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Notes to Accounts of Panchsheel Organics Ltd.

Mar 31, 2015

I OTHER EXPLANATORY NOTES AND INFORMATION:

A. Amount of Income Tax has been provided on Taxable Income of the Company as per provision of the Income Tax Act, 1961.

B. The Board of Directors are of the opinion that discounted net future generation from the Assets in use and shown in the schedule of fixed assets, is more than the carrying amount of fixed assets in Balance Sheet, as such, no provision for Impairment of Assets is required to be made in terms of the requirement of accounting standard (AS-28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India for the year ended 31.03.2015.

C. Segment Reporting :

The Company operates in one reportable segment i.e. Manufacturing and Trading of bulk drug and Intermediate.

D. The Investment made by the company is held in its own name.

E. In the opinion of Board and to the best of their knowledge and belief, All the current assets, loans and advances will have the value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary. There is no liability contingent or otherwise except those stated in the Balance Sheet.

F. Debit and credit balances are subject to reconciliation and confirmation.

G. The expenses of Salary and wages debited in Statement of Profit & Loss includes the amount of Director Remuneration of Rs. 87,60,000/- (P.Y. Rs.78,00,000/-).

H. Pursuant to the enactment of Companies Act 2013, the company has applied the estimated useful lives as specified in Schedule II, as disclosed in Accounting Policy on Depreciation and Amortization. Accordingly the unamortized carrying value is being depreciated / amortized over the revised / remaining useful lives. The written down value of Fixed Assets whose lives have expired as at 1st April 2014 have been adjusted, by way of Depreciation, net of tax, in the opening balance of Surplus in Profit and Loss Account, amounting to Rs.51,85,372.70/-.

The rate of escalation in salary (pea.) considered in actuarial valuation is worked out after into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. Mortality rate are obtained from the relevant data of Life Insurance Corporation of India.

- {Dr. Receivables. ( Cr.)Payable

Company has no Subsidiary or Joint Venture Concern.

The Company has identified ali the related parties transactions during the Year as per details given above.

During the Year, there were no amounts written off or written back from Such parties,

I. Previous year figure have been classified, regrouped and recast to make comparable with those of year under review.

a) Terniai1 rights attached to equity shares :

The Company has only one class of equity shares Slaving par value of Rs.10 per share. Each holder of equity shares is entitled to one vole per share. The Company declares snd pays dividends in Indian Rupees. The dividend proposed by The Board of Directors j$ subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year end and 31st March 2015, the amount of per share dividend recognized as distributions to equity shareholders was Rs. O.50 (31st March,2014 - Rs. 0,50).

To the event or liquidation of the: Company, the holders of equity shares will be entitled to receive remain rig assets of that Company, after distribution o-f all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.


Mar 31, 2014

1. Termsf rights attached to equity shares :

The Company has only one class of equity shares having par value of Rs.10 per share each holder of equity shares is entitled to one vote per share.The Company declares and pays dividends in Indian Rupees.!he dividend proposed by The Board Of Directors is subject to the approval of the sh are holders in tits ensuing Annual General Meeting

During the year ended 31st March 2014, the amount of dividend per equity share recognised as distributions to equity shareholders was Rs. 0 50 (31st March,2013 - Rs.0,50). in the event of liquidation of the Company,the holders of equity shares will be entitled to receive remaining assets of the Company .after distribution of all preferential a mounts, the distribution will be in proportion to the number of equity shares held by the shareholders

2. OTHER EXPLANATORY NOTES AND INFORMATION;

A. Amount of Income Tax has been provided on Taxable Income of the Company as per provision of the Income Tax Act, 1961.

B. The Board of Directors are of the opinion that discounted net future generation from the Assets in use and shown in the schedule of fixed assets, is more than the carrying amount of fixed assets in Balance Sheet, as such, no provision for Impairment of Assets is required to be made in terms of the requirement of accounting standard (AS - 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India for the year ended 31.03.2014.

C. Segment Reporting :

The Company operates in one reportable segments i.e. Manufacturing and Trading of Bulk Drug Intermediate.

D. The Investment made by the company is held in its own name.

E. On 10.06.2011, there was a fire incident at Company's factory unit sstuated at Sanwer Road, Indore. Madhya Pradesh. A part of the inventory of Raw Material, Finished Goods, Stock in process, Plant & Machinery, accessories, Building, furniture and other office equipments was damaged. The Company has already lodged insurance claim with the insurance Company after providing salvage value for above damage. Company is confident to receive the full claim and hence the company has not provided any losses on account of fire at this stage and suitable treatment will be given after the settlement of claim with the insurance company.

F. Company has not reduced Depreciation cost of Rs. 645906.83 related to Plant & Machinery received from UNIDO. The said amount is to be charged to Capital Reserve under the head "Reserves & Surplus". As a result, the profit before tax of the company has been reduced by Rs. 645906.83 and accordingly, Capital Reserve has been increased by to that extent.

G In the opinion of Board and to the best of their knowledge and belief,

All the current assets, loans and advances will have the value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

Provision for all known liabilities is adequate and not in excess of the amount reasonably necessary. There is no liability contingent or otherwise except those stated in the Balance Sheet.

H. Debit and credit balances are subject to reconciliation and confirmation.

I The expenses of Salary and wages debited in Statement of Profit & Loss includes the amount of Director Remuneration of Rs. 78,00,000/- (P.Y. Rs.73.20,000/-).

3. Previous year figure have been classified, regrouped and recast to make comparable with those of year under review.


Mar 31, 2013

A.. Amount of Income Tax has been provided on Taxable Income of the Company as per provision of the Income Tax Act, 1961.

B. The Board of Directors are of the opinion that discounted net future generation from the Assets in use and shown in the schedule of fixed assets, is more than the carrying amount of fixed assets in Balance Sheet, as such, no provision for Impairment of Assets is required to be made in terms of the requirement of accounting standard (AS - 28) "Impairment of Assets" issued by the Institute of Chartered Accountants of India for the year, ended 31.03.2013.

C. Segment Reporting:

The Company operates in one reportable segments i.e. Manufacturing of Bulk Drug Intermediate and Trading of Bulk Drug Intermediate and formulation.

D. The Investment made by the company is held in its own name.

E. On 10.06.2011, there was a fire incident at Company''s factory unit situated at Sanwer Road, Indore, Madhya Pradesh. A part of the inventory of Raw Material, Finished Goods, Stock in process, Plant & Machinery, accessories, Building, furniture and other office equipments was damaged. The Company has already lodged insurance claim with the insurance Company after providing salvage value for above damage. Company is confident to receive the full claim and hence the company has not provided any losses on account of fire at this stage and suitable treatment will be given after the set dement of claim with the insurance company.

F. During the year under review, the Company has changed the policy for accounting of Gratuity from actual payment basis to provisional basis. Gratuity liability up to 31.03.2012 of Rs.70,86,218/- has been charged to brought forward amount of Statement of Profit & Loss and Gratuity Liability of Rs.10,70,576/- for the year under review has been charged to Statement of Profit & Loss. Company has paid actual Gratuity amount of Rs.56,150/- during the year under review. If the Company has not changed the policy, the Profit of the Company would have been higher by Rs.l 0,70,576/-.

The rate of escalation in salary (p.a.) considered in actuarial valuation is worked out after into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market. Mortality rate are obtained from the relevant data of Life Insurance Corporation of India.


Mar 31, 2010

1. Contingent Liabilities not provided for:

Bank Guarantee to custom authorities Rs. 3,55,824 (3,55,824). For the same above the Company has deposited F.D.R. of full amount.

2. The Company does not provide for Leave Encashment benefit and Gratuity liability on accrual basis since the same is accounted for on cash basis

3. The Company has received advance licenses for duty free imports against exports made or to be made, from Joint Controller of Exports & Imports. The Company has treated these as stock, as the imports there against will be made in future. However, no authoritative Guidance Note from the Institute of Chartered Accountants of India is available on this item except the opinion of the Expert Advisory Committee.

4. Payment of Remuneration to Director Rs. 2,60,000.00 (1,20,000.00)

5. In the opinion of the Board of Directors of the Company, the current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount which they are stated and the provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

6. Previous year figures have been placed in brackets and have been re-grouped and re- arranged wherever necessary.

7. Some additional information figures have not been given due to practical difficulty in giving the same as informed by the Company.

 
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