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Notes to Accounts of Naturite Agro Products Ltd.

Mar 31, 2016

1. Current Tax: provision for current income tax is made on the taxable income using the applicable tax rates and tax laws.

2. Deferred Tax: Deferred tax arising on account of timing differences and which are capable of reversal in one or more subsequent period(s) is recognized using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assets are not recognized unless there is virtual certainty with respect to the reversal of the same in future years.

3. Minimum Alternative Tax (MAT) credit: MAT is recognized as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period in the year in which the MAT credit becomes eligible to be recognized as an asset in accordance with the recommendations contained in the guidance note issued by the ICAI. The said asset is created by way of a credit to the Statement of profit and loss and is shown as MAT credit entitlement. The company reviews the same at each balance sheet date and writes down the carrying amount of mat credit entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal income tax during the specified period.

3. Contingent Liabilities and commitments - (AS-29): a. Contingent Liabilities:

4. Guarantees and letters of credit: Nil

5. Bank Guarantees: Rs. Nil

6. other Disclosures:-

7. The Previous year''s figures have been regrouped and recast wherever necessary to bring them in line with the current year''s figures.


Mar 31, 2015

I. Contingent Liabilities and commitments - (AS-29):

a. Contingent Liabilities:

i) Guarantees and letters of credit: Nil

ii) Bank Guarantees: Rs. Nil

II. Deferred Tax Liability/(Asset)

Opening Value of deferred tax Liability 2,56,407

Deferred tax expense on account of Depreciation Nil

Closing Value of deferred tax Liability as on 31.03.2015 2,99,665

III. Other Disclosures:-

a) The Previous year's figures have been regrouped and recast wherever necessary to bring them in line with the current year's figures.


Mar 31, 2013

1. Provisions

Provision is recognised when an enterprise has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are determined based on management estimates required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to refect the current management estimate.

2. The Company has carried out its tax computation in accordance with mandatory accounting standard AS 22 – ''Taxes on Income'' issued by the Institute of Chartered Accountants of India.

Provision for current tax comprises Minimum Alternative Tax (MAT). The company is entitled to carry forward it to be set off against future tax liabilities. Keeping in view the significant accumulated losses carried forward, MAT credit has not been recognised in the accounts.

3. As per information available with the company, none of its creditors comprise small scale industrial undertakings to which the company owes dues, which are outstanding for more than 30 days as at the Balance Sheet date. Further none of the creditors comprises micro, small and medium enterprises which comprise amounts outstanding for more than 45 days as at the Balance Sheet date.

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

Amount in Lakhs

1. Contigent Liabilities: 2012-13 2011-12

a. Bank Guarantee

b. Letter of Credits Taken for Purchase Raw materials

c. Bill discounting against letter of credit, outstanding naot credited to balance sheet

5. Related Party Disclouser

Related Party disclosure as required under Accounting Standard on Related Party Disclousers issued by the Institute of Charted Accountant of India is given below:

There are no related party transactions.

6. Previous Year Figures have been regrouped whereever necessery signatories to Schedule 1 to 23


Mar 31, 2012

1. Provisions

Provision is recognised when an enterprise has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and in respect of which a reliable estimate can be made. Provisions are determined based on management esti- mates required to settle the obligation at the balance sheet date. These are reviewed at each bal- ance sheet date and adjusted to refect the current management estimate.

2. The Company has carried out its tax computation in accordance with mandatory accounting standard AS 22 – ''Taxes on Income'' issued by the Institute of Chartered Accountants of India.

Provision for current tax comprises Minimum Alternative Tax (MAT). The company is entitled to carry forward it to be set off against future tax liabilities. Keeping in view the signifcant ac- cumulated losses carried forward, MAT credit has not been recognised in the accounts.

3. As per information available with the company, none of its creditors comprise small scale indus- trial undertakings to which the company owes dues, which are outstanding for more than 30 days as at the Balance Sheet date. Further none of the creditors comprises micro, small and me- dium enterprises which comprise amounts outstanding for more than 45 days as at the Balance Sheet date.

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

5. Related party disclosure

Related party disclosure as required under Accounting standard on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India is given below:

There are no related party transactions.

6. Previous Year figures have been regrouped wherever necessary

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