Mar 31, 2015
1. Background
The Company is Public limited company, incorporated under the Indian
Companies Act, 1913, having its registered office in Sohna, Haryana and
is listing on BSE Ltd & ASE Ltd. The Company is engaged in
manufacturing, marketing, trading and export of Pharmaceutical
Products. The Company has its own manufacturing facility at Sohna. The
Company has various independent contract/third party manufacturers
based across the country.
(a) Term loan from Indian Overseas Bank of Rs. 81,01,098/- which
carries interest base rate 3.75% and is repayable in 60 installments of
Rs. 2,06,000/- from October, 2012. The loan is secured by all immovable
& movable fixed assets of the company.
(b) Term loan from Indian Overseas Bank of Rs. 1,80,97,433/- which
carries interest base rate 3.75% and is repayable in 84 installments of
Rs. 3,28,000/- from October, 2012. The loan is secured by all immovable
& movable fixed assets of the company.
(c) Term loan includes Working Capital Term Loan of Rs. 1,13,40,000/-
from Indian Overseas Bank which carries interest base rate 3.75% and
is repayable in 60 monthly installments of Rs. 2,83,000/- from October,
2012. The loan is secured by 1st charge on the current and fixed assets
of the company.
(d) Vehicle Finance loan carries interest @ 10% p.a. financed by HDFC
Bank repayable in 36 equal monthly installments stated from January,
2013 to December, 2015. The loan is secured by hypothecation of
vehicle.
NOTE NO. 2 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
As on 31st As on 31st
March, 2015 March, 2014
(Rs.) (Rs.)
Performance Guarantees given - -
by company bankers on behalf
of company
Company has received notice under section 143(2) of the Income Tax Act,
1960 for the Financial Year 2012-13 & the case is under processing.
NOTE NO. 3
During the year, pursuant to the notification of Schedule II to the
Companies Act, 2013 with effect from April 1, 2014, the Company revised
the estimated useful life of relevant assets to align the useful life
with those specified in schedule II. Pursuant to the transitional
provisions prescribed in Schedule II to the Companies Act, 2013, the
Company has fully depreciated the carrying value of the assets, net of
residual value, where the remaining useful life of the asset was
determined to be nil as on April 1, 2014, and adjusted an amount of Rs.
61.19 lacs against the opening balance in the Statement of Profit &
Loss under Reserve and Surplus.
NOTE NO. 4 Employee Benefits: The Disclosure required as per the
revised AS-15
Brief description of the Plans: The Company has various schemes for
long term benefits such as Provident Fund, Gratuity, and Leave
Encashment. The Company's defined contribution plans are Provident
Funds, Employee's State Insurance Fund & Employee's Pension Scheme
(under the provision of Provident Funds & Miscellaneous Provisions Act,
1952). The Company has no further obligation beyond making the
contributions. The Company's defined benefit plans include Gratuity &
Leave Encashment Plan. In accordance with the applicable Indian Laws,
the company provides for gratuity for all employees. The Gratuity Plan
provides a lump sum payment to vested employees, at retirement or
termination of employment, an amount based on respective employee's
last drawn salary & for the years of employment with the Company. The
amounts charges to Profit & Loss Account based on estimated basis are
as under:-
Particulars Gratuity A/c Leave Encashment A/c
(Rs. In lacs)
Obligation as on 31.03.2015 2.58 0.55
5. The provision for Interest provided on long term & short term
borrowings in the note "Other Current Liabilities" amounting to Rs.
43.46 lacs for the period from Oct, 2014 to March, 2015 has been
charged at the rate of 10.50% as bank has not booked the interest
amount in the account of company due to non-payment of the same.
6. Company has not received intimation from supplier regarding the
status under Micro, Small & Medium Enterprises Development Act, 2006
and hence disclosure, if any, relating to amount unpaid as at the year-
end together with the interest paid/payable as required under the Act
have not been given.
7. The company has received Rs. 5.63 lacs against the sale of Focus
Market Scheme licence as export incentive, which is included under
Revenue from operation Head in Profit & Loss A/c.
8. In the opinion of the Board, the Current Assets, Loan & Advances
shown in the Balance Sheet have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
9. INVESTMENTS
Company has sent notices to the various companies in which company has
invested, as neither they are sending duplicate shares nor are replying
the letters of the company, as company has misplaced/lost the share
certificates during the shifting of records. As such these shares
certificates are not physically held by the company as on 31st March,
2015.
10. Related Party Disclosures
"Related party disclosures as required under Accounting Standard
(AS)-18 "Related Party Disclosures".
(a). Related parties and nature of related party relationships where
control exists
Name of the party Relationship
Mr. Sachin Garg Managing Director
Mr. Peeyush Kumar Aggarwal Director
Mr. Kamal Kishore Sharma Director
Mr. Brahm Dutt Sharma Director
Mr. Manoj Kumar Jain Director
Mrs. Madhu Sharma Director
Ms. Vaishali Anand Company Secretary
Mr. Manoj Bhatia CFO
(b). Related party and nature of related party relationship with whom
transactions have taken place:
Name of the party Relationship
Mr. Manoj Bhatia Key Managerial Personnel
Ms. Vaishali Anand Key Managerial Personel
11. The Company has also dealt with trading activities from its Delhi
office which includes in the turnover account.
12. The balances of unsecured loans, loans & advances and sundry
creditors are subject to the confirmation and consequential
reconciliation/adjustments arising there from, if any. The management,
however, does not except any material variation.
13. Previous year figures have been regrouped, rearranged wherever
necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2014
NOTE NO. 1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
As on 31st March, As on 31st March,
2014 2013
(Rs.) (Rs.)
Performance Guarantees given by
company bankers on behalf of ____ 4,34,000
company
NOTE NO. 2 Employee Benefits: The Disclosure required as per the
revised AS-15
Brief description of the Plans: The Company has various schemes for
long term benefits such as Provident Fund, Gratuity, and Leave
Encashment. The Company''s defined contribution plans are Provident
Funds, Employee''s State Insurance Fund & Employee''s Pension Scheme
(under the provision of Provident Funds & Miscellaneous Provisions Act,
1952). The Company has no further obligation beyond making the
contributions. The Company''s defined benefit plans include Gratuity &
Leave Encashment Plan. In accordance with the applicable Indian Laws,
the company provides for gratuity for all employees. The Gratuity Plan
provides a lump sum payment to vested employees, at retirement or
termination of employment, an amount based on respective employee''s
last drawn salary & for the years of employment with the Company. The
amounts charge to Profit & Loss Account based on Gratuity Plan as
required under Accounting Standard ("AS") 15 (Revised) are as under:-
3. Company has not received intimation from supplier regarding the
status under Micro, Small & Medium Enterprises Development Act, 2006
and hence disclosure, if any, relating to amount unpaid as at the year
end together with the interest paid/payable as required under the Act
have not been given.
4. On November 21, 2013 company has received In-principle approval
from BSE(Bombay Stock Exchange) for the issuance of 56,75,350 Equity
Shares and 40,82,650 Warrants convertible into Equity Shares of Rs.
10/- each issued at par to Promoters & Non-Promoters on a preferential
basis in terms of Clause 24(a) of the Listing Agreement. Accordingly,
on 21.11.13, company has issued the above stated Equity Shares &
Warrants to Promoter & Non Promoters Category as under:-.
5. Related Party Disclosures
Information relating to Related Party Transactions as per "Accounting
Standard 18" notified by the Companies (Accounting Standards) Rules,
2006 Related Party and relationship with whom transactions have taken
place during the year
i. Key Management Personnel :Mr. V.K.Jain, Managing Director
Enterprises owned or significantly influenced by KMP and/or their
relatives
i. Advik Finance & Properties Pvt. Ltd.
6. In the opinion of the Board, the Current Assets, Loan & Advances
shown in the Balance Sheet have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
7. INVESTMENTS
Company has sent notices to the various companies in which company has
invested, as neither they are sending duplicate shares nor are replying
the letters of the company, as company has misplaced/lost the share
certificates during the shifting of records. As such these shares
certificates are not physically held by the company as on 31st March,
2014.
8. The Company has made some trading activities from its Delhi office
which includes in the Sales amount.
9. The balances of unsecured loans, loans & advances and sundry
creditors are subject to the confirmation and consequential
reconciliation/adjustments arising there from, if any. The management,
however, does not except any material variation.
10. Previous year figures have been regrouped, rearranged wherever
necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2013
NOTE NO. 1 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
As on 31st
March, 2013 As on 31st
March, 2012
(Rs.) (Rs.)
Performance Guarantees given by
company bankers on behalf of 4,34,000 13,99,100
company
NOTE NO. 2 Employee Benefits: The Disclosure required as per the
revised AS-15
Brief description of the Plans: The Company has various schemes for
long term benefits such as Provident Fund, Gratuity, and Leave
Encashment. The Company''s defined contribution plans are Provident
Funds, Employee''s State Insurance Fund & Employee''s Pension Scheme
(under the provision of Provident Funds & Miscellaneous Provisions Act,
1952). The Company has no further obligation beyond making the
contributions. The Company''s defined benefit plans include Gratuity &
Leave Encashment Plan. In accordance with the applicable Indian Laws,
the company provides for gratuity for all employees. The Gratuity Plan
provides a lump sum payment to vested employees, at retirement or
termination of employment, an amount based on respective employee''s
last drawn salary & for the years of employment with the Company. The
amounts charge to Profit & Loss Account based on Gratuity Plan as
required under Accounting Standard ("AS") 15 (Revised) are as under:-
NOTE NO. 3 The disclosure as per Accounting Standard (AS-17) "Segment
Reporting" Issued by the Institute of Chartered Accountants of India:
(a) Business Segment:
The Company is engaged primarily in pharmaceuticals business and there
are no separate reportable segments as per AS-17.
4. Rs. 1,65,000/- shown is Margin Money A/c with Bank is relates to
the issuance of bank guarantee''s to Govt. Departments.
5. Company has not received intimation from supplier regarding the
status under Micro, Small & Medium Enterprises Development Act, 2006
and hence disclosure, if any, relating to amount unpaid as at the year
end together with the interest paid/payable as required under the Act
have not been given.
6. On June 20, 2012 M/s Omkam pharmaceuticals Pvt Ltd has entered
into a Share Purchase Agreement (SPA) with the erstwhile promoters of
Advik Laboratories Limited for acquisition of 24,84,837 Equity Shares
of face value of Rs. 10/- each representing 26.57% of the paid up
equity share capital of the Target Company along with complete control
and management of the Target Company. The Open Offer in respect of the
same was completed in October, 2012 & the entire shareholding of
erstwhile promoters i.e. 2484837 equity shares of Rs. 10/- each
constituting 26.57%, except 2400 equity shares has been transferred to
M/s Omkam Pharmaceuticals P Ltd. in the month of April, 2013 & M/s
Omkam Pharmaceuticals Pvt. Ltd. has taken over the control of
management by virtue of the aforesaid Share Purchase Agreement.
7. In the opinion of the Board, the Current Assets, Loan & Advances
shown in the Balance Sheet have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
8. INVESTMENTS
Company has sent legal notice to the various companies in which company
has invested, as neither they are sending duplicate shares nor are
replying the letters of the company, as company has misplaced/lost the
share certificates during the shifting of records. As such these shares
certificates are not physically held by the company as on 31st March,
2013.
9. (a) The Company has not provided quantities information under
Clause 2(5) in view of the exemption granted by Central Government vide
their notification no. 301 dated 08.02.2011.
10. The Company has made some trading activities from its Delhi office
which includes in the Sales amount.
11. The balances of unsecured loans, loans & advances and sundry
creditors are subject to the confirmation and consequential
reconciliation/adjustments arising there from, if any. The management,
however, does not except any material variation.
12. Previous year figures have been regrouped, rearranged wherever
necessary to correspond with the current year''s
classification/disclosure.
Mar 31, 2012
1. Contingent Liabilities
As at 31.03.12 As at 31.03.11
Performance Guarantees issued to 13,99,100 16,95,800
Government Authorities as on date
2. Employee Benefits: The Disclosure required as per the revised
AS-15 are as under:
Brief description of the Plans: The Company has various schemes for
long term benefits such as Provident Fund, Gratuity, and Leave
Encashment. The Company's defined contribution plans are Provident
Funds, Employee's State Insurance Fund & Employee's Pension Scheme
(under the provision of Provident Funds & Miscellaneous Provisions Act,
1952). The Company has no further obligation beyond making the
contributions. The Company's defined benefit plans include Gratuity &
Leave Encashment Plan. In accordance with the applicable Indian Laws,
the company provides for gratuity for all employees. The Gratuity Plan
provides a lump sum payment to vested employees, at retirement or
termination of employment, an amount based on respective employee's
last drawn salary & for the years of employment with the Company. The
amounts charge to Profit & Loss Account based on Gratuity Plan as
required under Accounting Standard ("AS") 15 (Revised) are as under:-
Particulars Gratuity A/c (Rs. In lacs) Leave Encashment A/c Obligation
as on 31.03.2012 0.62 0.30
3. Rs. 2,15,000/- showing in Margin Money with Bank is relates to the
issuance of bank guarantee's to Govt. Departments.
4. Balances in respect of loan & advances, debtors & creditors are
subject to confirmation and consequential effect of which is not
ascertainable at this stage, but in the opinion of the management are
fully realizable to the extent stated.
5. The company has Cash Credit Limit of Rs. 500.00 lacs & Term Loan
Limit of Rs. 875.00 lacs from Indian Overseas Bank. Against this
sanctioned limit outstanding balance as on 31st March, 2012 is Rs.
404.79 lacs against Cash Credit & Rs. 541.69 lacs against Term Loan
limits. The company is also having non fund based limit for Letter of
Guarantee/Letter of Credit of Rs. 500.00 lacs. Non fund based limits
utilized as on 31st March, 12 are Rs. 20.35 lacs.
6. The present promoters of the company have entered into an Share
Purchase agreement with M/s Omkam Pharmaceuticals Pvt. Ltd. having its
Registered office at 702, Arunachal Building, 19, Barakhamba Road, New
Delhi à 110062 in the month of June, 2012. And accordingly the entire
shareholding of the existing promoters i.e 2484837 Equity Shares of
Rs.10 each constituting 26.57% is proposed to be sold. As per the
relevant Laws for the time being in force, the proposed acquirer has
brought an open offer in the market as on date the said open offer is
in process.
7. Regarding the disclosure as per the provisions of the Micro, Small
and Medium Enterprises Development Act, 2006, the Company has no
information regarding the status of the service providers/suppliers as
per the provisions of the said Act. In view of this the above
disclosure relating to the amount unpaid as at the end of the year
together with interest paid/payable has not been given.
8. Related Party Disclosures
(i) Information relating to Related Party Transactions as per
"Accounting Standard 18" notified by the Companies (Accounting
Standards) Rules, 2006
Name of Related Party Relationship
Mr. V.K.Jain, Director Key Management Personnel
Advik Finance & Properties Pvt. Ltd. Common Director
(ii) Detail of transactions between company and Related Parties and the
status of Outstanding balances at the year end:-
d) Summary of Transactions 2011-12 2010-11
Remuneration paid to V.K.Jain 625220 627405
Interest Free loan from Advik Finance & 5708226 5714796
Properties Pvt. Ltd.
9. INVESTMENTS
Company has sent legal notice to the various companies in which company
has invested, due to the reason that neither they are sending duplicate
shares nor are they replying the letters of the company, as company has
misplaced/lost the share certificates during the shifting of records.
As such these shares certificates are not physically held by the
company as on 31st March, 2012.
10. The company is dealing only in one type of product as such as per
Accounting Standard-17 there is no segment reporting required.
11. The company has made some trading activities from its Delhi
office, which includes in the Sales amount.
12. The Revised Schedule VI has become effective from 01st 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.
1. For the convenience of members, persons other than members/proxies
will not be admitted.
2. Please bring your copy of Annual report at the Meeting.
Mar 31, 2010
Current year Previous year
1. Contingent Liabilities
not provide for
Performance Guarantees issued to 37,06,740 50,92,740
Government Authorities.
2. Provision for Income tax has been made on the basis of Section
115JB of the Income Act, 1961.(Minimum Alternate Tax).
3. Employee Benefits: The Disclosure required as per the revised AS-15
are as under:
Brief description of the Plans: The Company has various schemes for
long term benefits such as Provident Fund, Gratuity, Leave Encashment &
Pension Scheme. In case of funded schemes, the funds are recognized by
the Income Tax Authorities. The Companys defined contribution plans
are Provident Funds, Employees State Insurance Fund & Employees
Pension Scheme (under the provision of Provident Funds & Miscellaneous
Provisions Act, 1952). The Company has no further obligation beyond
making the contributions. The Companys defined benefit plans include
Gratuity & Leave Encashment Plan. In accordance with the applicable
Indian Laws, the company provides for gratuity for all employees. The
Gratuity Plan provides a lump sum payment to vested employees, at
retirement or termination of employment, an amount based on respective
employees last drawn salary & for the years of employment with the
Company. The amounts charge to Profit & Loss Account based on Gratuity
Plan as required under Accounting Standard ("AS") 15 (Revised) are as
under:-
4. Balances in respect of loan & advances, debtors & creditors are
subject to confirmation and consequential effect of which is not
ascertainable at this stage, but in the opinion of the management are
fully realizable to the extent stated.
5. The company has received Capital Subsidy of Rs. 15.00 lacs from the
State Government of Haryana for setting up plant in the rural area of
Roj Ka Meo Industrial Area, Sohna & the same has been credited to
Profit & Loss Account.
6. The company has Cash Credit Limit of Rs. 400.00 lacs & Term Loan
Limit of Rs. 525.00 lacs from Indian Overseas Bank. Against this
sanctioned limit outstanding balance as on 31st March, 2010 is Rs.
264.49 lacs against Cash Credit & Rs. 193.04 lacs against Term Loan
limits. The company is also having non fund based limit for Letter of
Guarantee/Letter of Credit of Rs. 350.00 lacs. Non fund based limits
utilized as on 31st March, 10 are Rs. 41.75 lacs.
7. Regarding the disclosure as per the provisions of the Micro, Small
and Medium Enterprises Development Act, 2006, the Company has no
information regarding the status of the service providers/suppliers as
per the provisions of the said Act. In view of this the above
disclosure relating to the amount unpaid as at the end of the year
together with interest paid/payable has not been given.
8. Related Party Disclosures
Related party disclosures as required under Accounting Standard on "
Related Party Disclosure" issued by the Institute of Chartered
Accountants of India are given below:-
a) Key Management Personnel i) Mr. V.K.Jain, Director
b) Entities over which key management ii) Advik Finance & Properties
personnel are able to exercise signi- Pvt. Ltd.
ficant influence
c) Related Parties iii) Mr. V.K.Jain, M.D. of Company
9. INVESTMENTS
Company is going to sent legal notice to the various companies in which
company has invested, due to the reason that neither they are sending
duplicate shares nor they are replying the letters of the company, as
company has misplaced/lost the share certificates during the shifting
of records. As such these shares certificates are not physically held
by the company as on 31st March, 2010.
10. DEFERRED TAX ASSETS/(LIABILITY)
11. The company is dealing only in one type of product as such as per
Accounting Standard-17 there is no segment reporting required.
12. The company has made some trading activities from its Delhi
office, which includes in the Sales amount.
13. Schedule 1 to 17 form an integral part of Balance Sheet and Profit
and Loss Account.
14. Previous year figure have been regrouped, re-arranged or
readjusted wherever deemed necessary to make them comparable with
current year figures.
15. Disclosure pursuant to Clause 32 of the Listing Agreement :
i) Loan & Advances in the nature of Loans to Subsidiaries/Associates:
Nil
ii) Investment by the loanee in the share of the Parent Company &
Subsidiary Co.: Nil
16. Additional Information Pursuant to Provision of Paragraph 3, 4C &
4D of Schedule VI of the Companies Act, 1956.
Mar 31, 2009
Current year Previous year
1. Contingent Liabilities not provide for
Performance Guarantees/Bank
Guarantees 50,92,740 32,00,000
2. Loan & Advances are subject to confirmation, some advances are old
more than one year, but in the opinion of the management, are fully
realizable to the extent stated.
3. The Balance confirmation from Debtors & Creditors have not
received. Some sundry Debtors are old more than one year, but in the
opinion of the management, are fully realizable to the extent stated.
4. The company has Cash Credit Limit of Rs. 200.00 lacs from Indian
Overseas Bank. Against this sanctioned limit outstanding balance as on
31st March, 2009 is Rs. 194.71 lacs. The company is also having non
fund based limit for Letter of Guarantee/Letter of Credit of Rs.
400.00 lacs. Non fund based limits utilized as on 31st March, 09 are
Rs. 50.93 lacs.
5. Regarding the disclosure as per the provisions of the Micro, Small
and Medium Enterprises Development Act, 2006, the Company has no
information regarding the status of the service providers/suppliers as
per the provisions of the said Act. In view of this the above
disclosure relating to the amount unpaid as at the end of the year
together with interest paid/payable has not been given.
6. Related Party Disclosures
Related party disclosures as required under Accounting Standard on "
Related Party Disclosure" issued by the Institute of Chartered
Accountants of India are given below:- a) Key Management Personnel i)
Mr. V.K.Jain, Director
b) Entities over which key management ii) Advik Finance & Properties
personnel are able to exercise signi- Pvt. Ltd.
ficant influence
c) Related Parties
iii) Mr. V.K.Jain, M.D. of Company
7. INVESTMENTS
The company has written letters to various companies in which company
has invested for the issuance of duplicate shares certificates, as
company has misplaced/lost the share certificates during the shifting
of records & still is in the process of getting the same. As such these
shares certificates are not physically held by the company as on 31st
March, 2009.
8. The company is dealing only in one type of product as such as per
Accounting Standard-17 there is no segment reporting required.
9. The company has made some trading activities from its Delhi
office, which includes in the Sales amount.
10. Schedule 1 to 17 form an integral part of Balance Sheet and Profit
and Loss Account.
11. Previous year figure have been regrouped, re-arranged or
readjusted wherever deemed necessary to make them comparable with
current year figures.
12. The Company carries out a periodic review of all assets with a
view to identify any impairment. Impairment of assets if any,
identified on the basis of such review is accounted for in the books as
required by the Accounting Standard on Impairment of Assets (AS-28)
issued by the Institute of Chartered Accountants of India. No
impairment of assets has been identified during the review carried out
in the current year.
13. Disclosure pursuant to Clause 32 of the Listing Agreement :
i) Loan & Advances in the nature of Loans to Subsidiaries/Associates:
Nil
ii) Investment by the loanee in the share of the Parent Company &
Subsidiary Co.: Nil
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