| 1) Accounting Policies
(a) The books of account are maintained under mercantile system of
accounting and financial statements are prepared in accordance with the
applicable accounting standards issued by the Institute of Chartered
Accountants of India.
(b) Fixed assets are stated at cost of acquistion, including any cost
attributable for bringing the asset to its working condition for its
intended use, less accumulated depreciation.
(c) Depreciation is provided on 'Straight Line method" at the rates
specified in Schedule II to the Companies Act, 2013. Depreciation is
being provided on assets sold, discarded, demolished or scrapped during
the year upto date of its last use.
(d) Investments: NIL
(e) Retirement Benefits: The provision of Employees Provident Funds and
Miscellaneous Provisions Act, 1952, the Provisions of Payment of
Gratuity Act, 1972, the Provisions of Employees State Insurance Act,
1948 and other labour Acts are not applicable to the company, since the
company employees less than the minimum numberof persons prescribed
underthe above acts.
AS -1: Disclosure of accounting policies
The accounts are prepared on accrual basis as a going concern. But
since the company has sold entire Plant & machinery and other ancillary
equipements pertaining to its edible vegetable oil refinery plant and
has not manufactured any product for the polices.
AS - 2: Valuation of Inventories
Inventories are valued at cost or net realizable value whichever is
lower.
AS - 3: Cash flow Statements
The Company has complied withAS -3 and prepared Cash flow statements,
as attached in Annexure I AS - 4: Events occurring after the Balance
Sheet Date
No significant event has occurred after the Balance Sheet Date.
AS -5: Net profit or loss for the period, prior period items and
changes in accounting policies No change in accounting polices during
the year.
AS -6 depreciation Accounting
Depreciation is provided on Straight Line Method, at the rates
specified in Schedule II to the Companies Act, 2013. AS - 7:
Construction Contracts
This Accounting Standard is not applicable.
AS - 8: Research & Development
ThisAccounting Standard has been withdrawn.
AS - 9: Revenue Recognition
Income from Unsecured Loan given an Interest on Fixed deposits are
accounted on accrual basis.
AS -10 :Accounting for Fixed Assets
Fixed assets are valued at cost including expenditure incurred in
bringing them to usable condition less depreciation
AS -11: Accounting for effects of changes in foreign exchange rates
No Forextransactions in the current year.
AS -12 :Accounting for Government Grants
The Company has not received any grants.
AS -13: Accounting for Investments
The company has not made any investments during the current year and
does not have any investments as on 31.03.2015
AS -14 :AccountingforAmalgamations
No amalgamation during the year.
AS -15 :Accounting for Employee Benefits
This accounting standard is applicable and the same is followed in an
consistent manner.
AS -16: Borrowing Cost
During the year, the company has not dealt with any borrowings.
AS -17: Segment reporting
Particulars Financial Activity Trading Activity
for the FY 2013-14 for the FY2014-15
Revenue From Operation 1,500,000 1,673,395
Less: Cost of Revenue from Operation - 1,609,878
Result from operation 1,500,000 63,518
AS -18: Related Party Disclosure
A. Related Parties
Name of the Related Party Relationship
Serengeti Holdings Private Limited Associate Company
Mr. Radesh Rangarajan Director
Mr. Pavan Kumar Matli Whole Time Director
Mr. Shankar Venkatakrishnan Additional Director
Mrs. Vemareddy Srutha keerthi Director
Mr. Nirmal Kumar Dash Director
B. Nature of Transactions
Name of the Related Party Nature of Transaction Amount in Rs.
Mr. Pavan Kumar Matli Salary 660,000
AS -19: Accounting for Leases
The Company has one operating lease and is accounted as perAS -19.
AS - 20: Earnings per share
S.No. Particulars 31/03/2015 31/03/2014
1 Profit (Loss) after Tax as per 7,051 170,668
Profit & LossAccount
2 Weighted average number of equity
shares of Rs. 10/-
share outstanding during the year 4,600,000 4,600,000
3 Earnings per share
- Basic & Diluted 0.00 0.04
AS - 21 : Consolidated Financial Statements
AS21 : Is not applicable
AS - 22: Accounting for taxes on Income
Deferred tax is recognized, subject to the consideration of prudence,
on timing differences, being the difference between the taxable incomes
and accounting income that originate in one period and are capable of
reversal in one or more subsequent peroid (s) On evaluation of
reasonable certainty and as per the AS - 22, deferred tax liabilities/
assets are nil as the company believes that such liabilities assets are
not likely to be reversed in future years.
AS - 23: Accounting for Investment in associates
This standard is not applicable to the Company.
AS - 24: Discontinuing Operation
During the year the Company has not discontinued any of its operations
AS - 25: Interim Financial Reporting
This standard is not applicable to the Company.
AS -26 :AccountingforIntangibleAssets
This standard is not applicable to the Company.
AS - 27: Financial reporting of interests in Joint Venture.
This standard is not applicable to the Company.
AS - 28: Impairment of Assets
As on the Balance Sheet date, the carrying amounts of the assets are
considered not less than the recoverable amount of those assets. Hence,
no impairment loss is considered.
AS - 29: Provisions, Contingent Liabilities and Contingent Assets
No contingent Liabilities or assets exists for the company Other Notes
to Accounts
(i) Company has extended an unsecured loan to Daidem Enterprises
Private Limited for RS. 2,27,00,000/- at an interest rate of 10% p.a.
and the company has received back an amount of Rs. 77,00,000/-during
the financial year 2013-14 whose balance as on 31st March 2015 is Rs.
1,50,00,000/-. There is no agreement for the loan given to M/s Diadem
Enterprises Private Limited, but there are various communications with
M/s Diadem Enterprises Private Limited confirm the loan.
(ii) Lending money with or without interest or security to any person
as is specified in the Memorandum of Association underthe ancillary
objects clause and not under the main objects clause.
(iii) The Company has sold its entire plant & machinery and other
ancillary equipments pertaining to its edible vegetable oil refinery
plant in earlier years. The Company has not undertaken manufacturing
activity during the year and hence additional information pursuant to
part II of Schedule VI to the Companies Act are not applicable to the
Company.
(iv) The accounts have been prepared on going concern assumption.
However in view of the sale of entire plant & machinery, other
ancillary equipments pertaining to its edible vegetable oil refinery
plant and land & building, the company has not undertaken manufacturing
activtiy during the year. The company has so far not made any plans to
replace the fixed assets that have sold. These factors raise
substantial doubt about the companies ability to continue as a going
concern in the foreseeable future.
(v) Details of Payment to Auditors (Including Service Tax)
Particulars 31/03/2015 31/03/2014
a) For Statutory Audit 14,045 28,090
(vi) As perthe information available with the company, there is no
amount due to the enterprises mentioned in the Micro Small Medium
Enterprises Development Act 2006 as on the date of Balance sheet.
(vii) Previous year's figures have been regrouped wherever necessary to
conform to current year's classification.
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