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Notes to Accounts of Omega Ag-Seeds (Punjab) Ltd.

Mar 31, 2014

Not Available.


Mar 31, 2013

A) RELATED PARYT DISCOLSERS (AS-18)

The related party Disclosures as required as per Accounting Standard (AS-18) on Related party Disclosures Issued by Institute of Chartered Accountants of India are as below: -

A. PARTY RELATION

Omega Ag-Seeds (India) Limited Promoter Company

Punjab Agro Ind. Corporation (PAIC) Promoter Company

B. Key Managerial Personnel

Mr.Nerella Mohan Rao Venkatarama Managing Director a) Disclosure required for related parties transactions.

The Amounts outstanding at Balance sheet Date.

Amount Recoverable from Promoter Company

Omega Ag-Seeds (India) Ltd Rs. 1,46,277/-

Amount Payable to Managerial Personnel

Mr. Nerella Mohan Rao Venkatrama Rs. 30,20,000/-

B) Expenses /Revenue in Foreign currency - NIL

C) Balance of Sundry Debtors, Sundry Creditors and growers and loans & Advances are subject to confirmation.

D) The company has calculated Deferred Tax liability as at 31.03.2013 in accordance with the Accounting Standards (AS-22) issued by The Institute of Chartered Accountants of India.

E) In the opinion of the management the value realization of current assets and bans & Advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

F) In accordance with the Accounting Standard (AS-22) issued by Institute of Chartered Accountants of India, the company has Deferred Tax liability as ait 31.03.2013 with regard to timing difference of depreciation of previous years and current year.

G) Figures for the previous year have been regrouped or rearranged wherever necessary.

H) Praise have been rounded to nearest rupee.


Mar 31, 2012

A RELATED PARTY DISCLOSERS ( AS-18 )

The Related Party Disclosures as required as per Accounting Standard (AS-18) on " Related Party Disclosures" issued by the Institute of Chartered Accountants of India are as below:-

a) List of Related Party and Relationship

A. Party

Relation

Omega Ag-Seeds (India) Limited Promoter Company

Punjab Agro Ind.Corporation (PAIC) Promoter Company

B. Key Managerial Personnel

Mrs Leena N. Parekh Director / Chairperson

Mr. Nerella Mohan Rao Venkatarama Director

b) Disclosure required for related parties transactions.

B Amounts outstanding at Balance Sheet Date.

Amount Recoverable from Promoter Company Omega Ag-Seeds (India) Ltd Rs. 146277.16

Amount Payable to Managerial Personnel Mrs Leena N. Parekh Rs. 286287

Mr. Nerella Mohan Rao Venkatrama Rs. 1900000 M) Expenses / Revenue in Foreign Currency = NIL

C) Balance of Sundry Debtors, Sundry Creditors and growers and loans & Advances are subject to confirmation.

D) The Company calculated has Deferred Tax liability as at 31.03.2012 in accordance with the Accounting Standards (AS-22) issued by the Institute of Chartered Accountants of India.

E) In the opinion of the management the value of realization of current assets and loans & Advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet

F) The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable pre-revised Schedule VI to the Companies Act 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956 the financial statements for the year ended 31st March, 2012 are prepared as per the Revised Schedule VI. Previous year figures have been regrouped or rearranged to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.

 
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