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Notes to Accounts of Aarey Drugs & Pharmaceuticals Ltd.

Mar 31, 2015

1. Balances of Trade Receivables, Loans and Advances, Secured Loans, Trade Payables& Others are subject to confirmation and reconciliation and consequential adjustments, if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount stated in balance sheet.

3. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of Accounting Standards 28 issued by The Institute of Chartered Accountants of India.

4. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been made.

5. Earnings Per Share (AS-20):

The Earning Per Share computed as per the requirement under Accounting Standard 20 on Earning Per Share issued by The Institute of Chartered Accountant of India, is as under:

6. Deferred Tax Assets/(Liability) :

The Company has not provided Deferred Tax Liabilities for the year, amounting to Rs. 1,02,69,899/- resulting in overstatement of Reserve and Surplus by the said amount, which is not in conformity with Accounting Standard 22 on "Accounting on Taxes on Income" issued by the Institute of Chartered Accountant of India.

7. The Company has not provided depreciation in the financial year 2001 to 2004 and has provided excess depreciation later on resulting in the Reserved & Surplus being over stated by Rs. 3,901,085/-.

8. Segment Information (AS-17)

Company has only one segment of activity namely "Trading and Manufacturing Activities". Since there is No export turnover, there are no reportable geographical segments.


Mar 31, 2014

Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company decleres and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting. In event of liquidation of the Company the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The Distribution will be in proportion to the number of equity shares held by the shareholders.

1. Balances of Trade Receivables, Loans and Advances, Secured Loans, Trade Payables & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

3. Provision for retirement benefits to employees was provided on accrual basis, which is in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

4. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute of Chartered Accountants of India.

5. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

6. Deferred Tax Assets/(Liability):

The Company has not provided Deferred Tax Liabilities for the year, amounting to Rs. 6,470,141/- resulting in overstatement of Reserve and Surplus by the said amount, which is not in conformity with Accounting Standard 22 on "Accounting on Taxes on Income " issued by the Institute of Chartered Accountant of India.

7. The Company has not provided depreciation in the financial year 2001 to 2004 and has provided excess depreciation later on resulting in the Reserved & Surplus being overstated by Rs3,901,085/-

8. Segment Information (AS-17)

Company has only one segment of activity namely "Trading and Manufacturing Activities". Since there is No export turnover, there are no reportable geographical segments.


Mar 31, 2013

1. Balances of Debtors, Loans and Advances, Secured Loans, Sundry Creditors & Others are subjecttoconfirmation and reconciliation and consequential adjustments,if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would notbeless than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilitiesisadequate and not inexcess of the amount.

3. Provision for retirement benefits to employees was provided on accrual basis, which is in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement ofProfit&Loss.

4. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute ofCharteredAccountantsof India.

5. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the saidAct have not been made.

6. EarningsPer Share (AS-20):

The Earning Per Share computed as per the requirement under Accounting Standard 20 on Earning Per Share issued by The Institute of CharteredAccountant of India, is as under:

7. Deferred TaxAssets/(Liability) :

The Company has not provided Deferred Tax Liabilities for the year, amounting to Rs. 8,059,681/- , resulting in overstatement of Reserve and Surplus by the said amount, which is not in conformity with Accounting Standard 22 on "Accounting on Taxes on Income " issued bythe Institute of CharteredAccountant ofIndia.

8. The Company has not provided depreciation in the financial year 2001 to 2004 and has provided excess depreciation later on resulting in the Reserved & Surplus being overstated by Rs.307,235.

9. SegmentInformation(AS-17)

Company has only one segment of activity namely "Trading and Manufacturing Activities". Since there is No export turnover, there are no reportable geographical segments.


Mar 31, 2012

(a) Terms/rights attached to equity shares

The Company has only one class of equity shares having a par value of'10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The Distribution will be in proportion to the number of equity shares held by the shareholders.

1. Balances of Debtors, Loans and Advances, Secured Loans, Sundry Creditors & Others are subject to confirmation and reconciliation and consequential adjustments, if any.

2. In the opinion of the Board & to the best of their knowledge & belief the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet & the provisions for all the loans & determined liabilities is adequate and not in excess of the amount.

3. Provision for retirement benefits to employees was not provided on accrual basis, which is not in conformity with Accounting Standard-15 issued by ICAI and the amount has not been quantified because actuarial valuation report is not available. However, in the opinion of the management the amount involved is negligible and has no material impact on the Statement of Profit & Loss.

4. According to a technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of accounting standards-28 issued by the Institute of Chartered Accountants of India.

5. The Company has not received the required information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006. Hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid/payable as required under the said Act have not been made.

6. Deferred Tax Assets/(Liability):

The Company has not provided Deferred Tax Liabilities for the year, amounting to Rs. 73,09,521/-, resulting in overstatement of Reserve and Surplus by the said amount, which is not in conformity with Accounting Standard 22 on "Accounting on Taxes on Income " issued by the Institute of Chartered Accountant of India.

7. Segment Information (AS-17)

Company has only one segment of activity namely "Trading and Manufacturing Activities". Since there is No export turnover, there are no reportable geographical segments.

8. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2010

* Related Parties Disclosures.

Name of the related parties where control exists irrespective of whether transactions have occurred or not:

Note: Related Party relationship is as identified by the Company and relied upon by the auditors.

A - Key Management Personnel

- Rajesh P Ghatalia - Chairman - Chairman up to 29/12/2009

- Chetan Mehta - Director

- Rajesh P Ghatalia - Director Remuneration

- Mihir P Ghatalia - Director Remuneration



B - Relatives of Key Management Personnel

- Damyanti P Ghatalia - Mother of Shri Rajesh P Ghatalia

- Bina R Ghatalia - Wife of Shri Rajesh P Ghatalia

- Mihir R Ghatalia - Son of Shri Rajesh P Ghatalia

- Nimit R Ghatalia - Son of Shri Rajesh P Ghatalia

- Bina R Ghatalia - Office Rent

- Damyanti P Ghatalia - House Rent

- Damyanti P Ghatalia - Office Rent

- Priti Chetan Mehta - Wife of Shri Chetan Mehta.

In the opinion of Board of Directors, the " Current assets, loans and advances " have a value on realization in the ordinary course of business at least equal to the amount at which these are stated in the Balance Sheet.

* In pursuance of circular regarding interest on delayed payment of small scale and ancillary industrial undertakings Act, the liability could not be determined as thenecessary details are not available with the Company.

* Over due amount payable to Micro, Small and Medium Enterprises could not beascertained as the necessary details are not available with the Company.

* The balances of Suppliers, Sundry Debtors, Loans and Advances, Unsecured Loans, are as per books of accounts and subject to reconciliation andconfirmation with therespective parties.

* The investments and inventory are subject to physical verification andconfirmation. Previous figures have been regrouped and rearranged wherever necessary to make the comparable with those of the current year. Signatures to statement of significant Accounting policies, Schedules and notes to accounts.

 
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