| CORPORATE INFORMATION:
Neha International Limited ("The Company") was incorporated on 12th
July, 1993 and the CIN being LO1122TG1993PLC015987. The company is
engaged in the business of Floriculture, Agri-Farming and Agri goods
trading.
1. The Company has prepared its financial statements for a period of
21 (Twenty One) months i.e.from I st July 2013 to 31 st March, 2015.The
Board has convened a meeting on 18/06/2014 and sought an extension of 6
months. Registrar of Companies has sanctioned the extension on
14/08/2014.The Board has again convened a meeting on 24/12/2014 and
sought an extension of 3 months. Registrar of Companies has
subsequently sanctioned the extension on 29/12/2014.
2. In the view of Management, no event has taken place to trigger the
need for testing its assets for impairment. Accordingly, as per the
management's assessment, the carrying values of its assets as at the
Balance sheet date are not higher than their corresponding recoverable
amounts.
3. The financial statements are prepared for 21 months for the period
01-07-2013 to 31-03-2015. The depreciation provided from 0110712013 to
31 /03/2014 was Rs. 5,61,203/- as per the Companies Act 1956 and from
0110412014 to 31/03/2015 was Rs. 6,70,476/- as per provisions of
Schedule II of Companies Act 2013 and an amount of Rs. 12,39,204/- were
transferred to retained earnings.
4. Related Party Disclosure: Information regarding Related Party
Transactions as per Accounting Standard 18 issued by the lCAl
A. Related Party and their Relationship
I .(A) Subsidiaries (Direct Holding)
M/s Globe agro Holdings, Mauritius
M/s Dream Flowers PLC, Ethiopia
M/s NehaAgricorp PTE Ltd, Singapore
M/s NehaAgriservices PTE Ltd, Singapore
(B) Step Subsidiaries (Indirect Holding)
a. M/s Alliance Flowers PLC, Ethiopia
b. M/s Holetta Roses PLC, Ethiopia
Uganda
c. M/s Oromia Wonders PLC, Ethiopia.
Ltd.,Zambia
d. M//s NINTAgri PLC, Ethiopia.
Senegal
e. M/s NehaAgri Tanzania Ltd,Tanzania
f. M/s NehaAgri Ventures (U) Ltd,
g. M/s.NehaAgri Zambia
h. M/s.NehaAgri Senegal-SUARL,
i. M/s.NehaAgriservicesFZE,UAE
5. In compliance with Accounting Standard- AS 19"Lease",the following
are the Disclosures:
The Company has entered into an operating lease agreement for its
office premises for a period of 24 months renewable at the option of
the lesser and lessee. Total lease payments for the period charged to
P&L account is Rs.28,88,430/-for a period of 21 months (Previous Year -
Rs. 16,90,788/-).
6. Contingent Liabilities:The company has taken LC's for an amount of
Rs. 15,38,26,282/- from bank for trading operations.
7. Inter-corporate Deposits receivable from Sai Tipparaju
InfraVentures Pvt Ltd. amounts toRs.55,73,259/-.
8. Auditors Remuneration: 2013-15 2012-13
Audit Fees Rs.3,30,000 Rs. 165,000
Tax Audit Rs. 70,000 Rs. 20,000
# Exclusive of service tax & out of pocket expenses
9. The company has incurred an expense of Rs. 86,75,892/- till
31-03-2015 on behalf of M/s NINT Agri PLC, Ethiopia (Subsidiary) which
is recoverable from the subsidiary.
10. The Parent company has further invested US$ 0.008 Million ( Rs.
4,90,968/-) in its 100% wholly owned subsidiary M/s Neha Agricorp PTE
Ltd.
11. During the year,the company got the sanction of 5,00,00,000/-
Corporate Loan from State Bank of Mauritius Limited. Loan was secured
by way of hypothecation of Immovable properties of Neha International
Limited, and personal guarantee of promoter Director.
12. The Company has made exports of US $ 68,160 to Era Farm
BestTrading STN BHD on 27/12/2012. But the company has realized only US
$ 40,868 as on 31 /03/2015.The balance of US $ 27,292 (Rs.18,65,040/-)
was still shown under Sundry Debtors.
13. The Company has provided an amount of Rs.1,00,000/- as Provision
for Gratuity. But the Company has not complied with the requirements of
actuarial valuation as required by the Accounting Standard.
14. In the opinion of the Board the Current assets, Loans and advances
are approximately of the value stated if realized in the ordinary
course of the business. The provision for depreciation and all known
liabilities are adequate and not in excess of the amount considered
reasonably necessary.
15. Confirmation of balances has not been received from any of the
Creditors, Debtors and for Loans & Advances, which are subject to
reconciliation. Provision for doubtful debts, if any, in respect of the
above and the consequential adjustment, if any, whether of revenue
nature or otherwise, will be dealt accordingly.
16. DISCLOSURE UNDER MICRO,SMALLAND MEDIUM ENTERPRISES DEVELOPMENT
ACT,2006:
As regards to the compliance of provisions relating to the dues to
Micro, Small and Medium Enterprises in terms of Section 22 of the
Micro, Small and Medium Enterprises Development Act, 2006, the Company
has sent letters to the Creditors to confirm whether they are Micro,
Small and Medium Enterprises. The Company is yet to receive the
confirmations from them. Hence, the Company could not quantify the
dues, if any to the Micro, Small and Medium Enterprises.
17. Additional information pursuant to Part II of Schedule III of the
CompaniesAct,2013.
Quantitative and other details: Current year the company has not
undertaken any manufacturing activity in India. Hence it is not
applicable.
18. During the year the following provisions are made:
Current Tax - Rs. 1,21,86,429/-
19. The figures mentioned in the current period (21 months) are not
comparable with the previous year figures.
20. Previous year's figures have been regrouped, rearranged and
reclassified, wherever necessary to match with the current year's
figures.
21. Figures have been rounded off to the nearest rupee.
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