| 1. SHARE CAPITAL
1.1 Term / rights attached to equity shares
The Company has only one class of equity shares having at par value.
Each share holder is entitled to one vote per share.
2. It is explained by the management that the company has assessed
recoverable value of assets, which worked out to higher than
corresponding book value of net assets. Hence no impairment loss has
been recognized.
3. Balances of Sundry Debtors, Sundry Creditors, Secured Loans,
Unsecured Loans, Advances and Deposits are subject to confirmations.
4. Figures of previous year are regrouped and rearranged wherever
necessary.
5. Micro, Small & Medium Enterprises Development Act, 2006 :
Under the Micro, Small & Medium Enterprises Development Act, 2006 which
came into force from 2nd October, 2006, certain disclosures are
required to be made relating to Micro, Small & Medium Enterprises. The
Company is in the process of compiling relevant information from its
suppliers about their coverage under the said Act. Since the relevant
information is not readily available, no disclosure have been made in
the accounts.
6. Sales has been accounted for net of Sales return .
7. Discount on sales for the period from 01.04.2014 to 31.03.2015 has
been shown seperately as expenses in Statement of Profit & Loss A/c.
8. Prior Period Items :-
Income : Nil
Expenses : Nil
9. Exemption for Agricultural Income :
The company has considered its income as agricultural income thereby
treating it as exempt U/s. 10(1) by relying on following decisions :
(i) M/s Pods Biotech Pvt. Ltd. Vs Department of Income Tax, ITAT -
Bangalore
(ii) M/s Advanta India Ltd. Vs Department of Income Tax, ITAT -
Bangalore
10. Related Party Transactions
As per Accounting Standard 18 "Related Party Disclosures" , issued by
the Institute of Chartered Accountants of India, the disclosures of
transactions with the related parties as defined in the Accounting
Standard are given below
10.1 Name of Related Parties :
Key Management Personnel :
Mr. Raghvendra Shripatro Joshi (Director)
Mrs. Meena R. Joshi (Director)
Mr. Shashikant Vinayakrao Shastri (Director)
Mr.Omprakash Jaiswal (CEO)
Other Related Parties
Maruti Agro Services
Maruti Fertochem Limited
Maruti Tyres (Prop. Mrs. Meena R. Joshi)
Mr. Omprakash Shiolalji Jaiswal (CEO & Manager)
Mr. Harshwardhan Raghavendra Joshi
11. Particulars of the Company :
a) Registration No. - CIN L24234MH2005PLC158420
b) Date of Incorporation 28.12.2005
c) Balance Sheet as on 31st March 2015
d) Nature of Business Production of Hybrid Seeds
e) Name of Bank and A/c No. State Bank of India, Krnati Chowk,
Aurangabad C/ C A/C No. - 32133824088
f) PAN AADCR1924L
12. Balance Sheet Abstract & Companies General Business Profile
I. Capital Raised during the year: (Rs. In Lacs)
Public Issue - Right Isssue Nil
Preferential Issue - Bonus Issue Nil
Share Premium -
II. Generic Names of Three Principal Products/ Services of Company ( As
per Monetary Terms)
a) Item Code No. (ITC Code)-
Product Description Item Code
Production of Hybrid Seeds 0101
13. Research & Development Expenses : -
Research and Development expenses includes revenue expenses incurred by
the company such as Staff Salary, Testing Fees, Technical Fees, Farm
Expenses, etc. at its research plant for the purpose of research of
seeds. As the company is engaged in the business of producing &
marketing of seeds, it has incurred heavy expenditure on research &
development, even though revenue expenditure incurred on R & D in one
year, its benefit may be derived by the company not only in the year in
which it is incurred but over some further period. Therefore company
has adopted the policy to claim total revenue expenditure incurred on R
& D as deduction while computing taxable income in the year in which
this expense is incurred . But in books of accounts, it is deferred for
a total period of four years & accordingly it is disclosed in the
Balance sheet & Statement of Profit & Loss. The expenditure which is
deferred as above is added back in the relevant years, while computing
taxable income, as it is claimed 100 % in the year in which it is
incurred . Details of revenue R & D exp. incurred , deferred & debited
to statement of profit and loss are as under -
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