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Notes to Accounts of Medicamen Biotech Ltd.

Mar 31, 2015

NOTE 1:

Information required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has not been provided by any party dealing with the Company and accordingly no information for the same can be provided. The Company is otherwise generally regular in making payments as per terms except for special reasons.

NOTE 2:

Contingent Liabilities: In the opinion of the Board of Directors, adequate provisions have been made in the accounts for all known liabilities. The value of current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet, unless otherwise stated.

NOTE 3:

The outstanding balances as on March 31, 2015 in respect of parties are subject to verification.

NOTE 4:

The Company has one segment of activity namely "Pharmaceuticals".

NOTE 5:

Misc. Expenditure includes Rs.4,99,378/- as contribution of medicines for Social Welfare to Charitable Institution.

NOTE 6:

Money received against share warrants includes Rs. 15,45,555/- on account of pending allotment of shares on conversion of warrants.

NOTE 7:

The Company is partner in Panache Lifecare LLP having 33.33332% share and share of loss of Rs.3,06,800.41 has been provided for in the books on the basis of provisional Financial Statements as on 31.03.2015 and the difference if any shall be adjusted in the books on the finalization of said Financial statements.

NOTE 8:

In view of the requirements of Schedule II of the Companies Act 2013 ("Act"), depreciation for the year has been provided based on the lives prescribed under the schedule II. Further in view of transitional provision of the Schedule II, a sum of Rs. 47,82,693.02 has been recognized in the opening balance of the retained earnings of those assets whose useful life was nil as on 31st March 2014 as per the provision of Schedule II.

NOTE 9:

The Company has during the year paid total managerial remuneration of Rs.94,14,022/- (excluding retirement benefits of Rs.6,76,800 and commission of Rs. 24,186/-). Pursuant to Section 197 read with schedule V of the Companies Act, 2013 the Company can pay maximum Rs.84,00,000/- as managerial remuneration. However as per the agreement for managerial remuneration with the managing Director dated 13.08.2013 he is entitled for the amount paid but in view of the provisions of Section 197 and schedule V the approval of Central Government is required which is pending disposal. In case it is not approved the excess amount shall be recovered from the managing Director and shown accordingly in the books of accounts.

NOTE 10:

Related party disclosure as required byAS-18: Related Party Disclosures' notified by the Companies (Accounting Standard) Rules, 2006 are given below :

Name and Relationships of the Related Parties:

(i) Associate Concern

(a) Medicamen Organics Ltd.

(b) Red Line Healthcare.

(c) Panache Lifecare LLP.

(ii) Key Management Personnel

(a) Mr. B.K. Gupta - Managing Director

(b) Mr. Ashutosh Gupta - Whole Time Director

(c) Mr. Jitendra Nath Ojha - Whole Time Director

(d) Mr. Rajesh Kumar Gupta - Chief Financial Officer

(e) Ms. Kiran - Company Secretary

NOTE 11:

Previous Year's figures have been regrouped or recast wherever considered necessary.


Mar 31, 2014

NOTE ''1'':

Information required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has not been provided by any party dealing with the Company and accordingly no information for the same can be provided. The Company is otherwise generally regular in making payments as pertermsexceptforspecial reasons.

NOTE 2:

Contingent Liabilities: In the opinion of the Board of Directors, adequate provisions have been made in the accounts for all known liabilities. The value of current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet, unless otherwise stated.

NOTE 3:

The outstanding balances as on March 31,2014 in respect of parties are subject to verification.

NOTE ''4'':

The Company has one segment of activity namely "Pharmaceuticals".

NOTE ''5'':

Misc. Expenditure includes Rs.8,33,212/- as contribution of medicines for Social Welfare to Charitable Institution.

NOTE ''6'':

Related partydisclosure as required byAS-18: Related Party Disclosures'' notified bythe Companies (Accounting Standard) Rules, 2006 are given below :

Name and Relationships ofthe Related Parties:

(i) Associate Concern

(a) Medicamen Organics Ltd.

(b) Red Line Healthcare.

(ii) Key Management Personnel

(a) Mr. B.K. Gupta

(b) Mr. Ashutosh Gupta

(c) Mr. Jitendra Nath Ojha

Transactions with the related parties during the year:

NOTE ''7'':

Previous Year''s figures have been regrouped or recast wherever considered necessary.


Mar 31, 2013

NOTE 1 :

Information required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has not been provided by any party dealing with the Company and accordingly no information for the same can be provided. The Company is otherwise generally regular in making payments as per terms except for special reasons.

NOTE 2 :

Contingent Liabilities: In the opinion of the Board of Directors, adequate provisions have been made in the accounts for all known liabilities. The value of current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet, unless otherwise stated.

NOTE 3 :

Value of Imports Calculated on C.I.F. basis: Rs.3,07,17,728

(Rs.4,36,34,228)

NOTE 4 :

Value of Exports Calculated on F.O.B. basis*: Rs.22,42,42,916

(Based on shipping Bills) (Rs. 59,55,19,483)

* Excluding Domestic Sales for Export

NOTE 5 :

Expenditure in Foreign Currency: Rs.14,28,041

(Rs.11,14,270)

NOTE 6 :

The outstanding balances as on March 31, 2013 in respect of parties are subject to verification.

NOTE 7 :

The Company has one segment of activity namely "Pharmaceuticals".

NOTE 8 :

Misc. Expenditure includes Rs.10,22,568/- as contribution of medicines for Social Welfare to Charitable Institution.

NOTE 9 :

Related party disclosure as required by AS-18: Related Party Disclosures'' notified by the Companies (Accounting Standard) Rules, 2006 are given below :

Name and Relationships of the Related Parties:

(i) Associate Concern

(a) Medicamen Organics Ltd.

(b) Red Line Healthcare.

(ii) Key Management Personnel

(a) Sh. B. K. Gupta

(b) Sh. Ashutosh Gupta

(c) Mr. Piyush Gupta

(d) Mr. J.P. Nirula

(e) Mr. Anand Kumar Mishra

NOTE 10 :

Previous Year''s figures have been regrouped or recast wherever considered necessary.


Mar 31, 2012

NOTE `1`:

Information required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 has not been provided by any party dealing with the Company and accordingly no information for the same can be provided. The Company is otherwise generally regular in making payments as per terms except for special reasons.

NOTE `2`:

Contingent Liabilities: In the opinion of the Board of Directors, adequate provisions have been made in the accounts for all known liabilities. The value of current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet, unless otherwise stated.

NOTE `3`:

The outstanding balances as on March 31, 2012 in respect of parties are subject to verification.

NOTE `4`:

The Company has one segment of activity namely "Pharmaceuticals".

NOTE `5`:

Misc. Expenditure includes Rs.9,98,244/- as contribution of medicines for Social Welfare to Charitable Institution.

NOTE `6`:

The Amount of Rs. 25,30,050.00 received as capital subsidy from Govt. against purchase of machinery shown as capital reserve is transferred to respective assets.

NOTE `7`:

Related party disclosure as required by AS-18: Related Party Disclosures' notified by the Companies (Accounting Standard) Rules, 2006 are given below :

Name and Relationships of the Related Parties:

(i) Associate Concern

(a) Medicamen Organics Ltd.

(b) Red Line Healthcare.

(ii) Companies in which Director is Director

(a) Mission Pharma Logistics (India) Pvt. Ltd.

(b) Mission Pharma A/S

(iii) Key Management Personnel

(a) Mr. B.K. Gupta

(b) Mr. Ashutosh Gupta

(c) Mr. Piyush Gupta

NOTE `8`:

The Financial Statements for the year ended 31st March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, The Financial Statement for the year ended 31st March 2012 are prepared as per Revised Schedule VI. Accordingly the previous year figures have also been reclassified to conform to this year classification. The adoption of Revised Schedule VI for previous year figure does not impact recognition and measurement principal followed for preparation of Financial Statements.


Mar 31, 2011

1. a) Bank Guarantee given by the bankers on behalf of the Company is Rs. 345.64 Lacs as on the date of balance sheet (Previous year Rs. 484.14 lacs)

b) Letter of Credit issued by the Bankers of the Company and outstanding against Material Rs. 999.72 lacs (PreviousyearRs.614.12 lacs)

2. In the opinion of the Board of Directors, adequate provisions have been made in the accounts for all known liabilities. The value of current assets, loans and advances have a value on realisation In the ordinary course of business at least equal to the amount at which they are stated in the balance sheet, unless otherwise stated.

3. Previous Year's figures have been regrouped or recast wherever considered necessary.

4. Capital Work in Progress : It includes advances to suppliers of building materials, plant & machineries and other capital assets & will be allocated to fixed assets in year in which such assets will be ready for utilisation

5. The outstanding balances as on March 31,2011 in respect of parties are subject to verification.

6. The cost of lease land alongwith development expenditure thereon has been amortised over the lease life of the land. During the year the company has written off Rs. 76009 for Bhiwadi and Rs.21098 for Hardwar Land.

7. The closing stock as on 31st March, 2011 is as taken, valued and certified by the management.

- Raw Material,Packing Material and Finished Goods are valued at cost or net realisable value whichever is lower

- Work in Progress are valued at estimated cost

- Stores and spares are valued at cost. Closing stock of finished goods does not include excise duty.

8. Rs. 109,04,390/- shown as Fixed Deposit Receipt with banks is including interest accrued and is lying as security with the parties/Govt. Departments or margin money with bank.

9. Travelling includes directors'travelling of Rs. 22,03,688/- (Previous year 15,00,771 /-)

10. The Company has provided Employees Benefits as per the Accounting Standard-15 issued by the Institute of Chartered Accountants of India. Provision for Gratuity and Leave Encashment have been made in the books of accounts on the basis of actuarial valuation using the Project Unit Credit Method.

11. Company has made provision for deferred tax effect on the difference of depreciation between the amount, as per Income Tax rules and profit & loss account for the year and accumulated retirement benefit provided for during the year.

12. The Company has one segment of activity namely "Pharmaceuitcals".

13. Misc. Expenditure includes Rs. 16,92,712 as contribution of medicines for Social Welfare to Charitable Institution.

14. In terms of requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period end by the management based on their present value of estimated future cash flows expected to arise from the continuing use of such assets. The recoverable amount so assessed was found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value therof has been considered neccesary, by the management.

15. Information required to be disclosed under Micro,Small and Medium Enterprises Development Act,2006 has not been provided by any party dealing with the Company and accordingly no information for the same can be provided. The Company is otherwise generally regular in making payments as per terms except for special reason.

16. A sum of Rs.25,30,050 received as Capital subsidy against project at Haridwar is shown as Capital Reserve.

17. Related Party Disclosure

Related party disclosure as required by AS-18 , Related Party Disclosures' notified by the Companies (Accounting Standard) Rules, 2006 are given below : Name and Relationships of the Related Parties :

(i) Associate Concern

(a) Medicamen Organics Ltd. (b) Red Line Healthcare

(ii) Companies in which Director is Director

(a) Mission Pharma Logistics (India) Pvt. Ltd. (b) Mission Pharma A/S

(iii) Key Management Personnel

(a) Mr.B.K.Gupta

(b) Mr.Ashutosh Gupta

(c) Mr.Piyush Guptaf


Mar 31, 2010

1. a) Inland and Foreign Guarantee given by the bankers on behalf of the Company is Rs.484.14 Lacs as on the date of balance sheet (Previous year Rs.308.65 lacs )

b) Letter of Credit issued by the Bankers of the Company and outstanding against Raw Material Rs.614.12 lacs (Previous year Rs.267.27 lacs)

2. In the opinion of the Board of Directors, adequate provisions have been made in the accounts for all known liabilities.The value of current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet, unless otherwise stated.

3. Previous Years figures have been regrouped or recast wherever considered necessary.

4. Capital Work in Progress : It includes advances to suppliers of building materials, plant & machineries and other capital assets & will be allocated to fixed assets in year in which such assets will be ready for utilisation

5. The outstanding balances as on March 31, 2010 in respect of parties are subject to verification.

6. The cost of lease land alongwith development expenditure thereon has been amortised over the lease life of the land. During the year the company has written off Rs. 76009 for Bhiwadi and Rs.21098 for Hardwar Land.

7. The closing stock as on 31 st March, 2010 is as taken, valued and certified by the management.

- Raw Material,Packing Material and Finished Goods are valued at cost or net realisable value whichever is lower

- Work in Progress are valued at estimated cost

- stores and spares are valued at cost. Closing stock of finished goods does not include excise duty.

9. Rs.93,10,279/- shown as Fixed Deposit Receipt with banks is including interest accrued and is lying as security with the parties/Govt. Departments or margin money with bank.

10. Travelling includes directors travelling of Rs. 15,00,771/- (Previous year 7,30,327/-)

11. The Company has provided Employees Benefits as per the Accounting Standard-15 issued by the Institute of Chartered Accountants of India. Provision for Gratuity and Leave Encashment have been made in the books of accounts on the basis of actuarial valuation using the Project Unit Credit Method.

12. Company has made provision for deferred tax effect on the difference of depreciation between the amount, as per Income Tax rules and profit & loss account for the year and accumulated retirement benefit provided for during the year.

13. The Company has one segment of activity namely "Pharmaceuitcals".

14. Misc. Expenditure includes Rs.26,38,252.00 as contribution of medicines for Social Welfare to Charitable Institution.

15. Remuneration of Rs.44,43,477.00 provided for Managing Director is subject to approval of Government which is still awaited.

16. Earning Per Share (EPS) - The numerator and denominator used to calculate Basic and Diluted Earnings per Share:

17. In terms of requirements of the Accounting Standards-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, the amount recoverable against Fixed Assets has been estimated for the period end by the management based on their present value of estimated future cash flows expected to arise from the continuing use of such assets.The recoverable amount so assessed was - found to be adequate to cover the carrying amount of the assets, therefore no provision for impairment in value there of has been considered neccesary, by the management.

18. Information required to be disclosed under Micro, Small and Medium Enterprises Development Act,2006 has not been provided by any party dealing with the Company and accordingly no information for the same can be provided. The Company is otherwise generally regular in making payments as per terms except for special reason.

19. Related Party Disclosure

Related party disclosure as required by AS-18 , Related Party Disclosures notified by the Companies (Accounting Standard) Rules, 2006 are given below : Name and Relationships of the Related Parties :

(i) Associate Concern

(a) Medicamen Organics Ltd.

(b) Red Line Healthcare

(ii) Companies in which Director is Director / CEO

(a) Mission Pharma Logistics (India) Pvt. Ltd.

(b) Mission Pharma A/S

(iii) Key Management Personnel

(a) Mr.B.K.Gupta

(b) Mr.Ashutosh Gupta

 
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