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Notes to Accounts of Kabra Drugs Ltd.

Mar 31, 2015

CONTINGENT LIABILITIES AS ON BALANCE SHEET DATE.

1 HON, BLE M.P. has given probable liability under sales tax and excise acts on purchase of denatured spirit relating to 1991-1992 . High Court has granted a stay. (Rs. 47.50 Lacs) Estimated amount due.

a Terms / Rights Attached to Shares

i Equity Shares The Company has only one class of Equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the Year Ended 31st March 2014 the amount per share dividend recognized as distributions to equity shareholders was Rs. NIL For 31sr March 2013 was Rs NIL)

In the event of liquidation of the Company, the holders of equity shares willbe entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2014

1. These financial statements are prepared in accordance with Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 1956 and guidelines issued by the Securities and Exchange Board of India (SEBI). Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

2. Terms / Rights Attached to Shares

i Equity Shares

The Company has only one class of Equity shares having a par value of 10/-. Each holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the Year Ended 31st March 2014 the amount per share dividend recognized as distributions to equity shareholders was Rs. NIL For 31sr March 2013 was Rs NIL)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

3. Shares reserved for issue under options / Contracts / Commitments

4. Terms and Conditions of Borrowings

6551091 Loan from Bank of India is secured against hypothication / pledge of stock/debitors/and other Assets of the company

5. PREVIOUS YEAR FIGURES

The Company has reclassified and regrouped the Previous Year Figures to confirm the current classification.


Mar 31, 2010

(1) Related party disclosures as required as per accounting standard (AS-18) on "Related Party Disclosures" issued by the Institute of Chartered Accountant of India, are as below;

a. List of related parties and relation ships

Related party and there relationship

Key Management Personnel Shri Shyam Kabra, Managing Director

Manager Smt. Kusum Kabra (Spouse of MD)

Director Shri Mahendra Mandloi

Relatives of key management personal and their enterprises in which key management personnel are interested

None

Note: Related party relationship is as identified by the company and relied upon by the auditors.

(2) EMPLOYEES RETIREMENT BENEFITS

Contribution to provident fund & ESIC are charged to P&L a/c on actual basis and provision for gratuity , leave encasement etc. Retirement benefits are charges to P&L a/c on payment basis. The company has not practice to create separate reserve on actual basis.

(3) Bank interest on F.D. which are deposited by the company with various government departments as security deposit, not provided in the accounts.

(4) The company has accounted retirement benefits to the employees on payment basis. Provision for gratuity and other benefits are not provided in balance sheet.

(5) Disclosures of sundry creditors under current liabilities is based on the information available with the company regarding the status of the suppliers as defined under the "interest on Delayed Payments to small scale and Ancillary industrial Undertakings Act, 1993". The company has no creditors in this category.

(6) Sales are net of Excise Duty & Sales Tax.

(7) Previous years figures are given in brackets & have been regrouped & re arranged wherever necessary.

(8) The quantitative data of opening stock, purchase, production, sales, closing stock, shortage/ excess & valuation of stock are taken to be correct as appearing in respective ledger accounts & as certified by the management

(9) Cash balance at the end of the year has been taken as certified by the management.

(10) The audit have been completed with the help of available voucher, cash memos, invoices & other information given in the cash book, ledger, & explanation given by the management.

Quantitative Data

Note : Figures given in brackets are for previous year.

 
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