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Notes to Accounts of Elder Health Care Ltd.

Jun 30, 2014

(Amount in Rs. )

As At As At 30.06.2014 30.06.2013

NOTE 1 :

CONTINGENT LIABILITIES

a) Corporate Guarantee Nil 430,000,000

b) Interest not provided on Inter Corporate Deposits/Trade Deposits disputed by the Company 2,766,678 Nil

NOTE 2 :

The balance in respect of trade receivable, trade payables and loans, unsecured loans & advances are subject to confirmations by the respective parties and reconciliations / adjustments arising therefore, if any.

NOTE 3 :

Segment Information

The company is primarily engaged and deals in pharmaceuticals & related products, which in the context of Accounting Standard-17, is the only business segment and has been identified as the primary reporting segment. Accordingly, the information appearing in these financial statements relate to the aforesaid primary reporting segment.

Secondary segmental reporting is performed on the basis of the geographical locations of customers.

The geographical segments considered for disclosure are based on the revenue within India (including sales to customers located in India and service income accrued in India) and revenues outside India (sales to customers located outside India).

NOTE 4 :

The Company has major liabilities towards lenders, vendors and statutory dues. Although these events or conditions may cost significant doubt on the Company''s ability to continue as a going concern. However, the Company has detailed plans to strengthen its business operations. The Company is negotiating with the banks to infuse additional finance to streamline its operations. Based on the detailed evaluation of the current situation, plans formulated and active discussions underway, the management is confident of raising adequate finance, rescheduling debt and receiving continued support from the parties. The Company has got strong and adequate fixed assets capital base to raise additional resources and funds.

Therefore, the management holds the view that the Company is in a position to realise its assets and discharge liabilities in the normal course of business. Accordingly, the financial statements have been prepared on the basis that the Company is a going concern and that no adjustments are required in the carrying value of assets and liabilities.

NOTE 5 :

The accounts for the current year are for the period of Twelve months as compared to fifteen months accounting period of previous year and hence to that extent the figures are not comparable. The Previous years figures have been re-grouped, re-arranged, re-worked & reclassified, where ever necessary.


Jun 30, 2013

(Amount in Rs.)

As At As At 30.06.2013 31.03.2012

NOTE 1:

CONTINGENT LIABILITIES

a) Letters of Credit Nil 21,632,015

b) Corporate Guarantee 430,000,000 -

NOTE 2:

The balance in respect of trade receivable, trade payables and loans, unsecured loans & advances are subject to confirmations by the respective parties and reconciliations/adjustments arising therefore, if any.

NOTE 3:

Disclosure as per Accounting Standard 15 (Revised) "Employee Benefits" as notified by the Companies (Accounting Standard) Rules 2006.

NOTE 4:

Segment Information

The company is primarily engaged and deals in pharmaceuticals & related products, which in the context of Accounting Standard-17, is the only business segment and has been identified as the primary reporting segment. Accordingly, the information appearing in these financial statements relate to the aforesaid primary reporting segment.

Secondary segmental reporting is performed on the basis of the geographical locations of customers. The geographical segments considered for disclosure are based on the revenue within India (including sales to customers located in India and service income accrued in India) and revenues outside India (sales to customers located outside India).

NOTE 5:

The Company has pledged 110,785 Equity Shares of Elder Pharmaceuticals Ltd (that company) for Term Loan from a Bank availed by that company. Further 109,750 Equity shares of that company held as Investment by the company have also been pledge with the lenders for borrowing by the company.

NOTE 6:

The accounts for the current year are for the period of fifteen months (01/04/2012 To 30/06/2013), as compared to twelve months accounting period of previous year and hence to that extent the figures are not comparable. The Previous year''s figures have been re-grouped, re-arranged, re-worked & reclassified, where ever necessary.


Mar 31, 2012

(Amount in Rs)



As At As At 31.03.2012 31.03.2011 NOTE 1:

CONTINGENT LIABILITIES:

a) Letters of Credit 21,632,015 17,310,422

b) Estimated amount of contracts remaining to be executed on Capital Account and - 4,744,870 not provided for.

NOTE 2:

The balance in respect of trade receivable, trade payables and loans, unsecured loans & advances are subject to confirmations by the respective parties and reconciliations / adjustments arising therefore, if any.

NOTE 3:

Disclosure as per Accounting Standard 15 (Revised) "Employee Benefits" as notified by the Companies(Accounting Standard) Rules 2006.

b) DEFINED BENEFIT PLAN:

The Company provides gratuity benefits to its employees which is defined benefit plan. The present value of obligation is determined based on the acturial valuation which recognises each period of service as giving rise to additional unit employee benefit entitlement and measures each unit separately to build up final obligation.

The Company has funded its gratuity obligation under group gratuity policy managed by the Life Insurance Corporation of India. The disclosure stated above have been obtained from an independent actuary.

NOTE 4:

The Board of Directors of the Company has at its meeting held on 02nd August, 2012 approved the Scheme of Arrangement for merger of the Company with Elder Pharmaceuticals Limited under section 391 to 394 of the Companies Act, 1956, subject to the approval of the shareholders and other appropriate authorities.

The Scheme of Arrangement will become effective from 01st April, 2012. On the approval of the Scheme of Arrangement, it is proposed that 100 Equity Shares of Rs. 10/- each of Elder Pharmaceuticals Limited will be allotted against every 358 Equity shares of Rs. 10/- each, held by the shareholders of the Company.

NOTE 5:

Segment Information

The company is primarily engaged and deals in pharmaceuticals & related products, which in the context of Accounting Standard-17, is the only business segment and has been identified as the primary reporting segment. Accordingly, the information appearing in these financial statements relate to the aforesaid primary reporting segment.

Secondary segmental reporting is performed on the basis of the geographical locations of customers. The geographical segments considered for disclosure are based on the revenue within India (including sales to customers located in India and service income accrued in India) and revenues outside India (sales to customers located outside India).

NOTE 6:

The revised schedule VI notified under Companies Act 1956 has become applicable to the Company during the current year. The Previous years figures have been re-grouped, re-arranged, re-worked & re-classified, where ever necessary, to confirm to revised to Schedule VI classification and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2011

(Amount in Rs.)

As At As At 31.03.2011 31.03.2010

1. Contingent Liabilities :

Contingent liabilities not provided for in respect of:

A) Letter of Credit 17,310,422 742,787

B) Estimated amount of Contract to be executed on Capital Account and not provided for Rs. 4,744,870/- (Previous year Rs. NIL)

2.B.) Cash Credit facilities from Banks are secured by hypothecation of stock in trade and second charge over Fixed Assets of the Company.

3. Loans and Advances includes :-

i) Loans and Advances includes Rs. 6,901,311/- {previous year Rs. 21,53 7,865/-) due from the Companies in which one of the Directors of the company is interested as Director/Member. Maximum debit balance during the year Rs. 44,123,005/- (previous year Rs.27,919,535/-).

ii) Loans and Advances include Loan to an officer Rs. 20,000/- (Previous year Rs. NIL). Maximum Amount Outstanding during the year Rs. 20,000/- (Previous year Rs. NIL).

4. Balance of loans and advances, Sundry Debtors and Sundry Creditors are subject to confirmation and reconciliation.

5. Sundry Debtors includes Rs. 176,345,096/- (Previous year Rs. 109,144,134/-) due from a Company in which one of the Director of this Company is interested as Director.

6. Segment Information

As per the Accounting Standards on "Segment Reporting"(AS 17) issued by the Institute of Chartered Accountants of India. The Company's activities falls mainly within Personal and Health Care segment the disclosure requirements of AS-17 in this regard are, not applicable.

7. 1. Related Party Disclosures

Related party disclosures, as required by Accounting Standard (AS) 18, "Related Party Disclosures" as given below Name of the related parties and description of relationship :

a. Related parties where control exists :

Subsidiaries NIL

b. Other related parties

1 Substantial Control Akshaya Holdings Private Limited

Elder Instruments Private Limited

Elder Pharmaceuticals Limited

Elder Universal Pharmaceuticals (Nepal) Private Limited

Redle Pharmaceuticals Private Limited

Elder Projects Limited

EWF Pharmaceuticals Private Limited

Apricot Capitals Private Limited

Maverick Digital Private Limited

Maverick Productions Private Limited

Maveer Prints Private Limited

Limelight Communication Private Limited

Inmed Technologies

Anjay Prints

Anshul Printers

2. Promoters holding NIL together with its subsidiary is more than 20%

c. i. Key Management Personnel

Mr. Jagdish Saxena

Mr. Alok Saxena

Dr. Anuj Saxena

ii. Relatives of Key Management Personnel

Mrs. Sneh Saxena, wife of Mr. Jagdish Saxena

Mrs. Niti Saxena, wife of Mr. Alok Saxena

Mrs. Shalini Kumar, Daughter of Mr. Jagdish Saxena and sister of Dr. Anuj Saxena and Mr. Alok Saxena

Note: Related party relationship is as identified by the company and relied upon by the auditors.

8. Previous year's figures have been regrouped / rearranged wherever necessary


Mar 31, 2010

1. Contingent Liabilities :

(Amount in Rs.)

As At As At

31.03.2010 31.03.2009

Contingent liabilities not provided for in respect of :

Letter of Credit 742,787 17,573,139

2. Segment Information :

As per the Accounting Standards on "Segment Reporting"(AS 17) issued by the Institute of Chartered Accountants of India. The Companys activities falls mainly within Personal and Health Care segment, the disclosure requirements of AS-17 in this regard are, not applicable.

3. I. Related Party Disclosures :

Related party disclosures, as required by Accounting Standard (AS) 18, "Related Party Disclosures" as given below Name of the related parties and description of relationship:

a. Related parties where control exists: Subsidiaries : NIL

b. Other related parties :

1 Substantial Control : Akshaya Holdings Private Limited

Elder Instruments Private Limited Elder Pharmaceuticals Limited

Elder Universal Pharmaceuticals (Nepal) Private Limited Redle Pharmaceuticals Private Limited Elder Projects Limited EWF Pharmaceuticals Private Limited Apricot Capitals Private Limited Maverick Digital Private Limited Maverick Productions Private Limited Maveer Prints Private Limited Limelight Communication Private Limited Inmed Technologies Anjay Prints

4 Promoters holding together with : NIL its subsidiary is more than 20%

c. i. Key Management Personnel Mr. J. Saxena Mr. Alok Saxena Dr. Anuj Saxena

ii. Relatives of Key Management Personnel

Mrs. Sneh Saxena, wife of Mr. J. Saxena

Mrs. Niti Saxena, wife of Mr. Alok Saxena

Mrs. Shalini Kumar, Daughter of Mr. J. Saxena and sister of Dr. Anuj Saxena and Mr. Alok Saxena

Note: Related party relationship is as identified by the company and relied upon by the auditors.