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Notes to Accounts of Sunil Agro Foods Ltd.

Mar 31, 2015

The Company was incorporated on January 20th, 1988, having its registered office at plot No.39-A2, Industrial Area, Chokkahalli, Hosakote - 562114 and corporate office at- 1/104, Ahuja Chambers, Kumara Krupa Road, Bangalore - 560 001. The company is primarily engaged in the business of Manufacturers of Wheat Products and Dealers in Wheat and Wheat Products.

2. Corporate information

The Company was incorporated on January 20th, 1988, having its registered office at plot No.39-A2, Industrial Area, Chokkahalli, Hosakote - 562114 and corporate office at - 1/104, Ahuja Chambers, Kumara Krupa Road, Bangalore - 560 001, The company is primarily engaged in the business of Manufacturers of Wheat Products and Dealers in Wheat and Wheat Products.

3. Change in Accounting Estimate

During the FY2014-15 company has adopted useful life of the asset mentioned in Part C to Scheduel II of Companies Act 2013. In the earlier year company was following Scheduel VI of Companies Act 1956 for calculation depreciation on tangible asset. Since there is a change in the useful life of the asset during the year compare to previous year, the change is treated as accounting estimate. The effect of change in accounting estimate on statement of profit and loss be there for current financial year as well as future financial year. After applying the principle lied down in Scheduel II of Companies Act 2013, Rs.98,10,474 is debited to statement of profit and loss and Rs.34,38,488 being depreciation adjusted in reserves.

4. Contingent liabilities and commitments (to the extent not provided for)

Particulars As at 31 st March, As at 31st March, 2015(Rs) 2014 (Rs.)

A. Contingent liabilities

(a) Claims against the company not acknowledged as debt - -

(b) Guarantees 2,00,000 2,00,000

(c) Company has received a show cause notice from central exercise department. As per show cause notice the total demand quantified by the department is Rs. 1,95,51,297/- plus interest and penalty. Company has replied for the above show cause notice.The matter is yet to come from personal hearing.

Company has been advised that company h as strong prima facie case. Accordingly it has not made any provision for this liability in the financial statements.

B. Commitments

(a) Estimated amount of contracts remianing to be executed on capital account and not provided for (net of advances) 70,65,152 1,55,52,938

(b) Uncalled liability on shares and other - - investments partly paid - 5. Company has filed suit for recovery of money from debtors. Company is confident of obtaining favourable verdict and recovery of money. Hence Company has not made any provision on the debtors.

6. Related parties

(i) Names of related parties and description of relationship with the Company

1 Key Managerial Personnel Sri. B Shanthilal

Sri. Pramod Kumar S

Sri. AVS Murthy

Smt. Pinky Jain

Sri. Shailesh Siroy

2 Enterprise with significant Brindavan Roller Flour Mills Private influence and Limited

Sryshti Pharmaceuticals Private Limited

Mysore Vegetable Oil Products Limited

Mysore Snacks Foods Limited

Kithur Channamma Roller Flour Mills Private Limited

Alampalli Investments Private Limited

Krishna Industries Private Limited

Bal Pharma Limited

BRFM India Private Limited

Brindavan Softland Private Limited

Sunil AG

7. Obligation on longterm, non-cancellable operating lease:

As lessor: The company has entered into non-cancelable operating lease for letting the terrace space of the factory building for erecting the mobile tower.

The brief description of the agreement is as follows:

Lease rental charges of Rs. 13,960 per months from July 1, 2006 onwards whith a condition to increase the rent every year.

Rental income included in the Statement of Profit and Loss is Rs. 3,03,229/- towards operating lease

8. Segmented Reporting

As per Accounting Standard -17 " Segment Reporting" issued by Institute of Chartered Accountants of India, the company should report information based on Business Segment and Geographical Segment. It is the perception of the management that there is only one segment and it is viewed as a whole. However information is disclosed to the extent possible.

9. Employee Benefit Plan Gratuity

In accordance with Accounting Standard 15 actuarial valuation based on projected unit credit method as on 31st March 2015 has been carried out in respect of the aforesaid defined benefit plan of Gratuity, the details thereon is given below:

10. Employee Benefit Plan Leave Encashment

In accordance with Accounting Standard 15 actuarial valuation based on projected unit credit method as on 31 st March 2015 has been carried out in respect of the aforesaid defined benefit plan of Leave Encashment, the details thereon is given below:

11. Defined contribution plans

The company has recognised, in the Statement of Profit and loss for the year year ended March 31, 2015 an amount of Rs. 13,05,186/-

(Previous year.12,34,823/- under defined contribution plans

12. Micro, Small or Medium Enterprises

(a) with the company, there is no dues to Small Scale Undertaking in excess of Rs.1,00,000/- and outstanding for more than 30 days.

(b) Based on the information available with the company, there are no suppliers who are registered as Micro, Small or Medium Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006 as at March 31,2015.

13. The previous years figures have been regrouped/restated wherever necessary to conform to this year's classification.


Mar 31, 2014

1. Corporate information

The Company was incorporated on January 20th, 1988, having its registered office at plot No.39-A2, Industrial Area, Chokkahalli, Hosakote - 562114 and corporate office at - 1/104, Ahuja Chambers, Kumara Krupa Road, Bangalore - 560 001. The company is primarily engaged in the business of Manufacturers of Wheat Products and Dealers in Wheat and Wheat Products.

2. Contingent liabilities and commitments (to the extent not provided for)

Particulars As at 31st As at 31st March, 2014 March, 2013 (Rs) (Rs)

A. Contingent liabilities

(a) Claims against the company not

acknowledged as debt - -

(b) Guarantees 2,00,000 2,00,000

B. Commitments

(a) Estimated amount of contracts remianing to be executed on capital account and not provided

for (net of advances) 1,55,52,938 1,46,75,850

(b) Uncalled liability on shares and other investments partly paid - -

The following are the guarantees given by the banks to the parties on behalf of the company which are in force as on March 31,2012.

Name of the Bank Party to whom the guarantee given Amount (Rs) State Bank of Bikaner Collector of Customs 2,00,000 & Jaipur

3. Related party disclosure

(i) Names of related parties and description of relationship with the Company

1 Key Managerial Personnel Sri. B Shanthilal

Sri. Pramod Kumar S

Sri. AVS Murthy

Smt. Pinky Jain

Sri. Shailesh Siroya

Smt. Kamala Bai

2 Enterprise with significant Brindavan Roller Flour influence and Mills Private Limited fellow subsidiary Sryshti Pharmaceuticals Private Limited

Mysore Vegetable Oil Products Limited

Mysore Snacks Foods Limited

Kithur Channamma Roller Flour Mills Private Limited

Alampalli Investments Private Limited

Krishna Industries Private Limited

Bal Pharma Limited

BRFM India Private Limited

Brindavan Softland Private Limited

Sunil AG

4. Obligation on longterm, non-cancellable operating lease:

As lessor : The company has entered into non-cancelable operating lease for letting the terrace space of the factory building for erecting the mobile tower.

The brief description of the agreement is as follows:

Lease rental charges of Rs.13,960 per months from July 1,2006 onwards whith a condition to increase the rent every year.

Rental income included in the Statement of Profit and Loss is Rs.3,05,264/- towards operating lease

5 Segmented Reporting

As per Accounting Standard - 17 "Segment Reporting" issued by Institute of Chartered Accountants of India, the company should report information based on Business Segment and Geographical Segment. It is the perception of the management that there is only one segment and it is viewed as a whole. However information is disclosed to the extent possible.

6. Micro, Small or Medium Enterprises

(a) Based on the information available with the company, there is no dues to Small Scale Undertaking in excess of Rs.1,00,000/- and outstanding for more than 30 days.

(b) Based on the information available with the company, there are no suppliers who are registered as Micro, Small or Medium Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006 as at March 31,2014.

7. The previous years figures have been regrouped/restated wherever necessary to conform to this year''s classification.


Mar 31, 2012

1. CORPORATE INFORMATION

The company was incorporated on January 20th, 1998, having its registered office at Plot No. 39-A2, Industrial Area, Chokkahalli, Hosakote - 562114 and corporate office at -1/104, Ahuja Chambers, Kumara Krupa Road, Bangalore - 560 001. The company is primarily engaged in the business of Manufacturers of Wheat Products and Dealers in Wheat & Wheat Products.

GENERAL NOTES

1. Immovable Properties

a During the earlier years the company constructed the factory on free hold land measuring 6693 sq meters at No.39-A2, Hoskote Industrial Area, Chokkahally, Hoskote - 562 114.

b. During the year 2000 - 2001, the company purchased 4745 sq meters at Plot N0.8D, Kadugodi Industrial area, Krishna raja puram taluk, Bangalore south district.

c. During the year 2000 - 2001, the company purchased the plot at No.4C, Hoskote, Bangalore rural district measuring 8071 Sq meters together with building and structure for Rs.27,00,000/- from Karnataka State Financial Corporation.

d. In the earlier years the company purchased vacant sites at No.38 & 39 to the extent of 3729 Sq Feet at Chokkahalli Kasaba, Hoskote, Bangalore Rural District for Rs. 1,06,970/- and has constructed a residential building.

e. During the year 2004 - 2005, the company has purchased land at Mavalli Village Sy No.535, Marasur Village, Kasaba Hobli, Anekal Taluk, Bangalore District measuring 2620 Sq feet for Rs.4,22,025/-.

2. Investment in Immovable Properties:

a In the earlier years, the company purchased and took possession of 830 Sq Feet of residential flat at WH 204, II floor, Dharma Block, Sai Gardens, Whitefield, Bangalore and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

b In the Financial Year 2008 - 2009, the company purchased residential flat at WH 201, II floor, Dharma Block, Sai Gardens, Whitefield, Bangalore and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

c During the year 2011-12, the company has purchased land at Survey No. 92/4, 93/3, 93/4, 93/5, Chollappanahalli Village, Kasaba Hobli, Hoskote Taluk, Bangalore District measuring 2393 Sq Feet for Rs.7,23,466/- and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

3 Segment Reporting

As per Accounting Standard -17 " Segment Reporting" issued by Institute of Chartered Accountants of India, the company should report information based on Business Segment and Geographical Segment. It is the perception of the management that there is only one segment and it is viewed as a whole. However information is disclosed to the extent possible.

4 Related party disclosure

As required under "Accounting Standard -18", issued by Institute of Chartered Accountants of India, the Company has disclosed the transaction with related parties effected during the financial year 2011 - 2012.

5 Obligation on Long term, non-cancelable Operating Lease:

a. As Lessor

The company has entered into non-cancelable operating lease with Bharti Airtel Limited for letting the terrace space of the factory building for erecting the mobile tower. The brief description of the agreement is as follows:

- Lease agreement entered on July 1, 1996 was expired on June 30, 2006.

- The above agreement is renewed for another ten years from July 1, 2006 to June 30, 2016 on the following terms and conditions

* Lease rental charges of Rs.13,960 per month from July 1, 2006 Onwards.

* Lease rental will be enhanced by 10% on the last paid rent for every completed three years.

- Rent income included in Profit and Loss account is Rs.287190 towards operating lease.

6 Accounting for Taxes on Income

Consequent to the standard on 'Accounting for Taxes on Income' (Accounting Standard - 22) becoming mandatory with effect from 1st April 2001, the company has created Rs.7,36,181/- as deferred tax liability.

7 Contingent Liabilities and Commitments (To the extent not provided for)

Amount (In Rs)

Particulars For the year ended For the year ended March 31,2012 March 31,2011

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt - -

(b) Guarantees 2,00,000 2,00,000

(c) Other money for which the company is contingently liable 2,00,000 2,00,000

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for 1,37,72,943 - (2,70,000 USD @ Rs.51.0109 / USD)

(b) Uncalled liability on shares and other investments partly paid - -

(c) Other commitments (specify nature) - -

1,37,72,943 -

Total 1,39,72,943 2,00,000

8 a. Based on the information available with the Company, there is no dues to Small Scale Undertaking in excess of Rs.1,00,000/- and outstanding for more than 30 days.

b. Based on the information available with the Company, there are no suppliers who are registered as Micro, Small or Medium Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006 as at March 31, 2012.

9 The balances under Sundry Creditors, Sundry Debtors and Loans and advances are subject to confimation, reconciliation and ajustment, if any.

10 Previous year figures have been reclassified / regrouped wherever necessary to meet the requirement of Revised Schedule VI.


Mar 31, 2011

1. Details of Licensed/ Installed capacity and actual production during the year.

Licensed Capacity Not Applicable

Installed Capacity 60000 Metric Tonnes per Annum

Actual Production-Own 43327.306 Mts (41813.177 Mts)

Customer Milling 1304.036 Mts (1090.800 Mts)

2 a. During the earlier years the company constructed the factory on free hold land measuring 6693 sq meters at No.39 - A2, Hoskote Industrial Area, Chokkahally, Hoskote - 562 114.

b. During the year 2000 - 2001, the company purchased 4745 sq meters at Plot N0.8D, Kadugodi Industrial area, Krishna raja puram taluk, Bangalore south district.

c. During the year 2000 - 2001, the company purchased the plot at No.4C, Hoskote, Bangalore rural district measuring 8071 Sq meters together with building and structure for Rs.27,00,000/- from Karnataka State Financial Corporation.

d. In the earlier years the company purchased vacant sites at No.38 & 39to the extent of 3729 Sq Feet at Chokkahalli Kasaba, Hoskote, Bangalore Rural District for Rs. 1,06,970/- and has constructed a residential building.

e. During the year 2004 - 2005, the company has purchased land at Mavalli Village Sy N0.535, Marasur Village, Kasaba Hobli, Anekal Taluk, Bangalore District measuring 2620 Sq feet for Rs.4,22,025/-.

3. Investment in Residential Flat

a. In the earlier years, the company purchased and took possession of 830 Sq Feet of residential flat at WH 204, II floor, Dharma Block, Sai Gardens, Whitefield, Bangalore and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

b. In the Financial year 2008 - 2009, the company purchased residential flat at WH 201, II Floor, Dharma Block, Sai Gardens, Whitefield, Bangalore and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

4. As per Accounting Standard -17 "Segment Reporting" issued by Institute of Chartered Accountants of India, the company should report information based on Business Segment and Geographical Segment. It is the perception of the management that there is only one segment and it is viewed as a whole. However information is disclosed to the extent possible.

4.1 Disclosure of related parties and nature of relationship

Name of the Party Type Nature of Relationship

Sri. B Shanthilal Individual Managing Director

Sri. Pramod Kumar S Individual Executive Director

Sri. Sunil S Jain Individual Whole time Director

Sri. AVS Murthy Individual Director

Sri. Shailesh Siroya Individual Director

Smt. Kamala Bai Individual Spouse of MD

Smt. Pinky Jain Individual Spouse of ED

Brindavan Roller Flour Company - Mills Private Limited

Sryshti Pharmaceuticals Company - Private Limited

Mysore Vegetable Oil Company - Products Limited

Mysore Snacks Foods Limited Company Enterprises over which

Alampalli Investments Company individual/s indirectly Private Limited

Krishna Industries Private Company owning an interest in Limited

Bal Pharma Limited Company the company, exercise

Belgaum Roller Flour Mills Company the significant Private Limited influence

Puskar Investments Private Company or control Limited

Brindavan Softland Private Company Limited

Sunil AG Partnership firm

5. Obligation on Long term, non-cancelable Operating Lease:

a. As Lessor

The Company has entered into non-cancelable operating lease with Bharathi Mobile for letting the terrace space of the factory building for erecting the mobile tower. The brief description of the agreement is as follows:

- Lease agreement entered on July 1, 1996 was expired on June 30, 2006.

The above agreement is renewed for another ten years from July 1, 2006 to June 30, 2016 on the following terms ¦ and conditions

* Lease rental charges of Rs. 13,960 per month from July 1, 2006 Onwards.

* Lease rental will be enhanced by 10% on the last paid rent for every completed three years.

- Rent income included in Profit and Loss account is Rs.288622 towards operating lease.

6. Earning Per Share

Earning per share is calculated as per 'Accounting Standard - 20', issued by Institute of Chartered Accountants of India. The net profit considered for calculation of basis earning per share before tax expenses is Rs.59,91,662/- (Previous Year Rs.52,74,751 /-).

Earning per share is calculated as per 'Accounting Standard - 20', issued by Institute of Chartered Accountants of India. The net profit considered calculation of basis earning per share after tax expenses is Rs.44,74,413/- (Previous Year Rs.50,99,140/-).

7. Accounting for Taxes on Income

Consequent to the standard on 'Accounting for Taxes on Income' (Accounting Standard - 22) becoming mandatory with effect from 1st April 2001, The company has reversed Rs. as deferred tax liability and made deduction from the Profit and Loss Account.

8. Contingent Liabilities Amount (In Rs)

a. The following are the guarantees given by the banks to the parties on behalf of the company which are in force as on March 31,2011.

Name of the Bank Party to whom the Amount guarantee given (Rs) State Bank of Bikaner & Jaipur Collector of Customs 200000

9 a. Based on the information available with the Company, there is no dues to Small Scale Undertaking in excess of Rs.1,00,000/-and outstanding for more than 30 days.

b. Based on the information available with the Company, there are no suppliers who are registered as Micro, Small or Medium Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006 as at March 31,2011.

10. Figures in bracket relates to previous year.

11. Previous year figures have been reclassified regrouped wherever necessary to confirm to the current year presentation.


Mar 31, 2010

1 Details of Licensed/ Installed capacity and actual production during the year.

Licensed Capacity : Not Applicable

Installed Capacity : 60000 Metric Tonnes per Annum

Actual Production-Own : 41813.177 Mts (35183.245 Mts)

2 a During the earlier years the Company constructed the factory on free hold land measuring 6693 sq meters at No.39 - A2, Hoskote Industrial Area, Chokkahally, Hoskote - 562 114.

b. During the year 2000 - 2001, the Company purchased 4745 sq meters at Plot N0.8D, Kadugodi Industrial area, Krishnarajapuram Taluk, Bangalore South District.

c. During the year 2000 - 2001, the company purchased the plot at No.4C, Hoskote, Bangalore rural district measuring 8071 Sq meters together with building and structure for Rs.27,00,000/- from Karnataka State Financial Corporation.

d. In the earlier years the company purchased vacant sites at No.38 & 39to the extent of 3729 Sq Feet at Chokkahalli Kasaba, Hoskote, Bangalore Rural District for Rs. 1,06,970/- and has constructed a residential building.

e. During the year 2004 - 2005, the company has purchased land at Mavalli Village Sy NO.535, Marasur Village, Kasaba Hobli, Anekal Taluk/Bangalore District measuring 2620 Sq feet for Rs.4,22,025/-.

3 Investment in Residential Flat

a In the earlier years, the company purchased and took possession of 830 Sq Feet of residential flat at WH 204, II floor, Dharma Block, Sai Gardens, Whitefield, Bangalore and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

b In the Financial year 2008 - 2009, the company purchased residential flat at WH 201, II Floor, Dharma Block, Sai Gardens, Whitefield, Bangalore and disclosed it as investments in immovable property as the company is not intended to be occupied substantially for use by to in the operations of the company.

4 The liability towards gratuity has been insured with LIC, under group gratuity Scheme. Company has provided the liability for Gratuity as per the Actuarial Valuation .The following Table provides the disclosure in accordance with Revised AS - 15 in respect of Gratuity for the year ended and as at March 31, 2010

5 As per Accounting Standard -17 "Segment Reporting" issued by Institute of Chartered Accountants of India, the company should report information based on Business Segment and Geographical Segment. It is the perception of the management that there is only one segment and it is viewed as a whole. However information is disclosed to the extent possible.

6 Related party disclosure

As required under "Accounting Standard - 18", issued by Institute of Chartered Accountants ot India, the Company has disclosed the transaction with related parties effected during the financial year 2009 - 2010.

7 Obligation on Long term, non-cancelable Operating Lease:

a. As Lessor

The Company has entered into non-cancelable operating lease with Bharathi Mobile for letting the terrace space of the factory building for erecting the mobile tower. The brief description of the agreement is as follows:

Lease agreement entered on July 1, 1996 was expired on June 30, 2006.

The above agreement is renewed for another ten years from July 1, 2006 to June 30, 2016 on the following terms and conditions

- Lease rental charges of Rs.13,960 per month from July 1, 2006 Onwards.

- Lease rental will be enhanced by 10% on the last paid rent for every completed three years. Rent income included in Profit and Loss account is Rs.281668 towards operating lease.

8 Earnings per share

Earning per share is calculated as per Accounting Standard - 20, issued by Institute of Chartered Accountants of India. The net profit considered for calculation of basis earning per share before tax expenses is Rs.5274751 (Previous Year Rs. 6,52,379/-).

Earning per share is calculated as per Accounting Standard - 20, issued by Institute of Chartered Accountants of India. The net profit considered calculation of basic earning per share after tax expenses is Rs.5099140 (Previous Year Rs.3,01,079/-).

9 Accounting for Taxes on Income

Consequent to the standard on Accounting for Taxes on Income (Accounting Standard - 22) becoming mandatory with effect from 1st April, 2001, The company has reversed Rs. 725424/- as deferred tax liability and made deduction from the Profit and Loss Account (166027/-).

10 Contingent Liabilities Amount (In Rs)

a. The following are the guarantees given by the banks to the parties on behalf of the company which are in force as on March 31,2010.



Name of the Bank Party to whom the guarantee given Amount (Rs)

State Bank of Bikaner & Jaipur Collector of Customs 219132



11 a. Based on the information available with the Company, there is no dues to Small Scale Undertaking in excess of Rs.1,00,000/- and outstanding for more than 30 days.

b. Based on the information available with the Company, there are no suppliers who are registered as Micro, Small or Medium Enterprises as per Micro, Small and Medium Enterprises Development Act, 2006 as at March 31,2010.

12 Figures in bracket relates to previous year.

13 Previous year figures have been reclassified / regrouped wherever necessary to confirm to the current year presentation.

 
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