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.
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