Mar 31, 2015
Contingent Liabilities:
1. Claims against the Company not acknowledged as debt.
The Company has appealed against the decision of CTO for the improper
addition of turnover for the Financial Years 2010-11, 2011-12 & 2012-13.
The appeal is pending with Appellate Authority. The disputed tax in
respect of this appeal is Rs.1021615. Since the management is hopeful
to get favorable decision, no provision is made in the books of
accounts.
Notes - 2
The present balance of Sales Tax liability is of Rs.1,73,05,187/-
accumulated in view of sanction of deferment by the Government of
Andhra Pradesh is shown under unsecured loans (Long Term Borrowings).
Notes - 3
Confirmation of balances of certain parties for amounts due to them /
due from them as per the accounts of the Company have not been
received. However the values in the book of accounts are final as it is
indicated that the balances will be treated as final if balance
confirmation is not made before particular date.
Notes - 4
In the opinion of Board of Directors of the Company, current assets,
loans and advances and deposits are approximately of the value stated
in the accounts, if realized in ordinary course of business, unless
otherwise stated. The provisions for all known liabilities are adequate
and not in excess of the amounts reasonably necessary.
Notes - 5
Disclosure in respect of principal and interest pertaining to the
Micro, Small and Medium Enterprises Dev. Act, 2006 based on available
details is as under
Notes - 6
The Company has gained Rs.5,93,611.00 (net) due to fluctuations in
foreign exchange rate and the same is credited to P&L A/c.
Notes - 7
No provision has been made in the books of accounts for the diminution
in the market value of quoted shares as it is felt that the diminution
is not permanent in nature.
Notes - 8
Disclosure pursuant to Accounting Standards 15 (Revised 2005) Employee
Benefits:
A. Defined Contribution Plan:
Contribution to defined contribution plan recognized as expenditure in
profit and loss account is as under: The provident fund contributions
are remitted to Regional Provident Fund Commissioner, Hyderabad.
B. Defined Benefit Plan:
The Company has Employees Group Gratuity Fund through a policy with LIC
and contributes to the fund through annual premium determined based on
actuarial valuation using projected unit credit method as on
31-03-2015. The Company has funded current service cost obligation and
contribution made are recognized as expenses. The disclosure in respect
of funded defined benefit obligation as by Accounting Standard 15 is
given below:
Notes - 9
Segment Reporting as per Accounting Standard 17:-
The Company has identified Geographical as primary segment. The Company
is manufacturing pesti- cider formulations and operating its activity in
Telangana, Andhra Pradesh and other states in India. The details of
Segment Revenue, Expenditure, Assets and Liabilities are as under.
Notes - 10
Impairment of Fixed Assets:
The Company assessed at the Balance Sheet date, the value of the Fixed
Assets in order to comply with the provisions of A.S-28. The Company
was of the opinion that the assets of the Company will generate
adequate benefits in future. The Company has arrived to this opinion
considering the present condition of the assets and its withstanding
capacity even for increased capacity by four times to that of present
capacity. The Company has also considered net cash flow before tax and
also present value of future cash flow. The future cash flows were
taken into account based on the budgeted turnovers fixed for future
five years in recent budget meeting. In view of continuous profits, the
discounting rate is taken at 15%. In view of this position, the Company
has felt that the "Value in use" of the Fixed Assets is more than
carrying cost of the fixed assets, hence no provision for impairment of
Loss of Fixed Assets has been made.
Notes - 11
Pending Legal Matters:
The Company has filed several cheque bouncing suits against its
customers and the matters are pending at various levels in the Courts.
No suit against the Company which creates financial commitment to the
Company was filed.
Notes - 12
Depreciation on Fixed Assets :
The Company has revised the useful life of its Fixed Assets to comply
with the useful life as mentioned under Schedule II of the Companies
Act, 2013. The carrying amount of the Fixed Assets as on 1st April,
2014 has been depreciated over the remaining revised useful life of the
Fixed Assets. Consequently, the carrying value of assets whose useful
lives are already exhausted as on 1st April 2014 amounting to Rs.24.27
lakhs and Deferred tax of Rs.7.50 lakhs thereon have been adjusted with
the opening balance of Reserves as on 1st April 2014. Had there not
been any change in the useful life of Fixed Assets, the Depreciation
for the year ended March, 2015 would have been higher by Rs.4.85 lakhs
and thereby the Profit would have been lower to this extent.
Mar 31, 2014
AS AT AS AT
31-03-2014 31-03-2013
Rs. Rs.
Notes - 1
Share Capital
a. Authorised Capital 47,50,000 of equity
shares of Rs.10/- each 47500000.00 47500000.00
(Previous year 47,50,000 equity shares)
b. Issued, subscribed and paid up capital
of Rs.10/- each 43,00,200 of equity shares
(fully paid) 43002000.00 43002000.00
(Previous year 43,00,200 equity shares) 43002000.00 43002000.00
c. List of shareholders holding more than
5% of aggregate shares in the Company : 7.16%
i. Mr.Y.Nayudamma:3,08,106 shares
d. The reconciliation of the number of
shares Equity shares at the
beginning of the year : 4300200
Add : Equity Shares Issued during the year : Nil
Less : Equity Shares cancelled during the
year : Nil
Equity shares at the end of the year : 4300200
e. Rights, preferences 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. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. Except in case 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.
B. Expenditure in foreign currency during the
Financial year on account of royalties, knowhow,
professional and consultation and other matters : NIL
C. Total value of imported raw material consumed during the
financial year and the total value of indigeneous raw materials
and the percentage of each to the total consumption:
D. Earnings in foreign exchange: NIL
Contingent Liabilities:
i. Import Letter of Credit of USD 2,31,600 equivalent to Rs. 139.42
Lacs (Previous Year - USD 2,00,300 equivalent to Rs.117.91 Lacs)
ii. Inland Letter of credit : Rs. Nil (Previous year - Nil )
iii. Unexpired Bank Guarantees : Rs. Nil (Previous Year - Nil )
Notes - 2
The present balance of Sales Tax liability is of Rs.1,84,14,293/-
accumulated in view of sanction of deferment by the Government of
Andhra Pradesh is shown under unsecured loans (Long Term Borrowings).
Notes - 3
Confirmation of balances of certain parties for amounts due to
them/due from them as per the accounts of the Company have not been
received. However the values in the book of accounts are final as it
is indicated that the balances will be treated as final if balance
confirmation is not made before particular date.
Notes - 4
In the opinion of Board of Directors of the Company, current assets,
loans and advances and deposits are approximately of the value stated
in the accounts, if realized in ordinary course of business, unless
otherwise stated. The provisions for all known liabilities are
adequate and not in excess of the amounts reasonably necessary.
Notes - 5
Disclosure in respect of principal and interest pertaining to the
Micro, Small and Medium Enterprises Dev. Act, 2006 based on available
details is as under
Notes - 6
The Company has suffered a loss of Rs.56,18,618.00 due to fluctuations
in foreign exchange rate and the same is debited to P&L A/c.
Notes - 7
No provision has been made in the books of accounts for the diminution
in the market value of quoted shares as it is felt that the diminution
is not permanent in nature.
Disclosure pursuant to Accounting Standards 15(Revised 2005) Employee
Benefits:
A. Defined Contribution Plan:
Contribution to defined contribution plan recognized as expenditure in
profit and loss account is as under: The provident fund contributions
are remitted to Regional Provident Fund Commissioner, Hyderabad.
B. Defined Benefit Plan:
The company has Employees Group Gratuity Fund through a policy with
LIC and contributes to the fund through annual premium determined
based on actuarial valuation using projected unit credit method as on
31.03.2014. The company has funded current service cost obligation and
contribution made are recognized as expenses. The disclosure in
respect of funded defined benefit obligation as by Accounting Standard
15 is given below:
Other Information
The Company is manufacturing Pesticides Formulations operating its
marketing activity of Pesticides Formulations in the States of
Telangana, Andhra Pradesh, Karnataka, Maharashtra and Gujarat. The
products of the Company are being sold at large scale in these States
through its dealers and distributors network.
B. Information about product Segmentation :-
The Company has not done any real estate turnover (House Plots) during
the Current year. Hence product segment reporting is not applicable.
Notes - 8
The Company follows Accounting Standard (AS22) "Accounting for Taxes
on Income as notified by Companies Accounting Standard Rules, 2006.
The Company has deferred tax liability with difference in depreciation
in block of fixed assets as per tax books and financial books. The
calculations of deferred tax liability is as under
Notes - 9
The Company assessed at the Balance Sheet date, the value of the Fixed
Assets in order to comply with the provisions of A.S-28. The Company
was of the opinion that the assets of the Company will generate
adequate benefits in future. The Company has arrived to this opinion
considering the present condition of the assets and its withstanding
capacity even for increased capacity by four times to that of present
capacity. The Company has also considered net cash flow before tax
and also present value of future cash flow. The future cash flows were
taken into account based on the budgeted turnovers fixed for future
five years in recent budget meeting. In view of continuous profits,
the discounting rate is taken at 15%. In view of this position, the
Company has felt that the "Value in use of the Fixed Assets is
more than carrying cost of the fixed assets, hence no provision for
impairment of Loss of Fixed Assets has been made.
Mar 31, 2013
NOTES- 1
Contingent Liabilities:
i. Import Letter of credit of USD 2,00,300 equivalent to Rs. 117.91
Lacs (Previous Year-USD 6,38,800.00 equivalent to Rs.318.98 Lacs)
ii. Inland Letter of credit: Rs. Nil (Previous year - Nil)
iii. Unexpired Bank Guarantees : Rs. Nil (Previous Year - Nil)
NOTES-2
The present balance of Sales Tax liability is of Rs.1,94,56,921/-
accumulated in view of sanction of deferment by the Government of
Andhra Pradesh is shown under unsecured loans.
NOTES - 3
Confirmation of balances of certain parties for amounts due to them/due
from them as per the accounts of the Company have not been received.
However the values in the book of accounts are final as it is indicated
that the balances will be treated as final if balance confirmation is
not made before particular date.
NOTES-4
In the opinion of Board of Directors of the Company, current assets,
loans and advances and deposits are approximately of the value stated
in the accounts, if realized in ordinary course of business, unless
otherwise stated. The provisions for all known liabilities are adequate
and not in excess of the amounts reasonably necessary
NOTES- 5
The Company has suffered a loss of Rs. 19,65,563.00 due to fluctuation
in foreign exchange rate and the same is debited to P&L A/c.
NOTES- 6
No provision has been made in the books of accounts for the diminution
in the market value of quoted shares as it is felt that the diminution
is not permanent in nature.
NOTES- 7
Disclosure pursuant to Accounting Standards 15(Revised 2005) Employee
Benefits:
A. Defined Contribution Plan:
Contribution to defined contribution plan recognized as expenditure in
profit and loss account is as under: The provident fund contributions
are remitted to Regional Provident Fund Commissioner, Hyderabad.
B. Defined Benefit Plan:
The company has Employees Group Gratuity Fund through a policy with LIC
and contributes to the fund through annual premium determined based on
actuarial valuation using projected unit credit method as 31.03.2013.
The company has funded current service cost obligation and contribution
made are recognized as expenses. The disclosure in respect of funded
defined benefit obligation as by Accounting Standard 15 is given below:
Other Information :-
The Company is manufacturing Pesticides Formulations operating its
marketing activity of Pesticides Formulations in the States of Andhra
Pradesh, Karnataka, Maharashtra and Gujarat. The products of the
Company are being sold at large scale in these States through its
dealers and distributors network.
B. Information about product Segmentation :-
The Company has not done any real estate turnover (House Plots) during
the Current year. Hence product segment reporting is not applicable.
NOTES- 8
The Company assessed at the Balance Sheet date, the value of the Fixed
Assets in order to comply with the provisions of A.S - 28. The Company
was of the opinion that the assets of the Company will generate
adequate benefits in future. The Company has arrived to this opinion
considering the present condition of the assets and its withstanding
capacity even for increased capacity by four times to that of present
capacity. The Company has also considered net cash flow before tax and
also present value of future cash flow. The future cash flows were
taken into account based on the budgeted turnovers fixed for future
five years in recent budget meeting. In view of continuous profits,
the discounting rate is taken at 15%. In view of this position, the
Company has felt that the "Value in use" of the Fixed Assets is more
than carrying cost of the fixed assets, hence no provision for
impairment of Loss of Fixed Assets has been made.
NOTES-9
After approval of the Annual Accounts for the year 2012-13 in the Board
Meeting held on 16-05-2013, the Board of Directors have declared
dividend @ 10% on Equity Share Capital for the year 2012-13 in the
subsequent Board Meeting held on 31 -07-2013. In order to make
provision for the proposed dividend in the books of Accounts, the
Annual Accounts have been suitably revised and the same were also
approved in the Board Meeting held on 19-08-2013. As a result of
revision, the Reserves and surplus schedule and schedule for short term
provisions in Balance Sheet have been changed as mentioned at Notes - 3
and Notes - 8 respectively.
NOTES-10
Previous Year figures have been regrouped / rearranged / reclassified
wherever necessary.
Mar 31, 2012
NOTES - 1
A. Expenditure in foreign currency during the Financial year on account
of royalties, know how, professional and consultation and other matters
: NIL
NOTES - 2 Contingent Liabilities:
i. Import Letter of credit of USD: 6,38,800.00 equivalent to Rs.
318.98 Lacs (Previous Year - USD Nill equivalent to Rs. Nill Lacs)
ii. Inland Letter of credit of Rs. NIL (Previous year - Rs. Nil Lacs)
iii. Unexpired Bank Guarantees Rs. NIL (Previous Years - Nil Lacs)
NOTES-3
The Sales Tax liability is being accumulated in view of sanction of
deferment by the Government of Andhra Pradesh and the same is shown
under unsecured loans.
NOTES- 4
Confirmation of balances of certain parties for amounts due to them/due
from them as per the accounts of the Company have not been received.
However the values in the book of accounts are final as it is indicated
that the balances will be treated as final if balance confirmation is
not made before particular date.
NOTES- 5
In the opinion of Board of Directors of the Company, current assets,
loans and advances and deposits are approximately of the value stated
in the accounts, if realized in ordinary course of business, unless
otherwise stated. The provisions for all known liabilities are adequate
and not in excess of the amounts reasonably necessary
NOTES- 6
The Company has suffered a loss of Rs. 1,10,657.00 due to fluctuation
in foreign exchange rate and the same is debited to P&L A/c.
NOTES-7
No provision has been made in the books of accounts for the diminution
in the market value of quoted shares as it is felt that the diminution
is not permanent in nature.
NOTES- 8
Disclosure pursuant to Accounting Standards 15(Revised 2005)
Employee Benefits:
A. Defined Contribution Plan:
Contribution to defined contribution plan recognized as expenditure in
profit and loss account is as under: The provident fund contributions
are remitted to Regional Provident Fund Commissioner, Hyderabad.
NOTES- 9
The Company assessed at the Balance Sheet date, the value of the Fixed
Assets in order to comply with the provisions of A.S - 28. The Company
was of the opinion that the assets of the Company will generate
adequate benefits in future. The Company has arrived to this opinion
considering the present condition of the assets and its withstanding
capacity even for increased capacity by four times to that of present
capacity. The Company has also considered net cash flow before tax and
also present value of future cash flow. The future cash flows were
taken into account based on the budgeted turnovers fixed for future
five years in recent budget meeting. In view of continuous profits,
the discounting rate is taken at 15%. In view of this position, the
Company has felt that the "Value in use" of the fixed Assets is more
than carrying cost of the fixed assets, Hence no provision for
impairment of Loss of fixed assets has been made.
NOTES-10 Previous Year figures have been
regrouped/rearranged/reclassified wherever necessary.
Mar 31, 2011
1. Contingent Liabilities:
(i) Import Letter of credit of USD: Nil equivalent to Rs. Nil Lacs
( Previous Year - USD Nill equivalent to Rs. Nill Lacs)
(ii) Inland Letter of credit of Rs. NIL (Previous year - Rs. Nil Lacs)
(iii)Unexpired Bank Guaranteess Rs. NIL (Previous Years - Nil Lacs)
2. The Sales Tax liability is being accumulated in view of sanction of
deferment by the Government of Andhra Pradesh and the same is shown
under unsecured loans.
3. Confirmation of balances of certain parties for amounts due to
them/due from them as per the accounts of the company have not been
received. However the values in the book of accounts are final as it is
indicated that the balances will be treated as final if balance
confirmation is not made before particular date.
4. In the opinion of Board of Directors of the Company, current assets
loans and advances and deposits are approximately of the value stated
in the accounts, if realized in ordinary course of business,unless
otherwise stated. The provisions for all known liabilities are adequate
and not in excess of the amounts reasonably necessary
5. The Company has earned a profit of Rs.8,34,873.00 due to
fluctuation in foreign exchange rate and the same is credited to P&L
A/c.
6. No provision has been made in the books of accounts for the
diminution in the market value of quoted shares as it is felt that the
diminution is not permanent in nature.
7. Disclosure pursuant to Accounting Standards 15(Revised 2005)
Employee Benefits:
A.Defined Contribution Plan:
Contribution to defined contribution plan recognized as expenditure in
profit and loss account is as under:
The provident fund contributions are remitted to Regional Provident
Fund Commissioner, Hyderabad.
8. Related parties disclosure : The Company has the transactions with
the following related part on account of share holdings by key
management personnel and their relatives .
A) Particulars of Associate Company :
Name of the Related Party Nature of Relationship
1. M/S. Rasasri Developers
(Private) Ltd., Bangalore. Associate Company
2. M/S. Rasasri Infrastructures
(Private) Ltd., Hyderabad. Associate Company
B) Key Management Personnel:
Name of the Related Party Nature of Relationship
Mr.Y.Nayudamma Managing Director
Mr.P.Anjaneyulu Director
9. The Company assessed at the Balance Sheet date, the value of the
Fixed Assets in order to comply with the provisions of A.S -28. The
Company was of the opinion that the assets of the Company will generate
adequate benefits in future. The Company has arrived to this opinion
considering the present condition of the assets and its withstanding
capacity even for increased capacity by four times to that of present
capacity. The Company has also considered net cash flow before tax and
also present value of future cash flow. The future cash flows were
taken into account based on the budgeted turnovers fixed for future
five years in recent budget meeting. In view of continuous profits,
the discounting rate is taken at 15%. In view of this position, the
Company has felt that the "Value in use" of the fixed Assets is more
than carrying cost of the fixed assets, Hence no provision for
impairment of Loss of fixed assets has been made.
10. Previous Year figures have been regrouped / rearranged reclassified
wherever necessary
Mar 31, 2010
1. Contingent Liabilities:
(i) Import Letter of credit of USD: Nil equivalent to Rs. Nil Lacs
( Previous Year - USD 1,05,000.00 equivalent to Rs. 50.61 Lacs)
(ii) Inland Letter of credit of Rs. NIL (Previous year - Rs. Nil Lacs)
(iii)Unexpired Bank Guaranteess Rs. NIL (Previous Years - Nil Lacs)
2. The Sales Tax liability is being accumulated in view of sanction of
deferment by the Government of Andhra Pradesh and the same is shown
under unsecured loans.
3. Confirmation of balances of certain parties for amounts due to
them/due from them as per the accounts of the company have not been
received. However the values in the book of account are final as it is
indicated that the balances will be treated as final if balance
confirmation is not made before particular date.
4. In the opinion of Board of Directors of the Company, current assets
loans and advances and deposits are approximately of the value stated
in the accounts, if realized in ordinary course of business,unless
otherwise stated. The provisions for all known liabilities are adequate
and not in excess of the amounts reasonably necessary
5. The Company has earned a profit of Rs.3,03,960.00 due to
fluctuation in foreign ex change rate and the same is credited to P&L
A/c.
6. No provision has been made in the books of accounts for the
diminution in the market value of quoted shares as it is felt that the
diminution is not permanent in nature^
7. Disclosure pursuant to Accounting Standards 15(Revised 2005)
Employee Benefits:
A.Defmed Contribution Plan:
Contribution to defined contribution plan recognized as expenditure in
profit and loss account is as under: The provident fund contributions
are remitted to Regional Provident Fund Commissioner, Hyderabad.
8. The Company assessed at the Balance Sheet date, the value of the
Fixed Assets in order to comply with the provisions of A.S -28 on
Impairment of assets. The Company was of the opinion that the assets of
the Company will generate adequate benefits in future. The Company has
arrived to this opinion considering the present condition of the assets
and its withstanding capacity even for increased capacity by four times
to that of present capacity. The Company has also considered net cash
flow before tax and also present value of future cash flow. The future
cash flows were taken into account based on the budgeted turnovers
fixed for future five years in recent budget meeting. In view of
continuous profits, the discounting rate is taken at 15%. In view of
this position, the Company has felt that the "Value in use" of the
fixed Assets is more than carrying cost of the fixed assets, Hence no
provision for impairment of Loss of fixed assets has been made.tee at
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