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Notes to Accounts of Albert David Ltd.

Mar 31, 2015

1.1 Terms/Rights attached to equity share

The company has issued only one class of equity shares having a face value of Rs 10 per share.Each holder of equity shares is entitled to one vote per share.The company declares and pay dividend in Indian rupees. The dividend proposal by the Board of Directors is subject to approval of the share holders in the ensuing Annual General Meeting. During the year ended 31st March 2015,amount per share of dividend recognized as distributions to equity shareholders was Rs. 5.50 (Previous Year Rs. 5.00)

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by share holders.

1.2 Share holders are entitled to voting right in proportion to holding.

1.3 Shares are ordinarily transferable provided :

a) instrument of transfer is in form prescribed under the Act

b) company does not have any lien on shares under transfer, and

c) transferee has convert his consent persuant to notice under section 56 of the Companies Act, 2013, issued by the company in respect of application of transfer of partly paid share is made by transferors.

2.1 Term Loan from State Bank of India is secured by:

Exclusive first charge on Plant and Machinaries and other tangible movable assets acquired / to be acquired and Equitable Mortgage on entire Land and Building of Kolkata Factory and Extensions of first charge on other tangible fixed assets of the Company at Ghaziabad and Mandideep Units and extension of hypothecation charge over the Company''s entire current assets both existing and future.

2.2 Term loan from State Bank of India is repayable in quarterly installments of Rs. 50 Lacs each payable in each quarter end.

2.3 There is no default in repayment of any loan.

3.1 Working Capital Borrowings from State Bank of India is secured by hypothecation of Inventories and Book Debts and charge on fixed assets of the company.

3.2 There is no default in payment of any short term borrowings.

3.3 No guarantee bond has been furnished against any loan by any source.

(b) Name of related parties in transaction with the company and description of relationship :

Entities over which key management personnel or his / their relatives are able to excercise significant influence :

Kothari & Co. Pvt. Ltd.

Kothari Medical Centre.

Commercial House Pvt. Ltd.

Kothari Investment & Industries Pvt. Ltd.

Bharat Fritz Werner Ltd Bhaktwatsal Investments Ltd

Key Managerial Personnel :

Sri A. K. Kothari - Chairman & Managing Director.

Sri K. P. Mundhra - Executive Director.

Sri S. C. Shah - V.P. (Finace) & C.F.O. ( W.e.f. 1st April 2014)

Dr Indrajit Dhar - Associate V.P. (Accts. & Tax.) cum Company Secretary

- ( W.e.f. 1st April 2014)

Directors:

Smt. P. D. Kothari (W.e.f. 31st March, 2014)

Sri R. Singhi Sri H. Kampani

Dr K. Lahiri (W.e.f. 31st March, 2014)

Dr A. K. Bhattacharya (W.e.f. 31st March, 2014)

Sri Arindam Sarkar (W.e.f. 7th August, 2014)

Sri D. D. Binani (Resigned from 13 th November 2014)

Sri P. L. Agarwal (Resigned from 31st Mach 2014)

Sri A. V. Ayenger (Resigned from 31st March 2014)

3.4 Segment Reporting :

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS-17) the company''s primary business Segment is Pharmaceuticals. As the Company''s business activity falls within a single primary business segment based on clause - 5, AS-17 the disclosure requirements in this regard are not applicable.

Geographical segment reporting of the company is also not applicable as export to a country or group of countries having common socio-economics or marketing features does not constitute 10% of the turnover of the company.

3.5 Employee Benefits :

Details of employee benefits considered in these accounts in keeping with Accounting Standard 15 (Revised) prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, (also refer note 1.6 of Significant Accounting Policies above).

a. The company has recognized, in the statement of profit and loss for the year ended 31.03.2015, an amount of Rs.536.56 Lacs (Previous Year Rs.474.17 Lacs) expenses under defined contribution plans. Details given below :

3.6 With reference to item 14 of Significant Accounting Policies in Note 1 above the company has not found any indication of impairment of assets and accordingly no further excercise for calculating impairment loss has been undertaken.

3.7 Amount Due to Micro and Small Enterprises.

The Identification of Micro and Small Enterprises Suppliers as defined under "The Micro, Small and Medium Enterprises Development Act 2006" (MSMED Act) is based on the disclosure of parties belonging to Micro, small and Medium categories and MSMED Act as laid down by statute.

Amount due to Micro and Small Enterprises as on 31.03.2015 Rs.19.24 lacs (Previous year Rs.21.76 lacs). As certified by the Management, the amounts overdue as on March 31, 2015 to Micro and Small Enterprises on account of principal amount together with interest, aggregate to Rs. Nil (Previous year Rs. Nil).

3.8 Dividend proposed to be distributed on equity Shares @ Rs. 5.50 per share for the year ended 31st March 2015. amounting to Rs. 377.79 lacs (including Rs. 63.90 lacs as Tax on Dividend)

3.9 Effective from April 1, 2014, the Company has charged depreciation based on the revised remaining useful life of assets as per the requirement of Schedule II of the Companies Act 2013. Due to above depreciation for the year ended 31st March, 2015 is higher by Rs.425.90 lacs and profit is lower by the same amount. Further, over-aged asset under new dispensation (net of Deferred Tax of Rs. 383.21 lacs) amounted to Rs.744.22 lacs has been adjusted with retained earnings.

3.10 The previous periods figure have been regrouped and rearranged wherever necessary.


Mar 31, 2014

1. Terms/Rights attached to equity share

The company has issued only one class of equity shares having a face value of Rs 10 per share.Each holder of equity shares is entitled to one vote per share.The company declares and pay dividend in Indian rupees. The dividend proposal by the Board of Directors is subject to approval of the share holders in the ensuing Annual General Meeting. During the year ended 31st March 2014,amount per share of dividend recognized as distributions to equity shareholders was Rs. 5 (Previous Year Rs 4.50). In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the numbers of equity shares held by share holders.

2. Share holders are entitled to voting right in proportion to holding.

3. Shares are ordinarily transferable provided :

a) instrument of transfer is in form prescribed under the Act

b) company does not have any lien on shares under transfer, and

c) transferee has convert his consent pursuant to notice under section 10(2) of the Companies Act issued by the company in respect of application of transfer of partly paid share is made by transferors.

4.. Term Loan from State Bank of India is secured by :

Exclusive frst charge on Plant and Machinaries and other tangible movable assets acquired / to be acquired and Equitable Mortgage on entire Land and Building of Kolkata Factory and Extensions of frst charge on other tangible fixed assets of the Company at Ghaziabad and Mandideep Units and extension of hypothecation charge over the Company''s entire current assets both existing and future.

5. Term loan of Rs.1000.00 Lacs from State Bank of India is repayable in quarterly installments of Rs. 50 Lacs each from frst quarter ended 30th June, 2014 to 31st March,2019.

6. Term loan of Rs.600.00 Lacs ( sanctioned amount) from State Bank of India is repayable in quarterly installments of Rs. 25 Lacs each from last quarter ended 31st March, 2015 to 31st December,2016 and quarterly installments of Rs.50.00 Lacs each from quarter ended 31st March, 2017 to 31st December, 2018.

7. There is no default in repayment of any loan.

8. No guarantee bond has been furnished against any loan by any source.

( Rs in Lacs )

Year ended Year ended

31st March, 2014 31st March, 2013

9. other Notes to Financial statements :

9.1 Contingent Liabilities and commitments : (To the extend not provided for)

I. Contingent Liabilities / Disputed Liabilities :

A) Claims against the company not acknowledged as debt:

i) Excise Matters 365.56 731.95

ii) Sales Tax Matters 66.62 67.57

iii) Others 80.46 64.08

B) Guarantees:

Counter guarantees to Banks

for performance against contracts. 259.07 242.80

Guarantee to Other for Export Obligation 97.05 97.05

Guarantee to Bank securing Corporate Loan 3500.00 -

given by bank to another company.

(Loan outstanding as on 31.03.2014 Rs.3500.00 Lacs )

II. Commitments

Estimated amount of contract remaining to be

executed on capital account and not provided for: 274.73 111.82

9.2 Related Party disclosure :

Related Party disclosures as required under AS-18 on “Related Party Disclosures" prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, are given below:-

(a) Transaction with Related Parties During the Year.

(b) Name of related parties in transaction with the company and description of relationship:

Enttes over which key management personnel or his / their relatives are able to excercise significant influence :-

Kothari & Co. Pvt. Ltd.

M.D. Kothari & Co. Ltd.

Kothari Medical Centre.

Commercial House Pvt. Ltd.

Kothari Investment & Industries Pvt. Ltd.

Vishnuhari Investment & Properties Ltd.

Bharat Fritz Werner Ltd

Kothari Capital & Securities Pvt Ltd

Bhaktwatsal Investments Ltd

Kothari Hitech Consultant Pvt Ltd

Key Management Personnel:

Sri A.K.Kothari - Chairman & Managing Director.

Sri K.P. Mundhra - Executive Director.

10. Segment Reporting:

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS-17) prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, the company''s primary business Segment is Pharmaceuticals. As the Company''s business activity falls within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable.

Geographical segment reporting of the company is also not applicable as export sales constitute less than 10% of the total sales of the company.

11. Employee Benefits:

Details of employee benefits considered in these accounts in keeping with Accounting Standard 15 (Revised) prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, (also refer note 1.6 of Significant Accounting Policies above).

12. With reference to item 14 of Significant Accounting Policies in Note 1 above the company has not found any indication of impairment of assets and accordingly no further excercise for calculating impairment loss has been under taken.

13. Amount Due to Micro and Small Enterprises

The Identification of Micro and Small Enterprises Suppliers as defined under “The Micro, Small and Medium Enterprises Development Act 2006" ( MSMED Act) is based on the disclosure of parties belonging to Micro, small and Medium categories and MSMED Act as laid down by statute.

Amount due to Micro and Small Enterprises as on 31.03.2014 Rs.21.76 lacs (Previous year Rs. 4.93 lacs). As certified by the Management, the amounts overdue as on March 31, 2014 to Micro and Small Enterprises on account of principal amount together with interest, aggregate to Rs. Nil (Previous year Rs. Nil).

14. Nominal amount of Forward Contracts entered into by the Company against buyer''s credit for hedging adverse impact of foreign currency fluctuation and outstanding as at 31st March 2014 amount to Rs. Nil (Previous Year Rs.179.06 lacs).

15. Dividend proposed to be distributed on equity Shares @ Rs5.00 per share for the year ended 31st March 2014. amounting to Rs.333.86 Lacs (including Rs.48.50 Lacs as Tax on Dividend )

16. The previous periods figure have been regrouped and rearranged wherever necessary.


Mar 31, 2013

( Rs in Lacs )

As at As at 31st March, 2013 31st March, 2012

1.1 Contingent Liabilities and commitments :

I. Contingent Liabilities / Disputed Liabilities :

A) Claims against the company not acknowledged as debt :

i) Excise Matters 731.95 754.72

ii) Sales Tax Matters 67.57 25.74

iii) Others 64.08 65.26

B) Guarantees :

Counter guarantees to Banks for performance against contracts. 242.80 124.55

Guarantee to Other for Export Obligation 97.05 97.05

II. Commitments

Estimated amount of contract remaining to be executed on capital account and not provided for : 111.82 467.96

1.2 Related Party Disclosure :

Related Party disclosures as required under AS-18 on "Related Party Disclosures” prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, are given below :- (a) Transaction with Related Parties During the Year.

(b) Name of related parties in transaction with the company and description of relationship :

Entities over which key management personnel or his / their relatives are able to excercise significant influence :-

Kothari & Co. Pvt. Ltd. M.D. Kothari & Co. Ltd.

Kothari Medical Centre. Commercial House Pvt. Ltd.

Kothari Investment & Industries Pvt. Ltd. Vishnuhari Investment & Properties Ltd.

Key Management Personnel :

Sri A.K.Kothari – Chairman & Managing Director.

Sri K.P. Mundhra – Executive Director.

1.3 Segment Reporting :

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS-17) prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, the company''s primary business Segment is Pharmaceuticals. As the Company''s business activity falls within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable.

Geographical segment reporting of the company is also not applicable as export sales constitute less than 10% of the total sales of the company.

1.4 Employee Benefits :

Details of employee benefits considered in these accounts in keeping with Accounting Standard 15 (Revised) prescribed by the Central Government under the Companies (Accounting Standards) Rules, 2006, (also refer note 1.6 of Significant Accounting Policies above).

1.5 With reference to item 14 of Significant Accounting Policies in Note 1 above the company has not found any indication of impairment of assets and accordingly no further excercise for calculating impairment loss has been under taken.

1.6 Amount Due to Micro and Small Enterprises The Identification of Micro and Small Enterprises Suppliers as defined under "The Micro, Small and Medium Enterprises Development Act 2006” ( MSMED Act ) is based on the disclosure of parties belonging to Micro, small and Medium categories and MSMED Act as laid down by statute.

Amount due to Micro and Small Enterprises as on 31.03.2013 Rs.4.93 lacs (Previous year Rs. 5.36 lacs). As certified by the Management, the amounts overdue as on March 31, 2013 to Micro and Small Enterprises on account of principal amount together with interest, aggregate to Rs. Nil (Previous year Rs. Nil ).

1.7 Nominal amount of Forward Contracts entered into by the Company against buyer''s credit for hedging adverse impact of foreign currency fluctuation and outstanding as at 31st March 2013 amount to Rs.179.06 lacs (Previous Year Rs.944.95 lacs).

1.8 Dividend proposed to be distributed on equity Shares @ Rs4.50 per share for the year ended 31st March 2013 amounting to Rs.300.47 Lacs (including Rs.43.65 Lacs as dividend distribution Tax)

1.9 The previous periods figures have been regrouped and rearranged wherever necessary.


Mar 31, 2012

1.1 Term Loan from State Bank of India is secured by :

Exclusive first charge on Plant and Machinaries and other tangible movable assets acquired / to be acquired and Equitable Mortagage on entire Land and Building of Kolkata Factory and Extensions of second charge on other tangible fixed assets of the Company at Ghaziabad and Mandideep Units and extension of hypothecation charge over the Company's entire current assets both existing and future.

1.2 Term loan from State Bank of India is repayable in quarterly instalments of Rs 150 Lacs each.

1.3 Deposit (Cover Money) Stockist are retained with company unless removed or left.

1.4 There is no default in repayment of any loan.

2.1 Working Capital Borrowings from State Bank of India is secured by hypothecation of Inventories and Book Debts and charge on fixed assets of the company.

2.2 There is no default in payment of any short term borrowings.

3.1 *Fixed Deposits held to adhere to stipulation laid down under Companies (Acceptance of Deposits) Rules 1975 to the effect of retaining specified percentage of Deposit liability.

(Rs. in Lacs)

31st March, 2012 31st March 2011

4. OTHER NOTES TO FINANCIAL STATEMENTS :

4.1 Contingent Liabilities and commitments :

I. Contingent Liabilities / Disputed Liabilities :

A) Claims against the company not acknowledged as debt:

i) Excise Matters 754.72 804.94

ii) Sales Tax Matters 25.74 25.74

iii) Others 65.26 126.02

B) Gurantees:

Counter gurantees to Banks

for performance against contracts. 124.55 80.46

Gurantee to Other for Export Obligation 97.05 97.05

II. Commitments

Estimated amount of contract remaining to be executed on capital account and not provided for: 467.96 1.68

5.1 Segment Reporting:

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, the company's primary business Segment is Pharmaceuticals. As the Company's business activity falls within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable. Geographical segment reporting of the company is also not applicable as export sales constitute less than 10% of the total sales of the company.

5.2 Employee Benefits:

Details of employee benefits considered in these accounts in keeping with Accounting Standard 15 (Revised) issued by the Institute of Chartered Accountants of India (also refer note 1.6 of Significant Accounting Policies above). a. The company has recognized, in the profit & loss statement of the year ended 31.03.2012, an amount of Rs 399.62 Lacs (Previous Year Rs 375.15 Lacs) expenses under defined contribution plans. Details given below :

The expenses for the above mentioned benefits have been disclosed under the following line items : Gratuity - Gratuity under Employee Benefits Expense.

Leave Salary - Salary, Wages & Bonus under Employee Benefits Expense.

5.3 With reference to item 14 of Significant Accounting Policies in Note 1 above the company has not found any indication of impairment of assets and accordingly no further excercise for calculating impairment loss has been under taken.

5.4 Amount Due to Micro and Small Enterprises

The Identification of Micro and Small Enterprises Suppliers as defined under "The Micro, Small and Medium Enterprises Development Act 2006" (MSMED Act) is based on the discloser of parties belonging to Micro small catogories and MSMED Act as laid down by statute.

Amount due to Micro & Small and Medium Enterprises as on 31.03.2012 Rs 5.36 lacs (Previous year Rs 1.66 lacs). As certified by the Management, the amounts overdue as on March 31, 2012 to Micro and Small Enterprises on account of principal amount together with interest, aggregate to Rs Nil (Previous year Rs Nil).

5.5 Nominal amount of Forward Contracts entered into by Company and outstanding as at 31st March 2012 amount to Rs 944.94 Lacs (Previous Year Rs 745.82 Lacs).

5.6 The company has given certain Plant and Machinery under a non-cancellable operating lease in earlier year for a period of 117 months which has been terminated during the current year. The terms of the lease include operating term for renewal and restrict the right to sell, sub-let or allow any third person to use the machinery without the prior consent of the company in writing. Initial Direct cost for such leases are borne by the lessor.

5.7 Dividend proposed to be distributed on equity Shares @ Rs 4.50 per share for the year ended 31st March 2012. amouting to Rs 298.48 Lacs (including Rs 41.66 Lacs as dividend distribution Tax).

5.8 In view of the revision to the Schedule VI as per notification issued by the Central Government, the financial statements for the year ended 31st March 2012 have been prepared as per requirements of the Revised Schedule VI to the Companies Act, 1956. The previous periods figure have been accordingly regrouped / reclassified to conform to the current year's classification.


Mar 31, 2010

1. Contingent Liabilities not provided for:

2009-2010 2008-2009 Rs.in lacs Rs.in lacs i) Excise Matters 721.78 707.56 ii) Sales Tax Matters 29.65 34.37 iii) Counter guarantees 222.96 212.51 iv) Others 70.83 50.10

2. Estimated amount of contract remaining to be executed on capital account and not provided for Rs. 101.81 lacs (net of advance Rs.5.17 lacs) (Previous year Rs.100.40 lacs, net of advance Rs. 11.38 lacs).

3. Related Party Disclosure:

Related Party disclosures as required under AS-18 on "Related Party Disclosures" issued by the Institute of Chartered Accountants of India are given below:-

(b) Name of related parties in transaction with the company and description of relationship:

Entities over which key management personnel or his / their relatives are able to excercise significant influence:.

Kothari & Co. Pvt. Ltd. Clara India Ltd. Kothari Medical Centre. Key Management Personnel: Sri A. K. Kothari - Chairman & Managing Director. Sri K. P. Mundhra - Executive Director.

4. Segment Reporting:

Based on the guiding principles given in Accounting Standard on Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, the companys primary business Segment is Pharmaceuticals. As the Companys business activity falls within a single primary business segment the disclosure requirements of AS-17 in this regard are not applicable. Geographical segment repoting of the company is also not applicable as export sales constitute less than 10% of the total sales of the company.

5. Employee Benefits:

Details of employee benefits considered in these accounts in keeping with Accounting Standard 15 (Revised) issued by the Institute of Chartered Accountants of India (also refer note 6 of Significant Accounting Policies above).

a. The company has recognized, in the profit and loss account of the year ended 31.03.2010, an amount of Rs 295.27 Lacs (Previous Year Rs.270.95 Lacs) expenses under defined contribution plans. Details given below:-

6. With reference to item 14 of Significant Accounting Policies in Schedule P above the company has not found any indication of impairment of assets and accordingly no further excercise for calculating impairment loss has been under taken.

7. Amount Due to Micro and Small Enterprises

The Identification of Micro and Small Enterprises Suppliers as defined under "The Micro, Small and Medium Enterprises Development Act 2006" is based on the information available with the management. As certified by the Management, the amounts overdue as on March 31, 2010 to Micro and Small Enterprises on account of principal amount together with interest, aggregate to Rs. Nil (Previous year Rs. Nil).

8. Addition to Fixed Assets reduced by Rs.39.50 lacs (Previous Year Rs.Nil) on account of exchange difference during the year.

9. Nominal amount of Forward Contracts entered into by Company and outstanding as at 31st March 2010 amount to Rs. 1930.90 lacs (Previous Year Rs.303.18 lacs).

10. The company has given certain Plant and Machinery under a non-cancellable operating lease in earlier year for a period of 117 months. The terms of the lease include operating term for renewal and restrict the right to sell, sub-let or allow any third person to use the machinery without the prior consent of the company in writing. Initial Direct cost for such leases are borne by the lessor.

Lease rentals are recognised as income which was Rs.26.33 lacs during the year (Previous Year Rs.26.33 lacs). The gross value and accumulated depreciation of such asset as at 31st March 2010 was Rs 171.26 lacs (Previous Year Rs.171.26 lacs) and Rs.142.11 lacs (Previous Year Rs 124.40 lacs) respectively. The future minimum lease rental receivable by the company at the year end are as follows:

11. Figures for the previous year have been rearranged and regrouped wherever necessary.

12. Information pursuant to Schedule VI of the Companies Act, 1956.

 
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