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Notes to Accounts of Invicta Meditek Ltd.

Mar 31, 2015

1) Discontinued Operation

The company has discontinued its operation since 24th of February 2009 and has sold its entire asset pursuant to sale agreement with TTK Healthcare Limited in the FY 2009-10. The company has accumulated losses of Rs.8,48,18,197/- which is more than 50% of its net worth, and had incurred cash losses of Rs.8,51,757/- during the financial year 2014-15 (FY 2013-14 Rs.5,98,785/-). Hence, all the assets and liabilities are adjusted to its net realisable value.

2) Loan to Directors

Short Term loans and advances includes as amount of Rs.70,47,151/- ( amount sanctioned during the year Rs.Nil) being outstanding of loans given to one of the directors , without obtaining the prior approval of Central Government as per Sec.295 of erstwhile Companies Act 1956.

3) Previous year figures have been regrouped and recast to confirm with current year classification.


Mar 31, 2014

1) Discontinued Operation

The company has discontinued its operation since 24th of February 2009 and has sold its entire asset pursuant to sale agreement with TTK Health Care Limited in the FY 2009-10. The company has accumulated losses of Rs.8,39,53,547/- which is more than 50% of its net worth, and had incurred cash losses of Rs.5,98,785/- during the financial year 2013-14 (FY 2012-13 Rs.6,36,891/-). Hence, all the assets and liabilities are adjusted to its net realisable value.

However, the company is in the process of identifying opportunities and reviving business operations. The company is of the view that on materialisation of the new proposals, the company would be able to turn around and continue as a going concern.

2) Loan to Directors

During the previous year an amount of Rs.82.72 Lakh has been given to one of the directors, Mr.Sathish as loan, for which Central Government approval is yet to be obtained.

3) Previous year figures have been regrouped and recast to confirm with current year classification.


Mar 31, 2013

The operations of the company were discontinued since 24.02.2009.

Sale/ Transfer of assets

Pursuant to the sale agreement with the TTK Healthcare Ltd., all the assets were transferred in the year 2009-2010.

Loan to Directors

During the previous year an amount of Rs.57.72 Lakh has been given to one of the directors, Mr.Sathish kumar as loan, for which Central Government approval is yet to be obtained.

During the current year an additional loan of Rs.25 Lakh has been given to the director. The Central Government''s approval is yet to be obtained for the same.

Debtors written off:

During the previous year debtors amounting to Rs.19,39,067 were considered bad and were written off to Profit and loss account.

Previous year figures have been regrouped and recast to confirm with current year classification.


Mar 31, 2012

1. Discontinued Operation

The operations of the company were discontinued since 24.02.2009.

2. Sale / Transfer of assets

Pursuant to the sale agreement with the TTK Healthcare Ltd., all the assets were transferred in the year 2009-2010.

3. Loan to Directors

During the period an amount of Rs.45,00,000 has been given to one of the directors, Mr.Sathish as loan, for which Central Government approval is yet to be obtained.

During the current year an additional loan of Rs.15,00,000 has been given to the director. The Central Government''s approval is yet to be obtained for the same.

4. TTK Healthcare Receivable

An amount of Rs.13,58,381 is being recoverable from TTK Healthcare Ltd. The amount will be received subjects to the No Due Certificate by the Income Tax Department.

5. Debtors written off:

During the year debtors amounting to Rs.19,39,067 was considered bad and was written off to Profit and loss account.

Previous year figures have been regrouped and recast to confirm with current year classification.

 
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