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Notes to Accounts of Chemo Pharma Laboratories Ltd.

Mar 31, 2015

1 Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares having a par value Rs.10/- per Share. Each Holder of Equity Shares is entitled to one vote per Share. The Company decalres and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the Shareholders in the ensuring Annual General Meeting.

During the year ended 31st March, 2015, the amount of per Share Dividend recognized as distribution to Equity Sharehold- ers was Rs. Nil (31 March 2014 : Rs. Nil)

2 Company has discontinued manufacturing operations inspite of that accounts have been prepared on Going Concern Basis.

3 No provision for diminution in value of investments has been made in respect of investments in equity shares of TECIL of Rs.166,56,076 eventhough the losses of TECIL has exceeded its net worth, as TECIL has substantial investment in immovable properties.

4 For the Assessment Year 2003-04 the Income - Tax Department has raised a demand of Rs. 31,77,291/- on completion of assessment for the said year. As per the I T A T Order dated 14th June, 2013, The above case is pending before CIT(Appeal). Also an appeal has been filed by the company for penalty of Rs. 60,47,659/- imposed by the Department for the same year which is pending before the said Authority, for which no provision has been made in the account.

5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales Tax Act, 1956 have been completed up to 2001-02 and additional demand and penalty amounting to Rs.18,05,093/- has been raised by the Department, against which the Company has filed appeals, and the necessary stay has been obtained by the Company. Hence, no provision required to be made in the accounts.

6 The Company has received Notice from Sale Tax Department for payment of BST Rs. 9,57,787/- and CST Rs. 1,99,542/- for Financial Year 1989-1990 and 1990-1991. No provision in the accounts has been made for the above as Company is in process of filling an appeal against the order in Hon'ble High Court.

7 Non-Current Liabilities include deferred interest free Sales Tax from SICOM Rs. 11,96,976/- and have since become overdue. The Company has not provided any interest on this amount.

8 RELATED PARTY DISCLOSURE :

A) List of Related Parties :

a. Associates M/s. Citric India Ltd.

b. Enterprise owned or significantly influenced by key management personnel or their relatives.

1 M/s. Citric India Ltd.

2 M/s. Tecil Chemical And Hydro Power Ltd.

Note: Related Party Relationships have been identified by the management and relied upon by the auditors.

9 In view of discontinuance of manufacturing operations and uncertainty in set off of carried forward losses against future profits, the Company has not recognised the deferred tax assets and liabilities as per Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

10 Previous year's figures have been regrouped wherever necessary.


Mar 31, 2014

1 Company has discontinued manufacturing operations inspite of that accounts have been prepared on Going Concern Basis.

2 No provision for diminution in value of investments has been made in respect of investments in equity shares of TECIL CHEMICALS & HYDRO POWER LTD. of Rs. 166,56,076/- eventhough the losses of TECIL CHEMICALS & HYDRO POWER LTD. has exceeded its net worth, as TECIL CHEMICALS & HYDRO POWER LTD. has substantial investment in immovable properties.

3 For the Assessment year 2003-04 the Income - Tax Department has raised a demand of Rs. 31,77,291/- on completion of assessment for the said year. As per the I T A T Order dated 14th June, 2013, The above case is pending before CIT(Appeal). Also an appeal has been filed by the Company for penalty of Rs. 60,47,659/- imposed by the Department for the same year which is pending before the said Authority, for which no provision has been made in the account.

4 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales Tax Act, 1956 have been completed up to 2001-02 and additional demand and penalty amounting to Rs.18,05,093/- has been raised by the Department, against which the Company has filed appeals, and the necessary stay has been obtained by the Company. Hence, no provision required to be made in the accounts.

5. The Company has received Notice from Sale Tax Department for payment of BST Rs. 9,57,787/- and CST Rs. 1,99,542/-for Financial Year 1989-1990 and 1990-1991. No provision in the accounts has been made for the above as Company is in process of filling an appeal against the order in Hon''ble High Court.

6 Non-current Liabilities include deferred interest free Sales Tax from SICOM Rs. 11,96,976/- and have since become overdue. The Company has not provided any interest on this amount due to continuous losses.

7 Earning Per Shares (EPS) computed in accordance with Accounting Standard 20:

8 In view of discontinuance of manufacturing operations and uncertainty in set off of carried forward losses against future profits, the Company has not recognised the deferred tax assets and liabilities as per Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

9 Previous year''s figures have been regrouped wherever necessary.


Mar 31, 2013

1 Company has discontinued manufacturing operations inspite of that accounts have been prepared on Going Concern Basis.

2 No provision for diminution in value of investments has been made in respect of investments in equity shares of TECIL of Rs. 167,65,076 eventhough the losses of TECIL has exceeded its net worth, as TECIL has substantial investment in immovable properties.

3 No provision is made for Corporate deposit given to Ellora Mercantile Pvt Ltd of Rs. 1,42,00,000/- for the repayment of deposit.

4 For the Assessment year 2003-04 the Income - Tax Department has raised a demand of Rs.31,77,291/- on completion of assessment for the said year. The Company has since filed an Appeal against the above before I .T.A.T. Also an appeal has been filed by the company for penalty of Rs. 60,47,659/- imposed by the Department for the same year which is pending before the said Authority, for which no provision has been provided in the account.

5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales Tax Act, 1956 have been completed up to 2001-02 and additional demand and penalty amounting to Rs. 18,05,093/- has been raised by the Department, against which the Company has filed appeals, and the necessary stay has been obtained by the Company.

6 Non-current Liabilities include deferred interest free Sales Tax from SICOM Rs. 11,96,976/-and have since become overdue. The Company has not provided any interest on this amount due to continuous losses.

7 RELATED PARTY DISCLOSURE : A) List of Related Parties.

a. Associates M/s Citric India Ltd.

b. Enterprise owned or significantly influenced by key management personnel or their relatives.

1 M/s Citric India Ltd.

2 M/s Tecil Chemicals & Hydro Power Ltd.

3 M/s Joshi Thermal (Partnership Firm)

Note: Related Party relationships have been identified by the management and relied upon by the auditors.

8 In view of discontinuance of manufacturing operations and uncertainty in set off of carried forward losses against future profits, the Company has not recognised the deferred tax assets and liabilities as per Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

9 Previous year''s figures have been regrouped wherever necessary.


Mar 31, 2012

1 Company has discontinued manufacturing operations inspite of that accounts have been prepared on Going Concern Basis.

2 No provision for diminution in value of investments has been made in respect of investments in equity shares of TECIL of Rs.167,65,076 even though the losses of TECIL has exceeded its net worth, as TECIL has substantial investment in immovable properties.

3 No provision is made for Corporate deposit given to Ellora Mercantile Pvt Ltd of Rs. 1,42,00,000/- for the repayment of deposit.

4 For the Assessment year 2003-04 the Income - Tax Department has raised a demand of Rs.31,77,291/- on completion of assessment for the said year. The Company has since filed an Appeal against the above before I .T. AT. Also an appeal has been filed by the company for penalty of Rs. 60,47,659/- imposed by the Department for the same year which is pending before the said Authority, for which no provision has been provided in the account.

5 Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales Tax Act, 1956 have been completed up to 2001 -02 and additional demand and penalty amounting to Rs. 18,05,093/- has been raised by the Department, against which the Company has filed appeals, and the necessary stay has been obtained by the Company.

6 Non-current Liabilities include deferred interest free Sales Tax From SICOM Rs. 11,96,976/-and have since become overdue. The Company has not provided any interest on this amount due to continuous losses.

7 in view of discontinuance' or manufacturing operations ana uncertainty in set on or carried forward losses against future proms, the Company has not recognised the deferred tax assets and liabilities as per Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India.

8 The financial statements for the year ended 31 March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March 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 principles followed for preparation of financial statements.


Mar 31, 2010

1. Company has discontinued manufacturing operations inspite of that account have been prepared on Going Concern Basis.

2. No provision for diminution in value of investments is made for Rs. 1,95,56,226/- 3. No provision is made for loan given to related parties for Rs. 1,86,25,000/- 4. For the Assessment year 2003-04 the Income - Tax Department has raised a demand of Rs.31,77,291/- on completion of assessment for the said year. The Company has since filed an Appeal before CIT. For the Assessment Year 2004-05, the Income Tax Officer has raised a Demand of Rs.8053/-, which has not been provided in the accounts.

3. Assessments Under the Bombay Sales Tax Act, 1959 and Central Sales Tax Act, 1956 have been completed up to 2001-02 relating to the additional demands and penalty amounting to Rs.18,05,093/- raised by the Department, against which the Company has filed appeals, and the necessary stay has been obtained by the Company.

4. Unsecured loans include interest free Sales Tax Loan from SICOM Rs. 11,96,976/- and have since become overdue. The Company has not provided any interest on this amount due to continuous losses. Refer point 11.

5. The amounts overdue and remaining unpaid to Small Scale and /or Ancillary Industrial Suppliers on Principal and / or Interest as at close of the year could not be ascertained, since the information regarding the status of the suppliers as defined under the interest on delayed payment of Small Scale and Ancillary Industrial Undertaking Act, 1933 and Section 3(i) of the Industrial (Development and Regulations) Acts, 1951, was not available with the Company.

6. No Shares Certificate has been obtained in relation to 349250 Shares being investment made in Indian Infotech & Software Ltd.

7. RELATED PARTY DISCLOSURE :

(A) List of Related Parties.

a. Associates

M/s Tecil Chemicals & Hydro Power Ltd.

M/s Citric India Ltd.

M/s Joshi Thermal (Partnership Firm)

Note: Related Party relationships have been identified by the management and relied upon by the auditors.

(B) Related Party Transactions:

A. Group Companies/Companies 1. M/s Citric India Ltd. in which Directors of Company are Directors/Firm 2. M/s Tecil Chemicals & Hydro Power Ltd. in which Directors of the Company is Director 3. M/s Joshi Thermal (Partnership Firm)

8. In view of discontinuance of manufacturing operations and uncertainty in set off of carried forward losses against future profits, the Company has not ascertained the deferred tax assets and liabilities as per Accounting Standard AS-22 issued by the Institute of Chartered Accounts of India.

Note:

1 The above Cash Flow Statement has been prepared under the indirect method as set out in the AS-3 on Cash Flow Statement issued by the Institute of Chartered Accountants of India

2 Previous Years fugures have been re-arranged / re-grouped wherever mecessary This Cash Flow Statement referred in our report of even date

 
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