Mar 31, 2010
1. Accounting Standards
1.1 AS-1 Disclosure of accounting policies
The accounts are maintained on accrual basis as a going concern.
1.2 AS-2 Valuation of inventories
There being no inventory, not applicable.
1.3 As-3 Cash flow statements
The cash flow statement is prepared under "Indirect method" and the
same is annexed.
1.4 AS - 5 There being no prior period item, not applicable
1.5 AS - 6 There being no fixed assets, the matter relating to
depreciation not applicable
1.6 AS - 9 Revenue recognition I Provision for Expenses
1.6.1 The income of the company is the Profit from the sale of Shares
(investments) purchased in earlier year/s.
The Company had investments in shares of various Companies. During the
year also further amounts have been invested in shares of various
Companies, as per Schedule No.4. All such companies are unlisted and no
dividend has been declared and received by the Company, there is no
revenue / income.
1.6.2 The Company has taken the Loan from a Co-op Bank as shown in
Schedule -2. Due to non payment of Loan amount and interest there on,
the said I6an account has been treated as N.P. Account and hence no
Interest has been charged by the bank after 31.03.08 and accordingly
the company has also not provided the interest payable on the said loan
for the year.
However, during the year the said bank has sold the property of
ex-director, which was the security with the bank. The Bank has
credited a sum of Rs. 30,600/- proportionately, as the said property
was also the co-security for other loans.
1.6.3 The revenue and expenditure are accounted on a going concern
basis.
1.7 AS - 10 Accounting for fixed assets
There being no fixed assets this matter is not applicable
1.8 AS - 11 Accounting for effects in foreign exchange rates
There being no business relating to the transaction in foreign
exchange, not applicable fixed assets this matter is not applicable.
1.9 AS - 13 Accounting for investments
Investments are valued at cost which has been actually paid (cost and
the share premium) to the respective companies. In the opinion of the
management the said Investments have been made with an intention to get
the benefit from the dividend as well-as increase in value of those
shares. As all such Investments are in the shares of those respective
companies, which are un-listed, and thus it is not possible to workout
the market value or the book value based on the value of assets of the
company.
1.10 AS-15 Accounting for retirement benefits
Retirement benefits will be provided on cash basis. However the matter
relating to ë provident fund & E.S.I, are not applicable in the current
financial yeaf.
1.11 AS - 16 Borrowing cost
The company has borrowed Secured Loan from a Co-op Bank. With regard to
Provision for interest on such Loan, please refer to para 1.6.3.
1.12 AS- 18 Related party disclosure
There are no transaction requiring Disclosure under the Standard issued
by the Institute of Chartered Accountants of India.
1.13 AS- 19 Leases
This matter is not applicable.
1.14 AS -20 Earnings per share -
The Face value of the share is Re. 1/- and the Earning per share is
calculated on the same. There is no issue which will dilute the
earning on the share. The EPS is negligible compare to its Share
capital so the same is not disclosed.
1.15 AS-21 Consolidated financial statements
There being no subsidy, this matter is not applicable.
116 AS-22 Accounting for taxes on income
Current tax is determined as the amount of tax payable as per the
provisions of Income Tax Act, 1961.
1.17 AS-26 Accounting for intangible assets
During the year the company, the company has, as per the practice
followed by Ihe company, 1 /10 of such expenditure has been debited to
profit & loss account.
1.18 AS-29 Contingent Liability & Contingent Assets ;-
As on 31-03-2010 Rs. NIL (P.Y. Rs. NIL)
2. Loans and advances - Rs. 9,52,68,500 /- includes: -
2.1 Loans to companies:
2.1.1 Rs. 78,48,000/- Amounts given up to last year;
2.1.2 Rs. 3,72,00,500/- Amounts given during the year.
2.2 Loans to others :
2.2.1 Rs. 3,45,000/- Amounts given up to last year;
2.1.2 Rs. 5,02,20,000/- Amounts given during the year.
All the above loan amounts have been given for the business
purpose/outstanding for business transaction only, and hence they are
non-bearing interest. The repayment schedules have not been fixed up &
they all are subject to balance confirmations. In the opinion of
management they are good of recovery.
Mar 31, 2009
1. Accounting Standards
(a)AS - 1 Disclosure of accounting policies
The accounts are maintained on accrual basis as a going concern.
(b)AS-2 Valuation of inventories
There being no inventory, not applicable.
(c)AS - 3 Cash flow statements
The cash flow statement is prepared under "Indirect method" and the
same is annexed.
(d)AS - 5 There being no prior period item, not applicable
(e)AS - 6 There being no fixed assets, the matter relating to
depreciation not applicable
(f)AS - 9 Revenue recognition / Provision for Expenses
1. The income of the company is the Profit from the Trading of Shares
in which the Company has dealt with during the year.
2. The Company has during the year invested the funds in Shares of
various Companies, who are unlisted and no dividend has been declared
and received by the Company, there is revenue income. The same will be
accounted as & when received.
3. The Company has taken the Loan from a Co-op Bank as shown in
Schedule -2. Due to non payment of Loan amount and interest there on,
the said loan account has been treated as N.P. Account and hence no
Interest has been charges by the bank after 31.03.08 and accordingly
the company has also not provided the interest payable on the said loan
for the period from 1.06.2008 to 31.03.2009.
The revenue and expenditure are accounted on a going concern basis.
(g)AS - 10 Accounting for fixed assets
There being no fixed assets this matter is not applicable
(h)AS - 11 Accounting for effects in foreign exchange rates
There being no business relating to the transaction in foreign
exchange, not applicable fixed assets this matter is not applicable.
(i)AS - 13 Accounting for investments
Investments are valued at cost which has been actually paid ( cost and
the share premium) to the respective company. In the opinion by the
management the said Investments have been made with an intention to get
the benefit from the dividend as well as increase in value of those
shares. As all such Investments are in the shares of those respective
companies, which are un- listed, and thus it is not possible to workout
the market value or the book value based on the value of assets of the
company.
(k)AS-15 Accounting for retirement benefits
Retirement benefits will be provided on cash basis. However the matter
relating to provident fund & E.S.I, are not applicable in the current
financial year.
(l)AS - 16 Borrowing cost
The company has borrowed Secured Loan from a Co-op Bank. With regard to
Provision for interest on such Loan please refer to para (iii-c) any
money this matter is not applicable
(m)AS - 17 Segment reporting
The company operates in only one segment viz., Bio fertilizers. Hence
the Accounting Standard on Segment reporting (AS - 17) is not
applicable.
(n)AS - 18 Related party disclosure
There are no transaction requiring Disclosure under the Standard issued
by the Institute of Chartered Accountants of India.
(o)AS-19 Leases
This matter is not applicable.
(p)AS - 20 Earnings per share
The Face value of the share is Re. 1 /- and the Earning per share is
calculated on the same. There is no issue which will dilute the earning
on the share. The EPS is negligible compare to its Share capital so the
same is not disclosed.
(q)AS - 21 Consolidated financial statements
There being no subsidy, this matter is not applicable.
(r)AS - 22 Accounting for taxes on income
Current tax is determined as the amount of tax payable in respect of
taxable income for the period. Considering the negligible amount of
deferred tax liability and asset the same is not provided.
(s)AS - 26 Accounting for intangible assets
During the year the company, the company has spent sum of Rs. 432831
for the increase in paid up share capital, Which have been debited to
preliminary expenses, and as per the practice followed by the company,
1/10 of such expenditure has been debited to profit & loss account.
AS -29 Provision, contingent Liability & Contingent Assets ;- As on
31-03-2009 Rs. NIL(P.Y. Rs. NIL)