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Notes to Accounts of Gennex Laboratories Ltd.

Mar 31, 2015

1. All Equity Shares issued by the company carry equal voting and participatory rights.

2. Dues to Micro, Small and Medium enterprises has been determined to be 'Nil to the extent such parties have been identified on the basis of information available with the company.

3. CONTINGENT LIABILITY

i. Income-tax where appeals/petitions *56.67 *56.67 are pending with Various Authorities

ii. Sales Tax where Appeal is pending *111.04 *14.57

*Company is hopeful of complete relief, hence no provision is made.

4. EMPLOYEES BENEFITS:

(a) Company has obtain Group Gratuity Scheme with LIC and contributing the same. The assumption taken are discount rate @ 8% and salary escalation @ 4 % etc.

5. Defined Contribution Plan:

Contribution to defined contribution plan, recognized as expenses for the year are as under:

Employer's Contribution to Provident/Pension Fund - ' 1,038,908/-

The Company contributes applicable rates of salary of all eligible employees towards Provident Fund managed by the Central Government.

Leave Encashment:

The Company has provided a sum of Rs. 786,000/- towards Leave encashment based on actuarial valuation.

6. Balance in Advances, Deposits, Unsecured loans, other Liabilities, Trade Receivables, Trade Payables and advances against suppliers are subject to confirmation by respective parties.

7. Fixed Assets includes land for which Registration formalities are yet to be completed.

8. Investment includes Rs. 70,000,000 in Shares of Deccan Remedies Limited for the Company's expansion plans.

9. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

10. In accordance with the Accounting Standards (AS-28) on "Impairment of Assets" the management during the year carried out exercise of identifying the assets that may have been impaired in respect of each cash generating unit. On the basis of this review carried out by the management there was no impairment loss on the fixed assets during the year ended 31st March, 2015.

11. Investment Subsidy received from Andhra Pradesh Government is shown under Re- serve and Surplus.


Mar 31, 2014

1.1.1 All Equity Shares issued by the company carry equal voting and participatory rights.

1.2.2 The details of share holders holding more that 5% shares:

8.1 Dues to Micro, Small and Medium enterprises has been determined to be Rs.Nil to the extent such parties have been identified on the basis of information available with the company.

2 CONTINGENT LIABILITY

i. Income-tax where appeals/petitions *56.67 *56.16 are pending with Various Authorities

ii. Sales Tax where Appeal is pending *14.57 *14.57

iii. Claim against the Company not acknowledged as debts — *3.23

*Company is hopeful of complete relief, hence no provision is made.

3 Additional information pursuant to paragraphs 5 (viii) of part II of Schedule VI to the Companies Act, 1956 are as follows:

D. Segment Details

The Company is engaged in manufacture of Bulk Drugs & Intermediates which in the context of Accounting Standard- 17 issued by the Institute of Chartered Accountants of India is considered as a single segment.

The geographic segments individually contributing 10 percent or more of the Companiy''s

4 EMPLOYEES BENEFITS:

4.1 Company has obtain Group Gratuity Scheme with LIC and contributing the same. The assumption taken are discount rate @ 8% and salary escalation @ 4 % etc.

4.2 Defined Contribution Plan:

Contribution to defined contribution plan, recognized as expenses for the year are as under:

Employer''s Contribution to Provident/Pension Fund - Rs. 762420/- The Company contributes applicable rates of salary of all eligible employees towards Provident Fund managed by the Central Government.

Leave Encashment:

The Company has provided a sum of Rs. 674000/- towards Leave encashment based on actuarial valuation.

4.3 Balance in Advances, Deposits, Unsecured loans, other Liabilities, Trade Receivables, Trade Payables and advances against suppliers are subject to confirmation by respective parties.

4.4 Fixed Assets includes land for which Registration formalities are yet to completed.

4.5 The Company''s Lease Agreement in respect of Building at Srinagar Colony. The Lease Rentals payable are charged as "Lease Rental Charges" under "Other Expenses" in Note No. 25. This leasing arrangement is upto May 31, 2014 and are renewable for future period with mutual consent. However, the same is yet to be renewed. Future lease rental payable are as under:

4.6 Investment includes Rs.70,000,000 in Shares of Deccan Remedies Limited for the Company''s expansion plans.

4.7 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

4.8 In accordance with the Accounting Standards (AS-28) on "Impairment of Assets" the management during the year carried out exercise of identifying the assets that may have been impaired in respect of each cash generating unit. On the basis of this review carried out by the management there was no impairment loss on the fixed assets during the year ended 31st March, 2014.

4.9 Investment Subsidy received from Andhra Pradesh Government is shown under Re- serve and Surplus.


Mar 31, 2013

1 EMPLOYEES BENEFITS:

1.1 Company has obtain Group Gratuity Scheme with LIC and contributing the same. The assumption taken are discount rate @ 8% and salary escalation @ 4 % etc.

1.2 Defined Contribution Plan:

Contribution to denned contribution plan, recognized as expenses for the year are as under:

Employer''s Contribution to Provident/Pension Fund - Rs. 612590/-

The Company contributes applicable rates of salary of all eligible employees towards Provident Fund managed by the Central Government.

Leave Encashment:

The Company has provided a sum of Rs. 524000/- towards Leave encashment based on actuarial valuation.

1.3 Balance in Advances, Deposits, Unsecured loans, other Liabilities, Trade Receivables, Trade Payables and advances against suppliers are subject to confirmation by respective parties.

1.4 Fixed Assets includes land for which Registration formalities are yet to completed.

1.5 The Company''s Lease Agreement in respect of Building at Srinagar Colony. The Lease Rentals payable are charged as "Lease Rental Charges" under "Other Expenses" in Note No - 25. This leasing arrangement are for longer period and renewable by mutual consent on mutually agreeable terms. Future lease rental payable are as under:

1.6 Investment includes Rs.70,000,000 in Shares of Deccan Remedies Limited for the Company''s expansion plans.

1.7 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

1.8 In accordance with the Accounting Standards (AS-28) on "Impairment of Assets" the management during the year carried out exercise of identifying the assets that may have been impaired in respect of each cash generating unit. On the basis of this review carried out by the management there was no impairment loss on the fixed assets during the year ended 31st March, 2013.

1.9 Investment Subsidy received from Andhra Pradesh Government is shown under Re- serve and Surplus.


Mar 31, 2012

1.1 Dues to Micro, Small and Medium enterprises has been determined to be Rs.Nil to the extent such parties have been identified on the basis of information available with the company.

2 CONTINGENT LIABILITY

i. Income-tax where appeals are pending *65.48 *65.48

ii. Sales Tax where Appeal is pending *14.57 *14.57

iii. Advance License for Import/Export Obligation 61.51 45.31

iv. Claim against the Company not acknowledged as debts *3.23 *3.23

*Company is hopeful of complete relief,hence no provision is made.

A. Segment Details

The Company is engaged in manufacture of Bulk Drugs & Intermediates which in the context of Accounting Standard- 17 issued by the Institute of Chartered Accountants of India is considered as a single segment.

The geographic segments individually contributing 10 percent or more of the Companiy's revenues and segment assets are shown separately:

3 EMPLOYEES BENEFITS:

3.1 During the year the Company has obtain Group Gratuity Scheme with LIC and contributing the same. The assumption taken are discount rate @ 8% and salary escalation @ 4% etc.

3.2 Defined Contribution Plan:

Contribution to defined contribution plan, recognized as expenses for the year are as under:

Employer's Contribution to Provident/Pension Fund - Rs. 521388/- The Company contributes applicable rates of salary of all eligible employees towards providend fund managed by the Central Government.

Leave encashment:

The Company has provided a sum of Rs. 501000/- towards Leave encashment based on actuarial valuation.

3.3 Balance in Advances, Deposits, Unsecured loans, other Liabilities, Sundry Debtors, Sundry Creditors and advances against suppliers are subject to confiramtion by respective parties.

3.4 The Company acquired land for which Registration formalities are yet to completed, for Land purchased by the Company in earlier years.

3.5 Investment includes Rs.70,000,000 in Shares of Deccan Remedies Limited for the Company's expansion plans.

3.6 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

3.7 Remuneration paid to Mr. Arihant Baid, S/o. Mr. Vinod Baid, subject to approval of members and Central Government.

3.8 In accordance with the Accounting Standards (AS-28) on "Impairment of Assets" the management during the year carried out exercise of indentifying the assets that may have been impaired in respect of each cash generating unit. On the basis of this review carreid out by the management there was no impairment loss on the fixed assets during the year ended 31st March, 2012.

3.9 Investment Subsidy received from Andhra Pradesh Government is shown under Reserve and Surplus.

3.10 The financial statement for the year ended 31st March,2011 had been prepared as per 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 Statement for the year ended 31st March, 2012 are prepared as per Revised Schedule Vl.Previous year figures have been reclassified/regrouped to conform to this year classification.


Mar 31, 2010

1. Contingent Liabilities: 2009-2010 2008-2009 (Rs. In Lacs) (Rs. In Lacs)

i. Counter Guarantee against Bank Guarantees 40.39 41.50 and Letters of Credit

ii. Income-Tax where appeals are pending *35.26 *61.53 *Company is hopeful of complete relief, hence no provision is made.

iii. Advance License for Import/Export Obligation 91.00 137.43

iv. Claim against the Company not 3.23 2.81 acknowledged as debts

2 Excise Duty estimated at Rs.2.22 Lacs (Previous year Rs. 2.78 Lacs) payable on Finished Goods lying at the factory has not been provided for and hence, not included in inventory valuation. However, there is no effect on the profit for the year on account of the above treatment of excise duty.

3.Employees Benefits:

As per the valuation made by the independent Agency the present value of accrued gratutity comes to Rs. 8,06,000 on estimates of discounts @ 8% and escalation on salaries @ 5% which has taken in accounts.

Defined Contribution Plan:

Contribution to defined contribution Plan, recognized as expenses for the year are as under:

Employers Contribution to Provident/Pension Fund - Rs. 3,73,839.

The Company contributes applicable rates of salary of all eligible employees towards provident fund managed by the Central Government.

4.Balance in Advances, Deposits, Unsecured loans, other Liabilities, Sundry Debtors, Sundry Creditors and advance against supplies are subject to confirmation by respective parties.

5. During the year the Company acquired land for which Registration formalities are yet to be completed.

6.The Company has issued 25 lacs Equity Share warrants @ Rs.29/- each at a Premium of Rs.19/- each on Preferential basis on 2nd February, 2008, with an option of its subsequent conversion into same number of Equity Shares. But upfront money received on issuance of Equity Share Warrants has been forfeited due to non-exercise of the said option by the warrant holders.

7.Investment includes Rs.70,000,000 in shares of Deccan Remedies Ltd. for the Companys expansion plans.

8. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

9. Prior period adjustment represents amount of Rs.106.46 lakhs as bad debts which relates to earlier years, now accounted for.

10. As per the requirement of MSMED Act, 2006,certain disclosures are required to be made. As the Company is in the process of compiling the information, such disclosure is not made in the accounts.

11.Investment Subsidy received from Andhra Pradesh Govt., is shown under Reserves and Surplus.

12.Previous year figures have been regrouped/rearranged wherever considered necessary.


Mar 31, 2009

1. Contingent Liabilities: 2008-2009 2007-2008 (Rs. In Lacs) (Rs. In Lacs)

i. Counter Guarantee against Bank Guarantees 41.50 11.50 and Letters of Credit

ii. Income-Tax where appeals are pending *61.53 *64.65 *Company is hopeful of complete relief, hence no provision is made.

iii. Advance License for Import/Export Obligation 137.43 -

iv. Claim against the Company not 2.81 - acknowledged as debts

2 Excise Duty estimated at Rs.2.78 Lacs (Previous year Rs. 1.28 Lacs) payable on Finished Goods lying at the factory has not been provided for and hence, not included in inventory valuation. However, there is no effect on the profit for the year on account of the above treatment of excise duty.

3. Employees Benefits:

As per the valuation made by the independent Agency the present value of accrued gratutity comes to Rs. 8,00,975 on estimates of discounts @ 8% and escalation on salaries @ 5% which has taken in accounts.

Defined Contribution Plan:

Contribution Plan:

Contribution to defined contribution Plan, recognized as expenses for the year are as under:

Employers Contribution to Provident/Pension Fund - Rs. 3,48,102.

The Company contributes applicable rates of salary of all eligible employees towards provident fund managed by the Central Government.

4.Balance in Advances, Deposits, Unsecured loans, other Liabilities, Sundry Debtors, Sundry Creditors and no movement of funds in few Debtors and Creditors account during the year. No deliveries of the Equity Shares have taken place against the advance made by the Company for purchase of shares and hence the balance is still lying in the account Advance against Shares. Side by side, the balance no delivery of shares has been made due to non- receipt of shares against purchases. As such the balance is shown in the account Advance against Shares not delivered and Advance against supplies respectively.

5. Fully Convertible Warrants represents the application amounts received for allotment of 25,00,000 warrants convertible within a period of 18 Months from the date of the allotment of the warrants into 25,00,000 Equity Shares of Rs. 10 each at an exercise price of Rs. 29 per share or at the price determined in accordance with the relevant SEBI guidelines, whichever is higher.

6.Investment includes Rs.70,000,000 in shares of Deccan Remedies Ltd. for the Companys expansion plans.

7. There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

8. As per the requirement of Small, Medium & Micro Industries Act, 2006,certain disclosures are required to be made. As the Company is in the process of compiling the information, such disclosure is not made in the accounts.

9. Investment Subsidy received from Andhra Pradesh Govt., is shown under Reserves and Surplus.

10. Previous year figures have been regrouped/rearranged wherever considered necessary.