Mar 31, 2016
1. The Company has only one class of shares referred to as equity shares having face value ofRs.10/-. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
2. Details of Equity Shares held by each shareholders holding more than 5%
3. The Board of Directors have not recommended any dividend for the year.
4. Disclosure of trade payables under current liabilities is based on the information available with the Company regarding the status of the suppliers as defined under the âMicro, Small and Medium Enterprises Development Act, 2006â. Amount outstanding as on March 31, 2016 to Micro, Small and Medium Enterprises on account of principal amount aggregate to Rs.305.85 Lakhs (Pr. Yr. Rs.299.91 Lakhs). As per the terms / understanding with the parties, no interest is payable and hence no provision has been made for the same.
5. The Company has one segment of activity namely âSurgical Sutures and Medical Devicesâ.
6. EMPLOYEE BENEFITS
As required by Accounting Standard-15 âEmployee Benefitsâ the disclosures are as under :
7. Defined Contribution Plans
The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employeesâ Pension Scheme (EPS) with the government, and certain state plans such as Employeesâ State Insurance (ESI). PF and EPS cover substantially all regular employees and the ESI covers certain workers. Contributions are made to the Governmentâs funds. While both the employees and the Company pay predetermined contributions into the Provident Fund and the ESI Scheme, contributions into the Pension fund is made only by the Company. The contributions are normally based on a certain proportion of the employeeâs salary. During the year, the Company has recognized the following amounts in the Account:
8. Defined Benefit Plans
Gratuity: The Company makes annual contributions to Employeesâ Group Gratuity-cum Life Assurance (Cash Accumulation) Scheme of LIC, a funded defined benefit plan for qualifying employees. The scheme provides for payment to vested employees as under:
9. On normal retirement / early retirement / withdrawal / resignation:
As per the provisions of Payments of Gratuity Act, 1972 with vesting period of 5 years of service.
10. On the death in service:
As per the provisions of Payment of Gratuity Act, 1972 without any vesting period.
Death Benefit: The Company provides for death benefit, a defined benefit plan (death benefit plan) to certain categories of employees. The death benefit plan provides a lump sum payment to vested employees on death, being compensation received from the insurance company and restricted to limits set forth in the said plan. The death benefit plan is non-funded.
The estimate of future increase in compensation levels, considered in the actuarial valuation, have been taken on account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. The above information has been certified by the actuary and relied upon by the auditors.
11. Leave Encashment:
No Provision has been made in the accounts towards encashment of earned leaves not availed by the employees upto March 31, 2016. Since their encashment as per the rules of the Company does not fall due on the same date. The same shall be accounted for as and when paid.
12. Excise duty related to differences between closing and opening stock and other adjustments are stated under operating and other expenses. Excise duty related to turnover is reduced from the Gross Revenue from Operations.
13. Figures unless stated specific are in lakhs.
14. As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS) 29 âProvision, Contingent Liabilities and Contingent Assetsâ as notified by the Companies (Accounting Standards) Rules 2006, in respect of any present obligation as a result of a past event that could lead to a probable outflow of resources which would be required to settle the obligation.
15. RESEARCH AND DEVELOPMENT EXPENDITURE:
No Revenue expenses are incurred on research and development during the year.
16. Related party disclosure with whom transactions have taken place during the year as required by Accounting Standards 18 are given below: -
Relationships:
17. Note on hedge and unhedged foreign currency assets and liabilities:
The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are as below:
18. The Company has not granted any loan/advances in the nature of loans, as stipulated in the Clause 32 of the Listing Agreement with the Stock Exchanges. For this purpose, the loans to employees as per the Companyâs policy, security deposits paid towards premises taken on leave and license basis have not been considered. Hence, there are no investments by loans in the shares of the Parent Company and/or subsidiary companies.
Mar 31, 2015
1. CORPORATE INFORMATION:
The principle activities of the Company comprise of manufacturing
surgical sutures and medical devices. The company is a Public Limited
Company domiciled in India and incorporated under the provisions of
the Companies Act, 1956 and listed on the BSE Limited (BSE) and
Ahmedabad Stock Exchange Limited (ASE).
2. SHORT- TERM BORROWINGS
Cash credit facilities are secured by way of hypothecation of stock
and book debts. It is further secured by collateral charge on
immoveable properties, hypothecation of plant and machinery, other
fixed assets of the Company, in addition to personal guarantee of the
Promoter / Director.
3. CONTINGENT LIABILITIES: Rs. in Lakhs
As at As at
Particulars March 31, 2015 March 31, 2014
i) Letter of Credit opened 0.00 39.11
ii) Guarantees given by the Bankers
on behalf of the Company 0.00 3.00
iii) Income tax demands disputed by
Company pending in appeal 0.13 0.13
Future cash outflows in respect of liability under clause (iii) is
dependent on decisions by relevant authorities of respective disputes,
in respect of clauses (i) & (ii) liability is dependent on terms
agreed upon with the parties.
4. The Board of Directors have not recommended any dividend for the
year.
5. Disclosure of trade payables under current liabilities is based on
the information available with the Company regarding the status of the
suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act, 2006". Amount outstanding as on March 31, 2015 to
Micro, Small and Medium Enterprises on account of principal amount
aggregate to Rs.299.91 Lakhs (Pr. Yr. Rs.341.05 Lakhs). As per the terms /
understanding with the parties, no interest is payable and hence no
provision has been made for the same.
6. The Company has one segment of activity namely "Surgical Sutures
and Medical Devices".
7. EMPLOYEE BENEFITS
As required by Accounting Standard-15 'Employee Benefits' the
disclosures are as under :
8.1. Defined Contribution Plans
The Company offers its employees defined contribution plans in the
form of Provident Fund (PF) and Employees' Pension Scheme (EPS) with
the government, and certain state plans such as Employees' State
Insurance (ESI). PF and EPS cover substantially all regular employees
and the ESI covers certain workers. Contributions are made to the
Government's funds. While both the employees and the Company pay
predetermined contributions into the Provident Fund and the ESI
Scheme, contributions into the Pension fund is made only by the
Company. The contributions are normally based on a certain proportion
of the employee's salary. During the year, the Company has
recognised the following amounts in the Account:
8.2. Defined Benefit Plans
Gratuity: The Company makes annual contributions to Employees' Group
Gratuity-cum Life Assurance (Cash Accumulation) Scheme of LIC, a
funded defined benefit plan for qualifying employees. The scheme
provides for payment to vested employees as under:
8.2.1. On normal retirement / early retirement / withdrawal /
resignation:
As per the provisions of Payments of Gratuity Act, 1972 with vesting
period of 5 years of service.
8.2.2. On the death in service:
As per the provisions of Payment of Gratuity Act, 1972 without any
vesting period.
Death Benefit: The Company provides for death benefit, a defined
benefit plan (death benefit plan) to certain categories of employees.
The death benefit plan provides a lump sum payment to vested employees
on death, being compensation received from the insurance company and
restricted to limits set forth in the said plan. The death benefit
plan is non-funded.
Disclosures for defined benefit plans i.e. Gratuity (Funded Plan),
based on actuarial reports as on March 31, 2015 are as under:
The estimate of future increase in compensation levels, considered in
the actuarial valuation, have been taken on account of inflation,
seniority, promotion and other relevant factors such as supply and
demand in the employment market. The above information has been
certified by the actuary and relied upon by the auditors.
8.3. Leave Encashment:
No Provision has been made in the accounts towards encashment of
earned leaves not availed by the employees upto March 31, 2015. Since
their encashment as per the rules of the Company does not fall due on
the same date. The same shall be accounted for as and when paid.
9. Excise duty related to differences between closing and opening
stock and other adjustments are stated under operating and other
expenses. Excise duty related to turnover is reduced from the Gross
Revenue from Operations.
10. Figures unless stated specific are in lakhs.
11. As per the best estimate of the management, no provision is
required to be made as per Accounting Standard (AS) 29 "Provision,
Contingent Liabilities and Contingent Assets" as notified by the
Companies (Accounting Standards) Rules 2006, in respect of any present
obligation as a result of a past event that could lead to a probable
outflow of resources which would be required to settle the obligation.
12. RESEARCH AND DEVELOPMENT EXPENDITURE:
No Revenue expenses are incurred on research and development during
the year.
13. Note on hedge and unhedged foreign currency assets and
liabilities:
The year-end foreign currency exposures that have not been hedged by a
derivative instrument or otherwise are as below:
14. The Company has not granted any loan/advances in the nature of
loans, as stipulated in the clause 32 of the Listing Agreement with
the Stock Exchanges. For this purpose, the loans to employees as per
the Company's policy, security deposits paid towards premises taken
on leave and license basis have not been considered. Hence, there are
no investments by loans in the shares of the Parent Company and/or
subsidiary companies.
Mar 31, 2014
1. CONTINGENT LIABILITIES: Rs in Lakhs
As at As at
Particulars March 31 2014 March 31 2013
i) Letter of Credit opened 39.11 25.58
ii) Guarantees given by the Bankers on
behalf of the Company 3.00 3.00
iii) Income tax demands disputed by Company
pending in appeal 0.13 2.30
Future cash outflows in respect of liability under clause (iii) is
dependent on decisions by relevant authorities of respective disputes,
in respect of clauses (i) & (ii) liability is dependent on terms agreed
upon with the parties.
2. The Board of Directors have not recommended any dividend for the
year.
3. Disclosure of trade payables under current liabilities is based on
the information available with the Company regarding the status of the
suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act, 2006". Amount outstanding as on March 31, 2014 to
Micro, Small and Medium Enterprises on account of principal amount
aggregate to Rs.341.05 Lakhs (Pr.Yr. Rs.339.19 Lakhs). As per the terms /
understanding with the parties, no interest is payable and hence no
provision has been made for the same.
4. The Company has one segment of activity namely "Surgical Sutures
and Medical Devices".
5. EMPLOYEE BENEFITS
As required by Accounting Standard-15 ''Employee Benefits'' the
disclosures are as under :
5.1. Defined Contribution Plans
The Company offers its employees defined contribution plans in the form
of Provident Fund (PF) and Employees'' Pension Scheme (EPS) with the
government, and certain state plans such as Employees'' State
Insurance(ESI). PF and EPS cover substantially all regular employees
and the ESI covers certain workers. Contributions are made to the
Government''s funds. While both the employees and the Company pay
predetermined contributions into the Provident Fund and the ESI Scheme,
contributions into the Pension fund is made only by the Company. The
contributions are normally based on a certain proportion of the
employee''s salary. During the year, the Company has recognised the
following amounts in the Account:
5.2. Defined Benefit Plans
Gratuity: The Company makes annual contributions to Employees Group
Gratuity-cum Li Assurance (Cash Accumulation) Scheme of LIC, a funded
defmed benefit plan for qualifying employees. The scheme provides for
payment to vested employees as under:
5 2 1 On normal retirement / early retirement / withdrawal /
resignation.
As per the provisions of Payments of Gratuity Act, 1972 with vesting
period of 5 years of service.
5.2.2. On the death in service:
As per the provisions of Payment of Gratuity Act, 1972 without any
vesting period.
Death Benefit- The Company provides for death benefit, a defined
benefit plan (death benefit plan) to certain categories of employees.
The death benefit plan provides a lump sum payment to vested employees
on death, being compensation received from the insurance company and
restricted to limits set forth in the said plan. The death benefit plan
is non-funded.
Disclosures for defined benefit plans i.e. Gratuity (Funded Plan),
based on actuarial reports as on March 31,2014 are as under:
The estimate of future increase in compensation levels, considered in
the actuarial valuation have been taken on account of inflation
seniority, promotion and other relevant factors such as supplementary
in employment market. The above information has been certified by the
actuary and relied upon by the auditors.
5.3. Leave Encashment:
No Provision has been made in the accounts towards encashment of earned
leaves not availed by the Company does not fall due on the same date.
The same shall be accounted for as and when paid.
6. Excise duty related to differences between closing and opening
stock and other adjustments are stated fron^ Operations ^ eXPenSeS''
Exdse duty related to turnover is reduced from the Gross Revenue
7. Figures unless stated specific are in lakhs.
8. As per the best estimate of the management, no provision is
required to be made as per Accounting Standard (AS)''29 Provision,
Contingent Liabilities and Contingent Assets" as notified by the
Companies (Accounting Standards) Rules 2006, m respect of any present
obligation as a result of a past event that could lead to a probable
outflow of resources which would be required to settle the obligation.
9. RESEARCH AND DEVELOPMENT EXPENDITURE:
No Revenue expenses are incurred on research and development during the
year.
10. Note on hedge and unhedged foreign currency assets and liabilities:
The year-end foreign currency exposures that have not been hedged by a
derivative instrument or otherwise are as below:
11, The Company has not granted any loan/advances in the nature of
loans, as stipulated in the clause 32 of the '' Listing Agreement with
the Stock Exchanges. For this purpose, the loans to employees as per
the Company''s policy, security deposits paid towards premises taken
on leave and license basis have not been considered. Hence, there are
no investments by loans in the shares of the Parent Company and/or
subsidiary companies.
Mar 31, 2013
1 CORPORATE INFORMATION::
The principle activities of the Company comprise of manufacturing
surgical sutures and medical devices. The company is a public limited
company domiciled in India and incorporated under the provisions of the
Companies Act, 1956 and listed on the Bombay Stock Exchange Limited
(BSE) & Ahmedabad Stock Exchange Limited (ASE).
2. The Board of Directors have not recommended any dividend for the
year.
3. Disclosure of trade payables under current liabilities is based on
the information available with the Company regarding the status of the
suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act, 2006". Amount outstanding as on March 31, 2013 to
Micro, Small and Medium Enterprises on account of principal amount
aggregate to Rs.339.19 Lakhs (Pr.Yr. Rs. 276.19 Lakhs Lakhs). As per the
terms/ understanding with the parties, no interest is payable and hence
no provision has been made for the same.
4. The Company has one segment of activity namely "Surgical Sutures
and Medical Devices".
5. Employee Benefits
As required by Accounting Standard-15 ''Employee Benefits'' the
disclosures are as under :
5.1. Defined Contribution Plans
The Company offers its employees defined contribution plans in the form
of Provident Fund (PF) and Employees''Pension Scheme (EPS) with the
government, and certain state plans such as Employees'' State
Insurance(ESI). PF and EPS cover substantially all regular employees
and the ESI covers certain workers. Contributions are made to the
Government''s funds. While both the employees and the Company pay
predetermined contributions into the Provident Fund and the ESI Scheme,
contributions into the Pension fund is made only by the Company. The
contributions are normally based on a certain proportion of the
employee''s salary. During the year, the Company has recognised the
following amounts in the Account:
5.2. Leave Encashment: cuÂOT1h nf parned leaves not availed by the
employees No Provisionhas beennuuieintheac not faU Jw on the same upto
March 31, 2013. Since their encashment as per the rules ot the company
date The same shall be accounted for as and when paid.
6 Figures unless stated specific are in lakhs. resources which would
be required to set.le the obli8a.ioÂ.
7. The Company has not granted any loan/advances in the nature of
loans, as stipulated in the clause 32 of the Listing Agreement with the
Stock Exchanges. For this purpose, the loans to employees as per the
Company''s policy, security deposits paid towards premises taken on
leave and license basis have not been considered. Hence, there are no
investments by loans in the shares of the Parent Company and/ or
subsidiary companies.
Mar 31, 2012
1 CORPORATE INFORMATION:
The principle activities of the Company comprise of manufacturing
surgical sutures and medical devices, is a public limited company
domiciled in India and incorporated under the provisions of the
Companies Act, 1956 and listed on the Bombay Stock Exchange Limited
(BSE) & Ahmedabad Stock Exchange Limited (ASE).
2. Contingent Liabilities: Rs. In Lakhs
Particulars For the Year For the Year
ended ended
March 31, 2012 March 31, 2011
i) Letter of Credit opened 192.23 196.46
ii) Guarantees given bv the
Bankers on behalf of the company 1.25 0.00
iii) Income tax demands disputed
by Company pending in appeal. 0.13 0.13
Future cash outflows in respect of liability under clause (iii) is
dependent on decisions bv relevant authorities of respective disputes,
in respect of clauses (i) & (ii) liability is dependent on terms agreed
upon with the parties.
3. The Board of Directors have not recommended any dividend for the
year.
4. Disclosure of trade payables under current liabilities is based on
the information available with the Companv regarding the status of the
suppliers as defined under the "Micro, Small and Medium Enterprises
Development Act, 2006". Amount outstanding as on March 31, 2012 to
Micro, Small and Medium Enterprises on account of principal amount
aggregate to Rs.276.19 Lakhs (Pr.Yr. ^230.92 Lakhs). As per the terms/
understanding with the parties, no interest is payable and hence no
provision has been made for the same.
5. The Companv has one segment of activity namelv "Surgical Sutures
and Medical Devices".
6. Employee Benefits
As required by Accounting Standard-15 'Employee Benefits' the
disclosures are as under :
6.1. Defined Contribution Plans
The Company offers its employees defined contribution plans in the form
of Provident Fund (PF) and Employees'Pension Scheme (EPS) with the
government, and certain state plans such as Employees' State
Insurance(ESI). PF and EPS cover substantially all regular employees
and the ESI covers certain workers. Contributionsare made to the
Government's funds. While both the employees and the Company pay
predeterminedcontributions into the Provident Fund and the ESI Scheme,
contributions into the Pension fund is made only bythe Company. The
contributions are normally based on a certain proportion of the
employee's salary. During the year, the Company has recognised the
following amounts in the Account:
6.2. Defined Benefit Plans
Gratuity: The Company makes annual contributions to Employees' Group
Gratuity-cum Life Assurance (Cash Accumulation) Scheme of LIC, a funded
defined benefit plan for qualifying employees. The scheme provides for
payment to vested employees as under:
6.2.1. On normal retirement / early retirement / withdrawal /
resignation:
As per the provisions of Payments of Gratuity Act, 1972 with vesting
period of 5 years of service.
6.2.2. On the death in service:
As per the provisions of Payment of Gratuity Act, 1972 without any
vesting period.
Death Benefit : The Company provides for death benefit, a defined
benefit plan (death benefit plan) to certain categories of employees.
The death benefit plan provides a lump sum payment to vested employees
on death, being compensation received from the insurance company and
restricted to limits set forth in the said plan. The death benefit plan
is non funded.
The estimate of future increase in compensation levels, considered in
the actuarial valuation, have been taken on account of inflation,
seniority, promotion and other relevant factors such as supply & demand
in the employment market. The above information has been certified by
the actuary and relied upon by the auditors.
6.3. Leave Encashment:
No Provision has been made in the accounts towards encashment of earned
leaves not availed by the employees upto March 31, 2012. Since their
encashment as per the rules of the company does not fall due on the
same date. The same shall be accounted for as and when paid.
7. Excise dutv related to differences between closing and opening
stock and other adjustments are stated under operating and her
expenses. Excise duty related to turnover is reduced from the Gross
Revenue from Operations.
8. Figures unless stated specific are in lakhs.
9. As per the best estimate of the management, no provision is
required to be made as per Accounting Standard (AS) 29 "Provision,
Contingent Liabilities and Contingent Assets" as notified by the
Companies (Accounting Standards) Rules 2006, in respect of any present
obligation as a result of a past event that could lead to a probable
outflow of resources which would be required to settle the obligation.
10. Research and Development expenditure:
No Revenue expenses are incurred on research and development during the
year.
11. The Company has not granted any loan/advances in the nature of
loans, as stipulated in the clause 32 of the Listing Agreement with the
Stock Exchanges. For this purpose, the loans to employees as per the
Company's policy, security deposits paid towards premises taken on
leave and license basis have not been considered.
12. The Revised Schedule VI has become effective from April 1, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosures made in the financial statements. Previous
years figures have been regrouped / reclassified wherever necessary to
correspond with the current year's classification / disclosure.
Mar 31, 2011
1). There are no contingent liabilities as certified by the
Management.
2). In the opinion of the Board of Directors the current assets and
loans and advances have a value on realisation in the ordinary course
of business, at least equal to the amounts at which these are stated
and that the provisions for the known liabilities are adequate and not
in excess of the amount reasonably necessary.
3). Debit balances in the accounts of suppliers and others are subject
to confirmation and reconciliation.
4). Creditors for Goods and Expenses includes Rs.23091657/- (Previous
year Rs.15168490/-) due to Micro, Small & Medium Enterprise. Micro,
Small & Medium Enterprise having outstanding for more than 30 days and
exceeding Rs.1.00 lakh each. (M/s. Akshay Printers, M/s. Sanfran Inc.,
M/s. Seal -O- Pack, M/s. Surgi Pack (India) Pvt. Ltd. & M/s. Quality
Needles (P) Ltd.)
5). Segment Reporting - Accounting Standard (AS 17)
The Company has only one business as primary segment i.e. manufacturing
of Medical Devices - Surgical Sutures etc.
6). Figures have been rounded of to the nearest rupee.
7). Previous year's figures have been regrouped and rearranged
wherever necessary.
Mar 31, 2010
1). There are no contingent liabilities as certified by the
Management.
2). In the opinion of the Board of Directors the current assets and
loans and advances have a value on realisation in the ordinary course
of business, at least equal to the amounts at which these are suited
and that the provisions for the known liabilities are adequate and not
in excess of the amount reasonably necessary.
3). Debit balances in the accounts of suppliers and others are subject
to confirmation and reconciliation.
4). During the year the company has not provided for Deferred Tax
Asset, Deferred tax assets are recognised only to the extent there is
reasonable certainty that the assets can be realised in future The Net
effect of Deferred Tax Asset of Rsr3,16 lakhs pertaining to earlier
periods has been written back in accordance with Accounting Standard 22
"Accounting for Taxes on Income" issued by The Institute of Chartered
Accountants of India.
5). Creditors for Goods and Expenses includes Rs.15168490/- {Previous
year Rs. 1 5107651) due to Micro, Small & Medium Enterprise. Micro,
Small & Medium Enterprise having outstanding for more than 30 days and
exceeding Rs,1.00 lakh each. (M/s. Akshay Printers, M/s. Sanfran Inc.,
M/s. Seal -O Pack, M/s, Surgi Pack (India) Pvt Ltd. & M/s. Quality
Needles (P Ltd.)
6). Retirement Benefits :
In accordance with Accounting Standard 15 on Employees Benefits as
notified by the Companies (Accounting Standards) Rules, 2006, the
following disclosures have been made:
ii. The details of post-retirement benefit plans for gratuity are
given below which is certified by the actuary and relied upon by the
auditors:
7). Segment Reporting - Accounting Standard (AS 17)
The Company has only one business as primary segment i.e. manufacturing
of Medical Devices - Surgical Sutures etc.
8) Figures have been rounded of to the nearest rupee.
9) Previous years figure have been regrouped and rearranged necessary.
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