Home  »  Company  »  Makers Lab.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Makers Laboratories Ltd.

Mar 31, 2015

1 Disclosure as required by Accounting Standard - AS 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India.

The entire operations of the Company relate to only one segment viz. "Pharmaceuticals". As such, there is no separate reportable segment under Accounting Standard-AS 17 on Segment Reporting.

2 Contingent Liabilities not provided for in respect of :

Particulars 2014-15 2013-14

i Counter Guarantees given to AXIS Bank in respect of guarantees given by the 2,70,175 2,40,885 bank on behalf of the Company to Government Authorities.

ii Estimated amount of contracts remaining to be executed on capital account.(Net 39,51,258 - of Capital Advances)

iii Other moneys for which the Company is contingently liable for tax, excise, - - customs and other matters not accepted by the Company

3 In the opinion of the Board of Directors, all the assets other than fixed assets and non current investments have value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.

4 The Balance Sheet, Statement of Profit & Loss, Cash Flow Statement, Statement of significant accounting policy and other explanatory notes form an integral part of the financial statements of the Company for the year ended on 31st March, 2015

5 Previous year's figures have been regrouped and re-arranged wherever necessary to make them comparable.


Mar 31, 2013

1 Disclosure as required by Accounting Standard - AS 17 "Segment Reporting", issued by the Institute of Chartered Accountants of India The entire operations of the Company relate to only one segment viz. "Pharmaceuticals". As such, there is no separate reportable segment under Accounting Standard-AS 17 on Segment Reporting.

2 Contingent liabilities not provided for in respect of :

Particulars 2012-13 2011-12 (Rs) (Rs)

i Counter Guarantees given to AXIS Bank in 2,22,729 1,58,676 respect of guarantees given by the Bank on behalf of the Company to Government Authorities.

ii Estimated amount of contracts remaining - - to be executed on capital account.(Net of Capital Advances)

iii Other moneys for which the Company is - 11,96,426 contingently liable for tax, excise, customs and other matters not accepted by the Company

3 In the opinion of the Board of Directors, all the assets other than fixed assets and noncurrent investments have value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

4 The Balance Sheet, Statement of Profit & Loss, Cash Flow Statement, Statement of significant accounting policy and other explanatory notes form an integral part of the financial statements of the Company for the year ended on 31st March, 2013.

5 Previous year''s figures have been regrouped and re-arranged wherever necessary to make them parable.


Mar 31, 2012

1 Disclosure as required by Accounting Standard - AS 17 "Segment "Reporting', issued by the Institute of Chartered Accountants of India

The entire operations of the Company relate to only one segment viz. 'Pharmaceuticals. As such, there is no separate reportable segment under Accounting Standard-AS 17 on Segment Reporting.

2 Contingent liabilities not provided for in respect of :

2011-2012 2010-2011

Rupees Rupees Rupees Rupees

i Corporate Guarantee given to AXIS Bank 1,50,00,000 1,50,00,000 Ltd on behalf of M/s Hale wood Laboratories

Pvt. Ltd, under third party manufacturing arrangement for which the Company holds counter Guarantee.

ii Counter Guarantees given to AXIS Bank & 1,58,676 1,68,024 State Bank of India in respect of guarantees given by the bank on behalf of the Company to Government Authorities.

iii Estimated amount of contracts remaining to - 27,32,000 be executed on capital account.(Net of Capital Advances)

iv Other moneys for which the Company is 11,96,426 - contingently liable for tax, excise, customs and other matters not accepted by the Company

3 In the opinion of the Board of Directors, all the assets other than fixed assets and noncurrent investments have value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

4 Prior period comparatives

The Company has reclassified the published previous year figures to conform to the norms of the Revised Schedule VI. The adoption of the revised Schedule VI does not impact recognition and measurement principles followed for preparation of the financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.

5 The Balance Sheet, Statement of Profit & Loss, Cash Flow Statement, Statement of significant accounting policy and other explanatory notes form an integral part of the financial statements of the company for the year ended on 31st March, 2012.


Mar 31, 2011

31.03.2011 31.03.2010 Rupees Rupees

1. Contingent liabilities not provided for in respect of:

a) Corporate Guarantee given to AXIS Bank Ltd on behalf of Halewood Laboratories 1,50,00,000 1,50,00,000 Pvt. Ltd, under third party manufacturing arrangement for which the Company holds counter Guarantee.

b) Counter Guarantees given to AXIS Bank & State Bank of India in respect 1,68,024 2,60,635 of guarantees given by the bank on behalf of the Company to Government Authorities.

2. Pursuant to scheme of amalgamation (the scheme) of the Harleystreet Pharmaceuticals Ltd. ( HPL) with the company Makers Laboratories Limited, (MLL) under Section 391 to 394 of the Companies Act, 1956 as sanctioned by the Honorable High Court of Judicature at Bombay vide its order dated 25th March, 2011, the assets and liabilities of the said HPL were transferred to and vested in the Company with effect from the appointed date i.e. 1st April, 2010. Accordingly, this scheme of amalgamation has been given effect to in these accounts.

HPL was engaged in the business of manufacturing of pharmaceutical formulations.

The accounting for this amalgamation has been done in accordance with the "Purchase Method "referred in Accounting Standard 14 - Accounting for Amalgamation (AS -14). Accordingly, MLL has accounted for the Scheme in its books of accounts with effect from the Appointed Date i.e. 1st April, 2010 as under :-

I With effect from the Appointed Date, all assets and liabilities appearing in the books of accounts of HPL have been transferred to and vested in MLL and have been recorded by MLL at their fair value.

II. MLL has credited to the Share Capital in its books of account, the aggregate face value of the New Equity Shares to be issued and allotted under the scheme to the equity share holders of HPL.

III. The difference of Rs. 2,85,59,499/- between the fair value of net assets of HPL transferred to MLL, pursuant to this scheme and the value of New Equity Shares to be issued and allotted by MLL to shareholders of HPL has been credited to capital reserve account.

IV. All inter - company balance(s) have been cancelled.

V. 571,440 Equity Shares of MLL of Rupees 10/- each fully paid up are to be issued to the shareholders of HPL under this amalgamation, in the ratio of 6 fully paid up equity shares of Rs. 10/- each of MLL for every 10 fully paid up equity shares of Rs. 10/- each of HPL. The record date fixed for this purpose is 13th May,2011.

VI. The Company shall proceed to issue these equity shares to the shareholders of HPL in due course of time upon receipt of necessary in principle listing and trading permissionsf rom stock exchanges where the Companys share are listed. The Company has already made necessary applications to these stock exchanges in this regard.

3. In view of the aforesaid amalgamation, the figures for the current year are not strictly comparable to those of the previous year.

4. Secured Loan from Axis Bank Ltd is secured by way of mortgage of immovable properties of the Company situated at Mumbai and Dombivli, hypothecation of all plant and machineries both present and future and hypothecation of stock- in-trade and book debts.

5. In the opinion of the Board of Directors, all the Current Assets, Loans & Advances have value on realisation at least equal to the amount at which they are stated in the Balance Sheet

6. Provision for Taxation includes provision for Wealth Tax of Rs. 5,000/- (previous year Rs.5,000/-).

7. Balances with Scheduled Banks include Rs. 2,47,157/- (previous year Rs. NIL) on account of Unclaimed Dividend.

8. The Company has obtained details from Sundry Creditors who are registered under the Micro,Small & Medium Enterprises Development Act, 2006. To the extent that the Company has received information it has evaluated that there are no amounts due to the Creditors who are Registered under the said Act beyond the period of 45 days.

9. Managerial Remuneration:

iii) Company has not recommended any commission to the Wholetime Directors.

10. Related Party Disclosure as required by Accounting Standard -18 issued by the Institute of Chartered Accountant of India: Relationships:

A. Entities where control exists:

Shareholders of Makers Laboratories Ltd.

Kaygee Investments Pvt. Ltd.

Exon Laboratories Pvt. Ltd.

Paschim Chemicals Pvt. Ltd.

Others

Halewood Laboratories Pvt.Ltd.

Ellora Organic Industries Pvt Ltd.

B. Key Management Personnel

Mr. Prashant Godha

Mrs. Purnima Jain

C. Associates

Ipca Laboratories Ltd.

D. Other Related Parties (Entities in which Directors or their Relatives have significant influence)

Nipra Industries Pvt. Ltd.

Kaygee Loparex Pvt. Ltd

Keymed

11. The Company has one segment of activity namely "Pharmaceuticals". As such there is no separate reportable segment under Accounting Standard -17 on Segment Reporting.

12. Previous years figures have been regrouped and re-arranged wherever necessary.


Mar 31, 2010

1. Contingent liabilities not provided for in respect of:

(a) Corporate Guarantee given to AXIS Bank Ltd on behalf of Halewood Laboratories 1,50,00,000 1,50,00,000 Pvt. Ltd, under third party manufacturing arrangement for which the Company holds counter Guarantee.

(b) Counter Guarantees given to AXIS Bank & State Bank of India in respect 2,60,635 2,98,445 of guarantees given by the bank on behalf of the Company to Government Authorities.

2. Investments

The Company has made provision of Rs. 46,53,821/- towards dimunition in the value of investments in shares of Mangalam Drugs & Organics Ltd.

Notes :-

(a) As the industrial licensing in respect of drugs and pharmaceuticals produced by the Company has been abolished under the Industrial Policy, the particulars of licensed capacity are not stated.

(b) Installed capacity, being of a technical nature is not verified by the Auditors.

(c) Production includes production under contract manufacturing.

(d) Previous years figures are given in bracket.

i) Employers contribution includes payments made by the Company directly to its past employees.

ii) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

iii) The Companys Gratuity fund is managed by Life Insurance Corporation of India. The plan assets under the fund are deposited under approved securities.

3. Secured Loan from Axis Bank Ltd is secured by way of mortgage of immovable properties of the Company situated at Mumbai and Dombivli, hypothecation of all plant and machineries both present and future and hypothecation of stock-in-trade and book debts.

4. In the opinion of the Board of Directors, all the Current Assets, Loans & Advances have value on realisation at least equal to the amount at which they are stated in the Balance Sheet.

5. Provision for Taxation includes provision for Wealth Tax of Rs. 5,000/- (previous year Rs.5,000/-).

6. Balances with Scheduled Banks include Rs. NIL (previous year Rs. NIL) on account of Unclaimed Dividend.

7. The Company has obtained details from Sundry Creditors who are registered under the Micro, Small & Medium Enterprises Development Act, 2006. To the extent that the Company has received information it has evaluated that there are no amounts due to the Creditors who are Registered under the said Act beyond the period of 45 days.

iii) Company has not recommended any commission to the Wholetime Directors.

8. Related Party Disclosure as required by Accounting Standard - 18 issued by the Institute of Chartered Accountants of India: Relationships:

A. Entities where control exists: Shareholders of Makers Laboratories Ltd.

Kaygee Investments Pvt. Ltd. Exon Laboratories Pvt. Ltd. Paschim Chemicals Pvt. Ltd.

Others

Halewood Laboratories Pvt. Ltd. Ellora Organic Industries Pvt Ltd.

B. Key Management Personnel

Mr. Prashant Godha Mrs. Purnima Jain

C. Associates

Ipca Laboratories Ltd. Harleystreet Pharmaceuticals Ltd.

D. Other Related Parties (Entities in which Directors or their Relatives have significant influence)

Nipra Industries Pvt. Ltd. Kaygee Loparex Pvt. Ltd. Keymed

9. The Company has one segment of activity namely "Pharmaceuticals". As such there is no separate reportable segment under Accounting Standard -17 on Segment Reporting.

10. Previous years figures have been regrouped and re-arranged wherever necessary.

 
Subscribe now to get personal finance updates in your inbox!