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Notes to Accounts of Nagarjuna Agritech Ltd.

Mar 31, 2014

1 Disclosure pursuant to Note No. 6(A)(e) of Part I of Schedule VI to the Companies Act, 1956

The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital;

a) 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 one vote per share

b) 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.

c) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

2 CONTINGENT LIABILITIES

Particulars year Year ended ended 31-03-2014 31-03-2013

Guarantees to Banks 510,113 510,113

3 Segment Reporting:

As the Company''s business activities falls within single segment the disclosure requirement of Accounting Standard 17 "Segment Reporting" issued by the institute of Chartered Accountants of India is not applicable.

4 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no Micro, Small and Medium Enterprise, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required to be disclosed under the Micro, Small Medium Enterprise Development Act, 2006 has been determined to the extent such parties have been Identified on the basis of Information available with the company.

5 Deferred Tax Asset / Liability:

The. management has taken the view that, flowri culture activity comes under agricultural activity and since agricultural income is exempted from income tax, there is no need to recognise deferred tax asset/liability in the books of account.

6 Foreign Exchange Fluctuations:

As per the above stated accounting policy, amount of foreign exchange fluctuations debited to Profit and Loss Account during the period was Rs.33,270/- (previous year credited Rs.3,20,622/-)

7 Note on Land:

The company has acquired land in the name of individuals. The rules in Karnataka State do not permit the. companies to hold agricultural land in their names. However, the company has entered into agreement with the respective individuals for execution of necessary legal documents in respect of the title of the land. The consideration for purchase of said land has already been paid out of the company''s funds, hence treated as an asset of the company.

8 Previous Years Figures:

The previous year''s figures have been reworked / regrouped / rearranged / reclassifed whereever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

9 Balances subject to Confirmation:

Balances under sundry creditors, deposits, Investment in share application money, advances, amounts payable / receivable are subject to confirmation and reconciliation.


Mar 31, 2012

1.1 Related Party Disclosures:

During the year the company has not entered into any transactions with the related parties.

1.2 Segment Reporting:

As the Company's business activities falls within single segment the disclosure requirement of Accounting Standard 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India is not applicable.

1.3 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006:

There are no Micro, Small and Medium Enterprise, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2012. This information as required to be disclosed under the Micro, Small Medium Enterprise Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the company.

1.4 Deferred Tax Asset / Liability:

The management has taken the view that, flowery culture activity comes under agricultural activity and since agricultural income is exempted from income tax, there is no need to recognize deferred tax asset/liability in the books of account.

1.5 Government Grants:

Air Freight Subsidy from APEDA towards reimbursement of air freight charges incurred for export of cut flowers are deducted from the related expenditure. Subsidy receivable for the current year is amounting to Rs.1.36 lakh (previous year Rs.4.56 lakh).

Subsidy received from Government amounting to Rs.15 lakhs towards reimbursement of capital expenditure was deducted from the Plant & Machinery.

1.6 Foreign Exchange Fluctuations:

As per the above stated accounting policy, the amount of exchange differences credited to Profit and Loss Account during the period was amounted to Rs.2.20 lakh (previous year debited Rs.0.42 lakh)

1.7 Note on Land:

The company has acquired land in the name of individuals. The rules in Karnataka State do not permit the companies to hold agricultural land in their names. However, the company has entered into agreement with the respective individuals for execution of necessary legal documents in respect of the title of the land. The consideration for purchase of said land has already been paid out of the company's funds, hence treated as an asset of the company.

1.8 Previous Years Figures:

The previous year's figures have been reworked / regrouped / rearranged / reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

1.9 Balances subject to Confirmation:

Balances under sundry debtors, sundry creditors, deposits, loans and advances payable / receivable are subject to confirmation and reconciliation.


Mar 31, 2011

1. The company has acquired land In the name of Individuals. The rules in Karnataka State do not permit the companies to hold agricultural land In Their names. However, the company has entered into agreement with the respective individuals (or execution of necessary legal documents in respect of the title of the land. The consideration for purchase of said land has already been paid out of the company's funds, hence treated as an asset of the company.

2. Balance under sundry debtors, sundry creditors, loans and advances payable/receivable and deposits are subject to confirmation and reconciliation

3. Previous year figures have been regrouped, recasted and reclassified wherever necessary, to confirm with current years classifications,

4. The figures have been rounded off to the nearest rupee.

5. In the opinion of the board, except as other wise stated, the Current Assets and Loans and Advances have a value on reaction at least equal to amounts at which they are stated in the Balance Sheet.

6. The amount paid on forfeited shares / share warrents amounting to Rs.73,72,050/- was transferred to Capital Reserve during the year, since the company has cancelled the forfeited shares and is not going to reissue the forfeited shares. Hence the amount paid on forfeited shares was considered as capital profit and transferred to Capital Reserve.

7. Quantities particulars:

The company is engaged in the business sale of floriculture products. The production and sale d such items are not capable of being expressed in any generic unit and hence ft is not possible to give the quantative details and the information as required under paragraph 3,4C and 4D of Part II of Schedule VI to the Companies Act, 1956.

8. Disclosure under Micro. Small and Medium Enterprises Development Act. 2006:

The Management is currently in the process of identifying enterprises which have provided goods and services to the company and which qualify under the definition of Micro, Medium and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006. Accordingly the disclosure in respect of the amount payable to such medium and small enterprises as at 31-03-2011 has not been made in the financial statements. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act, is not expected to be material.

9. Deferred Tax asset / liability:

The management has taken the view that, flown culture activity comes under agricultural activity and since agricultural income is exempted from income tax, there is no need to recognise deferred tax asset/liability in the books of account.

10. Related Party Disclosures:

During the year the company has not entered into any transactions with the related parties.

11. Segment Reporting:

As the company's business activities falls within single segment the disclosure requirement of Accounting Standard -17 on "Segment Reporting' issued by ICA1 is not applicable.

12. Provision for taxation:

No Provision for tax has been provided since the operations of the company comes under agricultural activity and agricultural income is exempted from income tax.

13. Remuneration to Directors:

No remuneration was paid or provided to the Directors

14. Government Grants:

Air Freight Subsidy receivable from APEDA towards reimbursement of air freight charges incurred for export of cut flowers are accounted on accrual basis and deducted from the related expenditure. Subsidy receivable for the current year is amounting to Rs.4,58,137/- (previous year Rs.8,39,862/-).

15. Leases:

The Company's significant leasing arrangements are in respect of operating leases for premises like operational units, offices, etc., These leases which are not non-cancellable are generally for more than 11 months, or for longer periods and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as rent to profit and loss account, During the year Rs.1,13,550/- (Rs.2,36,4507-) was charged to Profit and Loss Account as lease rent.