Indo Biotech Foods Ltd. के अकाउंट के लिये नोट

Mar 31, 2015

1. Fixed Assets & Depreciation

All Assets are stated at cost less accumulated depredation and Decreciation has been calculated on w.d.v. method

2. Inventories

As per consistent practice followed by the Company the Valuation is done as under

a) Raw materials, Stores, compenents and work in progress at cost.

b) Finished goods at below market price( as certified by the Management).

c) Stock in trade of shares is valued market value.

3. Sales

Sales are inclusive of sales tax if any and are net of trade discount.

4. Retirment Benefits

There is no scheme for retirment benefits, such as gratuity, superannuation and encashment of leave on retirment benefits at present applicable in this company

5. Rs. 29,663,210/- (Previous year Rs.29,618,138/-) Unsecured loan included interest free loans from a Company in which a Director is interested.

6. payment of Bonus if any for the year will be accounted on cash basis.

7. The balance of sundry debtors, loans and advances and current liabilities are subject to confirmation, adjustments and pending reconciliation.

8. There are no amounts overdue and remaining unpaid claims to Small Scale and / or Ancillary Industrial Suppliers.

9. Segment Reporting

There is only one segment

Business Segment - Agricultural Products.

10. Accounting Standard 22

As -22 clarify that" The Deferred Tax Asset" should be recognised whereever there is some positive evidence that in future some taxable income would arise. As there is no evidence that any taxable income would arisein future, there is no deferred tax liability / asset.

11. Current Financial Year account have prepraid from 01.10.2014To 31.03.2015 (P.Y. 01.10.2014To 30.09.2014) as per section 2 (41) of the Companies Act 2013.

12. Figures of previous year have been regrouped, reclassified wherever considered necessary.

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Sep 30, 2014

Note No. 1

Fixed Assets & Depreciation

All Assets are stated at cost less accumulated depreciation and Decreciation has been calculated on w.d.v. method

Note No. 2

Inventories

As per consistent practice followed by the Company the Valuation is done as under

a) Raw materials, Stores, compenents and work in progress at cost.

b) Finished goods at below market price( as certified by the Management).

c) Stock in trade of shares is valued market value.

Note No. 3

Sales

Sales are inclusive of sales tax if any and are net of trade discount.

Note No. 4 Retirment Benefits

There is no scheme for retirment benefits, such as gratuity, superannuation and encashment of leave on retirment benefits at present applicable in this company

Note No. 5

Rs. 29,618,138/- (Previousyear Rs.29,568,338/-) Unsecured loan included interest free loans from a Company in which a Director is interested.

Note No. 6

payment of Bonus if any for the year will be accounted on cash basis.

Note No. 7

The balance of sundry debtors, loans and advances and current liabilities are subject to confirmation, adjustments and pending reconciliation.

Note No. 8

There are no amounts overdue and remaining unpaid claims to Small Scale and / or Ancillary Industrial Suppliers.

Note No. 9

Segment Reporting

There is only one segment

Business Segment - Agricultural Products.

Note No. 10

Accounting Standard 22

As -22 clarify that" The Deferred Tax Asset" should be recognised whereever there is some positive evidence that in '' future some taxable income would arise. As there is no evidence that any taxable income would arisein future, there is no deferred tax liability / asset.

Note No. 11

Figures of previous year have been regrouped, reclassified wherever considered necessary.

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Sep 30, 2013

Note No. 1

Fixed Assets & Depreciation

All Assets are stated at cost less accumulated depreciation and Decreciation has been calculated on w.d.v. method

Note No. 2 Inventories

As per consistent practice followed by the Company the Valuation is done as under

a) Raw materials, Stores, compenents and work in progress at cost.

b) Finished goods at below market price( as certified by the Management).

c) Stock in trade of shares is valued market value.

Note No. 3

Sales

Sales are inclusive of sales tax if any and are net of trade discount.

Note No. 4

Retirment Benefits

There is no scheme for retirment benefits, such as gratuity, superannuation and encashment of leave on retirment benefits at present applicable in this company

Note No. 5

Rs. 29,568,338/- (Previous year Rs.29,470,338/-) Unsecured loan included interest free loans from a Company in which a Director is interested.

Note No. 18 payment of Bonus if any for the year will be accounted on cash basis.

Note No. 6

The balance of sundry debtors, loans and advances and current liabilities are subject to confirmation, adjustments and pending reconciliation.

Note No. 7

There are no amounts overdue and remaining unpaid claims to Small Scale and / or Ancillary Industrial Suppliers.

Note No. 8

Segment Reporting

I here is only one segment

Business Segment Agricultural Products.

Note No. 9

Accounting Standard 10

As 22 clarify that" The Deferred Tax Asset" should be recognised whereever there is some positive evidence that in future some taxable income would arise. As there is no evidence that any taxable income would arisein future, there is no deferred tax liability / asset.

Note No. 11

Figures of previous year have been regrouped, reclassified wherever considered necessary.

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Sep 30, 2012

Note No. 1

Fixed Assets & Depreciation

All Assets are stated at cost less accumulated depreciation and Decreciation has been calculated on w.d.v. method

Note No. 2 Inventories

As per consistent practice followed by the Company the Valuation is done as under

a) Raw materials, Stores, compenents and work in progress at coast.

b) Finished goods at below market price( as certified by the Management).

c) Stock in trade of shares is valued market value.

Note No. 3 Sales

Sales are inclusive of sales tax if any and are net of trade discount.

Note No. 4 Retirment Benefits

There is no scheme for retirment benefits, such as gratuity, superannuation and encashment of leave on retirment benefits at present applicable in this company

Note No. 5

Rs. 29,470,338/- (Previous year Rs.29,414,338/-) Unsecured loan included interest free loans from a Company in which a Director is interested.

Note No. 6

payment of Bonus if any for the year will be accounted on cash basis.

Note No. 7

The balance of sundry debtors, loans and advances and current liabilities are subject to confirmation, adjustments and pending reconciliation.

Note No. 8

There are no amounts overdue and remaining unpaid claims to Small Scale and / or Ancillary Industrial Suppliers.

Note No. 9 Segment Reporting

There is only one segment

Business Segment - Agricultural Products.

Note No. 10

Accounting Standard 22

As -22 clarify that" The Deferred Tax Asset" should be recognised whereever there is some positive evidence that in future some taxable income would arise. As there is no evidence that any taxable income would arisein future, there is no deferred tax liability / asset.

Note No. 11

The financial statements for the year ended 30th September 2011 hasd been prepared as per the then applicable, pre-revised schedule VI to the Companies act, 1956, the financial statements for the year ended 30th September 2012 are prepared as per Revised Schedule V. Accordingly the previous year figures have also been reclassified to conform to this year''s classification. The adoption of Revised Schedule VI for the previous year figures does not impect recognition and measurement principles followed for the preparation of financial statements.

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Sep 30, 2011

1. Previous year figures have been regrouped, whenever necessary.

2. Balances of Sundry Debtors, Loan & Advances and current liabilities are subject to confirmation, adjustment and pending reconciliation.

3. Additional information pursuant to the provisions of Part II of Schedule VI of The Companies Act. 1956 to the extent applicable as certified by the Management.

(a) Capacity and Production.

Note: The Consumption does not include wastage, testing and analysis of Nil.

(c) The details regarding Utilization, Licensed Capacity etc. are not applicable.

(d) Expenditure in Foreign Currency: Rs. Nil (Previous year Nil)

(e) C.I.F. Value of imports: Capital Goods: Rs. Nil (Previous year Rs. Nil)

(f) Earnings in foreign exchange : Rs. Nil (Previous year Nil)

4. There are no amounts overdue and remaining unpaid to small scale and/or Ancillary Industrial suppliers.

5. Rs. 29,414,338/- Unsecured Loan includes interest free loan from a Company in which a Director is interested (Previous year Rs. 30,253,517/-)

6. No cost rules have been prescribed by Central Government under section 209(1 )(d) of the Companies Act, 1956.

7. The Company dose not provide for retirement benefits such as gratuity and leave encashment. It is amounted on cash basis at the time of payment to the employees on retirement.

8. Impairment in the carrying value of the office equipment is recognized in accordance with Accounting Standard - 28, Impairment of Assets.

9. Earnings per Share (EPS) computed in accordance with AS-20 : "Eating's per Share"

10. As a matter of prudence and due to no virtual certainty of reversal of the deferred tax asset in future, the same has not been accounted by the Company.

We have examined the above Cash Flow Statement of Indo Biotech Foods Ltd for the year ended 30th September. 2011. The statement has been prepared by the Company in accordance with the requirements of Clause 32 of Listing Agreement with Stock Exchanges and is based on and is in agreement with the books and the records of the Company and also the Profit and Loss account and Balance Sheet of the Company covered by our Report of even date to the members of the Company.

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Sep 30, 2010

1. Previous year figures have been regrouped, whenever necessary.

2. Balances of Sundry Debtors, Loan & Advances and current liabilities are subject to confirmation, adjustment and pending reconciliation.

3. There are no amounts overdue and remaining unpaid to small scale and/or Ancillary Industrial suppliers.

4. Rs. 30,255,767/- Unsecured Loan includes interest free loan from a Company in which a Director is interested (Previous year Rs. 30,207,416/-)

5. No cost rules have been prescribed by Central Government under section 209(1 )(d) of the Companies Act, 1956.

6. The Company dose not provide for retirement benefits such as gratuity and leave encashment. It is amounted on cash basis at the time of payment to the employees on retirement.-

7. Income tax assessments are completed upto the assessment year 2003-2004. However, the Income Tax Dept has raised the demand Rs.65.17 lacs and Rs.35.33 lacs for the assessment year 1997-98 and 1998-99 respectively against which the Company has filed appeal and are pending before the Appellate Authorities. The Company is of the opinion that the case will in its favour hence no provision has been made.

8. Impairment in the carrying value of the office equipment is recognized in accordance with Accounting Standard - 28, Impairment of Assets.

9. Earnings per Share (EPS) computed in accordance with AS-20 : "Earnings per Share"

10. As a matter of prudence and due to no virtual certainty of reversal of the deferred tax asset in future, the same has not been accounted by the Company.

11. The Company has become Sick Company within the meaning of Clause (O) of Sub- section (1) of Section (3) of the Sick Industrial Companies (Special provision) Act, 1985. The last application to Board for Industrial & financial Reconstruction was registered by BIFR 25.05.2007. The related proceedings are in progress.

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Sep 30, 2009

1) Previous year figures have been regrouped, whenever necessary.

2) As per the agreement dated 9/4/2009 entered into between Mr. Dilip S. Dahanukar, director and the Company, the Director has taken over the secured loans and agreed to settle the loans with the contingent liabilities of the interest. In consideration thereof, Company has agreed to transfer its assets Comprising of Land, Building and Plant & Machinery. The values at which the above arrangement has been done are as under.

3. Balances of Sundry Debtors, Loan & Advances and current liabilities are subject to confirmation, adjustment and pending reconciliation.

4. Additional information pursuant to the provisions of Part II of Schedule VI of The Companies Act, 1956 to the extent applicable as certified by the Management.

The Production does not include wastage, items given under scheme and samples of Nil kg. (Previous year NIL kg.)

(b) Raw Material Consumed

ITEM NAME CONSUMPTION VALUE

Various Organic Farm Produce and Inputs 50 kg. Rs.2715/-

Note: The Consumption does not include wastage, testing and analysis of Nil.

(c) The details regarding Utilization, Licensed Capacity etc. are not applicable.

(d) Expenditure in Foreign Currency: Rs.Nil (Previous year Nil)

(e) C.I.F.Value of imports: Capital Goods: Rs.Nil (Previous year Rs.Nil)

(f) Earnings in foreign exchange : Rs.Nil (Previous year Nil)

(g) F.O.B. Value of exports Rs. Nil (Previous year Nil)

5. The amounts overdue and remaining unpaid to small scale and/or Ancillary Industrial suppliers on principal and/or interest as at the close of the year could not be ascertained, since the Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Acts,2006. Hence, the Disclosure required under the said act regarding the same has not been made.

6. Rs. 30,207,416/- Unsecured Loan includes interest free loan in which director is interested (Previous year Rs. 30,224,614/-)

7. No cost rules have been prescribed by Central Government under section 209(1 )(d) of the Companies Act, 1956.

8. The Company dose not provides for retirement benefits such as gratuity and leave encashment. It is amounted on cash basis at the time of payment to the employees on retirement.

9. Rs.89,98,107/- due from M/s. Green Horizon L.L.C. has not received so far against export sale as per the guidelines of Reserve Bank of India. This amount has been transferred to the Director as per the arrangement entered on 9/4/2009

10. Income tax assessments are completed upto the assessment year 2003-2004. However, the Income Tax Dept has raised the demand Rs.65.17 lacs and Rs.35.33 lacs for the assessment year 1997-98 and 1998-99 respectively against which the Company has filed appeal and are pending before the Appellate Authorities. The Company is of the opinion that the case will in its favour hence no provision has been made.

11. No provision of intrest amounting to Rs. 6,34,17,343/- (previous year Rs. 5,86,00,298/-) on hire purchase and secured loans have been made in the accounts This amount has been transferred to the Director as per the arrangement entered on 9/4/2009.

12. As the assets of the Company are not in use, the Company has provided for impairment as per As-28.

13. As a matter of prudence and due to no virtual certainly of reversal of the deferred tax asset in future, the same has not been accounted by the Company.

14. The Company has made a reference to the Board for Industrial & Financial Reconstruction and die same has been duly registered by them on 04.03.2005. BIFR has rejected the application on December,2006. However, the Company has filed the fresh application to BIFR and was registered by BIFR on 25.05.2007. The related proceedings are in progress.