| 1 Disclosure pursuant to Note No. 6(A)(e) of Part I of Schedule VI to
the Companies Act, 1956
The rights, preferences and restrictions attaching to each class of
shares including restrictions on the distribution of dividends and the
repayment of capital;
a) The Company has only one class of shares referred to as equity
shares having a par value of Rs.10/-. Each holder of equity shares is
entitled to one vote per share
b) The Company declares and pays dividends in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval
of the shareholders in the ensuing Annual General Meeting.
c) In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. However, no
such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
2 CONTINGENT LIABILITIES
Particulars year Year
ended ended
31-03-2014 31-03-2013
Guarantees to Banks 510,113 510,113
3 Segment Reporting:
As the Company's business activities falls within single segment the
disclosure requirement of Accounting Standard 17 "Segment Reporting"
issued by the institute of Chartered Accountants of India is not
applicable.
4 Disclosure under Micro, Small and Medium Enterprises Development
Act, 2006:
There are no Micro, Small and Medium Enterprise, to whom the company
owes dues, which are outstanding for more than 45 days as at 31st
March, 2014. This information as required to be disclosed under the
Micro, Small Medium Enterprise Development Act, 2006 has been
determined to the extent such parties have been Identified on the basis
of Information available with the company.
5 Deferred Tax Asset / Liability:
The. management has taken the view that, flowri culture activity comes
under agricultural activity and since agricultural income is exempted
from income tax, there is no need to recognise deferred tax
asset/liability in the books of account.
6 Foreign Exchange Fluctuations:
As per the above stated accounting policy, amount of foreign exchange
fluctuations debited to Profit and Loss Account during the period was
Rs.33,270/- (previous year credited Rs.3,20,622/-)
7 Note on Land:
The company has acquired land in the name of individuals. The rules in
Karnataka State do not permit the. companies to hold agricultural land
in their names. However, the company has entered into agreement with
the respective individuals for execution of necessary legal documents
in respect of the title of the land. The consideration for purchase of
said land has already been paid out of the company's funds, hence
treated as an asset of the company.
8 Previous Years Figures:
The previous year's figures have been reworked / regrouped / rearranged
/ reclassifed whereever necessary. Amounts and other disclosures for
the preceding year are included as an integral part of the current year
financial statements and are to be read in relation to the amounts and
other disclosures relating to the current year.
9 Balances subject to Confirmation:
Balances under sundry creditors, deposits, Investment in share
application money, advances, amounts payable / receivable are subject
to confirmation and reconciliation.
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