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Notes to Accounts of Neelamalai Agro Industries Ltd.

Mar 31, 2015

NOTE:1

DUE TO MICRO AND SMALL ENTERPRISES

Based on the information available with the Company, the Principal amount due to Micro and Small enterprises as on 31.03.2015 is Nil (Previous year Rs. Nil). There are no overdue principal amounts and therefore no interest is paid or payable.

Year ended Year ended 31.03.2015 31.03.2014 Rs. Rs.

NOTE : 2

CONTINGENT LIABILITY

Contracts remaining to be executed on Capital Account --- ---

NOTE : 3

SEGMENT REPORTING

The Company's operations relate only to Plantation Crops in the domestic as well as export markets and accordingly primary segment reporting disclosure for business segments, as envisaged in Accounting Standard 17 on "Segment Reporting (AS 17)" issued by The Institute of Chartered Accountants of India, are not applicable. The Company's operations relating to Secondary segment reporting has been confined to sales in India and export outside India.

Fixed Assets used in the Company's business and liabilities contracted in repect of its sole manufacturing facilities are not identifiable in line with the following reportable segments as the fixed assets and liabilities contracted are used interchangeably between two segments. Accordingly only figures for debtors have been given Secondary Segment Reporting

NOTE : 4

ACCOUNTING FOR TAXES ON INCOME

The impact of Deferred Tax on Income for the year is considered not material and hence not recognised.

NOTE : 5

ACCOUNTING FOR TAXES ON INCOME

The company has adopted the useful life of Fixed Assets Prescribed under Part C of schedule II of the Companies Act 2013 for providing depreciation from 1st April 2014. As a result of this depreciation for the year ended 31.03.2015 is higher by Rs. 29,99,247/- with consequential effect on statement of profit and loss before tax by this amount.

For the Tangible Fixed Assets that had completed useful life as on 01.04.2014, the carrying amount of Rs. 2,45,651/- has been adjusted against the opening balance of retained earings as per Note 7 of Part C of Schedule II of the Companies Act 2013

NOTE : 6

EMPLOYEE BENEFITS

i) Defined Benefit Plans

a) Description of the Company's defined benefit plan :

i) Gratuity Scheme

This is a funded defined benefit plan for qualifying employees for which, the Company makes contribution to the Gratuity Fund managed by the Life Insurance Corporation of India. The Scheme provides for a lumpsum payment to vested employees at retirement, death while in employment or on termination of employment. Vesting occurs upon completion of five years of service.

ii) Leave Encashment

The company also operates a non funded leave encashment scheme for its employees.

Note : 7 Previous Year's figures have been re-grouped wherever necessary


Mar 31, 2014

NOTE : 1

DUE TO MICRO AND SMALL ENTERPRISES

Based on the information available with the Company, the Principal amount due to Micro and Small enterprises as on 31.03.2014 is Nil (Previous year Rs. Nil). There are no overdue principal amounts and therefore no interest is paid or payable.

NOTE : 2

CONTINGENT LIABILITY

Contracts remaining to be executed on Capital Account - 15,52,315

NOTE : 3

ACCOUNTING FOR TAXES ON INCOME

The impact of Deferred Tax on Income for the year is considered not material and hence not recognised.

NOTE : 4 EMPLOYEE BENEFITS

i) Defined Benefit Plans

a) Description of the Company''s defined benefit plan :

i) Gratuity Scheme

This is a funded defined benefit plan for qualifying employees for which, the Company makes contribution to the Gratuity Fund managed by the Life Insurance Corporation of India. The Scheme provides for a lumpsum payment to vested employees at retirement, death while in employment or on termination of employment. Vesting occurs upon completion of five years of service.

ii) Leave Encashment

The company also operates a non funded leave encashment scheme for its employees.

5. The estimates of future salary increases, considered in acturial valuation, take account of inflation, seniority, promotion and other relevent factors such as demand and supply in the employment market.

The Company expects to fund Rs. 49/- lakhs towards it Gratuity Plan during the year 2014 - 2015.

6. i) Defined Contribution Plans:

The Company makes contribution towards employees'' provident fund, family pension fund, super annuation fund and employees'' state insurance scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognised Rs. 76,04,137/- as expense towards contributions to these plans.

Note

7. Previous Year''s figures have been re-grouped wherever necessary


Mar 31, 2013

NOTE : 1

CONTINGENT LIABILITY

Contracts remaining to be executed on Capital Account 15,52,315 Nil

NOTE : 2 SEGMENT REPORTING

The Company''s operations relate only to Plantation Crops in the domestic as well as export market and accordingly primary segment reporting disclosure for business segments, as envisaged in Accounting Standard 17 on "Segment Reporting (AS 17)" issued by The Institute of Chartered Accountants of India, are not applicable.

The Company''s operations relating to Secondary segment reporting has been confined to sales in India and export outside India.

Fixed Assets used in the Company''s business and liabilities contracted in repect of its sole manufacturing facilities are not identifiable in line with the following reportable segments as the fixed assets and liabilities contracted are used interchangeably between two segments. Accordingly only figures for debtors have been given

NOTE : 3

ACCOUNTING FOR TAXES ON INCOME

The impact of Deferred Tax on Income for the year is considered not material and hence not recognised.

NOTE : 4 EMPLOYEE BENEFITS

i) Defined Benefit Plans

a) Description of the Company''s defined benefit plan :

i) Gratuity Scheme

This is a funded defined benefit plan for qualifying employees for which, the Company makes contribution to the Gratuity Fund managed by the Life Insurance Corporation of India. The Scheme provides for a lumpsum payment to vested employees at retirement, death while in employment or on termination of employment. Vesting occurs upon completion of five years of service.

ii) Leave Encashment

The company also operates a non funded leave encashment scheme for its employees.

The Company expects to fund Rs. 82/- lakhs towards it Gratuity Plan during the year 2013 - 2014.

ii) Defined Contribution Plans:

The Company makes contribution towards employees'' provident fund, family pension fund, super annuation fund and employees'' state insurance scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognised Rs. 54,45,050/- as expense towards contributions to these plans.


Mar 31, 2011

1. CONTINGENT LIABILITY

Claims against the company not acknowledged as debts Nil 5,28,000

2. TAXES ON INCOME

The impact of deferred tax on income for the year is considered not material and hence not recognised.

3. EMPLOYEE BENEFITS

i) Defined Benefit Plans

a) Description of the Company's defined benefit plan :

i) Gratuity Scheme

This is a funded defined benefit plan for qualifying employees for which, the Company makes contribution to the Gratuity Fund managed by the Life Insurance Corporation of India. The Scheme provides for a lumpsum payment to vested employees at retirement, death while in employment or on termination of employment. Vesting occurs upon completion of five years of service.

ii) Leave Encashment

The company also operates a non funded leave encahsment scheme for its employees.

ii) Defined Contribution Plans:

The Company makes contribution towards employees' provident fund, family pension fund, super annuation fund and employees' state insurance scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognised Rs. 40,60,462/- as expense towards contributions to these plans.

4. RELATED PARTY TRANSACTIONS

Following associate companies are related to the Company on account of common control through Constitution of Board / Shareholdings

- A. V. Thomas & Company Ltd. - Midland Latex Products Ltd.

- A. V. Thomas International - Sermatech Private Ltd. Ltd.

- L. J. International Ltd. - Midland Corporate Advisory Services Pvt. Ltd. - A. V. Thomas Investments (Formerly ST Holding Private Ltd. Company Ltd.

- The Midland Rubber & Produce - AVT Natural Pte Ltd. Co. Ltd.

- The Nelliampathy Tea & - Heilongjiang AVT Bio-Products Ltd. Produce Co. Ltd.

- A V T Natural Products Ltd. - (Formerly Tonghe AVT Natural Ltd.)

- Ajit Thomas Holdings Private - AVT Gavia Foods Private Ltd.

- A. V. Thomas Exports Ltd. - J. Thomas Educational & Benevolent Limited Trust

- AVT McCormick Ingredients - Midland Natural Pte. Ltd.

- Teleflex Medical Private - Midland Charitable Trust Ltd.

- A. V. Thomas Leather and - AVT Infotech Allied Products Pvt.Ltd. Private Ltd.

Key Managment Personnel: Mr. Ajit Thomas, Chairman Mr. S. Rajasekar, Director

5. Previous Year's figures have been re-grouped wherever necessary


Mar 31, 2010

1. DUE TO MICRO AND SMALL ENTERPRISES

Based on the information available with the Company, the principal amount due to Micro and Small Enterprises as on 31.03.2010 is Nil. There are no overdue principal amounts and therefore no interest is paid or payable.

2. CONTINGENT LIABILITY Year ended Year ended 31.03.2010 31.03.2009

Claims against the company not acknowledged as debts 5,28,000 5,28,000

3. TAXES ON INCOME

The impact of deferred tax on income for the year is considered" not material and hence not recognised.

4. EMPLOYEE BENEFITS

i) Defined Benefit Plans

a) Description of the Companys defined benefit plan :

i) Gratuity Scheme

This is a funded defined benefit plan for qualifying employees for which, the Company makes contribution to the Gratuity Fund managed by the Life Insurance Corporation of India. The Scheme provides for a lumps 1m payment to vested employees at reurement, death while in employment or on termination of employment. Vesting occurs upon completion of five years of service.

ii) Leave Encashment

The company also operates a non funded leave encahsment scheme for its employees.

5. Previous Years figures have been re-grouped wherever necessary

 
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