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Notes to Accounts of Godavari Drugs Ltd.

Mar 31, 2015

Details of Equity Shareholders holding more than 5 % of equity shares along with No.of Equity Shares held at the beginning and at the end of the reporting period are as given below:-

Note No 2.1 A

Loans from Directors & Other Related Parties are repayable after 12 Months and carries interest rate Of 15% p.a.

Note No.2.2 B

Repayment of Unsecured loans are sub- ordinated to bank borrowings - Cash credit from Andhra Bank

Note No. 2.2.a Employee Benefit:

As per Accounting Standard 15 "Employees Benefits" the disclosures of Employees Benefit as defined in the Accouting Standard are given below:

Defined Contributions:

Payments and Provisions for employees include Rs.11.96 lakhs (Previous Year RS.10.11 lakhs) recognised as expenses in respect of defined contribution plans.

Defined Benefit Plans:

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death, Permanent disablements in terms of the Payment of Gratuity Act,1972.

Leave Encashment - Entitlement of annual leave is recognised when they accrue to employeesAnnual leave can either be availed or encashed subject to a restriction on the maximum number of accumulation of leaves.

For the For the Year Ended Year Ended 31.03.2015 31.03.2014

Note. No. 2.3

(a) CONTINGENT LIABILITIES :

(i) On account of Bank Guarantee 500,000 0

(ii) Claims against the company/ disputed liabilities not acknowledged as debts:

(a) In respect of Excise matters 1,629,999 0

Demand raised for the year 2008-09 to 2013-14 (Oct-2013)-Appeal pending with Commissioner Appeals (Central Excise - Nagpur)

(b) In respect of Customs matter - Demand raised for the year 2000-2001.and

Appeal pending with CESTAT Mumbai) 696,062 0

The Company expects no liability in respect of above matters.

TOTAL 2,826,061 -

(a) In accordance with the provisions of Schedule II of the Companies Act, 2013 effective from 1st April,2014, the carrying value (Net of residual value) amounting to Rs. 9,62,197/- (Net of Deferred Tax of Rs. 4,30,273/-) as a transitional provision has been recognised in the retained earnings.

(b) Further in case of assets aquired prior to 1st April,2014, the carrying value of assets (Net of Residual Value) is depreciated over the remaining useful life as determined effective from 1st April, 2014.

(c ) Depreciation & Amortization expenses for the year would have been higher by Rs.21,42,938/- had the company continued with the previous assessment of useful life of such assets.

Note no. 2.4

The Company has not obtained Confirmations of balances outstanding to trade payables and receivables to debit and credit of the parties which are subject to reconciliation and review thereof by the management.

Note No. 2.5

RELATED PARTY TRANSACTIONS

Names of Associated Companies

Godavari Capital Pvt. Ltd.

Godavari Homes Pvt. Ltd A.K. Paper Products Pvt. Ltd.

NAMES OF ASSOCIATED FIRMS : NIL NAMES OF KEY MANAGEMENT PERSONNEL

Mr. Mukund Kakani, Mr. Mohit Jaju, Mr. Kirti Kumar Jain and Mr. Jeevan Innani Names of Relatives of Key Management Personnel

Mr. Ghanshyam Jaju, Mrs. Kamala Jaju, Ghanshyam Jaju HUF, and Mrs. Sushma kakani

Note No. 2.6

Previous period''s figures have been recast/restated to confirm to the current year presentations.


Mar 31, 2014

Note No. 1.1.a Employee Benefit :

As per Accounting Standard 15 "Employees Benefits" the disclosures of Employee Benefits as defined '' in the Accounting Standard are given below:

Defined Contributions:

Payments and provisions for employees include Rs. 10.11 lakhs (Previous Year Rs. 9.10 lakhs) recognised as expenses in respect of defined contribution plans.

Defined Benefit Plans:

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death,

permanent disablements in terms of the Payment of Gratuity Act, 1972

Leave Encashment - Entitlement to annual leave is recognised when they accrue to employees. Annual leave can either be availed or encashed subject to a restriction on the maximum number of accumulation of leaves.

Rupees Rupees As at As at 31.03.2014 31.03.2013

Note. No: 1.2

CONTINGENT LIABLITIES

On account of bank guarantee 0 0

Note. No: 1.3

The Company has evaluated the expenditure incurred on the development cost of new product and related pending end use of the same and accordingly Rs.45.72 lakhs(Pr Year Rs.49.82 lakhs) have been written off and the balance of Rs.31.08 lakhs(Pr year Rs.76.80 lakhs) has been carried forward, which will be written off in future as per accounting policy consistently followed by the company

Note No.1.4

The company has not obtained confirmation of balances outstanding to the debit or credit of the parties.

Note No. 1.5

RELATED PARTY TRANSACTIONS

Names of Associated Companies

Godavari Capital Pvt Ltd,

Godavari Homes Pvt. Ltd and A.K Paper Products Pvt.Ltd

Names of Associated Firms Nil

Names of Key Management Personnel

Mr. Ghanshyam Jaju, Mr. Mukund Kakani Mr. Kirti Kumar Jain and Mr.Mohit Jaju Names of Relatives of Key Management Personnel

Mrs. Kamala Jaju, Ghanshyam Jaju HUF and Mrs. Sushma Kakani

Note No. 1.6

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act,1956 (the Schedule) issued by Ministry of Corporate Affairs, Previous period''s figures have been recast /restated to conform to the classification required by the revised Schedule VI.


Mar 31, 2013

Note No. 1.1 a

Employee Benefits

As per Accounting Standard 15 "Employee Benefits" the disclosures of Employee Benefits as defined in the Accounting Standard are given below:

Defined Contributions:

Payments and provisions for employees include Rs.9.10 lakhs (Previous Year Rs.8.98 lakhs) recognized as expenses in respect of defined contribution plans.

Defined Benefit Plans:

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death, permanent disablement in terms of the Payment of Gratuity Act, 1972

Leave Encashment - entitlement to annual leave is recognized when they accrue to employees. Annual leave can either be availed or encased subject to a restriction on the maximum number of accumulation of leaves.

Notes: The estimate of future salary increases, considered In actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

Note No.1.2

The company has evaluated the expenditure incurred on the development cost of new product and related pending end use of the same and accordingly Rs.49.82 lakhs (Pr Year 8.24 lakhs) have been written off and the balance of Rs.76.80 lakhs (Pr Year 126.62 lakhs) has been carried forward, which will be written off in future as per accounting policy consistently followed by the company.

Note No.1.3

The company has not obtained confirmation of balances outstanding to the debit or credit of the parties.

Note No.1.4

RELATED PARTY TRANSACTIONS Names of Associated Companies

Godavari Capital Pvt Ltd,

Godavari Homes Pvt. Ltd and A.K Paper Products Pvt.Ltd Names of Associated Firms Nil

Names of Key Management Personnel

Mr. Ghanshyam Jaju, Mr. Mukund Kakani Mr. Kirti Kumar Jain and Mr.Mohit Jaju

Note No.1.5

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act,1956 (the Schedule) issued by Ministry of Corporate Affairs, Previous period''s figures have been recast /restated to conform to the classification required by the revised Schedule VI.


Mar 31, 2012

The Company is having one class of Equity Shares of face value Rs.10 per share. Each holder of Equity share is entitled to one vote per share.

The Number of shares at the beginning and the end are the same.There are no fresh issue of shares or forfeiture during the current year and in the previous year.

Details of Equity Shareholders holding more than 5 % of equity shares along with No.of Equity Shares held at the beginning and at the end of the reporting period are as given below:-

Note No. 1.1 a Employee Benefits

As per Accounting Standard 15 "Employee Benefits" the disclosures of Employee Benefits as defined in the Accounting Standard are given below:

Defined Contributions:

Payments and provisions for employees include Rs.61.97 lakhs (Previous Year Rs.52.99 lakhs) recognised as expenses in respect of defined contribution plans.

Defined Benefit Plans:

Gratuity - Gratuity is payable to all the eligible employees of the Company on resignation, death, permanent disablement in terms of the Payment of Gratuity Act, 1972

Leave Encashment - entitlement to annual leave is recognised when they accrue to employees. Annual leave can either be availed or encashed subject to a restriction on the maximum number of accumulation of leaves. .

The assumptions and other disclosures relating to the Actuarial Valuation of Gratuity and leave Encashment are as under:

Note No.1.2

The company has developed new products valued Rs.1,26,62,657/- (previous year Rs.1,34,87,281/-), the said project has been delayed for more than three years, hence such products / project could be impaired

The management is in the process of carrying out an evolution for impairment.

Pending completion of impairment testing, the impact of non provisioning of loss if any, is presently not ascertainable.

Note No.1.3

The Company has prepared these financial statements as per the format prescribed by Revised Schedule VI to the Companies Act,1956 (the Schedule) issued by Ministry of Corporate Affairs, Previous period's figures have been recast /restated to conform to the classification required by the revised Schedule VI.


Mar 31, 2010

1 CONTINGENT LIABILITIES

On account of bank guarantee

2009-10(Rs.) 15000

2008-09(Rs.) 15000

3 Employee Benefits The Company has the various benefits prescribed to employee as under:

1. Defined Contribution Schemes

a. Employee Provident Fundb. Employee Pension Schemec. Employee State Insurance

2. Defined Benefit Schemes

a. Gratuity Plan is payable to all eligible employees of the company in terms of the provisions of the payment of Gratuity Act.

3. CURRENT ASSESTS, LOANS AND ADVANCES

a. In the opinion of the Board of director:, the current assets loans and advances are approximately of the value stated if realized in the ordinary course of business. The provision for depreciation and for all known liabilities is adequate and not in excess of the amounts considered reasonably necessary.

b. The company has not obtained confirmation of balances outstanding to the debit or credit of the parties.

4 The companys significant leasing arrangements are in respect of operating leases for office premises. These leasing arrangements, which are not non-cancelable, range between 11 months and 9 years generally or longer and are usually renewable by mutual consent on mutually agreeable terms. The aggregate lease rentals payable are charged as Rent.

5. The variation in published unaudited quarterly results for the financial year 2009-10 has exceeded more than 10% due to increase in Electricity Expenses by Rs.6.88 lakhs.

6. Previous year figures have been regrouped and reclassified wherever necessary to confirmed to the current years classification.

 
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