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Notes to Accounts of Pioneer Agro Extracts Ltd.

Mar 31, 2015

1 : RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 A Names of related parties & description of relationship

Related parties where control exists :

(i) Pioneer Industries Limited Due to common director

(ii) Jagat Mohan Aggarwal (HUF) Director being Karta

(iii) Ram Piyari Aggarwal Family Trust (HUF) Director being Karta


(v) M/s Jagat Roller Flour Mills Partners being Director relative

(vi) Mohinder Pal Aggarwal (HUF) Director being Karta

(vii) Jagat Mohan Aggawal Director of the Company

(viii) Shuchita Aggarwal Director's relative

(ix) Mehak Director's relative

(x) Saru Director's relative

(xi) Vasu Agg arwa Director's relative

II Key Management Personnels :

(i) Shri Jagat Mohan Aggawal Managing Director

(ii) Shri Ajay Goel Joint Managing Director

(iii) Shri Bharat Bhushan Aggarwal Executive Director

(iv) Shri Shyam Manohar Parashar Chief Financial Officer

(v) Shri Sahil Mahajan Company Secretary


Mar 31, 2014

1. SEGMENT REPORTING

The Company Is dealing in Vanaipail & Refined OKs which in conlext to AS 17 Issued by The Institute of Chartered Accoutunts of India Is me only business segment

2 : RELATED PARTY DISCLOSURES UNDER ACCOUNTING STANDARD 18 A Wames of related parties & descriotiort of relatlonshio

(1) Pioneer industries Limited '' Due to common directors

(2) jagat Mohan Aggarwal (HUF) Director Being Karta

(3) Ham Ptyart Aggbtwal Family Trust (HUF Director being Karta

(4) Damtal Flour & Food (P) Ltd. Directors being Dirpdor relative

(5) Mrs Jaget Roller Flour Mills Partners being Director relative

(6) Mohinder Pal Aggarwal (HUf) Director being Karts

II Key Management Personnels:

(1) ShrUsgal Mohan Aggawal Managing Dlreotor

(ii) Shnajay Goel Joint Managing Director


Mar 31, 2013

SEGMENT REPORTING

The Company is dealing in Vanaspati & Refined Oils which in context to AS 17 issued by The Institute.of Chartered Accoutants of India is the only usiness segment.

CONTINGENT LIABILITY

The Company.has given guarantee in favour of Punjab Pollution Control Board aggregating to Rs.5 Lacs (P. Yr. Rs.10 Lacs). ; fne estimated amount of capital contracts remaining to be executed (net of advances made) is of Rs. 100.72 Lakh (P. Yr NIL).

In accordance with AS-15 the following contributions to Defined contribution plans are treated as expenses during the year.

- Employer''s Contribution to Provident Fund

Amount (in Rs.)

2012-13 387956.61

2011-12 245413.00

2010-11 162463.00

- Garutiy Payment to LIC as post employment Plan

Amount (in Rs.)

2012-13 488194.00

2011-12 408493.00

2010-11 228787.00

The premuim is based on following acturial assumption

- Discounting factor 8%

- Salary increase 8%


Mar 31, 2010

1. Contingent Liabilities:

The company has given corporate guarantee as security for Loan taken by Pioneer Industries Limited a Company to the tune of Rs.21.60 crores and second charge is created on its assets as security for the Loan taken by Pioneer Industries Limited.

2. No provision has been made for the gratuity as the Company is contributing towards Group Gratuity scheme of the LIC in respect of Employees who have put in requisite number of years service.

3. The previous year figures have been regrouped, restated wherever considered necessary to confirm with the current year, figures and shown in brackets.

4. Fixed Assets installed and put to use have been certified by the management and relied upon by the auditors, being a technical matter.

5. The debtors and creditors balances remain unconfirmed.

6. The accounts include managerial remuneration to the Managing Director, Joint Managing Director and Whole Time Directors appointed under the Companies Act, 1956 amounting to Rs.5,10,000/- (Rs.240000), Rs. 96,000/- (Rs. 96000) and Rs. 4,56,000/-(Rs.2,36,040) respectively.

7. The Company has Deferred Tax Asset relating to less Depreciation allowable as per Income Tax Act to the extent of Rs.8.65 Lacs. The deferred tax liability relating to the difference in the Opening Fixed Assets as per Book & IT amounts to Rs.62.38 Lacs. In the absence of fair estimation of future taxable income, the Company has not yet created Deferred Tax Liability of Rs. 53.73 Lacs.

8. The company has incurred an expense of Rs.11,22,413 towards developmental cost attributable to in house process improvisation of refined oil and the same is being amortised within a period of seven years beginning April 2005.

9. Schedule I to XIV form an integral part of Balance Sheet and Profit and Loss Account.

As per our report of even date attached

 
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