1. All the income and expenditure having material impact on financial
statements are accounted for on accrual basis except VKUY Licenses
receivable from DGFT towards export performance incentives.
2. Contingent Liabilities not provided for is respect of Guarantees
given by bank on behalf of the company: Rs 103.96 Lakhs.
3. In the opinion of Board, current assets, loans and advances are
approximately of the value stated, if realized in the ordinary course
of business and provision for depreciation and all known liabilities
are adequate and not excess of the amount reasonable necessary.
4. Sundry Debtors, Creditors & Unsecured Loans are subject to
5. There is no micro, small & medium enterprises under the Micro,
Small & Medium Enterprises Development Act, 2006 to whom the company
owes a sum exceeding Rs.1.00 lakh for more than 30 days.
6. (i) Secured Loans
Working Capital Facilities/ Borrowings are secured by way of frst
charge on stock of raw material, stock in process, stores and spares,
books debts, finished goods and Block of Plant & Machinery in Fixed
Assets & mortgage of collateral securities offered by Directors.
(ii) Unsecured Loans
Short Term Bill Discounting facilities from Kotak Mahindra Bank Ltd.
against suppliers'' bills are secured by way of mortgage of Immovable
Property as securities offered by Directors.
6. During the year, the Company has paid director''s remuneration to
the tune of Rs.18 lakhs.
7. During the year, the Company has charged shipment expenses of Rs
20.20 lakhs to Profit and loss account related to prior period.
i) The opening stock of Raw Material & Finished Material has been
ii) In quantitative details of other goods, there are numerous items of
Packing Material, Consumables & General stores. Hence, consumptions
detail has not been given.
iii) Finished Sales Domestic Others - Included sales of VKUY Licenses &
iv) Finished Sales Export Others - Included sales of Re-fining of honey
8. Segment Reporting :
In accordance with AS - 17 Segment Reporting the unit operates in
only one segment Honey and has only one reportable segment. Revenue
by geographical segment data has been provided. Further, segregation of
capital employed could not be allocated to either of the segments and
thus its segment wise segregation has not been provided.
c) Enterprises over which key Management Personnel exercise significant
9. Deferred Tax:
a) The company has accounted for deferred tax in accordance with the
Accounting Standard 22 Accounting for taxes on income issued by
Council of ICAI. Accordingly, deferred tax for the year is recognized
on timing difference, being the difference between taxable income and
accounting income that originate in one period and are capable of
reversal in one or more subsequent periods.
b) Deferred Tax assets and liabilities are measured using the tax rates
and tax laws that have been enacted or substantively enacted by the
Balance Sheet date.
c) Tax on income for the current period is determined on the basis of
taxable income and applicable tax rate computed in accordance with the
provisions of the Income Tax Act, 1961.
d) Deferred Tax assets are recognized and carried forward only if there
is a reasonable/ virtual certainty of its realization.,
e) Deferred Tax Statement:
10. Additional information as required by paragraph 3 and 4 of part II
of schedule VI to
d) Previous year figures are regrouped, rearranged, and recast wherever
considered necessary to make them comparable with current year figures.
e) Schedule 1 to 19 to the Balance Sheet form an integral part of
11. Paisa has been rounded off to the nearest rupee.