Mar 31, 2014
NOTE ''1''. BANKGROUND
M P Agro Industries Limited (the Company) is a public limited company listed on Bombay Stock Exchange Limited. It was incorporated on 04.12.1975 under the provisions of the Companies Act, 1956 having registered office at MIG - 44, Bharti Niketan, Near Gautam Nagar,Bhopal, Madhya Pradesh -462023. The Company''s objects are to carry on in India or in ay part of the World all kind of business relating to fertilizers, heavy chemicals and their by-products.
2. Terms/Right Attached to Shares
The Company has only one class of shares referred to as equity shares having a par value of'' Rs. 10. Each holder of equity shares is entitled to 1 vote per share with same rights, preferences. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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.
Nature of Security :-The sale tax free loan from government of MP secured by Equitable Mortgage on immovable assets and hypothecation of movable assets
Note - 3: In the opinion of the Board, the Current Assets, Loans and Advances are : approximately of the value stated, if realised in the ordinary course of business. Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.
Note - 4: There was no employee throughout the financial year or for a part of the financial year, who was in receipt of remuneration in aggregate of Rs. 60,00,000/- or more, per annum or Rs. 5,00,000/- or more per month.
Note - 5: Managerial remuneration paid during the year Rs. Nil ( Previous Year Rs. Nil) value benefits in cash or kind and commission paid to Managerial personnel Rs. Nil ( previous year Rs. Nil )
Note - 6: Figures in respect of Previous Year have been regrouped/rearranged wherever necessary.
Mar 31, 2013
Note 1 - Basis of Preparation
The financial statements have been prepared in accordance with generally accepted accounting principles (Indian GAAP) prevalent in India. The financial statements have been prepared to comply in ail material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended and as applicable from time to time) and the relevant provisions of the Companies Act, 1956/The financial statements have been prepared on an accrual basis and under the historical cost convention
Note- 2 31st March 2013 31st March 2012 Contingent Liabilities not Provided for in respect of:
income Tax Act.
Based on legal advice, discussions with the solicitors etc. the management believes that there is fair chance of decisions in the Company''s favor in respect of all the items listed above and hence no provisions is considered necessary against the same. The management believes that the ultimate outcome of these proceedings will not have a material effect, on the company''s financial position and results of operations.
Notes to Accounts as on 31st March 2013
Note - 3: Books of Accounts of Baroda corporate office has been merged with the accounts of Bhopal Office.
Note - 4: Investments in Bharat Equity Services Ltd of Rs. 250 lacs at rate of Rs. 10 and same is face value of Investment (unquoted Investment). Since it is unlisted Market Value is at par.
Note - 5: Secured Loans of Rs.38.44 Lacs are from (Vladhya Pradesh State Industrial Development Corporation Limited are still unpaid.
Note-6: Contingent Liabilities:
2013 2012 (Rs. in Lacs) (Rs. in Lacs)
(a) Bank Guarantee issued in favour of Chhatisgarh Commercial Tax. 0.05 0,05
Note - 7: Legal & Professional charges Include payments to auditors for;
Note - 8: Some of the Debtors, Loans & Advances are unconfirmed.
Note - 9: Managerial remuneration paid during the year Rs. Nil (Previous year Rs Nil) value benefits in cash or kind and commission paid to Managerial personnel Rs. Nil (previous years Rs Nil).
Note - 10: No Provision for Income Tax made during the year. No assessment proceedings pending against the Company during the year 2012-13.
Note - 11: Related party disclosure- During the year company entered in to transactions with related parties those transactions along with related balances as at 31-03-2013 and for the year then ended are presented in the following table.
Note - 12: No Depreciation has been charged during the year.
Note - 13: Figures in respect of the previous year have been regrouped/ rearranged wherever necessary.
Mar 31, 2010
1. Books of Accounts of Baroda corporate office has been merged with the accounts of Bhopal Office.
2. Investments includes Rs. 250.00 Lacs as Investments to sister concerns. No Dividend or Income Accrued/ received during the year.
3. Sundry Creditors includes Rs. 107.17 Lacs to Sister concerns which is subject to confirmation.
4. Contingent Liabilities: 2010 2009
(a) Bank Guarantee issued in favour of
Chhatisgarh Commercial Tax. 0.05 0.05
5. Debtors, Loans & Advances are unconfirmed.
6. Managerial remuneration paid during the year Rs. Nil (Previous year Rs Nil) value benefits in cash or kind and commission paid to Managerial personnel Rs. Nil (previous years Rs Nil)
7. Sales Tax interest Free Loan Rs 16.34 Lacs has become overdue during the immediately preceding financial year which includes penal interest of Rs. 9.56 lacs not provided for the account.
8. Term Deposit of Rs. 0.05 with State Bank of Indore is lodged as Security for Margin money against B/G given by bank for Rs. 0.05.
9. No Provision for Income Tax made during the year.
10. Related party disclosure- During the year company entered in to transactions with related parties those transactions along with related balances as at 31- 03-2009 and for the year then ended are presented in the following table.
a. Managerial Personnel : Mr. Abdul Razak Dhanani
Mr. Kantilal R. Patni
Mr. Yunus R. Memon
b. List of related parties with whom Transaction has taken place during the year along with nature and value of transaction
11. Figures in respect of the previous year have been regrouped/ rearranged wherever necessary.