Neha International Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2015

CORPORATE INFORMATION:

Neha International Limited ("The Company") was incorporated on 12th July, 1993 and the CIN being LO1122TG1993PLC015987. The company is engaged in the business of Floriculture, Agri-Farming and Agri goods trading.

1. The Company has prepared its financial statements for a period of 21 (Twenty One) months i.e.from I st July 2013 to 31 st March, 2015.The Board has convened a meeting on 18/06/2014 and sought an extension of 6 months. Registrar of Companies has sanctioned the extension on 14/08/2014.The Board has again convened a meeting on 24/12/2014 and sought an extension of 3 months. Registrar of Companies has subsequently sanctioned the extension on 29/12/2014.

2. In the view of Management, no event has taken place to trigger the need for testing its assets for impairment. Accordingly, as per the management''s assessment, the carrying values of its assets as at the Balance sheet date are not higher than their corresponding recoverable amounts.

3. The financial statements are prepared for 21 months for the period 01-07-2013 to 31-03-2015. The depreciation provided from 0110712013 to 31 /03/2014 was Rs. 5,61,203/- as per the Companies Act 1956 and from 0110412014 to 31/03/2015 was Rs. 6,70,476/- as per provisions of Schedule II of Companies Act 2013 and an amount of Rs. 12,39,204/- were transferred to retained earnings.

4. Related Party Disclosure: Information regarding Related Party Transactions as per Accounting Standard 18 issued by the lCAl

A. Related Party and their Relationship

I .(A) Subsidiaries (Direct Holding)

M/s Globe agro Holdings, Mauritius

M/s Dream Flowers PLC, Ethiopia

M/s NehaAgricorp PTE Ltd, Singapore

M/s NehaAgriservices PTE Ltd, Singapore

(B) Step Subsidiaries (Indirect Holding)

a. M/s Alliance Flowers PLC, Ethiopia

b. M/s Holetta Roses PLC, Ethiopia Uganda

c. M/s Oromia Wonders PLC, Ethiopia. Ltd.,Zambia

d. M//s NINTAgri PLC, Ethiopia. Senegal

e. M/s NehaAgri Tanzania Ltd,Tanzania

f. M/s NehaAgri Ventures (U) Ltd,

g. M/s.NehaAgri Zambia

h. M/s.NehaAgri Senegal-SUARL,

i. M/s.NehaAgriservicesFZE,UAE

5. In compliance with Accounting Standard- AS 19"Lease",the following are the Disclosures:

The Company has entered into an operating lease agreement for its office premises for a period of 24 months renewable at the option of the lesser and lessee. Total lease payments for the period charged to P&L account is Rs.28,88,430/-for a period of 21 months (Previous Year - Rs. 16,90,788/-).

6. Contingent Liabilities:The company has taken LC''s for an amount of Rs. 15,38,26,282/- from bank for trading operations.

7. Inter-corporate Deposits receivable from Sai Tipparaju InfraVentures Pvt Ltd. amounts toRs.55,73,259/-.

8. Auditors Remuneration: 2013-15 2012-13

Audit Fees Rs.3,30,000 Rs. 165,000

Tax Audit Rs. 70,000 Rs. 20,000

# Exclusive of service tax & out of pocket expenses

9. The company has incurred an expense of Rs. 86,75,892/- till 31-03-2015 on behalf of M/s NINT Agri PLC, Ethiopia (Subsidiary) which is recoverable from the subsidiary.

10. The Parent company has further invested US$ 0.008 Million ( Rs. 4,90,968/-) in its 100% wholly owned subsidiary M/s Neha Agricorp PTE Ltd.

11. During the year,the company got the sanction of 5,00,00,000/- Corporate Loan from State Bank of Mauritius Limited. Loan was secured by way of hypothecation of Immovable properties of Neha International Limited, and personal guarantee of promoter Director.

12. The Company has made exports of US $ 68,160 to Era Farm BestTrading STN BHD on 27/12/2012. But the company has realized only US $ 40,868 as on 31 /03/2015.The balance of US $ 27,292 (Rs.18,65,040/-) was still shown under Sundry Debtors.

13. The Company has provided an amount of Rs.1,00,000/- as Provision for Gratuity. But the Company has not complied with the requirements of actuarial valuation as required by the Accounting Standard.

14. In the opinion of the Board the Current assets, Loans and advances are approximately of the value stated if realized in the ordinary course of the business. The provision for depreciation and all known liabilities are adequate and not in excess of the amount considered reasonably necessary.

15. Confirmation of balances has not been received from any of the Creditors, Debtors and for Loans & Advances, which are subject to reconciliation. Provision for doubtful debts, if any, in respect of the above and the consequential adjustment, if any, whether of revenue nature or otherwise, will be dealt accordingly.

16. DISCLOSURE UNDER MICRO,SMALLAND MEDIUM ENTERPRISES DEVELOPMENT ACT,2006:

As regards to the compliance of provisions relating to the dues to Micro, Small and Medium Enterprises in terms of Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006, the Company has sent letters to the Creditors to confirm whether they are Micro, Small and Medium Enterprises. The Company is yet to receive the confirmations from them. Hence, the Company could not quantify the dues, if any to the Micro, Small and Medium Enterprises.

17. Additional information pursuant to Part II of Schedule III of the CompaniesAct,2013.

Quantitative and other details: Current year the company has not undertaken any manufacturing activity in India. Hence it is not applicable.

18. During the year the following provisions are made:

Current Tax - Rs. 1,21,86,429/-

19. The figures mentioned in the current period (21 months) are not comparable with the previous year figures.

20. Previous year''s figures have been regrouped, rearranged and reclassified, wherever necessary to match with the current year''s figures.

21. Figures have been rounded off to the nearest rupee.

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Jun 30, 2013

1. The Company has prepared its financial statements for a period of twelve months i.e. from 1st July 2012 to 30th June 2013.

2. In the view of Management, no event has taken place to trigger the need for testing its assets for impairment. Accordingly,as per the management''s assessment,the carrying values of its assets as at the Balance sheet date are not higher than their corresponding recoverable amounts.

3) Contingent Liabilities:During the year,the company utilized Stand by Letter of Credit facility of USD 919,000 from State Bank of Mauritius for securing the working capital facilities of NINTAGRI PLC.,Ethiopian based step subsidiary of the company.

4) Confirmation of balances has not been received from some of the Creditors, Debtors and for Loans & Advances, which are subject to reconciliation. Provision for doubtful debts,if any,in respect of the above and the consequential adjustment,if any,whether of revenue nature or otherwise,will be dealt accordingly.

5) Noamounts are dueto SSI units beyond the prescribed limit ason30th June 2013.

6) The members ofthe Company at theirAnnual General Meeting held on 10th October,2007 had approved grantingof a maximum of 700000 Options to its eligible employees by special resolution. Pursuant to this approval, the Compensation committee at its meeting held on 7th August, 2009 had granted 500000 options to the eligible employees of the company and its overseas subsidiaries and the same shall be exercised within five years from the date of vesting asper NEHA ESOP-2007.

7) The Parent company has further invested US$ 0.1915 Million (Rs.10,564,417/-) in its 100% wholly owned subsidiary M/s NehaAgricorp PTE Ltd

8) Additional information pursuant to part II of scheduleVI of the Companies Act, 1956. Quantitative and other details: Current year the company has not undertaken any manufacturing activity in India.Hence it is not applicable.

9) In compliance with Accounting Standard (AS 22) "Accounting for taxes on Income" issued by the Institute of CharteredAccountants of India,the company Provided for deferred taxes on timing differences in the books.

10) During the year, the company got the sanction of USD. 919,000 Stand by Letter of Credit(SBLC) from State Bank of Mauritius Limited and Letter of Credit facility of Rs.1000 Lakhs from Bank of Maharashtra.These limits are secured by way of cash margin, hypothecation of Immovable properties of Neha International Limited, and personal guarantee of promoter Directors

11) Previous year''s figures have been regrouped, rearranged and reclassified, wherever necessary to match with the current year''s figures.

12) Figures have been rounded off tothe nearest rupee.

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Jun 30, 2011

1. The Company has prepared its financial statements for a period Of Twelve months i.e. from 1st July 2010 to 30th June 2011.

2. In the view of Management, no event has taken place to trigger the need for testing its assets for impairment. Accordingly, as per the management's assessment, the carrying values of its assets as at the Balance sheet date are not higher than their corresponding recoverable amounts.

3. SEGMENT REPORTING AS 17

Business Segment: Since the company is into merchandising, trading in flowers, Machinery and other Agri products in addition to growing of flowers, the revenues from each operation is also given below.

Geographical Segment: Geographical Segment of the company are Netherlands, India, Japan, Greece Canada , Switzerland, Oman, United Kingdom, Italy, Beiruth, Doha, Jedda, Riyad & Sudan as the company is engaged in business with these countries.

4) In compliance with Accounting Standard AS 19"Lease",the following are the Disclosures:

The Company has entered into an operating lease agreement for its office premises for a period of 24 months renewable at the option of the lesser and lessee. Total lease payments for the period charged to P&L account is Rs. 15,72,432/- (Previous Year- Rs. 12,19,582/-)

5) The Company has recognized MAT Credit of Rs. 23,05,152/- in the books in accordance with 115JAA of the Income tax act, as there is a reasonable certainty of future taxable profits against which MAT credit can be realized.

The company has recognized deferred tax liability of Rs. 51,192/- in the books in accordance with AS-22 "Accounting for taxes on income"

6) Contingent Liabilities not provided for : Nil

7) Confirmation of balances has not been received from some of the Creditors, Debtors and for Loans & Advances, which are subject to reconciliation. Provision for doubtful debts, if any, in respect of the above and the consequential adjustment, if any, whether of revenue nature or otherwise, will be dealt accordingly.

8) No amounts are due to SSI units beyond the prescribed limit ason30th June 2011.

9(a) During the year, the company has allotted 33.70 lakhs of shares to promoters and others by conversion of 33.70 laks convertible warrants. The company completed the issue of 66,65,000 GDRs underlying the equity shares of the company with face value of Rs.10/- each. The price of the GDR was US $ 3.00 (Rs.136.344).The GDRs were listed in Luxemberg stock exchange on05thofMay 2011.

(b) The members of the Company at their Annual General Meeting heldon10th October,2007 had approved granting of a maximum of 700000 Options to its eligible employees by special resolution. Pursuant to this approval, the Compensation committee at its meeting held on 7th August, 2009 had granted 500000 options to the eligible employees of the company and its overseas subsidiaries and the same shall be exercised within five years from the date of vesting as per NEHA ESOP-2007.The employees of the company have exercised 185,000 options in the first year and 66,250 options in the second year as on date. The company has allotted 251,250 equity shares of Rs.10/- each at a premium of Rs.10/- each.

10) The Parent company has further invested $ 8,100,000 in M/s Globe agro Holdings during the year for the increase in stake in the existing subsidiaries. During the year the company has invested $ 22,186,923 in the 100% wholly owned subsidiary company M/s Neha Agri corp PTE Ltd

11) Additional information pursuant to part II of schedule VI of the CompaniesAct,1956.

12 In compliance with Accounting Standard (AS 22) "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India, the company Provided for deferred taxes on timing differences in the books.

Deferred tax Debited to Profit and Loss Account for the current year is Rs. 51,192/-

13) During the year, the company got the sanction of Rs. 1000 lakhs Letter of credit limits from M/s Indus ind Bank. This limit is secured by pledge of the Neha's shares held by Promoters in addition to cash margin. The company has not utilized any of this limit as on 30.06.2011.

14) Previous year's figures have been regrouped, rearranged and reclassified, wherever necessary to match with the current year's figures.

15) Paisa have been rounded off to the nearest rupee.

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Jun 30, 2010

1. The Company has prepared its financial statements for a period ofTwelve months i.e.from 1st July 2009 to 30th June 2010.Whereas previous periods financials were prepared for the period of 15 months i.e.from 1stApril 2008 to 30th June 2009.Consequently the figures for the current period are not comparable with previous periods figures to that extent.

2. In the view of Management, no event has taken place to trigger the need for testing its assets for impairment. Accordingly,as per the managements assessment,the carrying values of its assets as at the Balance sheet date are not higher than their corresponding recoverable amounts.

4. SEGMENT REPORTING AS 17

Business Segment: Since the company is into merchandising, trading in flowers, Machinery and other Agri products in addition to growing of flowers,the revenues from each operation is also given below.

Geographical Segment: Geographical Segment of the company are Netherlands, India, Japan, Greece Canada , Switzerland,Oman,United Kingdomasthe companyis engaged in business with these countries.

5. RELATED PARTY DISCLOSURE: Information regarding Related Party Transactions as per Accounting Standard 18 issued by the ICAI

A.Related Partyand their Relationship

1 (A) Subsidiaries (Direct Holding)

M/s Globe agro Holdings,Mauritius M/s Dream Flowers PLC,Ethiopia M/s NehaAgricorp PTE Ltd,Singapore M/s NehaAgriservices PTE Ltd,Singapore (B) Step Subsidiaries (Indirect Holding)

a.M/sAlliance Flowers PLC,Ethiopia b.M/s Holettà Roses PLC,Ethiopia c.M/s OromiaWonders PLC,Ethiopia. d.M//s NINTAgri PLC,Ethiopia. e.M/s NehaAgriTanzania Ltd,Tanzania

6) In compliance withAccounting Standard AS 19"Lease",the following are the Disclosures:

The Company has entered into an operating lease agreement for its office premises for a period of 24 months renewable at the option of the lesser and lessee. Total lease payments for the period charged to P&L account is Rs.12,19,582/- (PreviousYear- Rs.12,11,340/-)

7) The Company has recognized MAT Credit of Rs.22,75,690/- in the books in accordance with 115JAA of the Income tax act,as there is a reasonable certainty of future taxable profits against which MAT credit can be realized.

The company has recognized deferred tax liability of Rs.394,580 in the books in accordance with AS-22" Accounting for taxes on income"

8) Contingent Liabilities not provided for:Nil

9) Confirmation of balances has not been received from some of the Creditors, Debtors and for Loans & Advances, which are subject to reconciliation. Provision for doubtful debts,if any,in respect of the above and the consequential adjustment,if any,whether of revenue nature or otherwise,will be dealt accordingly.

10) No amounts are due to SSI units beyond the prescribed limit as on 30th June 2010.

11) The members of the Company at their Annual General Meeting held on 10th October, 2007 had approved granting of a maximum of 700000 Options to its eligible employees by special resolution. Pursuant to this approval, the Compensation committee at its meeting held on 7th August, 2009 had granted 500000 options to the eligible employees of the company and its overseas subsidiaries and the same shall be exercised within five years from the date of vesting as per NEHA ESOP-2007.The employees of the company has exercised 185,000 options as on date.The company has allotted 185000 equity shares of Rs.10/- each at a premium of Rs.10/- each. FairValue calculation has been given in the Directors Report

12) The Parent company has further invested $1,500,000 in M/s Globeagro Holdings during the year for the increase in stake in the existing subsidiaries. It also acquired 50% stake in Ethiopian base Floriculture company M/s Dream Flowers PLC with Management control. During the year the company has incorporated two 100% wholly owned subsidiary companies M/s NehaAgricorp PTE Ltd and M/s NehaAgri Services PTE Ltd in Singapore. The company has also acquired M/s NINTAgri PLC through the Singapore based company M/s NehaAgricorp PTELtd.M/sNINTAgri PLC is having 10,000 acres of land in hand at Ethiopia.

13) During the year the company has disposed off its un-viable floriculture unit and other related assets located at punefor a total consideration of Rs 550 lakhs pursuant to the consent give by the shareholders at their meeting held on 10TH October 2007The amount realized on sale of farm has been utilized for investment in Ethiopian floriculture operation. Although the company has disposed off its unit in Pune,the company continue to undertake merchandising trade of cut flowers,machinery and other products.In view of the continuation of the business,the financial statements for the year are prepared on the basis of going concern concept.

14) Neha international Limited was incorporated in the year 1993 and since then the company was into the business of floriculture. During the year, the company has expanded its business activity by venturing into corporate farming by acquiring an Ethiopian based company called NINT Agri Plc, which holds 4000 hectors of arable land in Ethiopia.The company has acquired world class infrastructure development equipments and is in the advance stage of developing the land for cultivation.

15) Additional information pursuant to part II of scheduleVI of the Companies Act,1956.

16) During the year,the company was sanctioned Rs.500 lakhs Letter of credit limits from M/s Indusind Bank.This limit is secured by pledge of the Companies shares in addition to cash margin.The company had utilized part of this limit as on 30.06.2010.

17) Previous years figures have been regrouped, rearranged and reclassified, wherever necessary to match with the current years figures.

18) Paise have been rounded off to the nearest rupee.