A RELATED PARTY DISCLOSERS ( AS-18 )
The Related Party Disclosures as required as per Accounting Standard
(AS-18) on Related Party Disclosures issued by the Institute of
Chartered Accountants of India are as below:-
a) List of Related Party and Relationship
Omega Ag-Seeds (India) Limited Promoter Company
Punjab Agro Ind.Corporation (PAIC) Promoter Company
B. Key Managerial Personnel
Mrs Leena N. Parekh Director / Chairperson
Mr. Nerella Mohan Rao Venkatarama Director
b) Disclosure required for related parties transactions.
B Amounts outstanding at Balance Sheet Date.
Amount Recoverable from Promoter Company Omega Ag-Seeds (India) Ltd Rs.
Amount Payable to Managerial Personnel Mrs Leena N. Parekh Rs. 286287
Mr. Nerella Mohan Rao Venkatrama Rs. 1900000 M) 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 calculated has Deferred Tax liability as at 31.03.2012
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 of realization of current
assets and loans & Advances in the ordinary course of business will not
be less than the amount at which they are stated in the Balance Sheet
F) The financial statements for the year ended 31st March, 2011 had
been prepared as per the then applicable pre-revised Schedule VI to the
Companies Act 1956. Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956 the financial statements for the year
ended 31st March, 2012 are prepared as per the Revised Schedule VI.
Previous year figures have been regrouped or rearranged to conform to
this year''s classification. The adoption of Revised Schedule VI for
previous year figures does not impact recognition and measurement
principles followed for preparation of financial statements.