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Notes to Accounts of Auro Laboratories Ltd.

Mar 31, 2015

1. Notes on Financial Statements:

I. CONTINGENT LIABILITIES AND COMMITMENTS 2015 2014

II. A. Contingent liabilities and commitments 22471566 24986627

B. Claims against the Company not acknowledged Nil Nil As debts

C. Estimated amount of contracts remaining to be Nil Nil Executed on capital account and not provided for

2. RELATED PARTY DISCLOSURES

A] Related parties where control exists or where significant influence exists and with whom transaction have taken place during the year.

Associate Company

1. Auro Impex Pvt. Limited

2. Phalguni Enclave Private Limited

Key Management personnel Represented on the board

1. Shri Sharat Deorah - Managing director

2. Shri Siddhartha Deorah - Director

Non Executive/lndependent Directors on the Board

1. Shri Kailash Chandra Bubna

2. Shri Goverdhandas Aggarwal

3. SEGMENT INFORMATION

Based on the guiding principles given in the Accounting Standard 17 on "Segment Reporting" issued by The Institute of Chartered Accountants of India, the Company is a single segment Company engaged in the business of Bulk Drugs.

4. DEFERRED TAX ASSETS/ LIABILITIES

Considering the past performance and present scenario, the Company does not expect future taxable profits/ no provision has been made for the deferred tax assets/ liabilities as on 31sl March 2015.

5. Previous year's figures have been regrouped, rearranged and reclassified wherever necessary.

6. In accordance with the provision of schedule II of the act, in case of fixed assets which have been completed their useful life as at 1st April 2014, the carrying value amounting to Rs. 1,55,732/- charged to profit & Loss Accounts.

Further In case of assets acquired prior to 1st April 2014, the carrying value of assets is depreciated over the remaining useful life as determined effective 1st April 2014.


Mar 31, 2014

Note 1: Long-term borrowings

1. Term Loans from Allahabad Banks are secured by mortgage of immovable assets, both present and future.

Notes:

1. The Working Capital facilities from Allahabad bank are secured by Hypothecation of all types of Stock and book debts.

2. There is no default in repayment of loans and interest.

2. Notes on Financial Statements:

I. CONTINGENT LIABILITIES AND COMMITMENTS

A. Contingent liabilities and commitments 24986627 44518561

B. Claims against the Company not acknowledged As debts Nil Nil

C. Estimated amount of contracts remaining to be Executed on capital account and not provided for Nil Nil

II. The Income Tax Assessments of the Company have been completed up to Assessment year 2010-11.

III. RELATED PARTY DISCLOSURES

Related parties where control exists or where significant influence exists and with whom transaction have taken place during the year.

Associate Company

1. Auro Impex limited

2. Phalguni Enclave Private Limited

Key Management personnel Represented on the board

1. Shri Sharath Deorah - Managing director

2. Shri Siddharth Deorah - Director

Non Executive/Independent Directors on the Board

1. Shri Kailash Chandra Bubna

2. Shri Goverdhandas Aggarwal

IV. SEGMENT INFORMATION

Based on the guiding principles given in the Accounting Standard 17 on "Segment Reporting" issued by The Institute of Chartered Accountants of India, the Company is a single segment Company engaged in the business of Bulk Drugs.

V. DEFERRED TAX ASSETS/LIABILITIES

Considering the past performance and present scenario, the Company does not expect future taxable profits/no provision has been made for the deferred tax assets/liabilities as on 31st March 2014.

VI. Previous year''s figures have been regrouped, rearranged and reclassified wherever necessary.


Mar 31, 2013

I. CONTINGENT LIABILITIES AND COMMITMENTS

2013 2012

A. Contingent liabilities and commitments 44518561 16757714

B. Claims against the Company not acknowledged Nil Nil

As debts

C. Estimated amount of contracts remaining to be Nil Nil

Executed on capital account and not provided for


Mar 31, 2012

I. CONTINGENT LIABILITIES AND COMMITMENTS 2012 2011

A. Contingent liabilities and commitments Nil Nil

B. ClaimsagainsttheCompanynotacknowledged Nil Nil As debts

C. Estimated amount of contracts remaining to be Nil Nil Executed on capital account and not provided for

II. The Income Tax Assessments ol the Company have been completed up to Assessment year 2009-10.


Mar 31, 2010

1) Other retirement benefits except Gratuity is accounted on cash basis. Liability for Gratuity as at 31.03.2010 is not ascertained.

2) The Intercorporate Deposits of Rs.17,60,108/- has been classified as doubtful and therefore no provision for interest income has been made on Inter corporate advances & deposits. No provision for doubtful unsecured loans and advances to the tune of Rs. 39,33,684/- has been made, which are considered doubtful.

3) Investment in shares is in the nature of long term Investment. Provision for diminution in the value of shares as at the year-end amounting to Rs. 3,80,872/- (Previous Year Rs. 4,08,398/-) has not been provided for.

4) Contingent Liability;

Arrears of Water charges Rs. 86,464/-

Particulars Amount in Rs Remarks

Arrears of Water 86,464.00 Case pending from

Charges Year 2000

5) Considering the carry forward losses, No provision for Taxation has been made.

6) Balances of the Sundry Debtors, Sundry Creditors and Loans and Advances have been taken as per books pending respective confirmation and reconciliation.

7) In the opinion of the Board of Directors of the Company, the current assets, loans and advances have a value, on realizations in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all known liabilities are adequate and are not in excess of the amount reasonably necessary.

8) Process loss /gain on Raw material consumption has not been separately ascertained and adjusted in production.

9) Sales Tax Assessment has been completed up to the accounting year ended 31.3.2002 and the Company does not foresee any liability for the pending years.

10) Income Tax Assessment has been completed up to Assessment Year 2007-08 i.e. Accounting year ended 31.3.2007. The Company does not foresee any liability for the pending years.

11) Earning and outgo in Foreign Currency.

FOB Value of export: Rs. 3,86,42,206/- (Previous Year Rs. 4,05,55,737/-). Foreign traveling expenses: Rs. 8,62,240/- (Previous Year Rs. 6,19,742/-). Plant & Machinery : Rs. Nil/- (Previous Year Rs.Nil)

12) Segment Reporting.

Based on the guiding principles given in the Accounting Standard- 17 on Segment Reporting issued by The Institute of Chartered Accountants of India, the company is a single segment company engaged in the business of Bulk Drugs.

Considering the past performance and present scenario, the company does not expect future taxable profits, no provision has been made for the Deferred Tax Asset as on 31 st March 2010.

13. Related Party Disclosure:

14) The figures of the previous accounting period are re-grouped, re-classified, rearranged wherever necessary and are not comparable with the figure of the current accounting year.


Mar 31, 2009

1) Other retirement benefits except Gratuity is accounted on cash basis. Liability for Gratuity as at 31.03.2009 is not ascertained.

2) The Inter corporate Deposits of Rs. 17,60,108/- has been classified as doubtful therefore no provision for interest income has been made on Inter corporate advances & deposits. No provision for doubtful unsecured loans and advances to the tune of Rs. 39,33,684/- has been made, which are considered doubtful.

3) Investment in shares is in the nature of long term Investment. Provision for diminution in the value of shares as at the year-end amounting to Rs. 43,819/- (Previous Year Rs. 4,08,398/-) has not been provided for.

4) Contingent Liability;

Arrears of Water charges Rs. 86,464/-

Particulars Amount in Rs Remarks

Arrears of Water 86,464.00 Case pending from Charges Year2000

5) Considering the carry forward losses, No provision for Taxation has been made.

6) Balances of the Sundry Debtors, Sundry Creditors and Loans and Advances have been taken as per books pending respective confirmation and reconciliation.

7) In the opinion of the Board of Directors of the Company, the current assets, loans and advances have a value, on realizations in the ordinary course of business, at least equal to the amounts at which they are stated and the provisions for all ! known liabilities are adequate and are not in excess of the amount reasonably necessary.

8) Process loss /gain on Raw material consumption has not been separately ascertained and adjusted in production.

9) Production during the year includes NIL. (Previous Year 48,663.000 Kgs.) produced for third party on Job work basis.

10) Sales Tax Assessment has been completed upto the accounting year ended 31.3.2002 and the Company does not foresee any liability for the pending years.

11) Income Tax Assessment has been completed upto Assessment Year 2006-07 i.e. Accounting year ended 31.3.2006. The Company does not foresee any liability for the pending years.

12) Earning and outgo in Foreign Currency.

FOB Value of export: Rs. 3,71,53,6121- (Previous Year Rs. 2,99,42,709/-). Foreign traveling expenses: Rs. 6,48,655/- (Previous Year Rs. 6,40,320/-). Plants Machinery : Rs. Nil/-(Previous Year Rs.Nil)

13) Segment Reporting.

Based on the guiding principles given in the Accounting Standard- 17 on Segment Reporting" issued by The Institute of Chartered Accountants of India, the company is a single segment company engaged in the business of Bulk Drugs.

14) The figures of the previous accounting period are re-grouped, re-classified, rearranged wherever necessary and are not comparable with the figure of the current accounting year.

 
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