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Notes to Accounts of Oswal Agro Mills Ltd.

Mar 31, 2015

(i) Effective April 1, 2014, the company has revised the useful lives of Fixed Assets based on Schedule II to the Companies Act, 2013 for the purposes of providing depreciation on fixed assets. Accordingly, the carrying amount of assets as on April 1 , 2014 has been depreciated over the remaining useful lives of the fixed assets. Consequently, the depreciation for the year ended March 31, 2015 is lower and the profit before tax is higher to the extent of Rs. 42.24 thousand. Further, an amount of Rs. 29.82 thousand representing the carrying amount of assets with revised useful life as nil, has been charged to the opening balance of retained earnings as on April 1, 2014 pursuant to the Companies Act, 2013.

(ii) The company is in the process of appointing Independent Directors and regularizing its Committees and Composition of Board.

(iii) In the opinion of the management, all current assets and loan & advances as on March 31, 2015 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(iv) Previous year's figures have been regrouped /reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

1.1 RELATED PARTY DISCLOSURES - (AS- 18)

(I) Related parties and transactions with them as identified by the management are given below:

(a) Enterprises over which major shareholders, key management personnel and their relatives have significant influence – Oswal Greentech Limited

– Lucky Star Entertainment Limited – Aruna Abhey Oswal Trust – Oswal Woolen Mills Ltd.

(b) Enterprises over which company has significant influence: – News Nations Networks Private Limited

(c) Enterprises controlled by the Company

– Oswal Overseas Limited, Dubai, UAE (wholly owned subsidiary company) – Oswal Brasil Refinaria de Petroleo, Brazil (Step down subsidiary)

(d) Directors, Key Management Personnel and their relatives Mr. Abhey Kumar Oswal, Director

Mr. Atul Kulshrestha (Brother of Mr. Sunil Kumar Kulshrestha, Director)*

Mr. Rajinder Pal Jolly, CS and CFO*

*w.e.f 12th September, 2013 as per Companies Act, 2013

*Transactions entered into on and after 12th September, 2013 are considered for the disclosure in accordance with Companies Act, 2013. # Associate Company in pursuance of the Companies Act, 2013.

1.2 SEGMENT - (AS-17)

The business segment is the primary segment of the Company consisting of:- (i) Investment Activities (ii) Real Estate (iii) Trading

1.3 OTHER NOTES:

(i) Employee benefits expenses (Notes - 2.22) and Other expenses (Notes-2.24) includes Rs.3,720.02 thousand (Previous Year Rs.3,340.52 thousand) being apportioned expenses incurred by a group company on behalf of this company.

(ii) In the opinion of the management, all current assets and loan & advances as on 31st March, 2014 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(iii) Previous year''s figures have been regrouped /reclassified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2013

1.1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

As at 31.03.2013 As at 31.03.2012

a) Claims against the company not acknowledged as debts 38,404.53 30,359.52

b) Other money for which the company is contingently liable 1,422.73 41,966.73

1.2 RELATED PARTY DISCLOSURES

(I) Related parties and transactions with them as identified by the management are given below:

(a) Enterprises over which major shareholders, key management personnel and their relatives have significant influence

– Oswal Greentech Limited

– Lucky Star Entertainment Limited

– Aruna Abhey Oswal Trust

– Sohanaa International Private Limited

(b) Key Management Personnel and their relatives:–

Mr. Abhey Kumar Oswal Mr. Anil Bhalla Mr. Shael Oswal

(c) Enterprises controlled by the Company

– Oswal Overseas Limited, Dubai, UAE (wholly owned subsidiary company) – Oswal Brasil Refinaria De Petroleo, Brazil (Step down subsidiary)

1.3 OTHER NOTES :

(i) Employee benefits expenses (Notes – 2.23 )and Other expenses (Notes – 2.25 ) includes Rs. 3340.52 thousand (Previous Year Rs. 3778.05 thousand) being apportioned expenses incurred by a group company on behalf of this company.

(ii) In the opinion of the management, all current assets and loan & advances as on 31st March, 2013 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(iii) Previous year''s figures have been regrouped /reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

(A) Rights, preference and restrictions attached to shares

Equity Shares : The company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Employee Benefits

The Company has classified various employee benefits as under:

a) Defined Contribution Plans

The company has recognized the following amounts in the Profit and Loss Account for the year:

Employees Provident Fund including family pension fund Rs.96.13 thousand (Previous Year Rs. 290.90 thousand)

b) Defined Benefit Plans

(i) Valuation in respect of gratuity has been carried out by independent actuary, as at the Balance date, based on the following assumption:

NOTE - 1.1 Year ended March 31, 2012 Year ended March 31, 2011

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :

i) Claims against the company not acknowledged as debts 30,359.52 23,599.43

ii) Other money for which the company is contingently liable 41,966.73 40,543.99

NOTE - 1.2

(i) In the opinion of the management, all current assets and loan & advances as on 31st March, 2012 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

(ii) No provision is required for investment made in the subsidiary company, since the management is of the view that the company will make sufficient profit in coming years and the said subsidiary will continue as a going concern.

NOTE - 1.3

(i) The figure of Other Expenses (Notes - 2.22) includes the provision made for Auditors Remuneration on the following account

(ii) Employee Benefit Expense (Notes- 2.20) and Other Expenses (Notes- 2.22) includes Rs 3778.05 thousand (Previous Year Rs. 4048.48 thousand) being apportioned expenses incurred by a group company on behalf of this company.

NOTE - 1.4

RELATED PARTY DISCLOSURES

(A) Related parties and transactions with them as identified by the management are given below:

(a) Enterprises over which major shareholders, key management personnel and their relatives have significant influence

- Oswal Greentech Ltd*

- Lucky Star Entertainment Ltd

- Aruna Abhey Oswal Trust

- Sohanaa International Pvt Ltd.

(b) Key Management Personnel and their relatives:-

Mr. Abhey Kumar Oswal

Mr. Anil Bhalla

Mr. Shael Oswal

(c) Enterprises controlled by the Company

- Oswal Overseas Ltd, Dubai, UAE (wholly owned subsidiary company)

- Oswal Brasil Refinaria De Petroleo, Brazil (Step down subsidiary)

NOTE - 1.5

Based on the information available with the Company, there are no dues as at March 31, 2012 payable to enterprises covered under "Micro, Small and Medium Enterprises Development Act, 2006". No interest is paid / payable by the Company in terms of Section 16 of the Micro, Small and Medium Enterprises Development Act, 2006.

NOTE - 1.6

SEGMENT

The business segment is the primary segment of the Company consisting of:-

(i) Investment Activities

(ii) Real Estate

(iii) Trading

NOTE - 1.7

The revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped /reclassified wherever necessary to correspond with the current year's classification / disclosure.

 
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