Home  »  Company  »  Shiva Global Agro  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Shiva Global Agro Industries Ltd.

Mar 31, 2018

1.1 Company undertakes expenditure towards Maintenance for upkeep of its properties which also covers the portion relating to Investment Property. The same being not material no separate disclosure of contracts entered into for maintainance of investment property is given.

1.2 As at March 31, 2018, the fair values of the properties is Rs.216.6 Lacs (P.Y. Rs.200.45 Lacs, Rs.190.88 Lacs as on 01.04.2016). These valuations are based on government stamp duty valuations and has been worked out by the management based on the information and a study of the micro market in discussions with industry experts, local brokers and regional developers.

2.1 Refer Note 19.1 for details of assets pledged.

2.2 Inventory writeoff is accounted, considering the nature of inventory, ageing, liquidation plan and net realisable value. Write downs of inventories amounted to Rs. 8.12 lakhs as at March 31, 2018.

3.1 If the dividend has not been claimed within 30 days from the date of its declaration, the Company is required to transfer the total amount of the dividend which remains unpaid or unclaimed, to a special account to be opened by the Company in a scheduled bank to be called “Unpaid Dividend Account”. The unclaimed dividend lying in such account is required to be transferred to the Investor Education and Protection Fund (IEPF), administered by the Central Government after a period of seven years from the date of declaration.

3.2 During the year the company has duly transferred the amounts due to be transferred to Investor Education and Protection Fund.

4.1 Terms/rights attached to equity shares

The company has one class of share referred to as Equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders will be entitled to receive the remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

5.1 Terms of repayment for Unsecured borrowings :

i) Unsecured loans from related parties carry interest @12% p.a. & is repayable after a period of 5 years from the date of loan.

ii) Public deposits included are repayable after 3 years from the date of acceptance and carrry interest rate @10-12% p.a.

6.1 Working Capital loan from bank is secured by first pari-passu charge by way of hypothecation of the inventories, book debts, bills for collection present and future and second charge on the entire Property, Plant and Equipment of the Company by way of mortgage and hypothecation in respect of those assets which are first charged to lender. Further, the loan is guaranteed by the personal guarantee of all the directors of the Company except independent directors. The loan carries interest at the rate of 9.60%p.a.(2017:10.50% p.a. and 2016:11.90% p.a.)

The Government of India introduced the Goods and Services tax (GST) with effect from July 01, 2017. Accordingly, in compliance with Indian Accounting Standard (Ind AS) 18 - ‘Revenue’, Revenue from operations for the period beginning July 01, 2017 to March 31, 2018 is presented net of GST. Revenue from operations of earlier periods included Excise duty which now is subsumed in GST.

7 Micro, Small and Medium Enterprises:

There are no dues outstanding to Micro, Small and Medium Enterprises beyond the due date as at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors.

Defined benefit plan and other long term employee benefits: Gratuity plan Gratuity Plan :

The company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or retirement whichever is earlier. The benefit vests after five years of continuous service.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

8. Financial Instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1.Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1 : quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3 : techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The carrying amounts and fair values of financial instruments by catergory are as follows:

c. Fair value estimation

For financial instruments measured at fair value in the Balance Sheet, a three level fair value hierarchy is used that reflects the significance of inputs used in the measurements. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). The categories used are as follows:

- Level 1: quoted prices for identical instruments

- Level 2: directly or indirectly observable market inputs, other than Level 1 inputs; and

- Level 3: inputs which are not based on observable market data.

For assets and liabilities which are carried at fair value, the classification of fair value calculations by category is summarised below :

There were no significant changes in classification and no significant movements between the fair value hierarchy classifications of financial assets and financial liabilities during the period.

9 Capital Management :

The Company’s capital management objective is to maximise the total shareholder return by optimising cost of capital through flexible capital structure that supports growth. Further, the Company ensures optimal credit risk profile to maintain/enhance credit rating.

The Company determines the amount of capital required on the basis of annual operating plan & long-term strategic plans. The funding requirements are met through internal accruals & long-term/short-term borrowings. The Company monitors the capital structure on the basis of Net debt to equity ratio and maturity profi le of the overall debt portfolio of the Company.

For the purpose of capital management, capital includes issued equity capital, securities premium & all other reserves. Net debt includes all long and short-term borrowings as reduced by cash and cash equivalents and intercorporate deposits with financial institutions.

10 Risk Management Strategies :

Financial Risk Management :

The Company’s principal financial liabilities comprise loans and borrowings, advances and trade and other payables. The purpose of these financial liabilities is to finance the Company’s operations and to provide to support its operations. The Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company’s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised as below

10.1 Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintaing sufficienct cash including availablity of funding through an adequate amount of committed credit facilities to meet the obligations as & when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short term and long term liabilities as and when due. Anticipated future cash flows,undrawn committed credit facilities are expected to be sufficient to meet the liquidity requirements of the Company.

10.2 Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk includes investment, deposits, foreign currency receivables and payables. The Company’s senior management team manages the Market risk, which evalutates and exercises independent control over the entire process of market risk management.

(i) Foreign Currency Risk

The Company is exposed to foreign exchange risks arising from import of raw material in foreign currency. Foreign exchange risk arises from recognised liabilities, when they are denominated in a currency other than India Rupee. The exchange rate between the rupee and foreign currencies has changed substantially in recent years. The fluctuations in exchange rate may have an impact on company’s operations. The carrying amounts of the Company’s foreign currency denominated monetary liabilities all of which are unhedged at the end of the reporting period are as follows :

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. The Company’s Long term borrowings have fixed rate of interest and carried at amortised costs. Hence, the Company is not subject to the interest rate risk since neither the carrying amount nor the future cash flows will change due to change in the market interest rates.

Working capital facility is as per contractual terms, primarily of short term in nature, which does not exposes company to siginificant interest rate risk.

10.3 Credit risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay, resulting in financial loss to the Company. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and other financial instruments. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining collaterals (such as Security Deposit) as a means of mitigating the risk of financial loss from defaults. The Company’s exposure and credit ratings of its counterparties are continuously monitored based on the counterparty’s past performance and business dynamics. Credit exposure is controlled by counterparty limits that are reviewed and approved by the credit risk and monitoring team at regular intervals.

Trade receivables consist of a large number of customers primarily in rural areas. Ongoing credit evaluation is per formed on the financial condition and performance of accounts receivable. The average credit period is about 90 days. The Company’s trade & other receivables consists of a large number of customers, hence the Company is not exposed to concentration risk. The maximum exposure to the credit risk at reporting date is primarily from trade receivables amounting to Rs.2407.32 Lakhs.

The credit risk on cash and bank balances is limited because the counterparties are banks with high credit ratings assigned by credit rating agencies.

The Company has not recorded any impairment of receivables relating to amounts owed by related parties for years ended March 2018, March 2017 and as on April 01, 2016 because it has evaluated their credit risk as low considering the financial stability of the ultimate parent.

11 Dividend :

The Board of Directors has recommended payment of dividend of Rs.0.60 per fully paid equity share (March 31, 2017: Nil). This proposed dividend is subject to approval of the shareholders in the ensuing Annual General Meeting. The Company to pay distribution tax of Rs.10.59 Lakhs. This dividend and tax has not been recognized in the books of accounts at the end of the reporting period.

12 Segment Reporting :

The Company’s operations predominantly relate to production & sale of agricultural inputs, namely Fertilizers. The Chief Operating Decision Maker (CODM) reviews the operations of the Company as one operating segment. Hence no separate segment information has been furnished herewith.

Note :

- No amounts in respect of related parties have been written off / written back during the year, nor has any provision been made for doubtful debts / receivables during the year.

- Related party relationships have been identified by the management and relied upon by the Auditors

- Related party transactions have been disclosed on basis

13 Transition to IND AS :

These are the Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in note to financial statements have been applied in preparing the financial statements for the year ended March 31, 2018, the comparative information presented in these financial statements for the year ended March 31, 2017 and in the preparation of an opening Ind AS balance sheet as at April 01, 2016 (the Company’s date of transition). In preparing its opening Ind AS balance sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provision of the Act (previous GAAP or Indian GAAP). An explanation for how the transition from previous GAAP to IND AS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and notes.

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

a) Optional exemptions availed :

i) Property, plant and equipment, investment property and intangible assets :

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible assets.

of value of transactions in terms of the respective contracts.

- Terms and conditions of sales and purchases: the sales and purchases transactions among the related parties are in the ordinary course of business based on normal commercial terms, conditions, market rates and memorandum of understanding signed with the related parties

- Figures in the brackets represents trades payables/ other liabilities.

Accordingly, the Company has elected to measure all of its property, plant and equipment, investment property ,and intangible assets at their previous GAAP carrying value.

ii) Designation of previously recognized financial instruments :

Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets (equity instruments other than subsidiaries and joint ventures), as ‘ fair value through other comprehensive income’ on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

iii) In accordance with Ind-AS transitional provisions, the Company opted to consider previous GAAP carrying value of investments as deemed cost on transition date for investments in subsidiaries in separate financial statement.

b) Mandatory exemptions availed :

1. Estimates

An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.

Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates for Impairment of financial assets based on expected credit loss model in accordance with Ind AS at the date of transition as these were not required under previous GAAP.

2. Derecognition of financial assets and liabilities

Ind AS 101 requires a first time adopter to apply the derecognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first time adopter to apply the de- recognition requirement in Ind AS 109 retrospectively from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

3. Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instrument) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

14.1 Under Indian GAAP, the Company accounted for longterm strategic investments in unquoted equity shares as investment measured at cost less provision for other than temporary diminution in the value of investments. Under Ind AS, the Company has designated such investments as FVTOCI investments. Ind AS requires FVTOCI investments to be measured at fair value with subsequent changes to be recognised in a separate component of equity. At the date of transition to Ind AS, difference between the instruments fair value and Indian GAAP carrying amount has been recognised as a separate component of equity, in the FVTOCI reserve, net of related deferred taxes.

14.2 Reconciliation of Statement of Cash Flow :

There are no material adjustments to the Statement of Cash Flow as reported under previous GAAP.

14.3 Proposed Dividend :

Under Indian GAAP, dividend proposed after the date of financial statements, but prior to approval of financial statements, is considered as a adjusting event and a provision for dividend is recognised in the financial statements of the period to which the dividend relates. Under Ind AS, dividend declaration is considered as a non-adjusting event and provision for dividend is recognized only in the period when the dividend is approved by the shareholders in Annual General Meeting.

14.4 Revenue from Operations - Excise Duty :

Under the Indian GAAP, excise duty is reduced from gross revenues to report revenues net off excise duty. Under Ind AS, revenue includes gross inflows of economic benefits received by the company for its own account. Excise duty collected, which is a duty on manufacture and a primary obligation of the manufacturer is considered as revenue with the corresponding payments to the government as expenditure. This adjustment does not have any impact on the Statement of Profit and Loss.

15. The financial statements were approved for issue by the Board of Directors on May 30, 2018.


Mar 31, 2016

Note 1 : Figures in the brackets represents previous year’s figures.

2. Prior period items amounting to Rs.3,71,835/- in Previous year include short or excess provision for taxes, revenues and expenses.

3. Previous year’s figures have been regrouped and reclassified, wherever necessary to correspond with current year classification and disclosure.

4. Figures have been rounded off to the nearest rupee.


Mar 31, 2015

1. THE COMPANY AND NATURE OF ITS OPERATIONS:

Shiva Global Agro Industries Ltd having corporate office in Nanded, Maharashtra, India carries on manufacturing and trading of fertilizers.

2. Share Capital

(a) Terms/rights attached to equity shares

The company has one class of share referred to as Equity shares having a par value of Rs.10 per share. Each holder of equity shares is en- titled to one vote per share. The dividend pro- posed by the Board of Directors, if any, is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liqui- dation, the equity shareholders will be entitled to receive the remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Micro, Small and Medium Enterprises:

There are no dues outstanding to Micro, Small and Medium Enterprises beyond the due date as at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors.

4. Contingent Liabilities

(Amount in Rs.)

(to the extent not provided for) 31 March, 2015 31 March, 2014

Outstanding bank guarantees 30,25,000 3,30,25,000 Claims against the Company not acknowledged as debts in respect of matters under dispute relating to:

Cess 55,66,391 55,66,391

Income Tax - 47,52,420

Custom Duty 18,36,639 -

Others 1,30,000 -

Letter of Credit issued by Bankers 14,57,14,681 2,93,46,578

Total 15,62,72,711 7,26,90,389

5. Related Party Disclosures

(a) Names of related parties and nature of related parties relationship where control exists.

Subsidiaries:

i) Kirtiman Agrogenetics Limited

ii) Shiva Parvati Poultry Feed Private Limited

iii) Shrinivasa Agro Foods Private Limited

iv) Ghatprabha Fertilizers Private Limited

Key Management Personnel

i) Mr. Narayanlal P. Kalantri

Relatives of Key Management Personnel

i) Mr. Nandkishor Toshniwal

ii) Mr. Mohit Maliwal

Associates

i) Shiva Global Biotech

ii) Laxmi Sai Developers

Enterprises owned or significantly influenced by group of individuals or their relatives who have control or significant influence over the Company :

i) Kalantri Engineering Works

ii) Madhu Industries

iii) Ravito Engineering Works

iv) Preeti Enterprises Incorporated

v) Sai Trading Company

vi) Vijay Fertilizers Agency

vii) Kedar Krishi Seva Kendra

viii) Durgeshwari Seeds & Fertilizers

Note: Related party relationship have been certified by the Management and relied upon by the auditors.

6. Prior period items amounting to Rs. 89,097/- (Previous year Rs. 21,91,555/-) include short or excess provision for taxes, revenues and expenses.

7. Previous year's figures have been regrouped and reclassified, wherever required.

8. Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1 The balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current assets including stock-in-trade/sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance Sheet.

2 Micro, Small and Medium Enterprises:

There are no dues outstanding to Micro, Small and Medium Enterprises beyond the due date as at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors.

3 Contingent Liabilities (Amount in Rs.)

(to the extent not provided for) 31 March, 2014 31 March, 2013

Outstanding bank guarantees 30,25,000 3,30,25,000

Claims against the Company 1,03,18,811 55,66,391 not acknowledged as debts

Letter of Credit issued by Bankers 2,93,46,578 -

Total 4,26,90,389 3,85,91,391

4 Prior period items amounting to Rs. 89,097/- (Previous year Rs. 21,91,555/-) include short or excess provision for taxes, revenues and expenses.

5 Previous year''s figures have been regrouped and reclassified, wherever required.

6 Figures have been rounded off to the nearest rupee.


Mar 31, 2013

1 The balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current assets including stock-in-trade/sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance Sheet.

2 Micro, Small and Medium Enterprises:

There are no dues outstanding to Micro, Small and Medium Enterprises beyond the due date as at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors.

3 Previous year''s figures have been regrouped and reclassified, wherever required.

4 Figures have been rounded off to the nearest rupee.


Mar 31, 2012

1. CONTINGENT LIABILITIES

(to the extent not provided for)

Outstanding bank guarantees 59,425,000 13,130,000

Claims against the Company not acknowledged as debts 5,566,391 1,500,000

Letter of Credit issued by Bankers - 5,000,000

Total 64,991,391 19,630,000

2. The balance in parties accounts are subject to confirmation and reconciliation, if any. In the opinion of the management all current assets including stock-in-trade/sundry debtors and loans and advances in the normal course of business would realize the value at least to the extent stated in the Balance Sheet.

3. MICRO, SMALL AND MEDIUM ENTERPRISES

There are no dues outstanding to Micro, Small and Medium Enterprises beyond the due date as at the Balance Sheet date. The above information regarding Micro, Small and Medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors.

4. RELATED PARTY DISCLOSURES

a) Names of related parties and nature of related parties relationship where control exists.

Subsidiaries:

i) M/s. Kirtiman Agro Genetics Ltd.

ii) M/s. Shiva Parvati Poultry Feed Private Ltd.

iii) M/s. Shrinivasa Agro Foods Private Ltd.

iv) M/s. Ghatprabha Fertilizers Private Ltd.

Key Management Personnel

i) Mr. Omprakash K. Gilda

ii) Mr. Arun R. Toshniwal

iii) Mr. Deepak S. Maliwal

iv) Mr. Narayanlal P. Kalantri

v) Mr. Sambhaji L. Pawar

vi) Mr. Vijay O. Agrawal

vii) Mr. Satish P. Maheshwari

viii) Dr. Ruturaj Jadhav

ix) Dr. Santosh Malpani

x) Mr. Divakar Shetty

xi) Mr. Shankarrao Dastapure

xii) Mr. Rajgopal Bhutada

Relatives of Key Management Personnel

i) Mrs. Sarojdevi N. Kalantri

ii) Mrs. Ahilyadevi K. Maliwal

iii) Mrs. Vijaya Toshniwal

iv) Mr. Nandkishor Toshniwal

v) Ms. Preeti M. Kalantri

Enterprises owned or significantly influenced by group of individuals or their relatives who have control or significant influence over the Company:

i) M/s. Kalantri Engineering Works

ii) M/s. Madhu Industries

iii) M/s. Ravito Engineering Works

iv) M/s. Sai Trading Company

v) M/s. Vijay Fertilizers Agency

vi) M/s. Kedarnath Jaivik Khate Utpadak

vii) M/s. Kedar Krishi Seva Kendra

viii) M/s. Durgeshwari Seeds & Fertilizers

ix) M/s. Preeti Enterprises Incorporated

x) M/s. Kartik Agro Chem Private Ltd.

Associates

i) M/s. Shiva Global Biotech

ii) M/s. Laxmi Sai Developers

Note: Related party relationship have been certified by the Management and relied upon by the auditors.

5. Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. The Company has allotted 1,312,500 equity shares of Rs. 10/- each at a premium of Rs. 30/- each on preferential basis present to the offer of preferential issue of equity shares to the promoters, promoters group or non-promoters. The Company has allotted 1,312,500 equity shares pursuant to conversion of convertible warrants @Rs.30/- each convertible into one equity share of Rs. 10/- each at a premium of Rs. 30 each. The Company has utilized the funds so received for the purpose of investment.

2. a) Loans from bank on cash credit, term loan and bank guarantee are secured by hypothecation of stock of raw materials, finished goods, work-in-process, stores, book debts, fixed assets and personal guarantee of the executive and Non-Executive Directors of the Company.

3. Contingent Liabilities.

Particulars 31st March, 2010 31st March, 2009

i) Contingent Liabilities:

a) Outstanding bank guarantees 28.25 963.25

b) Claims against the Company not acknowledged as debts 177.13 5.00

c) Letter of Credit issued by Bankers 450.00 Nil

4. Related Party Disclosures

a) Names of related parties and nature of related parties relationship where control exists: Subsidiaries

i) Kirtiman Agro Genetics Limited, Aurangabad ii) Shiva Parvati Poultry Feeds Private Limited, Hingoli iii) Shrinivasa Agro Foods Private Limited, Nanded iv) Ghatprabha Fertilizers Private Limited, Raibag Relatives of Key Management Personnel i) Braj Polymers, Nanded ii) Kalantri Engineering Works, Nanded iii) Madhu Industies, Nanded iv) Ravito Engineering Corporation, Nanded v) Sai Trading Company, Nanded vi) Vijay Fertilizers Agency, Parbhani Vii) Kedarnath Jaivik Khate, Nanded Viii) Kedar Krishi Sewa Kendra, Manatha ix) Durgeshwari Seeds and Fertilizers, Parbhani x) Sarojdevi N. Kalantri, Nanded xi) Ahilyadevi K. Maliwal, Nanded xii) Vijaya Toshniwal xiii) Nandkishor Toshniwal xiv) Preeti M. Kalantri Associates

i) Shiva Global Biotech, Nanded

5. Dues to Micro, Small and Medium Enterprises

The classification of the suppliers under micro, small and medium enterprises development act, 2006 is made on the submission of the registration certificate under the said act by the suppliers. The outstanding to the micro, small and medium enterprises for more than 60 days of closing date is nil.

6. Prior period adjustment includes Rs. 286,436/- net effect of interest eceived on refund of income tax and others and excess/short provision made for expenses and tax.

7. Except in cases where balance confirmation are available, the remaining balances under the heads sundry debtors, sundry creditors other liabilities, loans and advances and deposits are as shown by books of account and are subject to reconciliation/adjustment, if any.

8. Impairment of Assets

The Company has carried out comprehensive exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of asset required to be made in the accounts.

9. Earning Per Share

Basic earning per shares has been calculated by dividing profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earning per share and diluted earning per shares are the same.

10) Installment of Term Loan falling due for repayment within one year is Rs. 30.90/- Lacs (P.Y. Rs. 42.50 lacs).

11) The figures of the previous year have been rearranged and regrouped wherever necessary to make them comparable with the figures of the current year.

12) Figures have been rounded off to the nearest Rupees.

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X