A- NOTES TO THE ACCOUNTS
1) The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2) All the investments made by the company are valued at Cost.
3) Managerial Remuneration: 336,000.00
4) The inventories of agriculture produce (Finished) are valued at 90% of their net realizable value and Agriculture Produce (semi finished) are valued at 75% of their net realizable value.
5) Deferred tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognised using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assests are recognised unless there is virtual certainty with respect to the reversal of the same in future years.
6) Depreciation on Fixed Assets (Except Land) is provided to the extent of depreciable amount on the Written Down Value (WDV) Method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013. The deprecation on organic virgin land structure has been provided on the basis of remaining period of the lease as at the end of year on the WDV amount and addition made thereto.
7) All schedules annexed to and from integral part of the Balance Sheet and Profit & Loss Account.
8) Minimum Alternative Tax (MAT) is recognised as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convincing evidence to the effect that company will pay normal Income Tax during the specified period.
9) Value of Import on CIF Basis Nil
10) Earnings in Foreign Exchange (FOB Value) Nil
11) Expenditure in Foreign Currency Nil
12) Company has followed ICDS which has notified by the CBDT Notification No. 87/2016 dt. 29 Sept. 2016
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