| 1. Contingent Liabilities and Provisions
The Company creates a provision when there is present obligation as a
result of a past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the obligation. A
disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not,
require an outflow of resources. When there is a possible obligation or
a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
There is a claim against company arised from arbitation award in favour
of a shipping company by the arbitation authority at Singapore
amounting to USD 1,62,027.75 plus interest of USD 7657.48 plus
arbitation costs of SGD 54,225.86. (INR Value as per 31/03/2015
exchange rates Rs 1,31,51,319.43. This claim is being defended in Delhi
High Court by the company. The company is confident to defend this, so
no iability is being provided.
2. Related Party Disclosures
As per accounting standard 18 on "Related party Disclosure" issued by
the Institute of Chartered Accountants of India the disclosure of
transactions with the related party is as under:
Name of Party Nature of Relationship
Mrs Abhilasha Agarwal Director/Promoter
Mr. Raja Ram Chandghotia COO
Mrs. Deepti Dabral Company Secretary
Mr. Praveen Chowdhary CFO
Mrs. Rekha Chowdhary Key Managerial personal relative
Key Managerial
Mrs. Rashmi Jain personal relative
Muren Impex Pvt. Ltd. Common Director
Whitewood Trading Pvt. Ltd. Controlled by Promoter's Relative
Kiran Tradewings Pvt Ltd Substantial Interest
Andaz Mercantile Pvt. Ltd. Promoter Group
E commodities Ltd. Common Director
FE Aagrochem Pvt. Ltd. Controlled by Promoter
Name of Party Nature of Transactions
Remunaration & Other Expenses
Mrs Abhilasha Agarwal on behalf
Mr. Raja Ram Chandghotia Remuneration
Mrs. Deepti Dabral Remuneration
Mr. Praveen Chowdhary Remuneration
Mrs. Rekha Chowdhary Professional Fees
Mrs. Rashmi Jain Rent Payments
Muren Impex Pvt. Ltd. Sale & Purchase
Rent Payments and Payments on
Whitewood Trading Pvt. Ltd. behalf
Payments on behalf, Loan
Kiran Tradewings Pvt Ltd received and and given
Payments on behalf, Loan recd
Andaz Mercantile Pvt. Ltd. and and given
E commodities Ltd. Sales
Payments on behalf ,Loan recd
FE Aagrochem Pvt. Ltd. and and given
3. The LIC Policies shown under the head 'Investments' amounting to
Rs. 35 lacs had been taken in the name of whole time director on her
life by the company out of its funds through its bankers. The WTD is
also promoter of the company. The company was the intended beneficiary,
however it could not be mentioned on policies at the time of issuance
of policies. The Director has given her consent for unconditional
absolute assignment in favour of company and to deal with these
policies as per free will of the company. The Company is in process of
completing the assignment to register itself ultimate beneficiary of
the policies.
4. In the current financial year the company has considered a stock
loss recoverable of Rs 158.75 lacs from one of its clearing agent and
his account represent net balance of Rs. 105.52 lacs debit as on
31/03/2015 due to this claim.
5. Information pursuant to the provisions of Section 22 of Micro,
Small and Medium Enterprises Development Act, 2006.
As per Information obtained from the parties,none of the parties are
covered under the Micro, Small and Medium Enterprises Development Act,
2006.Hence no disclosure is required.
6. Segment Reporting
Company is operating in a single segment environment; there is no
separate reportable segment which contributes more than 10% in
commercial/economic activities of the company(i.e. assets, liabilities,
revenue, losses etc.), than its main business activities i.e. trading
in agriculture product. Hence reporting under Accounting standard-17
"Segment Reporting" is not applicable.
7. The accounts of certain Sundry Debtors and Creditors, Advances for
supplies and are subject to confirmation / reconciliation and
adjustment, if any. The Management does not expect any material
difference affecting the current year's financial statements.
In the opinion of the management, the current assets, loans and
advances except the accounts classified under doubtful catagory are
expected to realize at least the amount at which they are stated , if
realized in the ordinary course of business and provision for all known
liabilities have been adequately made in the books of accounts.
8. The company has not spent any amount on CSR activities during the
period.
9. The Current Year refers to the period January 1 2014 to March 31,
2015. (Previous year refers to October 01, 2012 to December 31, 2013)
10. The previous year figures have been regrouped, rearranged and
reclassified wherever necessary to conform to this year's
classification.
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