Mar 31, 2010
1. Secured Loans
Term Loans:
Term Loans availed from M/s. Rabo India Finance Limited, LIC of India,
State Bank of Mysore, UCO Bank, IFCI, Catholic Syrian Bank and PNB
International Limited are fully secured by the first paripassu charge
on Fixed Assets of the companyÃs manufacturing units (Unit-I Located at
Bidar, Karnataka, Unit-II Located at Cheriyal Village, Andhra Pradesh
and Unit-III Located at Gaddapotharam Village, Andhra Pradesh) and
Second charge on the Current assets of the company and also guaranteed
by the Chairman and Managing Director of the Company.
Other Loans:
Other Corporate and Short Term Loans are secured by the Specific
Charges, Second Paripassu and second charge on the Fixed Assets and
Current Assets of the company and also guaranteed by the Chairman and
Managing Director of the Company.
Working Capital Limits:
Working Capital Limits are secured by the First Paripassu Charge on the
Current Assets and Second Charge on the Fixed Assets of the Company and
also guaranteed by the Chairman and Managing Director of the Company.
2. Sales Tax deferment amounting to Rs.702.54 Lakhs has been
transferred to the company on account of acquisition of manufacturing
unit from M/s. Aurobindo Pharma Limited.
3. Debtors, Creditors, loans, advances and deposits are subject to
confirmation and reconciliation.
4. Borrowing Cost : (AS 16) The amount of borrowing cost capitalized
during the year is Rs.2142.90 Lakhs and the borrowing cost charged to
revenue expenses is Rs.2509.70 Lakhs.
5. Segment Reporting (AS 17)
Primary Segment
a. The Company is primarily engaged in the business of manufacturing of
Drug intermediates, Specialty and Fine Chemicals. Since inherently
these activities are integrated and governed by the same set of risks
and returns and operating in the same economic environment, these have
been grouped as a single segment in the financial statements. The said
treatment is in accordance with the Accounting Standard (AS) Ã 17 on "
Segment Reporting ".
Secondary Segment
a. Geographical Segment has been identified as Secondary Segment based
on Segment revenue.
6. a. Related party Disclosures : (AS 18)
Name of the related Company : Sven Genetech Limited
Description of the
relationship : Sven Genetech Limited
is a subsidiary
company of JUPITER BIOSCIENCE
LIMITED. The directors of Jupiter
Bioscience Limited are the Directors
of SVEN GENETECH LIMITED and no
managerial remuneration is paid to
the directors of Sven Genetech Limited.
Any other elements of
the related : There are no inter company business
party transactions transactions with SVEN GENETECH LTD.
The amounts or appropriate : The Company is the holding company of
Proportions of outstanding
items SVEN GENETECH LTD., and invested an
pertaining to related parties
at the amount of Rs.14341.72 Lakhs in the
form of
Balance Sheet date. Share Capital/Share Applications
money.
Provisions for doubtful
debts due : NIL
from such parties at that
date and amounts written off
or written back in the period
in respect of debts due from
or to related parties.
7.b. Related party Disclosures : (AS 18)
Name of the related Company : Jupiter Bioscience Inc.
Description of the
relationship : Jupiter Bioscience Inc. is a 100%
subsidiary
company of JUPITER BIOSCIENCE LIMITED.
The directors of Jupiter Bioscience
Limited are the Directors of
Jupiter Bioscience Inc. and no
managerial remuneration is paid to the
directors of the Company.
Any other elements of the
related : There are no inter company business
party transactions
transactions with Jupiter Bioscience Inc.
The amounts or appropriate : The Company is the holding company of
Proportions of outstanding
items Jupiter Bioscience Inc. and invested
an amount
pertaining to related parties
at the of Rs.3342.07 Lakhs in the form of
Share
Balance Sheet date Capital /Share Applications money.
Provisions for doubtful
debts due : NIL.
from such parties at that
date and amounts written off
or written back in the period
in respect of debts due from
or to related parties.
8.Leases (AS-19) : During the year the Company has
not taken or
given any asset on lease.
9. Earning Per Share (AS-20) :
a. Net Profit after Tax : Rs.3314.23 Lakhs
b. Equity Shares of Rs.10/-
Each : 1,61,33,470 Shares
c. Basic and Diluted
Earnings
Per Share (a/b) in Rupees : 20.54
10. Consequent to the issuance of Accounting Standard à 22 Accounting
for Taxes on Income by the ICAI which is mandatory in nature, the
Company has recognized Deferred Taxes which result from the timing
difference between the Book Profits and Tax profits consequently, as
required by the Standard the Company has recognized the deferred tax
balance that would have accumulated prior to adopting the standard, if
the standard had been in effect from the beginning.
The Deferred Tax Liability for the Current Year amounting to Rs.413.94
Lakhs is shown in Profit and Loss Account under Provision for Deferred
Tax.
11. The investment in Sven Genetech Limited and Jupiter Bioscience Inc.
represents Share Capital/ Share Application Money Deposit.
12. According to the information and explanations given to me, Share
Application Money consists of deposit against share warrants of Mr.
Venkat R. Kalavakolanu, Chairman & Managing Director of the Company and
preferential private placement of equity shares to an investor.
13.Employee Benefits:
a. Defined contribution plans The Company makes Provident Fund
contribution to defined contribution retirement plans for qualifying
employees. Under the schemes, the Company is required to contribute a
specified percentage of the payroll costs to fund the benefits. The
contributions payable to these plans by the Company are at rates
specified in the rules of the schemes.
b. The Company makes annual contributions to the EmployeeÃs Group
Gratuity Life Assurance Policy with Birla Sunlife Insurance Company
Limited, a funded defined benefit plan for qualifying employees. The
scheme provides for lump sum payment to vested employees at retirement,
death while in employment or on termination of employment of an amount
equivalent to 15 days salary for service, payable for each completed
year of service or part thereof in excess of six months. Vesting occurs
upon completion of five years of service.
The present value of the defined benefit obligation and current service
cost were measured using the Projected Unit Credit Method, with
actuarial valuations being carried out at each balance sheet date.
The expected on return on plan assets determined consulting several
applicable factors mainly the compensation of the plan assets held,
assesses risks of asset management, historical result of the return on
plan assets and the CompanyÃs policy for plan asset management.
14. The Company has no information as to whether any of its suppliers
constitute small scale/ ancillary undertaking and therefore, the
amounts due to such suppliers have not been identified and also there
is no information as to whether any dues from suppliers covered under
"The Mirco, Small and Medium Enterprise Development Act, 2006 as at
March 31, 2010.
15. The figures are adjusted to the nearest rupee.
16. Previous yearÃs figures are regrouped / rearranged wherever
necessary to make them comparable with the current year.
17. Accounting Standards prescribed by the Institute of Chartered
accountants of India have been followed wherever applicable.
18. Details of Licensed Capacity, Installed Capacity and Actual
Production:
i. Licensed Capacity : The activities of the Company are not covered
under the present industrial licensing regulations and accordingly the
Company is not required to get any industrial license.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article