 1830205 (Rs.8444506) represents sale proceed of equity shares held as security against Inter-Corporate Deposit given by company. The sale proceed is adjusted during the year against the penal interest recoverable by the company from the borrower, as in the opinion of the managment the same is not payable."

1.02 ACCOUNTING STANDARD DISCLOSURES

i The company has acquired the lease right of land of 118 Bigha and 10 Biswa from the directors/ relative of directors for the 10 years as per terms and condition of the agreement. The total amount paid for the said lease of 10 year is Rs. 1,16,50000/- which is amortized equally over the period of lease. The aforesaid lease agreement is cancelable lease agreement and therefore no disclosure is required to be made in accordance with AS-19 "Leases" issued by ICAI."

ii Employees Benefits are recognized as on expense in the profit and loss account in which the related service in rendered. In I respect of payment of gratuity, the same is neither applicable as per statute nor payable under any formal plan or agreement between company and its employees"

iii SEGMENT DISCLOSUR

"In pursuant to Accounting Standard 17 regarding Segment Reporting, the Segment wise disclosure are as under:"

1.03 The company has entered into an agreement for cultivation of crops at its land . The party has borne labour and tractor running and maintenance expenses for a consideration of 25% of total produced crops at the said land of the company. The company has taken into account the production of only 75% of total produced crop at the said land being its share and sales thereof have been accounted for in the books of accounts

1.04 The company''s equity shares are delisted due to non-payment of stock exchange fees and non-compliance of listing requirements and other regulatory compliances. However, the company during the year has initiated the process of getting its shares re-listed in BSE and has submitted required documents and information as required by stock exchange. The company has submitted its previous years quarterly and annual results with stock exchanges as per the requirement of stock exchange."

"In order to comply with clause 49 of the listing agreement, the company has inducted 3 independent directors to its Board of Directors and shall be complying with the requirement of clause 49 of listing agreement and other clauses from the financial year 2012-2013

1.05 In the opinion of the Board, all the assets other than fixed assets and non current-investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated and provision for all liabilities have been made.

1.06 Figures forthe previous year have been regrouped and rearranged whereever considered necessary.


Mar 31, 2011

1. Contingent Liability

Income tax Demand for which Company has preferred Appeal Rs. Nil (Rs. Nil)

2. In the opinion of the Board the Current Assets, Loans and Advances are approximate of the value as stated if realized in the ordinary course of business and the provision for all known liabilities has been made.

3. The balances of Sundry debtors and Sundry Creditors are subject to confirmation.

4. Employees Benefits are recognized as on expense in the profit and loss account in which the related service in rendered. In respect of payment of gratuity, the same is neither applicable as per statute nor payable under any formal plan or agreement between company and its employees.

5. The company has acquired the lease right of land of 118 Bigha and 10 Biswa from the directors/ relative of directors for the 10 years as per terms and condition of the agreement. The total amount paid for the said lease of 10 year is Rs.1,16,50000/- which is amortized equally over the period of lease. The aforesaid lease agreement is cancelable lease agreement and therefore no disclosure is required to be made in accordance with AS-19 "Leases" issued by ICAI.

6. The company in the earlier years had given inter-corporate deposit to a company against security of snares of ICICI Bank Limited {erstwhile Bank of Rajasthan Limited) and due to default in repayment, the company has got transferred the shares of ICICI Bank Limited (erstwhile Bank of Rajasthan Limited) in its name without giving any effect of the same in financial statements of the company. During the year, the company has sold off 7627 Equity shares of ICICI Bank Limited (allotted on account of merger) and adjusted the sale proceed of Rs. 84.44 lacs to profit and loss account towards penal interest recoverable without any intimation to the defaulter company or relevant court where the matter is under sub-judice.

The company in earlier year also received 16200 bonus shares on the shares held as security which were sold and amount of Rs.18.30 lacs has been credited to "advance payment account" pending adjustment. The said amount has not been adjusted to Penal interest as the company management is of the view that this amount is not on account of sale of security held for loan but on accretion to the security and therefore will be appropriately adjusted on the outcome of the legal proceeding pending against the defaulter.

7. The company passed resolution in the meeting of Board of Directors held on October 30, 2010 for forfeiture of 2823900 equity shares as per provisions of Articles of Association, consequent upon non payment of allotment money and interest thereon despite of giving notices to defaulting shareholders. Accordingly, the 2823900 equity shares are forfeited during the year and the original amount received Rs. 7966750/- from such share holder has been shown under Share Capital as "Shares forfeited".

8. The company has entered into an agreement for cultivation of crops at its land. The party has borne sub-judice. and tractor running and maintenance expenses for a consideration of 25% of total produced crops at the said land of the company. The company has taken into account the production of only 75% of total produced crop at the said land being its share and sales thereof have been accounted for in the books of accounts.

9. As on March 31, 2011, there are 5 future contracts of 40000 NHPC shares valuing 9.48 lacs were outstanding on which mark to market margin till die year end has been accounted for.

10. As on March 31,2011 there are 5 future contracts valuing 9.48 lacs were outstanding on which mark to market margin till the year end has been accounted for.

11. The break up of Deferred tax Assets and Liabilities as on 31-3-2011 are as under: -

In die opinion of die management there is no virtual certainty supported by convincing evidence that future taxable income will be available and therefore no deferred tax assets have been recognized. The Increase in Deferred tax liability amounting to Rs.2186/- has been charged to profit and loss account.

In regard to timing difference of depreciation related to agricultural business and carry forward agricultural losses, deferred tax cannot be recognized as the effective tax rate is Nil, being agricultural income is exempt under provisions of Chapter III of the Income Tax Act, 1956.

12. SEGMENT DISCLOSURE

In pursuant to Accounting Standard 17 regarding Segment Reporting, the Segment wise disclosures are as under: -

13. RELATED PARTY DISCLOSURE Relationships Key Managerial Personnel

Krishan Kumar Parwal (KKP) (Managing Director)

Punit Parwal (Director)

Relatives of Key managerial Personnel (with whom transactions entered)

1. Basanti Devi Parwal 2. Ram Janaki Devi Parwal 3. Sunita Devi Parwal 4. Deepika Parwal

14. Additional information pursuant to Paragraph 3 & 4 of the Part II of Schedule VI of the Companies Act, 1956 to the extent applicable to the company are as under (as certified by the management): -

15. Figures for previous year has been regrouped or rearranged wherever considered necessary.


Mar 31, 2010

1. Contingent Liability

- Income tax Demand for which Company has preferred Appeal Rs. Nil (Rs. Nil)

2. In the opinion of the Board the Current Assets, Loans and Advances are approximate of the value as stated if realized in the ordinary course of business and the provision for all known liabilities has been made.

3. The balances of Sundry debtors and Sundry Creditors are subject to confirmation.

4. Employees Benefits are recognized as on expense in the profit and loss account in which the related same in rendered. In respect of payment of gratuity, the same is neither applicable as per statute nor payable under any formal plan or agreement between company and its employees.

5. The company has acquired the lease right of land of 118 Bight and 10 Biwa from the directors/ relative of directors for the 10 years as per terms and condition of the agreement. The total amount paid for the said lease of 10 year is Rs. 1,16,50000/-which is amortized equally over the period of lease. The aforesaid lease agreement is cancelable lease agreement and therefore no disclosure is required to be made in accordance with AS-19 Leases issued by ICAI.

6. The company in the earlier years had given inter-corporate deposit to a company against security of shares of Bank of Rajasthan Limited, and due to default in repayment the company has got transferred the shares of Bank of Rajasthan Limited in its name. However, no adjustment regarding the same has been made in the books of accounts. The company also received 16200 bonus shares on these shares which were sold and amount of Rs. 18.30 lacs which has been credited to "advance payment account" pending adjustment on the outcome of the legal proceeding pending against the defaulter.

7. The company has entered into an agreement for cultivation of crops at its land The party has borne labour and tractor running and maintenance expenses for a consideration of -5/0 .of total produced crops at the said land of the company. The company has taken into account the production of only 75% of total produced crop at the said land being its share and sales thereof have been accounted for in the books of accounts.

In the opinion of the management there is no virtual certainty supported by conning evidence that future taxable income will be available and therefore no deferred tax assets have e been recognized. The Increase in Deferred tax liability amounting to Rs. 2330/- has been charged to profit and loss account.

In regard to timing difference of depreciation related to agricultural business and carry forward agricultural losses, deferred tax cannot be recognized as the effective tax rate is Nil, being agricultural income is exempt under provisions of Chapter III of the Income Tax Act, 1956.

8. RELATED PARTY DISCLOSURE

Relationships

Key Managerial Personnel

Krishna Kumar Parwal (KKP) (Managing Director)

Punit Parwal (Director)

Relatives of Key managerial Personnel (with whom transactions entered)

1. Basanti Devi Parwal

2. Ram Janaki Devi Parwal

3. Suita Devi Parwal

4. Deepika Parwal

9. Figures for previous year has been regrouped or rearranged wherever considered necessary.

 
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