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Notes to Accounts of Anuh Pharma Ltd.

Mar 31, 2015

NOTE 1:

SEGMENT REPORTING:

In the opinion of the management, the Company''s operations fall within a single segment, namely ''Bulk drugs and Chemicals'', and hence, there are no separate reportable segments as per Accounting Standard 17 ''Segment Reporting''.

2 Defined Benefits Plan:

The present value of obligation is determined based on actuarial valuation using the projected unit credit method. Valuations in respect of gratuity and leave encashment have been carried out and certified by an Independent Actuary.

IN-HOUSE RESEARCH AND DEVELOPMENT FACILITY

1 During the financial year 2012-2013, the Company has set up an in-house Research and Development facility at A-514, TTC Industrial Area, Mahape, Navi Mumbai 400701. This facility has commenced research and development work on May 1,2012. The facility has been recognised by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India vide its letter dated December 31, 2012 upto December 31,2015.

2 OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting principles.


Mar 31, 2014

1. The company has only one class of Equity Shares having a par value of R 5 per share. Each holder of equity share 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 approval of the shareholders in the ensuing Annual General Meeting.

2. The shareholders of the Company had approved the sub-division of Equity Shares of the Company having nominal/face value of R 10 each into Equity Shares having nominal/face value of R 5 each at the Extraordinary General Meeting ("EGM") held on June 9, 2006.

Consequently, the Authorised, Issued and Paid-up Share Capital were divided from R 10 per Equity share to R 5 per Equity Share.

Name of related parties and description of relationship (as certified by the management of the Company and relied upon by the auditor):

3. Entities under direct or indirect control or substantial influence:

4. Kant Pharma Pvt. Ltd (proprietor of Eskay Fine Chemicals), S Kant Healthcare Ltd, S.K. Age Exports, Bharti & Co., Sevantilal Kantilal & Co., Sevantilal Kantilal Pvt. Ltd., Sevak Pharma Pvt. Ltd., S.K. Pharma (Jogeshwari), S.K. Brothers, S.K. Distributors, Eskay Speciality Chemicals, Sevantilal Kantilal Trust, S.K. Logistics, Eskay Iodine Pvt. Ltd. and S.Kant Chemicals Pvt. Ltd.

5. Key Management Personnel: Bipin N. Shah (Managing Director)

6. Relatives of Key Management Personnel

Bharat N. Shah, Bipin N. Shah (HUF), Ritesh B. Shah and Vivek B. Shah

1 Defined Contribution Plan:

Contribution to Defined Contribution Plan recognised as expenses in the Statement of Profit and Loss

2 Defined Benefits Plan:

The present value of obligation is determined based on actuarial valuation using the projected unit credit method. Valuations in respect of gratuity and leave encashment have been carried out and certified by an Independent Actuary.

NOTE 7:

IN-HOUSE RESEARCH AND DEVELOPMENT FACILITY

1 During the financial year 2012-2013, the Company has set up an in-house Research and Development facility at A-514, TTC Industrial Area, Mahape, Navi Mumbai 400701. This facility has commenced research and development work on May 1, 2012. The facility has been recognised by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India vide its letter dated December 31, 2012 upto December 31, 2015.


Mar 31, 2013

NOTE 1:

CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt

(b) Guarantees issued by banks on behalf of the Company 1,750 1,750

(c) Other money for which the company is contingently liable:

(1) Letter of Credit outstanding 410,562,519 392,858,975

(2) Sales Tax * 2,703,368 2,703,368

413,265,887 395,562,343

413,267,637 395,564,093

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for

(b) Uncalled liability on shares andd other investments partly paid

(c) Other commitments # - -

TOTAL 413,267,637 395,564,093

NOTE 2:

SEGMENT REPORTING:

In the opinion of the management, the Company''s operations fall within a single segment, namely ''Bulk drugs and Chemicals'', and hence, there are no separate reportable segments as per Accounting Standard 17 ''Segment Reporting''.

NOTE 3:

FOREIGN REMITTANCE OF DIVIDEND:

The Company had paid dividend in respect of shares held by Non-Residents. The exact amount of dividends remitted in foreign currency cannot be ascertained. The total amount remittable in this respect is as under:

NOTE 4:

IN-HOUSE RESEARCH AND DEVELOPMENT FACILITY

a. During the financial year 2012-2013, the Company has set up an in-house Research and Development facility at A-514, TTC Industrial Area, Mahape, Navi Mumbai 400701. This facility has commenced research and development work on May 1, 2012. The facility has been recognised by the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India vide its letter dated December 31, 2012 upto December 31, 2015.

b. The details of Capital & Revenue expenditure incured on the in-house research and development facility in financial year 2012-2013 is as under:


Mar 31, 2012

A. The company has only one class of Equity Shares having a par value of Rs 5 per share. Each holder of equity share 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 approval of the shareholders in the ensuing Annual General Meeting.

b. The shareholders of the Company had approved the sub-division of Equity Shares of the Company having nominal/face value of Rs 10 each into Equity Shares having nominal/face value of Rs 5 each at the Extraordinary General Meeting ('EGM') held on June 9, 2006.

Consequently, the Authorised, Issued and Paid-up Share Capital were divided from Rs 10 per Equity share to Rs 5 per Equity Share.

a. 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 amount unpaid as at the year end together with interest paid/payable as required under the said Act have not been made.

CONTINGENT LIABILITIES AND COMMITMENTS

1 (TO THE EXTENT NOT PROVIDED FOR)

(i) Contingent Liabilities

(a) Claims against the company not acknowledged as debt - -

(b) Guarantees issued by banks on behalf of the Company 1,750 1,750

(c) Other money for which the company is contingently liable:

(1) Letter of Credit outstanding 392,858,975 176,246,578

(2) Sales Tax * 2,703,368 2,703,368

395,562,343 178,949,946

395,564,093 178,951,696

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account and not provided for - -

(b) Uncalled liability on shares and other investments partly paid - -

(c) Other commitments # - -

395,564,093 178,951,696

* The figure of Rs 2,703,368 is as per the orders dated April 10, 2003 of the Assistant Commissioner of Sales Tax (Appeals), Thane. Thereafter, the Company had preferred an appeal before the Maharashtra Sales Tax Tribunal, which has passed its orders on August 27, 2009. However, the Company has not yet received the revised assessment orders giving effect to the above referred Tribunal orders. The Company has filed a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order.

# The Company has imported certain raw materials and chemicals under the Advance Authorisation/License scheme without payment of duty subject to fulfilment of specified export obligations. However, the Company has yet to fulfil certain portion of these export obligations within the stipulated validity period. On a forward basis, the Company's management is confident of fulfilling these export obligations within the stipulated validity period and hence, no provision for the duty payable, in case the export obligation is not fulfilled, has been made in the accounts.

2 SEGMENT REPORTING

In the opinion of the management, the Company's operations fall within a single segment, namely 'Bulk drugs and Chemicals', and hence, there are no separate reportable segments as per Accounting Standard 17 'Segment Reporting'.

3 The financial statements for the year ended March 31, 2011 were prepared as per the then applicable, erstwhile Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Comapanies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement priciples followed for preparation of financial statements.


Mar 31, 2011

1. 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.

2. Segment Reporting:

In the opinion of the management, the Company's operations fall within a single segment, namely "Bulk drugs and Chemicals", and hence, there are no separate reportable segments as per Accounting Standard 17 'Segment Reporting'.

3. Contingent Liabilities:

Nature of the Dues 31 -03-2011 31 -03-2010 (Rupees) (Rupees)

a. Guarantees issued by banks on behalf of the Company - 1,219,015

b. Letters of Credit outstanding 176,246,578 208,262,661

c. Claims against the Company not acknowledged as debts:

i Sales Tax (including interest and penalty) 2,703,368* 2,703,368

ii Income-tax - -

2,703,368 2,703,368

* The figure of Rs. 2,703,368 is as per the orders dated April 10, 2003 of the Assistant Commissioner of Sales Tax (Appeals), Thane. Thereafter, the Company had preferred an appeal before the Maharashtra Sales Tax Tribunal, which has passed its orders on August 27, 2009. However, the Company has not yet received the revised assessment orders giving effect to the above referred Tribunal orders. The Company has filed a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order.

4. The Company has imported certain raw materials and chemicals under the Advance License scheme without payment of duty subject to fulfilment of specified export obligations. However, the Company has yet to fulfil certain portion of these export obligations within the stipulated validity period. On a forward basis, the Company's management is confident of fulfilling these export obligations and hence, no provision for the duty payable, in case the export obligation is not fulfilled, has been made in the accounts.

(b) As of the Balance Sheet date, the Company's net foreign currency exposure that is not hedged by a derivative instrument or otherwise is Rs. 10,460,102/- (Previous Year Rs.170,637,842).

5. Previous years figures have been re-grouped and/or re-classified as deemed appropriate.


Mar 31, 2010

1. Particulars regarding Capacity, Production, Opening and Closing Stock and Turnover - as certified by the Managing Director (figures in bracket relate to previous year):

(a) Licensed Capacity : Not Applicable

2. 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.

3. Segment Reporting:

In the opinion of the management, the Companys operations fall within a single segment, namely "Bulk drugs and Chemicals", and hence, there are no separate reportable segments as per Accounting Standard 17 "Segment Reporting".

1. Entities under direct or indirect S. Kant Pharma Pvt. Ltd (proprietor of Eskay Fine Chemicals), S Kant control or substantial influence: Healthcare Ltd, S.K. Age Exports, Bharti & Co., Sevantilal Kantilal & Co.,

Sevantilal Kantilal Pvt. Ltd., Sevak Pharma Pvt. Ltd., S.K. Age Exports, S.K. Pharma (Jogeshwari), S.K. Brothers, S.K. Distributors, Eskay Speciality Chemicals and Sevantilal Kantilal Trust.

2. Key Management Personnel: Bipin N. Shah (Managing Director) and G.C. Sharda (Chief Executive Officer)

3. Relatives of Bharat N. Shah, Bipin N. Shah (HUF), Ritesh B. Shah, Ketan N. Shah and Key Management Personnel Vivek B. Shah

4. Contingent Liabilities:

31-3-2010 31-3-2009 Nature of the Dues Rupees Rupees

a. Guarantees issued by banks on behalf of the Company 1,219,015 4,167,207

b. Letters of Credit outstanding 208,262,661 298,400,000

c. Claims against the Company not acknowledged as debts:

i Sales Tax (including interest and penalty) 2,703,368* 2,703,368

ii Income-tax - 329,694

2,703,368 3,033,062

* The figure of Rs.2,703,368 is as per the orders dated April 10, 2003 of the Assistant Commissioner of Sales Tax (Appeals), Thane. Thereafter, the Company had preferred an appeal before the Maharashtra Sales Tax Tribunal, which has passed its orders on August 27, 2009. However, the Company has not yet received the revised assessment orders giving effect to the above referred Tribunal orders. The Company now plans to file a Writ Petition before the Honourable High Court of Bombay contesting the Tribunal order.

5. The Company has imported certain raw materials and chemicals under the Advance License scheme without payment of duty subject to fulfilment of specified export obligations. However, the Company has yet to fulfil certain portion of these export obligations within the stipulated validity period. On a forward basis, the Companys management is confident of fulfilling these export obligations and hence, no provision for the duty payable, in case the export obligation is not fulfilled, has been made in the accounts.

(b) As of the Balance sheet date, the Companys net foreign currency exposure that is not hedged by a derivative instrument or otherwise is Rs. 170,637,842 (Previous Year Rs. 185,387,624)

6. (a) In context with the Interim Dividend of Rs.27,840,000 paid by the Company, the Company has not complied with the provisions of section 205(1 A) (i.e. there is a delay in transfer of dividend into a separate Bank Account) and 205A (i.e. there is a delay in payment of dividend to its shareholders) of the Companies Act, 1956.

(b) During the financial year 2009-2010, the Company has paid Remuneration to Ritesh B. Shah, which is in excess of limit specified in section 314(IB) of the Companies Act, 1956. The Company has since recovered the excess remuneration in financial year 2010-11.

7. Previous years figures have been re-grouped and/or re-classified as deemed appropriate.

 
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