| 1.01 ACCOUNTING STANDARD DISCLOSURES
i The company has acquired the lease right of land of 118 Bigha and 10
Biswa from the directors/ relative of directors for the 10 years as per
terms and condition of the agreement. The total amount paid for the
said lease of 10 year is Rs. 1, 16, 50000/- which is amortized equally
over the period of lease. The aforesaid lease agreement is cancelable
lease agreement and therefore no disclosure is required to be made in
accordance with AS-19 "Leases" issued by ICAI.
ii Employees Benefits are recognized as on expense in the profit and
loss account in which the related service in rendered. In respect of
payment of gratuity, the same is neither applicable as per statute nor
payable under any formal plan or agreement between company and its
employees
iii SEGMENT DISCLOSURE
In pursuant to Accounting Standard 17 regarding Segment Reporting, the.
Segment wise disclosure are as under:
1.02 The company has entered into an agreement for cultivation of crops
at its land. The party has borne labour and tractor running and
maintenance expenses for a consideration of 25/ of total produced crops
at the said land of the company. The company has taken into account the
production of only 75/- of total produced crop at the said land being
its share and sales thereof have been accounted for in the books of
accounts
1.3 The company during the year has paid fees for listing of its
shares in Bombay Stock Exchange.
1.4 In the opinion of the Board, all the assets other than fixed
assets and non-current investments have a value on realization in the
ordinary course of business at least equal to the amount at which they
are stated and provision for all liabilities have been made.
|