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Notes to Accounts of Fischer Chemic Ltd.

Mar 31, 2014

1 Under the Micro Small and Medium Enterprises Development Act ,2006, certain disclourses are required to be made relating to Micro,Small and Medium Enterprises. The company is in the process of compling relevant information from its suppliers about their coverage under the Act . Since the revelant information is not presently available, no disclosures have been made in the accounts.

2 Corresponding figures of the previous year have been regrouped or rearranged to make it comparable with this years''s figure, wherever necessary.

3 Tax expense comprises deferred taxes. : Deferred income taxes reflects the impact of current year timing differences between taxable income and accounting income for the year and reversal of timing differences of earlier years. Deferred tax is measured based on the tax rates and the tax laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised Deferred tax assets are recognised on carry forward of unabsorbed depreciation and tax losses only if there is virtual certainty that such deferred tax assets can be realised against future taxable profits. Unrecognised deferred tax assets of earlier years are re-assessed and recognised to the extent that it has become reasonably certain that future taxable income will be available against which such deferred tax assets can be realised.

4 A. Provisions :

it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent Liability is not recognized in the financial statements but is disclosed.


Mar 31, 2013

Contingent Liabilities and Commitments

As at 31.3.2013 As at 31.3.2012 Particulars Rs. Rs.

(A) Contingent Liabilities

(a) Claims against the company not acknowledged as debts NIL NIL

(b) Guarantees

(c ) Other money for which the company is contingently liable

Total (A) NIL NIL

1. CONSUMPTION OF RAW MATERIALS & COMPONENTS

Information pursuant to provisions of Para 3 & 4 of Part II of Schedule VI of Companies Act, 1956 is as under:

a. Licensed Capacity and Installed Capacity : (Being a technical matter, as certified by management and relied upon by Auditors)

Raw Material :

The stores, spares and other materials contain large number of items and none of the items individually account for 10% or more of the total value and hence the quantitative details are not furnished. The total stores & spares consumption amounted to Rs.1,76,002/- (Previous Year Rs. 283,876/-)

2. SEGMENT REPORTING

The business of the company falls under a single segment of retail/bulk trade of laboratory chemicals. In view of the general classification issued for companies operating in single segment, the disclosure requirements as per Accounting Standard 17 "Segment Reporting" are not applicable to the company. The company primarily caters to the domestic market and export sales do not form significant part of Total Turnover and hence the information required for the Secondary segment has not been furnished.

3. The Company''s net worth eroded due to continuous loss incurred during the past several years. The Total Liabilities exceeds Total Assets as on 31st March 2013. However the management is confident of expending the business and earning profits in future. The management have business plans to infuse funds for the needs as required and hence the going concern principle is not affected.

4. RELATED PARTY DISCLOSURES – AS - 18

I. LIST OF RELATED PARTIES

Related parties with whom transactions have taken place during the year (a) Key Managerial Personnel / Individual Relatives

1. G.M.S. Narayanan – Whole Time Director

2. K. Vasudevan – Whole Time Director

3. V. Balakrishnan – Director

4. Mrs. Bhagirathi – Wife of Whole Time Director

5. Mrs. Sasikala – Wife of Whole Time Director

5. LEASES – AS – 19

FINANCE LEASE

(I) Disclosure as per AS – 19 on "Leases", in respect of formal agreements entered into for assets taken on lease during periods commencing on or after 1st April, 2008

6. TAXATION

Income Tax:

No provision for income tax for the current year has been made in the books, since the company has unabsorbed business losses and unabsorbed depreciation losses eligible for set-off in addition to current year loss.

The company has carried forward business losses and unabsorbed depreciation and the company is confident of earning profits in the future years to set off the losses. However there is no virtual certainty as envisaged in AS 22, that sufficient future taxable income will be available against which such deferred tax assets can be realised and hence such deferred tax assets arising on account of timing differences are not recognized during the year, as a matter of prudence. Since, there are no fixed assets in the company at the end of the year, the company will not be in a position to claim any depreciation benefits on the same as per Income tax Act and hence the benefit of deferred tax liability/ asset is not carried forward on account of this benefit.

7. The company has not received information from vendors regarding their status under Micro, small and Medium Enterprises Development Act, 2006 and hence disclosures relating to amounts unpaid as at yearend together with interest paid / payable under this account have not been given.

8. EMPLOYEE BENEFITS

The company has provided for the liability on gratuity and compensated absences for the year ended as at 31st March 2012 on the basis of estimates made by the management without obtaining Actuarial Valuation. However, in the opinion of the Management, the difference between the amount provided and the provisions as may be required in accordance with AS 15 will not be material, considering the amount involved and number of employees.

9. In the opinion of the board of directors, loans, debtors and other current assets are of the value stated in the balance sheet, to be realized in the normal course of business and provision for all known liabilities have been made which are adequate.

10. The Management of the company has during the year carried out technical evaluation for identification of impairment of assets, if any in accordance with AS 28. Based on the judgement of the management and as certified by the directors, no provision for impairment of assets is considered necessary in respect of any assets of the company since there are no assets in the company.

11. (a) Confirmation of balance from Sundry debtors, Sundry creditors, Unsecured loans, Loans & Advances, Deposits and Other Current Assets are yet to be received / reconciled and in the opinion of management, the impact such non-receipt / non- reconciliation is not material.

(b)The Company has obtained Compliance Certificate from a Company Secretary in Whole-Time Practice as per the provisions of Section 383A of the Companies Act, 1956.

12. Previous year''s figures which have been audited by another firm of Chartered Accountants have been regrouped wherever necessary to conform to this year''s classification.


Mar 31, 2012

A. Certain balances under Sundry Debtors, Sundry Creditors, Loans and Advances and Deposits are subject to confirmation and consequential adjustments that may arise on reconciliation.

b. The enterprise does not have subsisting arrangement of employee benefit plans and considering the number of employees being only very minimal, actual liability is calculated as at 31st March 2012 as per the Payment of Gratuity Act, 1972 is being provided.

c. SEGMENT REPORTING:

The company is operating in single segment namely dealing in Laboratory chemicals.

d. In the absence of information from the suppliers with regards to their registration with the specified authorities, the Company is unable to furnish the information, as required under The Companies Act, 1956 and the Micro, Small and Medium Enterprises Development Act,2006.

e. Previous Years figures have been regrouped wherever necessary.

 
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