A) RELATED PARYT DISCOLSERS (AS-18)
The related party Disclosures as required as per Accounting Standard
(AS-18) on Related party Disclosures Issued by Institute of Chartered
Accountants of India are as below: -
A. PARTY RELATION
Omega Ag-Seeds (India) Limited Promoter Company
Punjab Agro Ind. Corporation (PAIC) Promoter Company
B. Key Managerial Personnel
Mr.Nerella Mohan Rao Venkatarama Managing Director a) Disclosure
required for related parties transactions.
The Amounts outstanding at Balance sheet Date.
Amount Recoverable from Promoter Company
Omega Ag-Seeds (India) Ltd Rs. 1,46,277/-
Amount Payable to Managerial Personnel
Mr. Nerella Mohan Rao Venkatrama Rs. 30,20,000/-
B) Expenses /Revenue in Foreign currency - NIL
C) Balance of Sundry Debtors, Sundry Creditors and growers and loans &
Advances are subject to confirmation.
D) The company has calculated Deferred Tax liability as at 31.03.2013
in accordance with the Accounting Standards (AS-22) issued by The
Institute of Chartered Accountants of India.
E) In the opinion of the management the value realization of current
assets and bans & Advances in the ordinary course of business will not
be less than the amount at which they are stated in the Balance Sheet.
F) In accordance with the Accounting Standard (AS-22) issued by
Institute of Chartered Accountants of India, the company has Deferred
Tax liability as ait 31.03.2013 with regard to timing difference of
depreciation of previous years and current year.
G) Figures for the previous year have been regrouped or rearranged
H) Praise have been rounded to nearest rupee.