Mar 31, 2013
1.1 The company has involvement in certain parties as under: -
a) Trade Receivables include Rs. 1,03,68,628.00 under litigation.
b) In view of the management there is reasonable certainty that amount of other debts which is capable of recovery, However due to suspension of manufacturing and other activities debts has become long overdue and could not be realized confirm by the respective parties. However efforts for realization of this debt continue.
1.2 Segment information
The Company deals in single business segment i.e. of Soyabean. Hence AS-17 on Segment Reporting is not applicable to the Company.
1.3 In the opinion of the management and to the best of their knowledge and belief, the aggregate value of the current assets, loans and advances have their value on realization in ordinary course of business, at least equal to the value at which they are stated in the balance sheet.
1.4 Balance under the main heads, Current Liabilities, Sundry Debtors and Loans and Advances (including balance with Government and other authorities), unsecured loans and others are subject to confirmation / reconciliation by the respective parties. Adjustments, if any will be accounted for as and when reconciled / confirmed.
1.5 Directors'' remuneration has not been charged in view of losses.
1.6 Taxes on Income
As per AS-22, deferred tax asset can be recognized and carried forward only to the extent that there is virtual certainty that sufficient taxable income would be available in future, as there is no virtual certainty that sufficient taxable income will be available in future against which such deferred tax asset can be realized hence deferred tax asset have not been recognized.
Mar 31, 2012
1.1 Related party disclosure
Names of related parties and related party relationship Related parties having control and significant influence
Names of Related Parties Relationship
Gaurav Bhai Patel Key Management Personnel (KMP)
Arvind bhai Patel Key Management Personnel (KMP)
Dakshaben Patel Relative of KMP
Dineshbhai T.Patel ( H.U.F.) Relative of KMP
Divya Grain co. Relative of KMP
Gainex Products Relative of KMP
Meghana Patel Relative of KMP
Naina Ben Patel Relative of KMP
Shiv Trading co. Relative of KMP
Arvind Foods Ltd. KMP having significant influence over the co.
1.2 The Company does not have any borrowing for purchase of assets; hence AS-16 disclosure requirements are not applicable.
1.3 Figures for the previous years have been regrouped and rearranged, wherever necessary.