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Notes to Accounts of Indo Asian Foods and Commodities Ltd.

Mar 31, 2015

1. Terms / rights attached to equity shares

The equity shares of the company having par value of Rs. 10/- per share, rank pari passu in all respects including entitlement to dividend. Repayment of the capital in the event of winding of the Company will inter alia be subject to the provisions of the Companies Act 1956, the Articles of Association of the Company and as may be determined by the Company in General Meeting prior to such winding up.

2. Company Information

The Company was incorporated on 29th March, 1995to carry on the business in the manufacturing, trading in agro based commodities.

3. Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events of bonus Issue; bonus element in a rights issue to existing shareholders; share split; and reverse share split (consolidation of shares).

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares. Earnings per share are calculated by dividing the net profit after tax for the year attributable to equity shareholders by the number of equity shares outstanding on the balance sheet date.

4. Provisions

A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best escimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

5. Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence of non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements.

The contingent liability is Rs. NIL during the financial year.

6. Cash and Cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term investments with an original maturity of three months or less.

7. Related parties

i) Key management personnel

Name of the personnel Nature of relationship

RambabuKopparapu CEO &Managing Director

ii) Name of the related party

Name of the entity Nature of relation ship

Golden Earth Infracon Entity in which KMP has Projects Pvt Ltd significant influence

8. Segment Reporting (AS-17):

The Company is in the business of manufacturing, trading in agro based commodities .As such, there are no such separate reportable business segments as per Accounting Standards -17 on Segment Reporting issued by the Institute of Chartered Accountants of India.

9. Previous year's figures are regrouped/ reclassified wherever considered necessary to confirm to Current year's classifications.

As per our report of even date -


Mar 31, 2014

1 Earnings Per Share

The Company reports basic and diluted earnings per share in accordance with Accounting Standard (AS) 20, Earnings Per Share. Basic earnings per equity share is computed by dividing the net profit for the year attributable to the Equity Shareholders by the weighted average number of equity shares outstanding during the year. The EPS as of 31.03.2014 stands at Rs. 0.17.

2 There are no amounts payable to SSI Units, exceeding Rs. 1.00 Lacsand outstanding for more than 30 days.

3 Claims against the Company and by the Company not acknowledged as Debts are NIL.

4 The comapny has received a contract from M/s Agri Gold Projects Limited, contract valuing Rs 210,242,563.42, the Company has spent an amount of Rs. 5,171,702/- for execution of the Project. During the year contract has been cancelled between these Companies and M/s Agri Gold Projects Limited has agreed to pay the expenditure incurred by the Company for execution of the project and the Company has recorded accordingly in its books of accounts.

5 Related party disclosure:

Disclosure in respect of related parties pursuant to Accounting Standard - 18

i.List of related parties and description of relation ship (As identified by management)

1) Key Management personnel

Mr. Rambabu Kopparapu - Director

Mr. Sridevi Kopparapu - Director

Mr. Prabhakara Setti Grandhi - Director

Mr. P.Sai Venkateshwara Rao - Director

2) Enterprises in which significant influence exists

Golden Earth Infracon Projects Pvt. Ltd. - Mr Ramababu Director holding majority shares

ii. Transactions with related parties during the year. a) Key management personnel.


Mar 31, 2013

1 Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation and impairment losses if any.

2 Depreciation

Depreciation on fixed assets provided on Straight Line method as per rates specified in Schedule XIV of the Companies Act, 1956.

3 Investments

The investments are long term which are unquoted shares and are valued at cost to the Company.

4 Revenue Recognition Contract Revenue:

Contract Revenue (net of taxes and duties) is recognised at the reporting date of the financial statements under percentage of completion method. However, during the year there are no Contract Revenues.

5 Taxes on Income

As per AS 22 (Accounting for Taxes on income issued by ICAI, the Net DTA (Assets) reflected in Balance Sheet is Rs. 2,58,585/-

6 Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised when the Company has a legal and constructive obligation as a result of a past event, for which it is probable that a cash outflow will be required and a reliable estimate can be made of the amount of the obligation. Contingent Liabilities are disclosed when the Company has possible obligation or a present obligation and it is probable that a cash outflow will not be required to settle the obligation.

7 Earnings Per Share

The Company reports basic and diluted earnings per share in accordance with Accounting Standard (AS) 20, Earnings Per Share. Basic earnings per equity share is computed by dividing the net profit for the year attributable to the Equity Shareholders by the weighted average number of equity shares outstanding during the year. The EPS as of 31.03.2013 stands at Rs. (0.14).

8 There are no amounts payable to SSI Units, exceeding Rs. 1.00 Lacs and outstanding for more than 30 days.

9 Claims against the Company and by the Company not acknowledged as Debts are NIL.

10 The Company has purchased some materials for trading purpose and which are shown as closing stock as the same remains unsold at the end of the year.


Mar 31, 2012

1 Other Non Current Assets of Rs. 2,11,38,652 includes Rs. 42,50,000 Development and preliminary expenses incurred on proposed Mines and Rs.24,85,642 disputed item of recovery from M/s. Maheswari Minerals the suppliers of Laterite for poor quality of material supplied and penalities towards late supply etc., deducted by M/s. Vedanta Aluminium Limited against the supplies made to them. Further Rs. 1,44,03,009 represents the Developmental expenditure and Finance cost incurred on Farm Lands which could not be realized on sale of such lands.

2. Prior period items of net Rs. 8,16,797 includes Rs. 6,80,000 Transport expenditure incurred on Laterite during last year kept under suspense account for want of information and the same has now transferred to Prior period expenditure. Other items includes short provision of taxes etc., relating to earlier years.

3. Previous year figures have been regrouped and or reclassified wherever necessary. Paise have been rounded off to the nearest rupee.

4. Balance of Sundry Debtors, Creditors and other loans and advances are subject to confirmation by the respective parties.

Note: In view of low level of operations the Managing Director has drawn the above stated Remuneration only as against his entitlements waiving the balance. .

5. Estimated amount of contracts remaining to be executed on account of capital works are NIL (NIL).

6. Earnings & Expenditure in Foreign Currency is NIL (NIL)

7. Claims against the Company and by the Company not acknowledged as debts are NIL (NIL).

8. The Company has no subsidiaries/joint venture concerns and hence the related party disclosures are NIL, except remuneration to Managerial Personnel.

9. There are no amounts payable to SSI Units, exceeding Rs. 1.00 Lakh and outstanding for more than 30 days.

10. The Company is in the process of getting information under "Micro, Small and Medium Enterprises Development Act, 2006 (the Act) for reporting the obligations under the said Act.

11. As per the Accounting Standards. AS-22 (Accounting for Taxes on Income) issued by ICAI, the differed Tax Liability on adjustment for the current year's operations is as at 31.3.2012 is Ps. 41,355/-.

12. As perthe Accounting Standard, AS-20 (Earnings per Share) issued by ICAI, the EPS as of 31-3-2012 stands at (Rs. 0.3435).


Mar 31, 2010

1. Previous year figures have been regrouped and or reclassified wherever necessary. Paise have been rounded off to the nearest rupee.

2. Balance of Sundry Debtors, Creditors and other loans and advances are subject to confirmation by the respective parties.

3. Particulars of Remuneration paid to Auditors.

Audit Fee Rs. 15,000

4. Particulars of Remuneration paid to Directors.

2009-2010 2008-2009

Salary and allowances including

Perquisites to:

Managing Director 2,40,000 2,40,000

Note: In view of low level of operations and nominal profits the Managing Director has drawn the above stated remunaration only as against his entitlements waiving the balance

5. Estimated amount of contracts remaining to be executed on account of capital works are NIL (NIL).

6. Earnings & Expenditure in Foreign Currency is NIL, (NIL)

7. Claims against the Company and by the Company not acknowledged as debts are NIL (NIL).

8. The Company has no subsidiaries/joint venture concerns and hence the related party disclosures are NIL, except remuneration to Managerial Personnel.

9. There are no amounts payable to SSI Units, exceeding Rs. 1.00 Lakh and outstanding for more than 30 days.

10. The company is in the process of getting information under "Micro, Small and Medium Enterprises Development Act., 2006" (The Act.,) for reporting the obligations under the said act.,

11. Secured Loan from Federal Bank Ltd. is obtained by hypothecation of Vehicle purchased in the name of the company.

12. As per guidelines prescribed under IT Act, 1961, the Company is subject to Tax Liability on Book Profits and a provision of Rs.55,000 is made towards MAT Tax payment.

13. As per the Accounting Standards. AS-22 (Accounting for Taxes on Income) issued by ICAl, the differed Tax Asset on adjustment for the current years operations is Rs. 57148/- to the Debit of Profit & Loss Account. Thus the total differed tax Liability as at 31.03.2010 is Rs. 57,740/-.

14. As per the Accounting Standard, AS-20 (Earnings per Share) issued by ICAl, the EPS as of 31 -3-2010 stands at Rs. 0.456.

 
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