| 1. Terms / Rights attached to Equity Shares:
The Company has only one class of Equity Shares having par Value of
Rs.1/- per share. Each holder of Equity Shares is entitled to one vote
per share
In the event of liquidation of the Company the holder of Equity Share
will be entitled to receive remaining assets of the Company in
proportion to number of Equity Shares held.
2. Details of Shareholders holding more than 5% Equity Shares in
the Company:
* The above loans have been sanctioned by SBI against Hypothecation of
stocks and receivables, Plant and Machinery and equitable mortgage of
various properties and personal guarantee of director. Due to default
in repayment of dues by the company the bank has issued a notice on
15th November 2014 U/s 13 (2) of SARFAESI Act calling upon the company
to discharge entire liability within 60 days. The above amount has
become due for payment.
As per Bank Statement there were no entries / debits appeared pertains
to Interest on SLC Loan, Term Loans and Working Capital Loans. And it
is not possible to acertain to find out the exact interest to debit the
profit and loss account. The interest amounts will be taken into
account as and when the Bank debits to our above mentioned loans
accounts.
3. Contingent Liabilities and Commitments
The amount for which the Company is contingently liable is disclosed
below:
Name of The Nature of Amount Period to which
Statute Dues the Amount
Relates
The Central Excise 37,39,962 2007-08,
Excise Act 1944 Duty and 2008-09,
Penalty 2009-10 &
2011-12
The Income Tax Income 1,74,89,574 2008-09,
Act, 1961 Tax 2009-10 &
2010-11
AP VAT VAT 23,84,775 2007-08,
Act, 2005 Audit Tax 2008-09,
2009-10
Name of The Forum Where
Statute Pending
The Central Appellate
Excise Act 1944 Authority -
Commissioner
The Income Tax CIT/Tribunals -
Act, 1961 Appeals
AP VAT Commercial Tax
Act, 2005 Office,
Hydernagar
Circle
4. Related party disclosures
List of Related Parties:
i) Subsidiaries : Farmax International FZE.(100%)
ii) Key Management Personnel : Mr. M. Srinivasa Reddy, Chairman &MD.
5. The Company operates in one major segment only. Hence the requirement
of giving segmental information as per the accounting standard AS - 1 7
'Segmental Reporting ' issued by ICAI is not applicable.
6. Deferred tax asset as per AS-22 "Accounting for Taxes on Income" has
not been provided since there is no virtual certainty of taxable income
in near future.
7. The Management is of the opinion that as on the Balance Sheet date,
there are no indications of a material impairment loss on Fixed Assets,
hence the need to provide for impairment loss as per AS-28 "Impairment
Of Assets" does not arise.
8. Imports on CIF Basis - Nil
9. a) The Company has made an application in Form A (Annexure 1) on
01-08-2013 for the registration as a sick unit under provision of Sick
Industrial Companies (Special provisions) Act, 1985 as the net worth of
the Company is completely eroded. The same has been registered in the
Board as Case No. 91/2013 as per order dated 17-12-2013 of the
Secretary, Board for Industrial and Financial Reconstruction. It is
pending for determination of sickness.
b) Previous year's figures have been regrouped wherever necessary to
confirm to the current year's classification
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