Mar 31, 2014
1.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 shareholders are entitled for dividend declared by the
company which is proposed by the Board of directors and approved by the
shareholders in the Annual General Meeting.
During the year ended 31st March 2014, the amount of dividend proposed
per share to equity shareholders is Re 0.80 on share of Rs 10 each
(31st March 2013: Re 1 on share of Rs 10 each).
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after the distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the
shareholders.
2.Conversion of Equity Warrants in equity shares
During the year, the company has allotted 7,310,500 equity shares and
12,585,500 equity shares of Rs 10 each at a premium of Rs 15 per share
on 31st August 2013 and 30th September 2013 respectively against
conversion of warrants issued on 24th January 2013.
(a) During the year the company has acquired 1,00,000 equity shares of
Rs 10 each in Arvind Wellness Limited,37,380 common stock of US $ 10
each in Arvind Remedies Inc. and 17,200 common stock of US $ 10 each in
Arvind Remedies USA LLC to make them subsidiaries of the company.
(b) The losses incurred by the US subsidiaries incorporated during the
year, have exceeded their networth. However, considering the start up
stage and this being the first year of their operation, no provision is
made for the diminution in the value of such investments.
1. During the year the company has commenced commercial production of
few products at the new unit at Kakkalur. The balance amount of Rs
6658.49 incurred up to 31st March 2014 has been included under Capital
Expenditure on New Projects.
2. The company is entitled to tax credit on account of tax paid as
Minimum Alternate Tax (MAT) in earlier years for set-off in future
years. Out of such credit, the company has utilized MAT Credit of Rs
225 in the current year.
3. Estimated amount of contracts remaining to be executed on capital
account and not provided for (net of advances) Rs 513.55 (Previous Year
Rs 3940.51).
4. Contingent liabilities
(a) Outstanding Bank Guarantees Rs. 120.23 (Previous year Rs.238.21)
(b) Claim of interest by some shareholders of Coronet Labs Private
Limited towards delay in payment for acquisition of the balance shares
from them which is not acknowledged by the company (amount
unascertained)
5. Freehold land represents land allotted by Small Industries
Development Corporation Ltd. (SIDCO) vide a Memorandum of
Understanding (MOU) dated November 21, 1995.
The company is in the process of complying with the terms of the said
MOU.
6. The Company has entered into Lease Arrangements for office and
godown premises. These Lease Agreements are for a period varying from
11 months to 3 years, and/or cancelable at the option of either party
by giving 1-3 months notice. Lease payments recognized in Statement of
Profit and Loss is Rs. 58.15 (Previous year Rs.41.84).There are no
amount payable in respect of non cancelable lease.
Mar 31, 2013
Preface
The financial statements, statement of cash flows and the notes to the
financial statements are the primary responsibility of the management
of Arvind Remedies Limited (the Company).
1. During the previous year the company has acquired 12,75,000 equity
shares (representing 63.75% of the share capital) of Coronet Labs
Private Limited (CLPL) to make it a subsidiary of the company. In
respect of acquisition of the remaining shares of CLPL, the company is
taking necessary steps to acquire the same.
2. During the year, the commencement of commercial production at its
new unit at State Industrial Promotion Corporation of Tamil Nadu
Limited (SIPCOT) at Irrangattukottai has been completed.
In respect of the new project to manufacture Betalactum products at
Kakkalur, the company has incurred Rs 3688.96 till 31st March 2013 (Rs
1749.13), which has been included under Capital Expenditure on New
Projects.
3. The tax payable under normal provisions of Income Tax Act,1961
being lower than the tax payable as Minimum Alternate Tax (MAT) in
terms of Section 115JB, provision for taxation for the year has been
made as MAT, a part of which will be available as tax credit for
set-off in future.
The company is also entitled to tax credit on account of tax paid as
MAT in earlier years for the set off in future years.
4. The company''s liability towards gratuity is provided based on the
figures provided by LIC. In absence of the figures of the gratuity
payable to employees retiring within one year being provided by LIC,
the entire provision towards gratuity has been shown as Long term
provision.
5. Estimated amount of contracts remaining to be executed on capital
account and not provided for(net of advances) Rs. 3940.51 (Previous
Year Rs. 1556.00).
6. Contingent liabilities
Outstanding Bank Guarantees Rs. 238.21 (Previous year Rs.157.31)
7. Freehold land represents land allotted by Small Industries
Development Corporation Ltd. (SIDCO) vide a Memorandum of Understanding
(MOU) dated November 21, 1995.
The company is in the process of complying with the terms of the said
MOU.
8. The Company has entered into Lease Arrangements for office and
godown premises. These Lease Agreements are fora period varying from 11
months to 6 years, and/or cancelable at the option of either party by
giving 3 months to 6 months notice. Lease payments recognized in
Statement of Profit and Loss is Rs. 41.84 (Previous year
Rs.35.08).There are no amount payable in respect of non cancelable
lease
9. Related Party Disclosures
(a) Key Managerial Personnel
Dr. B Arvind Shah Managing Director
Dr. Chandra Ravindran Whole Time Director
Mr. Ankur Agarwal Executive Director (w.e.f. 18.04.2012)
Mr. Raghuveer Executive Director (from 28.04.2012 to 03.12.2012)
(b) Relative of Key Managerial Personnel Mrs. Baby Rani
Mrs. Dipti Kumari Jain Mr. Anand A Shah
(c) Subsidiary Company Coronet Labs Private Limited
10. Dues to suppliers under the Micro, Small and Medium Enterprises
Development Act,2006:
There were no dues outstanding to the suppliers registered under the
Micro, Small and Medium Enterprises Development Act, 2006, to the
extent identified from the available documents / information. No
interest in terms of such Act has either been paid or provided during
the year.
11. Segment Information
The company deals in one product only - pharmaceutical products. As
such it does not have reportable business segment. For the purpose of
geographical segments, total sale is divided into India and other
countries. The following table shows the distribution of the company''s
sales by geographical markets:
12. Previous year''s figures
Previous year''s figures, which are given in bracket, have been
regrouped or rearranged wherever necessary.
Mar 31, 2012
Basis of preparation of financial statements
The financial statements of the Company are prepared under the
historical cost convention on accrual basis in accordance with
Generally Accepted Accounting Principles in India and comply with the
Accounting Standards notified by The Companies (Accounting Standards)
Rules,2006 and the relevant provisions of The Companies Act, 1956 (the
Act).
The accounting policies, in all material aspects, have been
consistently applied by the company and are consistent with those used
in the previous year, except for changes in the presentation and
disclosures of the financial statements as described in Note 55 below.
1 During the year the company has acquired 12,75,000 equity shares
(representing 63.75% of the share capital) of Coronet Labs Private
Limited (CLPL) at Rs. 20 per share although the breakup value of the
shares as per audited financial statements of CLPL as at 31st March
2011 was lower. However, the company has made investment in such shares
for strategic reasons considering the long term prospects. Besides,
based on valuation carried out by a firm of Chartered Accountants the
value arrived is higher than the cost of acquisition. CLPL has become
the subsidiary of the company.
2 The company has commenced commercial production of tablets,
capsules, ointment and liquid at its new unit at State Industrial
Promotion Corporation of Tamil Nadu Limited (SIPCOT) at
Irrangattukottai during the year and the related capital expenditure
has been capitalized. For the manufacture of Softgel and Injectibles,
the commercial production is to start in the first quarter of the
financial year 2012-13.
3 During the year the company has undertaken a new project to
manufacture Betalactum products at Kakkalur and expenditure incurred on
such project aggregating to Rs. 1749.13 has been included under Capital
Expenditure on New Project.
4 In absence of taxable income, provision for taxation for the year
has been made as Minimum Alternate Tax (MAT) in terms of Section 115JB
of the Income Tax Act, 1961, which will be available as tax credit for
set off in future years as per Section 115JAA of the said Act. The
company is also entitled to tax credit on account of tax paid as MAT in
earlier years for the set off in future years.
5 The company's liability towards gratuity is provided based on the
figures provided by LIC. In absence of the figures of the gratuity
payable to employees retiring within one year being provided by LIC,
the entire provision towards gratuity has been shown as Long term
provision.
6 Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs 1556.00 (net of advances) (Previous
Year Rs 16152.82).
7 Contingent liabilities
Outstanding Bank Guarantees Rs. 157.31 (Previous year Rs.54.93)
8 Freehold land represents land allotted by Small Industries
Development Corporation Ltd. (SIDCO) vide a Memorandum of Understanding
(MOU) dated November 21,1995.
The company is in the process of complying with the terms of the said
MOU.
9 The Company has entered into Lease Arrangements for office and
godown premises. These Lease Agreements are for a period varying from
11 months to 6 years, and/or cancelable at the option of either party
by giving 3 months to 6 months notice. Lease payments recognized in
Statement of Profit and Loss is Rs. 35.08 (Previous year -
Rs.25.42).There are no amount payable in respect of non cancelable
lease
10 Previous year's figures
During the year ended 31st March 2012, Revised Schedule VI notified
under the Companies Act, 1956 became applicable to the company for
preparation & presentation of its financial statements. The adoption of
Revised Schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. However,
it has significant impact on the 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.
During the year, the company has commenced commercial production at
Irangattukottai Unit and accordingly, previous year's figures are not
comparable with the current year's figures
Mar 31, 2011
1. (a) Capital Expenditure on New Projects of Rs. 884717.45 (Previous
Year Rs. 369850.01) consists of unit being set up at State Industries
Promotion Corporation of Tamilnadu Limited at Irungatukottai in
Tamilnadu for manufactures of Injectibles, Softgel, Tablets and
Capsules.The Project will be commissioned in the third quarter of the
financial year 2011-12. (b) During the year the Company availed Rs. 25
Crores by way of enhancement in the working capital limit from the
consortium of banks and also availed Rs. 10 Crores by way of bill
discounting facility from one of the consortium banks.
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs 1615282.55 (net of advances) (Previous
Year Rs 1872660.00)
3. Contingent liabilities
Outstanding Bank Guarantees Rs.5493.70 (Previous year Rs. 9397.39)
4. Freehold land represents land allotted by Small Industries
Development Corporation Ltd. (SIDCO) vide a Memorandum of Understanding
(MOU) dated November 21, 1995. The Company is in the process of
complying with the terms of the said MOU.
5.(a) The Company has entered into Lease Arrangements for office and
godown premises.
These Lease Agreements are for a period varying from 11 months to 6
years, and/or cancelable at the option of either party by giving 3
months to 6 months notice. Lease payments recognized in Profit and Loss
account is Rs. 2541.70 (Previous year Rs.1849.687)
6.(b) There are no amount payable in respect of non cancelable lease.
7.(a) Deferred Tax
Deferred tax liability of Rs. 12812.70 (Previous year Rs. 2019.19) has
been charged to the Profit and Loss account.
8. Dues to suppliers under the Micro, Small and Medium Enterprises
Development Act, 2006:
There were no dues outstanding to the suppliers registered under the
Micro, Small and Medium Enterprises Development Act, 2006, to the
extent identified from the available documents / information.
9. Segment Information:
The company deals in one product only à pharmaceutical products. As
such it does not have reportable business segment. For the purpose of
geographical segments, total sale is divided into India and other
countries. The following table shows the distribution of the company's
sales by geographical markets:
10. Provision for taxation for the year has been made as Minimum
Alternate Tax (MAT) in terms of Section 115JB of the Income Tax Act,
1961, part of which will be available as tax credit for set off in
future years as per Section 115JAA of the said Act.
11. In terms of approval from various authorities, the company has
allotted 222,250,000 equity shares of Re 1 each at a premium of Rs 1.25
per share on 5th January 2011 to the promoters and others on
preferential basis.
12. Previous year's figures, which are given in bracket, have been
regrouped /rearranged wherever necessary to conform to current year
figures.
Mar 31, 2010
Preface
The financial statements, statement of cash flows and the notes to the
financial statements are the primary responsibility of the management
of Arvind Remedies Limited (the Company).
1. (a) Capital Expenditure on New Projects of Rs. 369850.01 consists
of unit being set up at State Industries Promotion Corporation of Tamilnadu
Limited Industrial Estate at Irungatukottai in Tamilnadu for manufacture
of Injectibles, Softgel, Tablets and Capsules.
(b) Exceptional item denotes surplus on sale of assets pertaining to
Haridwar Unit.
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs 1872660 (net of advances) (Previous
Year Rs nil)
3. Contingent liabilities
Outstanding Bank Guarantees Rs.9397.39 (Previous year Rs. 13777.39)
4. Freehold land represents land allotted by Small Industries
Development Corporation Ltd. (SIDCO) vide a Memorandum of Understanding
(MOU) dated November 21, 1995. The Company is in the process of
complying with the terms of the said MOU.
5.(a) The Company has entered into Lease Arrangements for office and
godown premises. These Lease Agreements were for a period varying from
11 months to 6 years, and/or cancelable at the option of either party
by giving 3 months to 6 months notice. Lease payments recognized in
Profit and Loss account is Rs 1849.68 (Previous year -- Rs.1884.87)
6.(b) Non cancelable lease dues payable in respect of office premises
are as follows:
2009-10 2008-09
Due within one year - - 108.00
Due later than one year and not later
than five years - - 108.00
Due later than five years - - -
7.(a) Deferred Tax
Deferred tax liability of Rs. 2019.19 (Previous year Rs. 13267.44) has
been charged to the Profit and Loss account.
8. Dues to suppliers under the Micro, Small and Medium Enterprises
Development Act, 2006:
There were no dues outstanding to the suppliers registered under the
Micro, Small and Medium Enterprises Development Act, 2006, to the
extent identified from the available documents / information.
9. Previous years figures, which are given in bracket, have been
regrouped /rearranged wherever necessary to conform to current year
figures
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