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Notes to Accounts of Alembic Ltd.

Mar 31, 2015

(a) The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital

The company is having only one class of shares i.e Equity carrying a nominal value of Rs. 2/- per share Every holder of the equity share of the Company is entitled to one vote per share held

In the event of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the Company after the distribution / repayment of all creditors. The distribution to the equity shareholders will be in proportion of the number of shares held by each shareholder

The Company declares and pays dividend on the equity shares in Indian Rupees. Dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting

During the year ended 31st March, 2015 an amount of Rs. 0.15 per equity share was proposed for dividend to the equity shareholders ( PY Rs. 0.15 per equity share)

(b) Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held

Capital Reserve

The company has converted part of Land as Stock in Trade, the conversion has been done at fair market value of Rs. 1594 lacs based on report from approved valuer. The revaluation surplus has been credited to the capital reserve account. Accordingly the said land has been part of Work in Process Real Estate and shown as reduction from fixed assets.

Notes:

1 Sales proceeds are deducted from gross cost where cost is unascertainable.

2 Buildings : include Rs. 2,500/- (Rs. 2,500/-) being cost of bonds of Morning Star Co-Op. Housing Society Ltd.

3 No Depreciation has been claimed on assets to the extent of Cenvat claimed.

4 Certain office premises which were earlier used for Company own operations, have now been given on lease, as the Company does not have immediate usage of these premises in view of demerger and down size operations of its plant. These office premises continue to be included in the fixed assets of the Company.

5 ** Of the above Rs. 6.28 lacs (Rs. 6.29 lacs) has been transferred to Cost of Construction in the statement of Profit and Loss.

6 Pursuant to the provisions of Companies Act, 2013 (the Act) becoming effective from 01.04.2014, the Company has adopted the specified useful life of its Fixed Assets as per schedule II to the Act and consequently, a) the depreciation for the year is lower by Rs. 73.70 lacs b) depreciation charge in respect of earlier years amounting to Rs.. 259.26 lacs (Net of Tax Rs. 171.14 lacs) has been adjusted from the General Reserve of the Company,

II Contingent liabilities not provided for

(a) Wage revision and reinstatement of employees and other demands

Unascertained Unascertained

(b) Letter of credit and guarantees 447.84 393.59

(c) Liabilities Disputed in appeals

- Excise duty 563.20 413.35

- Sales Tax 132.68 226.45

- Income tax 702.86 729.36

- Green Cess 15.99 11.24

(d) Claims against the company not 4,882.87 3,555.76 acknowledged as debt

VI As per information / documents available with the Company, there are no amounts payable to Micro, Small & Medium Enterprises. Hence information as per requirement of section 22 of Micro, Small & Medium Enterprises Development Act, 2006, not given.

VII Segment Reporting Primary Segment

The Company has identified "API" and "Real Estate" as the primary reportable segment.

Disclosure persuant to AS-17 i.e. Segment Reporting

VIII Disclosures in respect of Related Parties pursuant to Accounting standard - AS 18 - issued by the Institute of Chartered Accountants of India are as follows.

List of Related Parties with whom the Company has entered into transactions during the year.

(a) Controlling Companies: There is no controlling Company

(b) Subsidiary and Fellow Subsidiary: There is no Subsidiary Company

(c) Associate Companies:

1 Alembic Pharmaceuticals Ltd. 6 Paushak Ltd.

2 Sierra Healthcare Ltd. 7 Alembic Export Ltd.

3 Nirayu Pvt. Ltd. 8 Whitefield Chemtech Pvt. Ltd.

4 Quick Flight Ltd. 9 Sierra Investments Ltd.

5 Shreno Ltd.

(d) Key Management personnel

1 Shri Udit Amin Director & President, Operations

(e) Relatives of Key Management Personnel :

1 Shri Chirayu Amin 4 Shri Shaunak Amin

2 Smt. Malika Amin

3 Shri Pranav Amin


Mar 31, 2014

Rs. in lacs

As at 31st March,

2014 2013

I Estimated amount of contracts (net of advances) remaining to be executed on capital accounts 270.21 179.42

II Contingent liabilities not provided for.

i Wage revision and reinstatement of employees and other demands Unascertained Unascertained

ii Letter of credit, Guarantees and counter guarantees 393.59 752.96

iii Liabilities Disputed in appeals

- Excise duty 413.35 412.50

- Sales Tax 226.45 242.21

- Income tax 729.36 740.69

- Green Cess 11.24 -

iv Claims against the Company not acknowledged as debt 3,555.76 -

v Non fulfillment of export obligation against advance licence - 91.03

III The remuneration paid to Managerial personnel / Whole Time Director for Financial Year 11-12 was in excess of the remuneratioi prescribed under schedule XIII to the Companies Act, 1956. The Company in Financial Year 11-12 has applied for the necessar approval from the Central Government for the excess paid remuneration in the prescribed limits. Central Government has partiall approved the waiver of the excess remuneration paid, however the Company has again represented to the Central Government fo full waiver of the same and the same is under consideration of the Central Government.

X Listing Agreement clause 32 disclosure

Disclosures as required under clause 32 of listing agreement have not been given as there are no such transactions with any such party / Employee.

XVII The previous year''s figure have been regrouped / rearranged wherever necessary to make it comparable with the current year.


Mar 31, 2013

I The remuneration paid to Managerial / Whole Time Director for Financial Year 11-12 was in excess of the remuneration prescribed under schedule XIII to the Companies Act, 1956 The Company has applied for the necessary approval from the Central Government for the excess paid remuneration in the prescribed limits. The application is pending for approval with the Central Government.

ii Disclosure pursuant to AS-7 i.e. Construction Contracts in relation to Samsara Project of the Company - Real Estate Business

iii. As per information / documents available with the Company, there are no small scale undertaking. Hence information as per requirement of section 22 of Micro, Small & Medium Enterprises Development Act, 2006, not given. viii. Segment Reporting

Primary Segment

The Company has identified ''API" and "Real Estate" as the primary reportable segment.

Disclosure pursuant to AS-17 i.e. Segment Reporting

iv Listing Agreement clause 32 disclosure

Disclosures as required under clause 32 of listing agreement have not been given as there are no such transactions with any such party / Employee.

v The previous year''s figures have been regrouped / rearranged wherever necessary to make it comparable with the current year.


Mar 31, 2012

I There was lack of Government support for levying anti-dumping duty despite efforts of the Company. Hence, the Company has suspended the production of "Penicillin-' as import from China have resulted in unviable prices.

The Company is in process of exploring other alternative options to utilize its manufacturing capacity.

ii The remuneration paid to Managerial / Whole Time Director is in excess of the remuneration prescribed under schedule XIII to the Companies Act, I956 .The Company is in process of making an application for the necessary approval from the Central Government for the excess paid remuneration in the prescribed limits.

iii. As per information / documents available with the Company, there are no small scale undertaking. Hence information as per requirement of section 22 of Micro, Small & Medium Enterprises Development Act, 2006, not given.

iv. Segment Reporting

Primary Segment

The Company has identified "Pharmaceuticals" and "Real Estate" as the primary reportable segment.

The Company has started a real estate project for residential use. The project is in initial stage and no revenue / profit is recognized in the current quarter / period and therefore, the Company has reported only pharmaceutical segment in accordance with the Accounting Standard on Segment Reporting (AS-I7).

In view of the inter-woven/inter-mixed nature of business and manufacturing facility, other secondary segmental information is not ascertainable.

v Listing Agreement clause 32 disclosure

Disclosures as required under clause 32 of listing agreement have not been given as there are no such transactions with any such party / Employee.

vi During the year ended 3Ist March, 20I2 the revised schedule VI notified under the Companies Act, I956 has become applicable to the Company for perpetration and presentation of its financial statement. The adoption of revised schedule VI does not impact recombination and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous year's figures in accordance with the requirements applicable in the current year. In view of this reclassification certain figures of current year are not strictly comparable with those of the previous year.

 
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