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Notes to Accounts of Nath Bio-Genes (India) Ltd.

Mar 31, 2015

NOTE NO - 1 Current Year Previous Year Rs. Rs. Contingent liabilities not provided for in respect of:-

a)Claims against the Company not acknowledged as debts in respect of legal cases including consumer cases.

8,520,880 4,064,600

b)The liability on account of damages u/s 14B of the Employees Provident Fund and Misc Provisions Act, 1952, which is being contested by the Company in appeal. 2,545,425 2,545,425

c)Corporate Guarantee 300,000,000 300,000,000 given in favour of ICICI Bank towards crop loan taken by the seed growers of the company

d) Income tax demand for the Assessment year 2012-13, which is being contested by the Company 17,291,980 NIL

NOTE NO - 2

Capital Commitments for land purchase 64,658,077 80,291,554

NOTE NO - 3

In the opinion of the Board, Current and Non-current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of the business.

NOTE NO - 4

Certain accounts of Sundry Debtors, Creditors, Unsecured Loans, Employees Account, certain current account balances with banks, Loans and Advances (including advances given to growers and inter party transfer & balances) are subject to confirmations and reconciliation's, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference will not be material.

NOTE NO - 5

The Company has dispatched letters to certain vendors to ascertain their status under the Micro, Small and Medium Enterprises Development Act, 2006. Based upon the confirmation received from the following parties, the principal dues and interest worked out @36% p.a. thereon is as under:-

(c ) Figures given in the brecket are related to previous year.

(d ) The allocation of other expenses as mentioned in (b) B above, which are not directly relating to specific activity of prouction or trading have been made by the mangement in the ratio of turnover and relied upon by the auditors.

NOTE NO - 6

i In the opinion of the Board, fixed assets have been stated at cost, which is at least equal to or less than the realizable value if sold in the ordinary course of business. Consequently, the management is of the opinion that there is no impairment of assets.

ii Pursuant to the notification of Schedule II of the Companies Act, 2013, (the Act) by the Ministry of Corporate Affairs effective from 01.04.2014, the management has internally reassessed based upon the technical evaluation and changed, wherever necessary, the useful life to compute depreciation to confirm the requirement of the Act. Accordingly, the carrying amount as at 01.04.2014 is being depreciated over the revised useful life of the assets. In case of assets with NIL revised remaining useful life as at 01.04.2014 is reduced after tax adjustment from the retained earning as at such date in the financial results. Further, had the company continued with the previously assessed useful life the charge of depreciation for the year ended 31.03.2015 would have been lower by Rs. 71,91,410 and the profit before tax would also have been higher by such amount in financial results as also fixed assets as on 31.03.2015 would have been higher to that extent.

NOTE NO - 7

The company is engaged in agricultural activities of production of seeds on lease hold land situated at various part of India.

ii .The company has entered into agreements with various growers for cultivation and production of agricultural produce in view of the fact that the company itself is unable to carry on such activities which are spread over various parts of India. The company has reimbursed the cultivation expenses based upon the agreement entered into with the growers.

NOTE NO - 8 :

Employee Benefits

The company has classified the various benefits provided to employees as under Defined Contribution Plans :

During the year, the Company has recognized the following amounts in the Profit & Loss Account

Defined Benefit Plans

The company has neither created fund nor contributed to Scheme framed by the Insurance Company for the defined benefit plans for the qualifying employees. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit credit method with actuarial valuations being carried out at each balance sheet date.


Mar 31, 2014

NOTE NO - 1 Current Year Previous Year

Contingent liabilities not provided for in respect of:- Rs. Rs.

a) Claims against the Company not acknowledged as debts in respect of consumer legal cases. 4064600 864500

b) The liability on account of damages u/s 14B of the Employees Provident Fund and Misc 2545425 2545425 Provisions Act, 1952, which is being contested by the Company in appeal.

c) Corporate Guarantee given in favour of ICICI Bank towards crop loan taken by the seed 300000000 200000000 growers of the company

d) Income tax demand for the Assessment year 2010-11, which is being contested by the 32827050 NIL Company

NOTE NO 2

Capital Commitment for land purchase and construction of building 80291554 NIL

NOTE NO 3

In the opinion of the Board, Current and Non-current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of the business.

NOTE NO 4

Certain accounts of Sundry Debtors, Creditors, Unsecured Loans, Employees Account, certain current account balances with banks, Loans and Advances (including advances given to growers and inter party transfer & balances) are subject to confirmations and reconciliation''s, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference will not be material.

NOTE NO 5

In the opinion of the Board, fixed assets have been stated at cost, which is at least equal to or less than the realizable value if sold in the ordinary course of business. Consequently, the management is of the opinion that there is no impairment of assets.

NOTE NO 6

i The company is engaged in agricultural activities of production of seeds on lease hold land situated at various part of India.

ii The company has entered into agreements with various growers for cultivation and production of agricultural produce in view of the fact that the company itself is unable to carry on such activities which are spread over various parts of India. The company has reimbursed the cultivation expenses based upon the agreement entered into with the growers.

NOTE NO - 7 : Employee Benefits

The company has classified the various benefits provided to employees as under

Defined Contribution Plans :

During the year, the Company has recognized the following amounts in the Profit & Loss Account

Defined Benefit Plans

The company has neither created fund nor contributed to Scheme framed by the Insurance Company for the defined benefit plans for the qualifying employees. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit credit method with actuarial valuations being carried out at each balance sheet date.

NOTE NO - 8 :

Previous year''s figures have been regrouped / rearranged wherever necessary to conform to the current year''s presentation.


Mar 31, 2013

NOTE NO - 1

Contingent liabilities not provided for in respect of:- Current Year Previous year

a) Claims against the Company not acknowledged as debts in respect of consumer legal Rs. 8,64,500 Amount cases. unascertain able

b) The liability on account of damages u/s 14B of the Employees Provident Fund and Misc Rs. 25,45,425 Rs. 25,45,425 Provisions Act, 1952, which is being contested by the Company in appeal.

NOTE NO - 2

In the opinion of the Board, Current and Non-current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of the business.

NOTE NO - 3

Certain accounts of Sundry Debtors, Creditors, Unsecured Loans, Employees Account, certain current account balances with banks, Loans and Advances (including advances given to growers and inter party transfer & balances) are subject to confirmations and reconciliation''s, if any. The difference as may be noticed on reconciliation will be duly accounted for on completion thereof. In the opinion of the management, the ultimate difference will not be material.

NOTE NO - 4 :

In the opinion of the Board, fixed assets have been stated at cost, which is at least equal to or less than the realizable value if sold in the ordinary course of business. Consequently, the management is of the opinion that there is no impairment of assets.

NOTE NO - 5:

i The company is engaged in agricultural activities of production of seeds on lease hold land situated at various part of India.

ii The company has entered into agreements with various growers for cultivation and production of agricultural produce in view of the fact that the company itself is unable to carry on such activities which are spread over various parts of India. The company has reimbursed the cultivation expenses based upon the agreement entered into with the growers.

Defined Benefit Plans

The company has neither created fund nor contributed to Scheme framed by the Insurance Company for the defined benefit plans for the qualifying employees. The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit credit method with actuarial valuations being carried out at each balance sheet date.

g) Expected contributions to Gratuity Fund next year Rs. NIL (Previous Year Rs. NIL)

h) The liability for leave encashment and compensated absences as at year end is Rs. 55,70,000 (Previous year liability Rs. 4620,000)_

NOTE NO - 6:

Related parties disclosure as per Accounting Standard - 18:

List of related parties_

a) Associates:-

i) Global Transgenes Ltd.

ii) Agri Tech (India) Ltd.

iii) Nath Biotechnologies Ltd.

iv) Nath Seeds Ltd.

v) Nath Royal Seed Ltd

b) Relatives

Ms. Soniya Kagliwal_

c) Key Management Personnel:-

Mr. Satish Kagliwal (Managing Director)

Mr. S. U. Baig, (Technical Director)_

d) Subsidiary Company Paithan Mega Food Park Pvt Ltd

NOTE NO - 7 :

Previous year''s figures have been regrouped / rearranged wherever necessary to conform to the current year''s presentation.

 
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