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Notes to Accounts of Parenteral Drugs (India) Ltd.

Mar 31, 2015

A Terms / Rights Attached to Shares

i Equity Shares

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

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.

ii Preference Shares

1,05,37,898 (1,05,37,898) 0% Redeemable Preference Shares are carries a 0% dividend right & can be redeemed within a period of twenty years.

A Nature of security is as under:-

i Term Loans of Rs. 2,72,08,62,730/-( Rs. 2,76,95,47,882/-), together with current maturities of Rs. 34,58,29,497/- (18,64,18,569) shown in note no. 8, are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortgage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 2,06,49,243 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Pvt. Ltd (54,66,665), MVG Mercantile Pvt. Ltd (97,22,966), PDPL Holdings Pvt. Ltd (32,17,120), PDPL Securities Pvt. Ltd (6,11,506), Mahaganpati Investment Pvt. Ltd (16,00,000) and Parenteral Commercial Services Pvt. Ltd (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Pvt. Ltd, Parenteral Medicines Limited, Rajratan Exports Pvt. Ltd, MVG Mercantile Pvt. Ltd, PDPL Holdings Pvt. Ltd, PDPL Securities. Pvt. Ltd, Mahaganpati Investment Pvt. Ltd, and Parenteral Commercial Services Pvt. Ltd.

Term Loans are bearing interest @ 11% to 15.25% p.a.

ii Corporate Loans of Rs.56,33,80,449 /- (Rs. 57,98,00,000/-), together with current maturities of Rs.8,31,90,449 /- (4,98,00,000) shown in note no. 8, are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortgage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 2,06,49,243 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Pvt. Ltd (54,66,665), MVG Mercantile Pvt. Ltd (97,22,966), PDPL Holdings Pvt. Ltd (32,17,120), PDPL Securities Pvt. Ltd (6,11,506), Mahaganpati Investment Pvt. Ltd (16,00,000) and Parenteral Commercial Services Pvt. Ltd (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Pvt. Ltd, Parenteral Medicines Limited, Rajratan Exports Pvt. Ltd, MVG Mercantile Pvt. Ltd, PDPL Holdings Pvt. Ltd, PDPL Securities. Pvt. Ltd, Mahaganpati Investment Pvt. Ltd, and Parenteral Commercial Services Pvt. Ltd.

Corporate Loans are bearing interest @ 14.20% to 14.80% p.a.

B FITL/TL/WCTL/CL includes Rs. 10,49,68,176/- (Rs. 9,78,569/-) as intere st due & include in note no. 8.

Note: 5 Deferred Tax Liabilities_

Consequent to the issuance of Accounting Standard 22 "Accounting for Taxes on Income" by the Institute of Chartered Accountants of India, the Company has recognised the deferred tax assets aggregating to Rs.15,94,09,029/- (Rs. 3,67,54,233/-) in the Profit & Loss Accounts for current year.

Terms of Loan are as under:

Working Capital Loans of Rs. 81,30,28,113/- ( Rs. 68,22,77,446/-) bearing interest rate @ 16.45% to 17.00% p.a. are secured by first pari passu charge on entire current assets of the Company and second pari passu charge on entire fixed assets of the Company and first pari passu charge by way of equitable mortgage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 2,06,49,243 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Pvt. Ltd (54,66,665), MVG Mercantile Pvt. Ltd (97,22,966), PDPL Holdings Pvt. Ltd (32,17,120), PDPL Securities Pvt. Ltd (6,11,506), Mahaganpati Investment Pvt. Ltd (16,00,000) and Parenteral Commercial Services Pvt. Ltd (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Pvt. Ltd, Parenteral Medicines Limited, Rajratan Exports Pvt. Ltd, MVG Mercantile Pvt. Ltd, PDPL Holdings Pvt. Ltd, PDPL Securities. Pvt. Ltd, Mahaganpati Investment Pvt. Ltd, and Parenteral Commercial Services Pvt. Ltd.

Financial facilities are on consortium basis and State Bank of India, Commercial Branch, Indore & Punjab National Bank, Sector 16D, Chandigarh are the members.

Note 2: Disclosure under AS-15 (Employee Benefits)

(i) As required by Revised AS 15, Provident fund is defined contribution scheme and the contribution made are charged to profit and loss account.

(ii) Gratuity is defined benefit obligation and is provided for on the basis of actuarial valuation by SBI Life Insurance Company Ltd. Provision has been made.

(iii) Provision for leave encashment is recognised as expenses in the Profit and Loss Account for the year in which employee has rendered services.

Note 3: Contingent liabilities and commitments

(to the extend not provided)

a) Contingent liabilties

i) Claim against the company not acknowledged as debt- -Certain show-causes notices adjudicated by the Central excise department. The challenged demand under the notices is Rs. 2,74,40,281/- (Rs. 2,74,40,281/-) which is pending before H''ble CESTAT.

-Show cause notices issued by Excide Department amounting to Rs. 18,49,13,338/- (18,49,13,338/- ) which are quashed by H''ble High Court of Indore. Deparment has preferred an appeal in the H''ble Supreme Court which is pending.

-One demand under Entry Tax Act for Rs. 1,65,53,643/- (1,65,53,643/-) for which the Company has filed writ petition in the High Court of Madhya Pradesh Bench at Indore and demand is stayed by the H''ble High Court.

-One demand for penalty under Entry Tax Act for Rs. 3,87,88,186/- (3,87,88,186/-) for which the Company has filed appeal before Commissioner (Appeal) Indore and demand is stayed by the Commissioner (Appeal).

-Three Income Tax demands of Rs. 1,01,65,192/- (Rs. 1,00,49,142/-) were raised by Assessing Officer, which are not admitted and rectification/appeals are pending before the relevant authorities.

-Three demand for sales tax of Rs. 8,64,377/- (8,64,377/-) were raised by Commercial Tax Officer, for which the Company has filed appeal before Deputy Commissioner (Appeal), Jalandhar.

-One demand under DPCO Act for Rs. 19,30,880/- (19,30,880/-) for which the Company has filed writ petition in the High Court of M.P. and demand is stayed by the H''ble High Court.

ii) Bank Guarantees : Rs.1,81,81,502 /- (Rs. 2,17,66,599/-)

iii) Other contingent liabilties

-Eight group companies have offered collateral securities (1) by mortgage of two companies immovable properties and (2) by pledge of shares in favour of the Company against credit facilities and corporate loan by six companies . Amount involved was uncertain.

-Corporate Guarantee given to one subsidiary company to the tune of Rs. 12,79,00,000/- (Rs. 12,79,00,000/-). -Sacrifice of lenders under approved CDR scheme of Rs. 2,81,24,047/- (2,81,24,047/-).

b) Commitments

i) Estimated amount of contracts remaining to be executed-Nil on capital account and not provided for

ii) Other commitments-Nil

Note 4: Provision/written off of Foreign Subsidiary Advances

i) The Mascareignes Manufacturing Company Limited (Subsidiary) has been taken into liquidation and as there is no likelihood of recovery. Provision has been made in 2013-14

ii) The Parenteral Drugs Kazakisthan project has became wholly un-viable and the amount due to the company are not likely to be recovered. The same have, therefore made in 2013-14

iii) In the event of recovery either in full or in part in future, the same shall be included into income of the year in which same is received.

iv) Provision has been made dimination in value of the Investments in the equity of the above companies and approval of RBI has been sought for the write -off.

Note 5 In the opinion of the Board of Directors of the Company the Current Assets, Loan & Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

Note 6: Segmental Reporting

The Company is principally engaged in the business of pharmaceutical. Accordingly there are no segments as per Accounting Standard 17"Segmental Reporting" issued by the Institute of Chartered Accountants of India

Note 7: Related Party Disclosures

(a) Subsidiary Companies

1. Parenteral Biotehch Limited

2. Abhay Drugs Limited

3. Parenteral Impex Limited

4. Anjaney Pharmaceuticals Limited

5. Parentech Healthcare Limited

6. Parenteral Surgicals Limited

7. Infutec Healthcare Limited

(b) Other related party relationship where transactions have taken place during the year

Enterprises over which Key Managerial Personnel exercise significant influence

1. Anitas Exports Private Limited

2. Parenteral Medicines Limited

3. Mahaganpati Investments Private Limited

Key Managerial Personnel

1. Manoharlal Gupta, Chairman

2. Vinod Kumar Gupta, Managing Director

3. Govind Das Garg, Whole Time Director

4. Anil Mittal, Whole Time Director

Relatives of Key Managerial Personnel

1. Lalit Mittal (brother of Anil Mittal)

2. Aditya Gupta (son of Manoharlal Gupta)

3. Ashish Garg (son of Govind Das Garg)


Mar 31, 2014

Note: 1 Deferred Tax Liabilities

Consequent to the issuance of Accounting Standard 22 "Accounting for Taxes on Income" by The Institute of Chartered Accountants of India, the Company has recognised the deferred tax liability aggregating to Rs. 3,67,54,233/- (Rs. 3,49,54,053/-) in the Profit & Loss Account for current year.

Terms of Working Capital Loan are as under:

Working Capital Loans of Rs. 68,22,77,446/- ( Rs. 50,25,68,130/-) bearing interest rate @ 16.45% to 17.00% p.a. are secured by first pari passu charge on entire current assets of the Company and second pari passu charge on entire fixed assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 1,38,76,441 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Pvt. Ltd (33,93,332), MVG Mercantile Pvt. Ltd (57,73,497), PDPL Holdings Pvt. Ltd (32,17,120), PDPL Securities Pvt. Ltd (6,11,506), Mahaganpati Investment Pvt. Ltd (8,50,000) and Parenteral Commercial Services Pvt. Ltd (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Pvt. Ltd, Parenteral Medicines Limited, Rajratan Exports Pvt. Ltd, MVG Mercantile Pvt. Ltd, PDPL Holdings Pvt. Ltd, PDPL Securities. Pvt. Ltd, Mahaganpati Investment Pvt. Ltd, and Parenteral Commercial Services Pvt. Ltd.

Financial facilities are on consortium basis and State Bank of India, Commercial Branch, Indore & Punjab National Bank, Sector 16D, Chandigarh are the members.

Note 2: Disclosure under AS-15 (Employee Benefits)

(i) As required by Revised AS 15, Provident fund is defined contribution scheme and the contribution made are charged to profit and loss account.

(ii) Gratuity is defined benefit obligation and is provided for on the basis of actuarial valuation by SBI Life Insurance Company Ltd. Provision has been made.

(iii) Provision for leave encashment is recognised as expenses in the Profit and Loss Account for the year in which employee has rendered services.

Note 3: Contingent liabilities and commitments

(to the extend not provided)

a) Contingent liabilties

i) Claim against the company not acknowledged as debt- -Certain show-causes notices adjudicated by the Central excise department. The challenged demand under the notices is Rs. 2,74,40,281/- (Rs. 2,30,20,877/-) which is pending before H''ble CESTAT.

-Show cause notices issued by Excise Department amounting to Rs. 18,49,13,338/- (Nil) which are quashed by H''ble High Court of Indore. Department has preferred an appeal in the H''ble Supreme Court which is pending.

-One demand under Entry Tax Act for Rs. 1,65,53,643/- (1,65,53,643/-) for which the Company has filed writ petition in the High Court of Madhya Pradesh Bench at Indore and demand is stayed by the H''ble High Court.

-One demand for penalty under Entry Tax Act for Rs. 3,87,88,186/- (Nil) for which the Company has filed appeal before Commissioner (Appeal) Indore and demand is stayed by the Commissioner (Appeal).

-Three Income Tax demands of Rs. 1,00,49,142/- (Rs. 1,00,49,142/-) were raised by Assessing Officer, which are not admitted and rectification/appeals are pending before the relevant authorities.

-Three demand for sales tax of Rs. 8,64,377/- (Nil) were raised by Commercial Tax Officer, for which the Company has filed appeal before Deputy Commissioner (Appeal), Jalandhar.

-One demand under DPCO Act for Rs. 19,30,880/- (19,30,880/-) for which the Company has filed writ petition in the High Court of M.P. and demand is stayed by the H''ble High Court.

ii) Bank Guarantees : Rs. 2,17,66,599/- (Rs. 2,72,15,334/-)

iii) Other contingent liabilties

-Eight group companies have offered collateral securities (1) by mortgage of two companies immovable properties and (2) by pledge of shares in favour of the Company against credit facilities and corporate loan by six companies . Amount involved was uncertain.

-Corporate Guarantee given to one subsidiary company to the tune of Rs. 12,79,00,000/- (Rs. 1,03,54,00,000/-).

-Sacrifice of lenders under approved CDR scheme of Rs. 2,81,24,047/- (2,81,24,047/-).

b) Commitments

i) Estimated amount of contracts remaining to be executed-Nil on capital account and not provided for

ii) Other commitments-Nil

Note 4: Provision/written off of Foreign Subsidiary Advances

i) The Mascareignes Manufacturing Company Limited (Subsidiary) has been taken into liquidation and as there is no likelihood of recovery. The dues have been written off/provision has been made for whole amount due.

ii) The Parenteral Drugs Kazakhstan project has became wholly un-viable and the amount due to the company are not likely to be recovered. The same have, therefore, hence provided or written off.

iii) In the event of recovery either in full or in part in future, the same shall be included into income of the year in which same is received.

iv) However, the investments in the equity of the above companies has not been written off.

Note 5 In the opinion of the Board of Directors of the Company the Current Assets, Loans & Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities are adequate and not in excess of the amount reasonably necessary._

Note 6: Segmental Reporting

The Company is principally engaged in the business of pharmaceutical. Accordingly there are no segments as per Accounting Standard 17"Segmental Reporting" issued by the Institute of Chartered Accountants of India.

Note 7: Related Party Disclosures_

(a) Subsidiary Companies

1. Parenteral Biotehch Limited

2. Abhay Drugs Limited

3. Parenteral Impex Limited

4. Anjaney Pharmaceuticals Limited

5. Parentech Healthcare Limited

6. Parenteral Surgicals Limited

7. Punjab Formulations Limited

8. Goa Formulations Limited

9. Mascareignes Pharmaceuticals Manufacturing Company Limited

10. Parenteral Drugs Kazakhstan

(b) Other related party relationship where transactions have taken place during the year

Enterprises over which Key Managerial Personnel exercise significant influence

1. Anitas Exports Private Limited

2. Parenteral Medicines Limited

3. Mahaganpati Investments Private Limited

Key Managerial Personnel

1. Manohar Lal Gupta, Chairman

2. Vinod Kumar Gupta, Managing Director

3. Govind Das Garg, Whole Time Director

4. Anil Mittal, Whole Time Director

Relatives of Key Managerial Personnel

1. Lalit Mittal (brother of Anil Mittal)

2. Aditya Gupta (son of Manoharlal Gupta)

3. Ashish Garg (son of Govind Das Garg)


Mar 31, 2013

Note: 1 Disclosure under AS-15 (Employee Benefits)

(i)|As required by Revised AS 15, Provident fund is defined contribution scheme and the contribution made are charged to profit and loss account.

(ii) Gratuity is defined benefit obligation and is provided for on the basis of actuarial valuation by SBI Life Insurance Company Ltd. Provision has been made for the current year liabilities in accounts is Rs. 24,61,049/-. Unprovided past year liabilities as per actuary valuation as on 31.03.2013 is Rs. 2,16,37,045/- (Rs. 2,16,37,045). In view of above the required disclosure were not given.

(iii) Provision for leave encashment is recognised as expenses in the Profit and Loss Account for the year in which lemployee has rendered service.

Note: 2 Contingent liabilities and commitments

(to the extend not provided)

a) Contingent liabilties

i) Claim against the company not acknowledged as debt-

-Certain show-causes notices are pending to be adjudicated by the Central excise department.

The challenged demand under the notices is Rs.2,30,20,877/- (Rs. 2,30,20,877/-).

-One demand under Entry Tax Act for Rs. 1,65,53,643/- (Nil) for which the Company has filed writ petion in the

High Court of Madhya Pradesh Bench at Indore and demand is stayed by the H''ble High Court.

-Three Income Tax demands of Rs.1,00,49,142/- (Rs. 12,83,190/-) were raised by Assessing Officer, which are not admitted and rectification/appeals are pending.

-One demand under DPCO Act for Rs. 19,30,880/- (Nil) for which the Company has filed writ petion in the High Court of Delhi and demand is stayed by the H''ble High Court.

-Gratuity fund contribution towards past service liability to the tune of Rs. 2,16,37,045/- (Rs. 2,16,37,045/-) (as current investment are considered to meet gratuity liability)

ii) Ba''nk Guarantees : Rs. 2,72,15,334/- (Rs. 4,47,54,442/-)

iii) Other contingent liabilties

-Eight group companies have offered collateral securities (1) by mortgage of two companies immovable properties and (2) by pledge of shares in favour of the Company against credit facilities and corporate loan by six companies . Amount involved was uncertain.

-Corporate Guarantee given to three subsidiary companies to the tune of Rs. 1,03,54,00,000/-

(Rs. 1,03,54,00,000/-)

-Sacrifice of lenders under approved CDR scheme of Rs. 2,81,24,047/- (Nil).

b) Commitments

i) Estimated amount of contracts remaining to be executed-Nil on capital account and not provided for

ii) Other commitments-Nil

Note: 3 In the opinion of the Board of Directors of the Company the Current Assets, Loan & Advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated land provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

Note: 4 Segmental Reporting

The Company is principally engaged in the business of pharmaceutical. Accordingly there are no segments as per Accounting Standard 17 "Segmental Reporting" issued by the Institute of Chartered Accountants of India.

Note: 5 Related Party Disclosures

(a) Subsidiary Companies

1. Parenteral Biotehch Limited

2. Abhay Drugs Limited

3. Parenteral Impex Limited

4. Anjaney Pharmaceuticals Limited

5. Parentech Healthcare Limited

6. Parenteral Surgicals Limited

7. Punjab Formulations Limited

8. Goa Formulations Limited

9. Mascareignes Pharmaceuticals Manufacturing Company Limited

10. Parenteral Drugs Kazakhstan

(b) Other related party relationship where transactions have taken place during the year

Enterprises over which Key Managerial Personnel exercise significant influence

1. Anitas Exports Private Limited

2. Parenteral Medicines Limited Key Managerial Personnel

1. Manoharlal Gupta, Chairman cum Managing Director

2. Vinod Kumar Gupta, Managing Director

3. Govind Das Garg, Whole Time Director

4. Anil Mittal, Whole Time Director Relatives of Key Managerial Personnel

1. Lalit Mittal (brother of Anil Mittal)

2. Aditya Gupta (son of Manoharlal Gupta)


Mar 31, 2012

A 29,62,102 (29,62,102) 0% optionally convertible, redeemable preference shares are convertible in equity shares or redeemed upto 1st Nov, 2013. If converted, each preference share shall be replaced by one equity share of the Company.

A Nature of security is as under:-

i Term Loans of Rs. 1,11,60,74,635/- (Rs. 75,37,43,158/-) are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and first exclusive charge by way of pledge of 6,66,666 equity shares of PDIL held by Rajratan Exports Private Limited and first exclusive charge by way of pledge of fixed deposit and equitable mortage of office property belonging to Parenteral Medicine Limited situated at Andheri (W), Mumbai and personal guarantee of two Managing Directors, two director, Smt. Alpana Gupta, HUF of three directors, Diamond Crystal Private Limited, Rajratan Exports Private Limited.

ii Term Loans of Rs. 1,34,09,294/- (Rs. 2,06,91,947/-) are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortage of office property belonging to Parenteral Medicine Limited situated at Andheri (W), Mumbai and personal guarantee of two Managing Directors, one director, Smt. Alpana Gupta, HUF of three directors, Diamond Crystal Private Limited, Rajratan Exports Private Limited.

iii Corporate Loans of Rs. 27,98,25,993/- (Rs. 31,85,49,734/-) are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and first exclusive charge by way of pledge of 26,66,666 equity shares of PDIL held by Rajratan Exports Private Limited and first exclusive charge by way of pledge of fixed deposit and equitable mortage of office property belonging to Parenteral Medicine Limited situated at Andheri (W), Mumbai and personal guarantee of two Managing Directors, two director, Smt. Alpana Gupta, HUF of three directors, Diamond Crystal Private Limited, Rajratan Exports Private Limited.

iv Vehicle Loan of Rs. 14,61,678/- (Rs. 22,03,710/-) are secured by hypothecation of bus.

B Term Loan include Rs. 2,09,11,719/- (Rs.87,80,965/-) as interest due.

Corporate Loan include Rs. 65,17,077 (Rs. 33,78,509/-) as interest due.

Vehicle Loan include amount of Rs. 1,65,282/- (Rs. 3,99,426/-) unmatured interest.

C Term Loan Installment of Rs. 11,50,000/- which is due in March'12 is paid on 20th April, 2012 Term Loan Installment of Rs. 12,50,000/- which is due in March'12 is paid on 4th May, 2012

A Nature of Security is as under:-

a Working Capital Loans of Rs. 85,63,25,998/- (Rs. 94,24,30,355/-) are secured by first pari passu charge on entire current assets of the Company and second pari passu charge on entire fixed assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and first exclusive charge by way of pledge of 6,66,666 equity shares of PDIL held by Rajratan Exports Private Limited and first exclusive charge by way of pledge of fixed deposit and equitable mortage of office property belonging to Parenteral Medicine Limited situated at Andheri (W), Mumbai and personal guarantee of two Managing Directors, two director, Smt. Alpana Gupta, HUF of three directors, Diamond Crystal Private Limited, Rajratan Exports Private Limited.

b Working Capital Loans of Rs. 35,33,28,068/- (Rs. 35,24,56,428/-) are secured by first pari passu charge on entire current assets of the Company and second pari passu charge on entire fixed assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortage of office property belonging to Parenteral Medicine Limited situated at Andheri (W), Mumbai and personal guarantee of two Managing Directors, one Director, Smt. Alpana Gupta, HUF of three directors, Diamond Crystal Private Limited, Rajratan Exports Private Limited.

B Working Capital Loan include amount of Rs. 6,72,936/- (Rs. 5,56,719/-) as interest due.

Note 1 Contingent liabilities and commitments

(to the extend not provided)

a) Contingent liabilties_

i) Claim against the company not acknowledged as debt

-Certain show-causes notices are pending to be adjudicated by the Central excise department.

The challenged demand under the notices is Rs.2,30,20,877/- (Rs. 2,30,20,877/-).

-one demand under CST Act for Rs. 2,55,94,000/- (Rs. 2,55,94,000/-) for which the Company has filed an appeal with DC (Appeal).

-Income Tax demand of Rs. 12,83,190/- (Nil) was raised by Assessing Officer, which is not admitted and rectification is pending.

-Gratuity fund contribution towards past service liability to the tune of Rs. 2,16,37,045/- (Rs. 1,18,90,102/-)

(as current investment are considered to meet gratuity liability)

ii) Bank Guarantees : Rs. 4,47,54,442/- (Rs. 9,11,71,882/-)_

iii) Other contingent liabilties

-Two group companies have offered collateral securities (1) by mortgage of one company immovable properties & (2) by pledge of shares in favour of the Company against credit facilities and corporate loan. Amount involved was uncertain.

-Corporate Guarantee given to three subsidiary companies to the tune of Rs. 1,03,54,00,000/- (Rs. 42,79,00,000/-)

b) Commitments

i) Estimated amount of contracts remaining to be executed-Nil

on capital account and not provided for

ii) Other commitments-Nil

Note 2 In the opinion of the Board of Directors of the Company the Current Assets, Loan & Advances have

a value on realisation in the ordinary course of business at least equal to the amount at which they are stated and provision for all known liabilities are adequate and not in excess of the amount reasonably necessary.

Note 3A Segmental Reporting

The Company is principally engaged in the business of pharmaceutical. Accordingly there are no segments as per Accounting Standard 17 "Segmental Reporting" issued by the Institute of Chartered Accountants of India.

Note 4 Deferred Tax Liabilities

Consequent to the issuance of Accounting Standard 22 "Accounting for Taxes on Income" by the Institute of Chartered Accountants of India, the Company has recognised the deferred tax liability aggregating to Rs. 4,61,43,582/- (Rs. 66,36,818/-) in the Profit & Loss Accounts in the current year.

 
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