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Notes to Accounts of Saptarishi Agro Industries Ltd.

Mar 31, 2015

1. Advance recoverable in cash and kind or for value to be received includes Rs. 4,71,808/- on account of Deposit for Sales Tax appeal filed with appropriate authorities. The appeals had been decided in favour of the company.

2. CONTINGENT LIABILITY

a) (i) Four Creditors have filed Civil cases against the Company for recovery of their dues which are disputed by Company. Company has not provided /ascertained the liabilities on this account.

One of the creditors has filed a case of outstanding amount of Rs. 2,38,110/- and interest @ 24% p.a.for printed plastic covers who supplied printed plastic covers to the company, as per company payable is Rs. 78316/- . The suit is contested by company and last hearing was held in July 2014.

Another creditors has filed a case of outstanding amount of Rs. 52703/- and interest @ 24% p.a. for printed plastic covers who supplied LLDPE bags to company, as per company payable is Rs. 26018/- . The suit is contested by company and waiting for the hearing.

Other 2 cases by creditors are not heard for last more than 10 years and are considered as time barred. And amount involved could not be ascertained.

An Ex- Employee of the company who was retrenched with compensation as per I.D. Act. has raised a dispute I.D. No. 906/2014, dated 22.07.2014 at the office of Assistant Labour Commissioner Sriperumbudur, Irrangattukotta, Kanchipuram for revision of compensation.

(ii) Company has won the civil case for recovery of outstanding on one of its customers namely M/s Heavenly Mushrooms, Bangalore for recovery of Rs. 14,18,350/- company is in the process of execution petition .

b) A demand of Rs. 6,83,060/- which was raised by Tamilnadu Pollution Control Board towards consent fees and Water & Air Cess during previous year, said amount has been disputed by the company .Company has not made any provision for the said liability in the books on this account. No communication is received from the TNPCB during the year.

c) Balances of some of the Trade receivable, advances to suppliers, Trade payables, and Advances from customers are subject to confirmation.

d) In view of erosion of net worth of the company which is in excess of 50%, and addressing the nature of Mushroom Growing being biological management has decided to reconsider its plans of shifting this unit at a cooler place in the Hills of Nilgiries. This is because of several factors emerging such as sudden changes in electricity policy of state, and financial crunch management could not venture in to shifting of plant from existing location to a cooler place in hills for which approval of share holders was received through postal ballot and for which an ordinary resolution is passed to sell assets at the existing location.

e) As per the provisions of Sec. 167 (1) (b) of Companies Act 2013, office of Managing Director has got automatic vacation, on account of no attendance of Mr. Dilsher Singh Managing directors in any board meeting during the year ended 31.03.2015, Reference to the same is noted in Corporate Governance Report.

f) The items in the inventories of the company as on 31.03.2015 are quite old but most of items are still having useful life, however there may be small diminishment in the value of some items.

3. RELATED PARTY DISCLOSURE

In accordance with Accounting standard 18 , the disclosures required are given below:

Related parties/ Enterprises

1. Calibre Rehabs Ltd

2. Agro Dutch Industries Ltd

RELATIONSHIPS: Enterprises in which key management personal are having significant influence.

Key Management Personal:

1. Mr Malvinder Singh - Chairman

2. Mr.Dilsher Singh - Managing Director

4. Company has no other major activity during the year ended 31st March 2015. There was no production of mushrooms.

5. Previous year figures have been regrouped / rearranged where so ever considered necessary.


Mar 31, 2014

NOTE 1:

Other Notes Commitments

1. SALES TAX

Advance recoverable in cash and kind or for value to be received includes Rs. 4,71,808/- on account of Deposit for Sales Tax appeal filed with appropriate authorities. The appeals had been decided in favour of the company.

2. CONTINGENT LIABILITY

a) (i) Five Creditors have filed Civil cases against the Company for recovery of their dues which are disputed by Company. Company has not provided /ascertained the liabilities on this account.

(ii) One of the previous employee has filed a Civil case against the Company which are disputed by the Company. The estimated amount of which is Rs. 230000/-. Company has not made provisions for this.

(iii) Company has filed a case for recovery of outstanding on one of its customers namely M/s Heavenly Mushrooms, Bangalore and case hearings are in final stage.

b) A demand of Rs. 6,83,060/- which was raised by Tamilnadu Pollution Control Board towards consent fees and Water & Air Cess during previous year, said amount has been disputed by the company .Company has not made any provision for the said liability in the books on this account. No communication is received from the TNPCB during the year.

c) Balances of some of the Trade receivable, advances to suppliers, Trade payables, and Advances from customers are subject to confirmation.

Mushroom growing process is biological and continuous in nature and it needs a supportive climate. In view of this management has considered option to shift the unit to a cooler location in hills and restart mushroom growing activity in the hills. This will insulate crops from risk of temperature rise due to failure or inadequate and irregular electricity supply. In order to establish a setup at a suitable location in the hills, share holders have given approval through postal ballot. An ordinary resolution is passed to sell assets at the existing location pursuant to Section 192A of the companies Act, 1956.

3. Deferred Tax assets as per Accounting Standard AS 22 have not been recognized in view of uncertainty of its recovery.

4. Computation of Earning/ (Loss) per Share

5. Company has no other major activity during the year ended 31st March 2014. There was no production of mushrooms.

6. Previous year figures have been regrouped / rearranged where so ever considered necessary.


Mar 31, 2013

1. SALES TAX

Advance recoverable in cash and kind or for value to be received includes Rs. 4,71,808/- on account of Deposit for Sales Tax appeal fled with appropriate authorities. The appeals had been decided in favour of the company.

2. CONTINGENT LIABILITY

a) (i) Five Creditors have fled Civil cases against the Company for recovery of their dues which are disputed by Company. Company has not provided /ascertain the liabilities on this account.

(ii) Company has fled a case for recovery of outstanding on one of its customers namely M/s Heavenly Mushrooms, Bangalore and it case is numbered in CJM court Chengalpet and numbered O.S.11/2013, called for hearing.

b) A demand of Rs. 6,83,060/- which was raised by Tamilnadu Pollution Control Board towards consent fees and Water & Air Cess during previous year, said amount has been disputed by the company .Company has not made any provision for the said liability in the books on this account. No communication is received from the TNPCB during the year.

c) Balances of some of the Trade receivable, advances to suppliers, Trade payables, and Advances from customers are subject to confrmation.

D) Management thinking is positive about revival of company in spite of carry forward losses and Net worth erosion above 50%. Management has successfully resolved a major issue of concern by arriving a comprehensive settlement with workers Union. This has restored peace and tranquility in factory. The shortage of electricity will end as and when power situation improves in the state.

3. Deferred Tax assets as per Accounting Standard AS 22 have not been recognized in view of uncertainty of its recovery.

4. Company has no other major activity during the year ended 31st March 2013. Due to workers strike in the factory there was no production of mushrooms. Dispute now settled.

5. Previous year fgures have been regrouped / rearranged where so ever considered necessary.


Mar 31, 2012

1. As per the information available with the management as on 31.03.2012, the company does not owe any amount to small scale industrial undertakings which is due for a period more than 30 days as certified by the management No Provision of Interest is Made in books of Accounts (as certified by the management).

2.RELATED PARTY DISCLOSURE

In accordance with Accounting standard 18 , the disclosures required are given below:

Related parties/ Enterprises

1.Calibre Rehabs Ltd

2. Agro Dutch Industries Ltd

RELATIONSHIPS: Enterprises in which key management personal are having significant influence .

Key Management Personal:

1. Mr Malvinder Singh - Chairman

2. Mr.Dilsher Singh - Managing Director

3. Mr. Arvind Kalra - Director

1. SALES TAX

Advance recoverable in cash and kind or for value to be received includes Rs. 4,71,808/= on account of Deposit for Sales Tax appeal filed with appropriate authorities. The appeals had been decided in favour of the company.

2. CONTINGENT LIABILITY

a) THREE Creditors have filed Civil cases against the Company for recovery of their dues which are disputed by Company. Company has not provided /ascertain the liabilities on this account.

b) A demand has been raised by Tamilnadu Pollution Control Board for Rs. 6,83,060/- towards consent fees and Water & Air Cess, the said amount has been disputed by the company and company is preparing to file an appeal against the order. Company has not provided for the said liability in the books on this account.

3. Deferred Tax assets as per Accounting Standard AS 22 have not been recognized in view of uncertainty of its recovery.

4. Company has no other major activity other than growing mushrooms during the year ended 31st March 2012. Due to workers strike in the factory there was no production of mushrooms from February, 2011.

5. Previous year figures have been regrouped / rearranged where so ever considered necessary. As per our report of even date.


Mar 31, 2010

1. SALES TAX

(i) Advance recoverable in cash and kind or for value to be received includes Rs. 4,71,808/= on account of Deposit for Sales Tax appeal filed with appropriate authorities. The appeals had been decided in favor of the company. The refund of Rs.3,51,359 was received during the previous year .Amount of Rs 4,71,808 is still receivable.

2. CONTINGENT LIABILITY

Tw o Creditors have filed Civil cases against the Company for recovery of their dues which are disputed by Company. Company has not provided /ascer tain the liabilities on this account.

V. Employee Benefits

Disclosures in terms of AS-15 are under:

a. Defined contribution plan:

Retirement benefits in respect of gratuity & leave en-cashment have been provided on accrual basis & charged to Profit & Loss account of the year based on actuarial valuation done on 31-03-2010. However the company has not funded the Provision made in respect of gratuity and leave en-cashment.

Retirement benefits in the form of Provident fund is accounted on accrued basis and is charged to the Profit & Loss account of the year.

b) Defined Benefit Plan:

As per the explanations given by the management of the company there are no plans for other benefit plans for the employees of the company like compensated absences, disability benefits etc., Hence valuation by actuary does not arise.

3.RELATED PARTY DISCLOSURE

In accordance with Accounting standard 18 , the disclosures required are given below:

Related parties/ Enterprises

1.Calibre Rehabs Ltd

2. Agro Dutch Industries Ltd

Relationship : Enterprises in which key management personal are having significant influence .

Key Management Personal:

1. Mr Malvinder Singh - Chairman

2. Mr.Dilsher Singh - Managing Director

3. Mr.Gurpreet Singh - Director

4. Deferred Tax assets as per Accounting Standard AS 22 have not been recognized in view of uncertainty of its recovery.

5. There was no other major segment activity other than Growing of Mushroom during the year ended 31st March2010

6. Previous year figures have been regrouped / rearranged where so ever considered necessary.

 
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