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Notes to Accounts of Bafna Pharmaceuticals Ltd.

Mar 31, 2015

1. Corporate Information

1. Bafna Pharmaceuticals Limited (The Company) is a public limited Company domiciled in India and incorporated under the provisions of the Companies Act 1956.Its Shares are listed in Bombay Stock Exchange and National Stock Exchange in India. The Company is engaged in the manufacture of drugs and medicines . The Company has also got an excellent Research and Development Facility for life saving drugs. The Company caters to both domestic and international markets.

2. The financial statements have been prepared in accordance with generally accepted accounting in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards as notified by Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial Statements have been prepared under the historical cost convention on an accrual basis except in case of Land (freehold and leasehold).

3. SECURITIES OFFERED

STATE BANK OF INDIA

(a)Secured by First Charge on the entire current assets & fixed assets acquired out of Term from SBI.

(b)Second Pari passu charges on the entire fixed assets with Development Credit Bank, DBS Bank and Bank of Ceylon except Fixed Assets acquired out of Term Loan sanctioned by State Bank of India.

(c)Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

4. SHRIRAM HOUSING FINANCE LTD

Secured by Mortgage of Personal Property situated No 299, Thambu Chetty Street, Chennai 600001 of the CMD BAFNA MAHAVEER CHAND.

5. SHRIRAM CITY UNIION FINANCE LTD

Secured by Mortgage of Personal Property situated No 299, Thambu Chetty Street, Chennai 600001 of the CMD BAFNA MAHAVEER CHAND and pledge of 1076666 shares of M/s Strides Health Care Pvt Limited.

6. SECURITIES OFFERED STATE BANK OF INDIA

(a)First Charge on the entire current assets on pari passu basis with all the MBA Banks

(b)Second pari passu Charge on the entire fixed assets with IDBI, Development Credit Bank, Development Bank of Singapore and Bank of Ceylon, except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

(c)Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

7. INDUSTRIAL DEVELOPMENT BANK OF INDIA

(a)First Pari Passu Charge on the entire current assets along with other MBA Banks

(b)Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

(c) Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

8. DEVELOPMENT BANK OF SINGAPORE

(a) First Pari Passu Charge on the entire current assets along with other MBA Banks

(b) Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

9. DEVELOPMENT CREDIT BANK

(a) First Pari Passu Charge on the entire current assets along with other MBA Banks

(b) Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India

10. BANK OF CEYLON

(a) First Pari Passu Charge on the entire current assets along with other MBA Banks

(b) Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

11. FOREIGN CURRENCY TRANSACTIONS

a) Income of foreign currency Transaction is recorded at the rate of exchange prevailing on the date, when the relevant transaction has taken place. Realized gains or losses on the exchange are recognized in the Profit and loss account.

12. RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related Parties are given below:

List of Related Parties where control exists and related Parties with whom transactions have taken place and relationship. The necessary approvals were obtained in the respective Board meetings of the Company. The terms of contracts or arrangements or transactions were at arm's length basis.

13. Name of the related Party

a) Mr. BAFNA MAHAVEER CHAND

b) Mr. PARAS BAFNA

c) Mrs. CHETNA BAFNA

d) Mr. NAVEEN BAFNA

14. Directors interest

a) BAFNA LIFESTYLES REMEDIES LIMITED

b) BHANSILAL & CO (HUF)

13. CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. in '000)

Particulars As at 31st As at 31st March 2015 March 2014

a) In respect of Letter of Credit and Bank Guarantee 28,624.70 95,414.32

b) Bonds have been executed in favour of Customs Authorities for 87,000.00 87,000.00 the purchase of materials and capital goods without payment of duty

15. CENVAT

Cenvat Credit is reckoned for the material, Capital Goods, stores and consumables purchased and entered into the factory Premises.

16. GENERAL

a) Tax deducted at Source from the payment to contractors, professional charges and salaries have been deposited in time except in few cases.

b) Balances under Trade Payables, debtors, loans and advances are subject to confirmation.

c) Advances given to suppliers for supply of materials and others remain unconfirmed. It was explained that supply will be made in the ensuing year

e) Margin Money and loan against Deposit.

The New Schedule II of the Companies Act, 2013 become applicable during the year 2014-15 to the Company and hence previous figures have been reclassified, regrouped and re-arranged wherever necessary.

17. During the year, Pursuant to the notification of the PART C of schedule II to the Companies Act, 2013 with effect from April 2014, the Company has revised the estimated useful life of tits assets with those specified in schedule II. Pursuant to the transition provision prescribed in Schedule II to the Companies Act,2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be NIL as on 1st August 2014 and has adjusted an amount of Rs. 32,550.95('000) against retained earnings.


Mar 31, 2014

Corporate Information

Bafna Pharmaceuticals Limited (The Company) is a public limited Company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its Shares are listed in Bombay Stock Exchange and National Stock Exchange in India. The Company is engaged in the manufacture of drugs and medicines and selling a reputed brand namely RARICAP. The Company has also got an excellent Research and Development Facility for life saving drugs. The Company caters to both domestic and international markets.

Basis of Preparation of Financial Statements

The financial statement are prepared under historical cost conversion, except for certain fixed assets which are revalued, in accordance with the generally accepted accounting principles in Indian and the provisions of the Companies Act, 1956.

1. SHARE CAPITAL

1.1 9,00,000 Shares out of the issued, subscribed and paid up share capital were allotted as a Preferential allotment on 13-01-2012 at a premium of Rs. 40/- per share.

1.2 The Company allotted 25,00,000 share warrants @ Rs. 50/- Per Share on 13.01.2012, the same was cancelled for Non- receipt of balance money.

1.3 15,00,000 shares out the issued, subscribed and paid up share capital were allotted as a preferential allotment on 17.03.2011 at a premium of Rs. 37.30 per share.

1.4 The company has allotted 23,18,000 share warrants @ Rs. 47.30 per share warrant on 17.03.2011, out of the 23,18,000 warrants allotted on 17.03.2011, 1,25,000 was allotted on 14.08.2012 and 1,50,000 Shares was allotted on 15.09.2012 pursuant to conversion of warrants, balance warrants were cancelled for Non-receipt of Balance Money.

1.5 54,29,014 Shares out of the issued, subscribed and paid up share capital were allotted as a bonus shares by capitalization of General Reserves.

1.6 1,00,000 shares out of the issued, subscribed and paid-up share capital were issued as a fully paid up shares pursuant to an agreement without payment being received in cash.

2 EQUITY SHARE WARRANT

2.1 Out of the 2500000 share warrants issued on 13.01.2012, the Company has cancelled 25,00,000 shares warrants for non receipt of balance money and the same has been transferred to Capital Reserve under the head Share forfeiture account.

3 OTHER LONGTERM BORROWING

SECURITIES OFFERED

3.1.1 First Charge on the entire current assets on pari passu basis with Export Import Bank of India.

3.1.2 First Charge on the entire fixed assets on Pari Passu basis with Export Import Bank of India except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India

3.1.3 Second pari passu Charge on the entire fixed assets with Development Credit Bank, Development Bank of Singapore and Bank of Ceylon except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

3.1.4 Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

EXPORT- IMPORT BANK OF INDIA

3.1.5 Charge on Brand RARICAP

3.1.6 First Charge on the entire fixed assets on Pari Passu basis with Export Import Bank of India except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

3.1.6 Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna - Whole Time Director.

SUNDARAM BNP PARIBAS HOME FINANCE LTD

3.1.7 Personal property of the CMD - Mr. Bafna Mahaveer Chand

4 SHORT TERM BORROWINGS

SECURITIES OFFERED

STATE BANK OF INDIA

4.1.1 First Charge on the entire current assets on pari passu basis with all the MBA Banks

4.1.2 First Charge on the entire fixed assets on Pari Passu basis with Export Import Bank of India except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

4.1.3 Second pari passu Charge on the entire fixed assets with IDBI, Development Credit Bank, Development Bank of Singapore and Bank of Ceylon, except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

4.1.4 Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

INDUSTRIAL DEVELOPMENT BANK OF INDIA

4.1.5 First Pari Passu Charge on the entire current assets along with other MBA Banks

4.1.6 Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

4.1.7 Personal guarantee of Promoter Directors - Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

DEVELOPMENT BANK OF SINGAPORE

4.1.8 First Pari Passu Charge on the entire current assets along with other MBA Banks

4.1.9 Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

DEVELOPMENT CREDIT BANK

4.1.10 First Pari Passu Charge on the entire current assets along with other MBA Banks

4.1.11 Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

BANK OF CEYLON

4.1.12 First Pari Passu Charge on the entire current assets along with other MBA Banks

4.1.12 Second pari passu Charge on the entire fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

5 FOREIGN CURRENCY TRANSACTIONS

a) Income of foreign currency Transaction is recorded at the rate of exchange prevailing on the date, when the relevant transaction has taken place. Realized gains or losses on the exchange are recognized in the Profit and loss account.

6 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related Parties are given below: List of Related Parties where control exists and related Parties with whom transactions have taken place and relationship

7 Name of the related Party

a) Mr. BAFNA MAHAVEER CHAND

b) Mr. PARAS BAFNA

c) Mrs. CHETNA BAFNA

d) Mr. NAVEEN BAFNA

8 Directors interest

a) BAFNA LIFESTYLES REMEDIES LIMITED

b) BAFNA LIFELINE PRIVATE LIMITED

c) BHANSILAL & CO (HUF)

9 CONTINGENT LIABILITIES NOT PROVIDED FOR (Rs. in ''000)

Particulars As at 31st As at 31st March 2014 March 2013

a) In respect of Letter of Credit and Bank Guarantee 95,414.32 53,726.08

b) Bonds have been executed in favour of Customs Authorities for the purchase of materials and capital goods without payment of duty 87,000.00 87,000.00

10 CENVAT

Cenvat Credit is reckoned for the material, Capital Goods, stores and consumables purchased and entered into the factory Premises.

11 GENERAL

a) Tax deducted at Source from the payment to contractors, professional charges and salaries have been deposited in time except in few cases.

b) Balances under Trade Payables, debtors, loans and advances are subject to confirmation.

c) Advances given to suppliers for supply of materials and others remain unconfirmed. It was explained that supply will be made in the ensuing year

d) The Fixed deposit of sum of Rs. 23388.23 (''000) (Previous Year Rs. 19620.53 (''000)) lying with State bank of India are under lien against Bank Guarantee Margin, LC Margin Money and Loan against Deposit

e) The Revised schedule VI of the companies Act 1956 become applicable during the year 2011-12 to the Company and hence Previous Years figures have been reclassified, regrouped and re-arranged wherever necessary.

12 The Ministry of corporate affairs, Government of India, vide General Circular No : 2 and 3 dated 8th February 2011 and 21st February 2011 respectively, has granted a general exemption from Compliance of Section 212 of the Companies Act 1956, subject to fulfillment of conditions stipulated in the circular. The company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the consolidated Financial Statements.


Mar 31, 2013

1. Corporate Information

Bafna Pharmaceuticals Limited (The Company) is a public limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its Shares are listed in BSE and NSE in India. The Company is engaged in the manufacture of drugs and medicines and selling a reputed brand namely RARICAP. The Company has also got an excellent Research and Development Facility for life saving drugs. The Company caters to both domestic and international markets.

2. Basis of Preparation of Financial Statements

The financial statement are prepared under historical cost conversion, except for certain fixed assets which are revalued, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3.1 FOREIGN CURRENCY TRANSACTIONS

a) Income of foreign currency Transaction is recorded at the rate of exchange prevailing on the date, when the relevant transaction has taken place. Realized gains or losses on the exchange are recognized in the Profit and loss account.

4 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related Parties are given below: List of Related Parties where control exists and related Parties with whom transactions have taken place and relationship

5.1 Name of the related Party

a) Mr. BAFNA MAHAVEER CHAND

b) Mr. PARAS BAFNA

c) Mrs. CHETNA BAFNA

d) Mr. NAVEEN BAFNA

5.2 Directors interest

a) BAFNA LIFESTYLES REMEDIES LIMITED

b) BAFNA LIFELINE PRIVATE LIMITED

c) BHANSILAL & CO (HUF)

7 CENVAT

Cenvat Credit is reckoned for the material, Capital Goods, stores and consumables purchased and entered into the factory Premises.

8 GENERAL

a) Tax deducted at Source from the payment to contractors, professional charges and salaries have been deposited in time.

b) Balances under Trade Payables, debtors, loans and advances are subject to confirmation.

c) Advances given to suppliers for supply of materials and others remain unconfirmed. It was explained that supply will be made in the ensuing year

d) Loans and advances include outstanding balances of deposits with Corporate bodies is given below

e) The Fixed deposit of sum of Rs. 19,620.53 (''000) (Previous Year Rs. 21,288.55 (''000)) lying with State bank of India are under lien against Bank Guarantee Margin, LC Margin Money and Loan against Deposit

f) The Revised schedule VI of the Companies Act, 1956 become applicable during the year 2011-12 to the Company and hence previous Years figures have been reclassified, regrouped and re-arranged wherever necessary.

9 The Ministry of corporate affairs, Government of India, vide General Circular No: 2 and 3 dated 8th February 2011 and 21st February 2011 respectively, has granted a general exemption from Compliance of Section 212 of the Companies Act 1956, subject to fulfillment of conditions stipulated in the circular. The company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the consolidated Financial Statements.


Mar 31, 2012

1. Corporate Information

Bafna Pharmaceuticals Limited (The Company) is a public limited Company domiciled in India and incorporated under the provisions of the Companies Act 1956. Its Shares are listed in Bombay Stock Exchange in India. The Company is engaged in the manufacture of drugs and medicines and selling a reputed brand namely RARICAP. The Company has also got an excellent Research and Development Facility for life saving drugs. The Company caters to both domestic and international markets.

2. Basis of Preparation of Financial Statements

The financial statement are prepared under historical cost conversion, except for certain fixed assets which are revalued, in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956.

3.1 9,00,000 Shares out of the issued, subscribed and paid up share capital were allotted as a Preferential allotment on 13.01.2012 at a premium of Rs. 40/- per share. Pending listing approval.

3.2 15,00,000 shares out of the issued, subscribed and paid up share capital were allotted as Preferential allotment on 17.03.2011 at a premium of Rs.37.30/- per share.

3.3 54,29,014 Shares out of the issued, subscribed and paid up share capital were allotted as a bonus shares by capitalisation of General Reserves.

3.4 1,00,000 shares out of the issued, subscribed and paid-up share capital were issued as a fully paid up shares pursuant to an agreement without payment being received in cash.

4.1 The Company has raised money by issuing Equity share warrant to the extent of 25,00,000 share warrants @ Rs.50/- per Warrant out of which 25% upfront money has been received during the year.

5.1.1 First Charge on the entire current assets as paripassu basis with Industrial Development Bank of India and Development Bank of Singapore.

5.1.2 First Charge on the entire Fixed assets created/ proposed to be acquired out of FCRNB and Term Loan.

5.1.3 Personally guaranteed by Directors Mr. Bafna Mahaveer Chand and Mr. Paras Bafna INDUSTRIAL DEVELOPMENT BANK OF INDIA

5.1.4 First Paripassu Charge on the entire current assets

5.1.5 Personally guaranteed by Directors Mr. Bafna Mahaveer Chand and Mr. Paras Bafna EXPORT- IMPORT BANK OF INDIA

5.1.6 Exclusive charge on the Brand RARICAP

5.1.7 First paripassu charge on the entire movable and immovable fixed assets both present and future DEVELOPMENT BANK OF SINGAPORE

5.1.8 First Paripassu Charge on the entire current assets along with other Working Capital Bankers in MBA

5.1.9 Second Paripassu charge on the entire fixed assets of the company.

6.1.1 First Charge on the entire current assets as paripassu basis with Industrial Development Bank of India and Development Bank of Singapore.

6.1.2 First Charge on the entire Fixed assets created/ proposed to be acquired out of Term Loan.

6.1.3 Personally guaranteed by Directors Mr. Bafna Mahaveer Chand and Mr. Paras Bafna INDUSTRIAL DEVELOPMENT BANK OF INDIA

6.1.4 First Paripassu Charge on the entire current assets

6.1.5 Personally guaranteed by Directors Mr. Bafna Mahaveer Chand and Mr. Paras Bafna

6.1.6 Second charge on the Brand RARICAP

6.1.7 First paripassu charge on the entire movable and immovable fixed assets both present and future DEVELOPMENT BANK OF SINGAPORE

6.1.8 First Paripassu Charge on the entire current assets along with other Working Capital Bankers in MBA

6.1.9 Second Paripassu charge on the entire fixed assets of the company.

7.1 FOREIGN CURRENCY TRANSACTIONS

a) Income of foreign currency Transaction is recorded at the rate of exchange prevailing on the date, when the relevant transaction has taken place. Realized gains or losses on the exchange are recognized in the Profit and loss account.

Rs. in 'Laks'

8 CONTINGENT LIABILITIES NOT PROVIDED FOR As at 31st As at 31st March 2012 March 2011

a) In respect of Letter of Credit and Bank Guarantee 60,080.02 62,212.56

b) Bonds have been executed in favour of Customs Authorities 77,000.00 57,000.00

for the purchase of materials and capital goods without payment of duty

9 RELATED PARTY DISCLOSURES

As per Accounting Standard 18, the disclosures of transactions with the related Parties are given below:

List of Related Parties where control exists and related Parties with whom transactions have taken place and relationship

9.1 Name of the related Party

a) Mr. BAFNA MAHAVEER CHAND

b) Mr. PARAS BAFNA

c) Mrs. CHETNA BAFNA

d) Mr. NAVEEN BAFNA

9.2 Directors' Interest

a) BAFNA LIFESTYLES REMEDIES LIMITED

b) BAFNA LIFELINE PRIVATE LIMITED c ) BHANSILAL & CO (HUF)

10 CENVAT

CENVAT Credit is reckoned for the material, Capital Goods, stores and consumables purchased and entered into the factory Premises

11 GENERAL

a) Tax deducted at Source from the payment to contractors, professional charges and salaries have been deposited in time.

b) Balances under Trade Payables, debtors, loans and advances are subject to confirmation.

c) Advances given to suppliers for supply of materials and others remain unconfirmed. It was explained that supply will be made in the ensuing year

d) Loans and advances include outstanding balances of deposits with Corporate bodies is given below

e) The Fixed deposit of sum of Rs. 21,288.55 ( Rs.33,024.31) lying with State bank of India are under lien against Bank Guarantee Margin, LC Margin Money and Loan against Deposit

f) The Company has raised Rs.76,250 ('000) through preferential allotment and deployed Rs.412.50 ('000')for Expansion activities of the Marketing Division of RARICAP in various

12 The Ministry of Corporate Affairs, Government of India, vide General Circular No: 2 and 3 dated 8th February 2011 and 21st February 2011 respectively, has granted a general exemption from Compliance of Section 212 of the Companies Act 1956, subject to fulfilment of conditions stipulated in the circular. The company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the consolidated Financial Statements.


Mar 31, 2011

1. CONTINGENT LIABILITIES AND PROVIDED FOR:

a) In respect of Letter of Credit and Bank Guarantee Rs.6,22,12,563/-( previous year Rs.3,15,77,447 )

b) Bonds have been executed in favour of customs authorities for Rs.5,70,00,000/- for the purchase of materials and capital goods without payment of duty ( previous year 4,20,00,000/-).

2. RELATED PARTY DISCLOSURES:

I ) List of Directors

Mr.Bafna Mahaveer Chand

Mr.Paras Bafna

Mr. Sunil Bafna II) Directors' Interest

1. Bafna Lifestyles Remedies Limited

2. Bafna Life Line Private Limited

3. Bhansilal & Co (HUF)

3. SECONDARY SEGMENT /GEOGRAPHICAL SEGMENT :

The Company has identified manufacture of medicine and drugs as the only primary reportable segment.

4. MISCELLANEOUS EXPENSES:

a. Preliminary expenses and Public Issue Expenses Rs.50,27,092/- written off during the year (Previous year Rs.5,187,192/-).

5. CENVAT

a) CENVAT credit is reckoned for the material, capital goods, stores and consumables purchased and entered into the factory premises.

6. GENERAL

a) Tax deducted at source from the payment to Contractors, Professional charges, Interest and Salaries have been deposited in time.

b) Balance under current liabilities, debtors, loans and advances are subject to confirmation.

c) Advances given to suppliers for supply of materials and others remain unconfirmed. It was explained that supply will be made in the ensuing year.

d) Loans and advances include outstanding balance of deposits with Corporate Bodies is given below.

e) The fixed Deposit of sum of Rs. 330,24,319/- (Previous Year Rs. 17,924,375/-) lying with the State bank of India are under the lien against Bank Guarantee Margin / LC Margin money and loan against deposit.

f) In view of the insufficient information from the suppliers regarding their status as SSI units the amount due to Small Scale Industrial Undertakings cannot be ascertained.

g) The Company has raised Rs.983 lakhs through preferential allotment and deployed an amount of Rs. 707.72 lakhs as Advance as on 31.03.2011 towards Brand Acquisition 'RARICAP' from M/s. N.R.Jet Enterprises-an associate of M/s. Johnson & Johnson Limited and the balance amount was utilized towards setting up of Marketing division of the Company.

h) The Company has not provided for Cess as Specified in Section 441 A of the Companies Act in the absence of any Notification by the Central Government.

i) Additional information pursuant to the provisions of paragraphs 3, 4C & 4D of part II of Schedule VI of Companies Act, 1956 to the extent applicable to the company.

j) Previous year's figures have been rearranged and regrouped wherever found necessary to confirm to current year's figures.


Mar 31, 2010

1. CENVAT

a, CENVAT credit is reckoned for the material, capita! goods, stores and consumables purchased and entered into the factory premises,

2. General

a. Tax deducted at source from the payment to Contractors, Professional charges. Interest and Salaries have been deposited in time,

b. Balance under current liabilities, debtors, loans and advances are subject to confirmation.

d. The fixed Deposit of sum of Rs. 17,924,375/- (Previous Year Rs. 19,394,730/-) lying with the State bank of India are under the lien against Bank Guarantee Margin / LC Margin money.

e. In view of the insufficient information from the suppliers regarding their status as SSI units, the amount due to Smalt Scale Industrial Undertakings cannot be ascertained,

f. The Company has raised Rs.2560 lakhs through Public Issue and deployed it as proposed in prospectus except the following:

- For Public Issue Expenses Rs.251.35 lakhs against proposed Rs.200.00 lakhs.

- For setting up R & D Unit (still in progress) Rs.639.12 lakhs against (Previous year Rs.319.05) proposed Rs.300.00 lakhs.

- Other than the amount used as per the terms of Prospectus, an amount of Rs*217 lakhs was deposited with Corporate Bodies and the balance amount was utilized towards day to day operations of the Company.

g. Previous years figures have been rearranged and regrouped wherever found necessary to confirm to current years figures.

h. Additional information pursuant to the provisions of paragraphs 3, 4C & 4D of part II of Schedule VI of Companies Act, 1956 to the extent applicable to the company.

 
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