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Notes to Accounts of Elder Projects Ltd.

Jun 30, 2013

1. The company has extended its financial year from 31st March 2013 to 30th June 2013 and therefore the accounts are for a period of fifteen months ( 01/04/2012 to 30/06/2013) and therefore are not comparable with that of the previous year.

2. Contingent Liabilities

(Rs. In Lacs)

2012-13 2011-12

a) Estimated amount of contracts remaining to be executed. Nil Nil

b) Claims against the Company not acknowledged as debts 10.34 10.34

c) Guarantee given by the Company 0.05 0.05

d) Unexpired letter of credit Nil Nil

3. No provision has been made for non moving inventories valued at Rs. 33.38 lacs

4. a) In accordance with Accounting Standard 22, ''Accounting for Taxes on Income'' (AS22), issued by the Institute of Chartered accountants of India, the Company has provided for deferred tax during the year.

b) The Company expects to generate taxable income in the coming years, which will enable it to utilise the carried forward unabsorbed depreciation, business loss and MAT credit.

5. Licensed and installed capacity and actual production at Patalganga factory. Class of Goods: - Ampoules

Unit: - In numbers

Licensed Capacity: - Not Applicable

Installed Capacity: - 870 lacs(CP) (15 months)

Actual Production: - 522 lacsf CP) for a third party

6. Related Party Disclosure:

Related party Disclosures as required by Accounting Standard AS-18" Related Party Disclosures" are given below:

a. Related Parties where control exists

Subsidiaries : NIL

b. Other Related Parties

1. Substantial Control : NIL

2. Associates : Elder Pharmaceuticals Ltd

Elder Healthcare Ltd Elder Instruments Pvt.Ltd Apricot Capitals Pvt. Ltd EWF Pharmaceuticals Pvt. Ltd Maverick productions Pvt. Ltd Maverick Digital Pvt. Ltd Limelight Communications Pvt. Ltd Redle Pharmaceuticals Pvt. Ltd Anjay Prints Maveer prints Pvt. Ltd Anshul Printers

3. Joint Ventures : NIL

4. Promoters Holdings together : NIL With its subsidiaries is more than 20%

c. Key Management Personnel : Mr. Alok Saxena- Director

Dr. Anuj Saxena- Managing Director

d. Relative : Mrs. Sneh Saxena-wife of Mr. Jagdish Saxena

Mrs. Niti Saxena wife of Mr. Alok Saxena

Mrs. Shalini Kumar daughter of Mr. Jagdish Saxena

7. Basic and diluted earning per share has been calculated by dividing the net profit / (loss), available for appropriation for the year, by 3233080 shares of nominal value of Rs. 10/-each outstanding as on 30th June 2013.

8. The previous years'' figures have been regrouped, rearranged, reworked and reclassified, wherever necessary, to conform to revised schedule VI classification and are to be read in relation to the amounts and other disclosures relating to the current year.


Mar 31, 2012

1 Contingent Liabilities: (Rs. In Lacs) 2011-12 2010-11

a) Estimated amount of contracts remaining to be executed. Nil Nil

b) Claims against the Company not acknowledged as debts 10.34 10.34

c) Guarantee given by the Company 0.05 0.05

d) Unexpired letter of credit Nil Nil

2 a) In accordance with Accounting Standard 22, ‘Accounting for Taxes on Income' (AS 22), issued by the

Institute of Chartered accountants of India, the Company has provided for deferred tax during the year,

b) The Company expects to generate taxable income in the coming years, which will enable it to utilise the carried forward-unabsorbed depreciation, business loss and MAT credit.

3 Due to peculiar nature of activities of the Hospitality division & considering the various items of consumption involved. It is not possible to furnish the quantity wise details in respect of supply of Food & Beverages & Liquor & Wines. The company is in the process of making an application to the Company Law Board for seeking an exemption from giving such details.

4 Obligation towards Long Term, Non Cancellable Operating Lease. The Company has taken a property for hosptitality/restaurant division under partially Non Cancellable Operating Lease. Lease Agreement are renewable on expiry. The Future minimum lease payment in respect of the above at the close of the year is as follows.

This lease agreement provides for an option to the company to renew the lease period at the end of non cancellable period. The rental expenses in respect of operating leases recognised in the Profit & Loss Account are Previous Year ? 60 lacs.

NoteInstalled capacity is based on a six day week on a single shift basis, the same is certified by the management and have not been verified by the Auditors, this being a technical matter.

5. Segment Reporting

Based on the guiding principles given in the Accounting Standard on ‘Segment Reporting (AS-17) issued by the Institute of Chartered Accountants of India, the Company's primary business segments are Manufacturing and Hospitality / Restaurant divisions.The financial details of the segments are as under.

{i) Transactions relating to reimbursement of actual expenses to/from related parties have not been considered above,

(ii) The details of related parties as defined in Accounting Standards AS 18 have been ascertained & provided by the management & the Auditors have relied.

6 Basic and diluted earnings per share has been calculated by dividing the net profit/ (loss) available for appropriation for the year by 3,233,080 shares of nominal value of ? 10/- each outstanding as on 31st March, 2012

7 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 & reclassified, wherever necessary, to conform to revised schedule VI classification and are to be read in relation to the amounts and other disclosures relating to the current year.

b Rights, preferences, and restrictions attached to Equity shares

The Company has only one class of Equity shares having par value of Rs.10/ - each. Each holder of Equity share is entitled to one vote per share.The Company pays divident to Equity share holders in Indian rupees. The divident proposed by the Board of Directors is subject to the approval of the share holders in the ensuing annual general meeting.

In the event of the liquidation of the Company, the holders of 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.


Mar 31, 2010

1. (a) Short term loans includes an amount of Rs.1500 lacs from a financial Institution, which is secured by way of, mortgage and hypothecation of fixed and movable assets of the Company situated at Plot No A-38/1, Patalganga Industrial Area , village Khaire Dist Raigad and pledge of equity shares held by the promoters of the Company and personal guarantee of a Director (Previous Year Rs. 1500 Lakhs)

(b) Short term loan includes an amount of Rs. 25 lacs from bodies corporate which is secured by way of pledge equity shares of third party & due within one year.(Previous year Rs. 80 lacs)

2. Contingent Liabilities

(Rs. In Lacs)

2009-10 2008-09

a) Estimated amount of contracts remaining to be executed. Nil Nil

b) Claims against the Company not acknowledged as debts 10.34 10.34

c) Guarantee given by the Company 0.05 0.05

d) Unexpired letter of credit Nil Nil



3 Sundry Debtors include Rs.16.95 Lacs (Previous Yr Rs: Rs.6.93 Lacs) due from Companies in which directors of the company are interested as directors.

4 Loan & Advances includes Rs: 309.24 Lacs (Previous year Rs:283.01 Lacs) due from a Company in which directors of the Company are interested as Directors.

5. The Company has not made any provision for slow moving inventories amounting to Rs:33.59 lacs.

6. The Small Scale Industrial undertakings to whom amount is outstanding for more than 30days is NIL

The above information regarding Small Scale Industrial undertakings have been determined to the extent such parties have been identified on the basis of information available with the company. The auditors have relied this upon.

7. a) In accordance with Accounting Standard 22, ‘Accounting for Taxes on Income (AS22), issued by the Institute of Chartered accountants of India, the Company has provided for deferred tax during the year.

b) The Company expects to generate taxable income in the coming years, which will enable it to utilise the carried forward-unabsorbed depreciation, business loss and MAT credit.

8 No provision has been made for diminution in the value of unquoted non-trade investment aggregating to Rs:700000/- (Rs:700000/-) , as investments are of long term in nature.

9. Figures of previous year have been regrouped and/or rearranged wherever necessary. The same are not comparable with that of previous year since company has started new division

10. The Company has received a demand from commissioner of Central Excise amounting to Rs.10.34 Lakhs. The Company has preferred an appeal before the tribunal & has paid 50% of the amount against the said demand which has been shown under Loans & Advances.

11. Due to peculiar nature of activities of the Hospitality division & considering the various items of consumption involved. It is not possible to furnish the quantity wise details in respect of supply of Food & Beverages & Liquor & Wines. The company is in the process of making an application to the Company Law Board for seeking an exemption from giving such details.

12. Obligation towards Long Term , Non Cancellable Operating Lease. The Company has taken a property for hosptitality/restaurant division under partially Non Ca Cancellable Operating Lease. Lease Aggrement are renewable on expiry. The Future minimum lease payment in respect of the above at the close of the year is as

This lease agreement provides for an option to the company to renew the lease period at the end of non cancellable period. The rental expenses in respect of operating leases recognised in the Profit & Loss Account are Rs.60 Lacs for the Year ended 31st March 2010. (Previous Year – Rs:60 lacs)

13. Licenced and installed capacity and actual production at Patalganga factory.

Class of Goods: - Ampoules

Unit: - In numbers

Licensed Capacity: - Not Applicable

Installed Capacity: - 52,800,000

Actual Production: - 52,044,130 ( for a third party)



Note :- Installed capacity is based on a six day week on a single shift basis, the same is certified by the management and have not been verified by the Auditors, this being a technical matter.

14. Value of imports on CIF basis ( Rs) NIL Nil

15. expenditure in Foreign currency Foreign Travel NIL Nil 16. Exports of Goods on FOB basis Nil Nil

17. Related Party Disclosures

Related party disclosures as required by Accounting Standard AS-18, "Related Party Disclosures" are given below:

a. Related parties where control exists" Subsidiaries : Nil

b. Other Related parties:

1. Substantial Control : Nil

2. Associates Elder Pharmaceuticals Ltd.





Elder Health Care Ltd. Elder Instruments Pvt. Ltd.

Anjay Prints

Anshul Printers

Ameya Prints

Maverick Productions Pvt Ltd.

Maveer Prints Pvt Ltd

3. Joint Ventures Nil

4. Promoters holding together Nil

with its subsidiary is more than 20 %

c. Key Management Personnel Mr. Jagdish Saxena - Director

Mr. Alok .Saxena - Director.

Dr. Anuj Saxena - Managing Director.

d. Relative Mrs.Sneh Saxena-Wife of Mr.Jagdish Saxena

Mrs.Niti Saxena-Wife of Mr.Alok Saxena. Mrs.Shalini Kumar-Daughter of Mr.Jagdish Saxena



e. The following Transactions were carried out with related parties in the ordinary course of business.

18. Basic and diluted earnings per share has been calculated by dividing the net proft/ (loss) available for appropriation for the year by 3,233,080 shares of nominal value of Rs.10/-each outstanding as on 31st March, 2010

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