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Notes to Accounts of Parnax Lab Ltd.

Mar 31, 2015

1. BACKGROUND

Parnax Lab Limited is a public company incorporated under the provisions of the Companies Act, 1956. The Company is principally engaged in the business activities of manufacturing and export of Pharmaceutical Formulations.

2. Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10 per shares. Each holder of Equity Shares is entitled to one vote per share. 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 amounts. The distribution will be in proportion to the number of equity shares held by the shareholders

3. CONTINGENT LIABILITY : in respect of

a. Guarantees issued by the bankers in favour of various authorities, which have been counter Guarantee by the company Rs. 24.76 Lacs (Rs. 24.76 Lacs).

b. Tax Matters

i. Disputed excise duty demand, matter under appeal Rs. 68.87 Lacs (Rs. 68.87 Lacs)

ii. Disputed income tax demand, matter under appeal Rs. 59.42 Lacs( Rs. 59.42 Lacs)

4. Dues to Small Scale industrial undertakings enterprises are worked out on the basis of verbal confirmation from suppliers. As at 31st March, 2015, there were no small scale industrial undertakings to which the company owes any sum which is outstanding for more than 30 days. The information pertaining to micro and small enterprises as required to be disclosed in accordance with Section 22 of Micro, Small and Medium Enterprises Development Act, 2006 is not readily ascertainable and hence not disclosed.

5. Since the Company's business activity falls within a single primary business segment and also there is no significant reportable segment, hence no disclosure has been made as specified in Accounting Standard (AS-17) "Segment Reporting".

6. Since the Company's business activity falls within a single primary business segment and also there is no significant reportable segment, hence no disclosure has been made as specified in Accounting Standard (AS-17) "Segment Reporting".

7. Related Party Disclosures

(i) Name of the related Parties and Description of relationship

Subsidiary Naxpar Pharma Pvt. Ltd.

Key Management Personnel Mr. Prakash M. Shah

Mr. Baiju M. Shah

Relatives of Key Management Personnel Mr. Mihir P Shah

Mr. Binoy B. Shah Ms. Pragna P Shah Ms. Ila B. Shah Ms. Ami M. Shah

Concern in which KMP and/or Relatives of M/s Nithyasha Healthcare KMP is interested Pvt. Ltd.

8. The balances of Unsecured Loans, Creditors, Debtors and Loans and Advances are subject to confirmation and reconciliation, if any.

9. In the opinion of the board, the Current Assets, Loans and Advances are approximately of the value stated in the Balance Sheet, if realised in the ordinary course of business.

10. Balance of Investment in M/s Novonax LLP is subject to confirmation.

11. Previous year's figures have been regrouped and rearranged, to correspond with the figures of current year wherever necessary. Figures in bracket represent previous year.


Mar 31, 2014

1. CONTINGENT LIABILITY : in respect of

a Guarantees issued by the bankers in favour of various authorities, which have been counter Guarantee by the company Rs. 24.76 Lacs (Rs. 24.76 Lacs).

b Claims against the Company not acknowledge as debt Rs. Nil (Rs. 19.55 Lacs).

c. Dues to Small Scale industrial undertakings enterprises are worked out on the basis of verbal confirmation from suppliers. As at 31st March, 2010, there were no small scale industrial undertakings to whom the company owes any sum which is outstanding for more than 30 days. The information pertaining to micro and small enterprises as required to be disclosed in accordance with Section 22 of Micro, Small and Medium Enterprises Development Act, 2006 is not readily ascertainable and hence not disclosed.

d. A. Pursuant to Scheme of Amalgamation of Parnax Lab Private Limited and Naxpar Lab Private Limited, under section 391 to Section 394 of the Companies Act, 1956 approved by Hon''ble High Court of Bombay vide its order dated 2nd December, 2011 which became effective on 2nd January, 2012 on filling of the certified copy of the orders of the High Court in the office of the Registrar of Companies, w.e.f. 1st November, 2010, the appointed date of the Scheme:

2.i. The entire business of Parnax Lab Private Limited and Naxpar Lab Private Limited, engaged in manufacturing of Pharmaceutical Formulations, has been transferred to the Company

ii. The amalgamation has been accounted for under ''the pooling of interest method'' being an amalgamation in the nature of merger, as prescribed by the Accounting Standard - 14 "Accounting for Amalgamations" notified under Companies (Accounting Standard) Rules, 2006.

iii. In terms of the Scheme, the difference in the value of net assets and reserves of Parnax Lab Private Limited and Naxpar Lab Private Limited as at 1st November, 2010 duly adjusted for issue of shares to shareholders of Parnax Lab Private Limited and Naxpar Lab Private Limited, amounting to Rs. 3,91,51,660/- has been adjusted against Share Premium Account and General Reserve.

iv. The assets and liabilities as at 31st March, 2011 and the transaction including income and expenses for the period form 1st November, 2010 to 31st March, 2011 of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited (being the period when pending effectuation of the scheme, the business and activities if erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited were run and managed in trust for the Company) have been incorporated in the accounts on the basis of its audited financial statements under the Companies Act, 1956 for the period ended on 31st March, 2011. Consequently, Net Loss for the period amounting to Rs. 13,30,466/- (after adjustments on account of unrealised profit and tax) is included in accumulated Profit and Loss Account balance of Rs. 6,05,12,935/-, transferred on merger of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited with the Company.

3. a. Since the Company''s business activity falls within a single primary business segment and also there is no significant reportable segment, hence no disclosure has been made as specified in Accounting Standard (AS-17) "Segment Reporting".

b. The balances of Unsecured Loans, Creditors, Debtors and Loans and Advances are subject to confirmation and reconciliation, if any.

c. In the opinion of the board, the Current Assets, Loans and Advances are approximately of the value stated in the Balance Sheet, if realised in the ordinary course of business.

d. Balance of Investment in M/s Novonax LLP is subject to confirmation.

e. Previous year''s figures have been regrouped and rearranged, to correspond with the figures of current year wherever necessary. Figures in bracket represent previous year.

4. (i) Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10 per shares. Each holder of Equity Shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaning 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

a. Term loan from State Bank of India is secured by extension of hypothecation on the current assets of the company and mortgage of immovable & movable assets of the company.

b. Term loan from Maratha Sahakari Bank Ltd. is secured by way of mortgage of office premises of the company

c. Vehicle loans from HDFC Bank Ltd. & ICICI Bank Ltd are secured against hypothecation of respective vehicle


Mar 31, 2013

A. CONTINGENT LIABILITY : in respect of

a. Guarantees issued by the bankers in favor of various authorities, which have been counter Guarantee by the company Rs. 24.76 Lacs (Rs. 24.76 Lacs).

b. Claims against the Company not acknowledge as debt 19.55 Lacs (Rs. 27.17 Lacs).

c. Dues to Small Scale industrial undertakings enterprises are worked out on the basis of verbal confirmation from suppliers. As at 31st March, 2010, there were no small scale industrial undertakings to whom the company owes any sum which is outstanding for more than 30 days. The information pertaining to micro and small enterprises as required to be disclosed in accordance with Section 22 of Micro, Small and Medium Enterprises Development Act, 2006 is not readily ascertainable and hence not disclosed.

d. A. Pursuant to Scheme of Amalgamation of Parnax Lab Private Limited and Naxpar Lab Private Limited, under section 391 to Section 394 of the Companies Act, 1956 approved by Hon''ble High Court of Bombay vide its order dated 2nd December, 2011 which became effective on 2nd January, 2012 on filling of the certified copy of the orders of the High Court in the office of the Registrar of Companies, w.e.f. 1st November, 2010, the appointed date of the Scheme:

i. The entire business of Parnax Lab Private Limited and Naxpar Lab Private Limited, engaged in manufacturing of Pharmaceutical Formulations, has been transferred to the Company

ii. The amalgamation has been accounted for under ''the pooling of interest method'' being an amalgamation in the nature of merger, as prescribed by the Accounting Standard – 14 "Accounting for Amalgamations" notified under Companies (Accounting Standard) Rules, 2006.

iii. In terms of the Scheme, the difference in the value of net assets and reserves of Parnax Lab Private Limited and Naxpar Lab Private Limited as at 1st November, 2010 duly adjusted for issue of shares to shareholders of Parnax Lab Private Limited and Naxpar Lab Private Limited, amounting to Rs. 3,91,51,660/- has been adjusted against Share Premium Account and General Reserve.

iv. The assets and liabilities as at 31st March, 2011 and the transaction including income and expenses for the period from 1st November, 2010 to 31st March, 2011 of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited (being the period when pending effectuation of the scheme, the business and activities if erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited were run and managed in trust for the Company) have been incorporated in the accounts on the basis of its audited financial statements under the Companies Act, 1956 for the period ended on 31st March, 2011. Consequently, Net Loss for the period amounting to Rs. 13,30,466/- (after adjustments on account of unrealised profit and tax) is included in accumulated Profit and Loss Account balance of Rs. 6,05,12,935/-, transferred on merger of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited with the Company.

e. Since the Company''s business activity falls within a single primary business segment and also there is no significant reportable segment, hence no disclosure have been made as specified in Accounting Standard (AS-17) "Segment Reporting".

f. The balances of Unsecured Loans, Creditors, Debtors and Loans and Advances are subject to confirmation and reconciliation, if any.

g. In the opinion of the board, the Current Assets, Loans and Advances are approximately of the value stated in the Balance Sheet, if realised in the ordinary course of business.

h. Balance of Investment in M/s Novonax LLP is subject to confirmation.

i. Consequent to effectuation of the Scheme of Amalgamation referred to in Note ''d'' above, previous year figures includes figures of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited.

j. Previous year''s figures have been regrouped and rearranged, to correspond with the figures of current year wherever necessary. Figures in bracket represent previous year.


Mar 31, 2012

A. CONTINGENT LIABILITY : in respect of

a. Guarantees issued by the bankers in favour of various authorities, which have been counter Guarantee by the company Rs. 24.76 Lacs (Rs. 24.76 Lacs).

c. Dues to Small Scale industrial undertakings enterprises are worked out on the basis of verbal confirmation from suppliers. As at 31st March, 2010, there were no small scale industrial undertakings to whom the company owes any sum which is outstanding for more than 30 days. The information pertaining to micro and small enterprises as required to be disclosed in accordance with Section 22 of Micro, Small and Medium Enterprises Development Act, 2006 is not readily ascertainable and hence not disclosed.

b. A. Pursuant to Scheme of Amalgamation of Parnax Lab Private Limited and Naxpar Lab Private Limited, under section 391 to Section 394 of the Companies Act, 1956 approved by Hon'ble High Court of Bombay vide its order dated 2nd December, 2011 which became effective on 2nd January, 2012 on filling of the certified copy of the orders of the High Court in the office of the Registrar of Companies, w.e.f. 1st November, 2010, the appointed date of the Scheme:

i. The entire business of Parnax Lab Private Limited and Naxpar Lab Private Limited, engaged in manufacturing of Pharmaceutical Formulations, has been transferred to the Company

ii. The amalgamation has been accounted for under 'the pooling of interest method' being an amalgamation in the nature of merger, as prescribed by the Accounting Standard - 14 "Accounting for Amalgamations" notified under Companies (Accounting Standard) Rules, 2006.

iii. In terms of the Scheme, the difference in the value of net assets and reserves of Parnax Lab Private Limited and Naxpar Lab Private Limited as at 1st November, 2010 duly adjusted for issue of shares to shareholders of Parnax Lab Private Limited and Naxpar Lab Private Limited, amounting to Rs. 3,91,51,660/- has been adjusted against Share Premium Account and General Reserve.

iv. The assets and liabilities as at 31st March, 2011 and the transaction including income and expenses for the period form 1st November, 2010 to 31st March, 2011 of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited (being the period when pending effectuation of the scheme, the business and activities if erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited were run and managed in trust for the Company) have been incorporated in the accounts on the basis of its audited financial statements under the Companies Act, 1956 for the period ended on 31st March, 2011. Consequently, Net Loss for the period amounting to Rs. 13,30,466/- (after adjustments on account of unrealised profit and tax) is included in accumulated Profit and Loss Account balance of Rs. 6,05,12,935/-, transferred on merger of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited with the Company.

Equity shares allotted pursuant to Scheme of Merger has been considered as deemed to be allotted on appointed date and hence share issued pursuant to Scheme of Merger has been taken for calculating earning per share for the year

c. Since the Company's business activity falls within a single primary business segment and also there is no significant reportable segment, hence no disclosure have been made as specified in Accounting Standard (AS-17) "Segment Reporting".

d. The balances of Unsecured Loans, Creditors, Debtors and Loans and Advances are subject to confirmation and reconciliation, if any.

e. In the opinion of the board, the Current Assets, Loans and Advances are approximately of the value stated in the Balance Sheet, if realised in the ordinary course of business.

f. Balance of Investment in M/s Novonax LLP is subject to confirmation.

g. Consequent to effectuation of the Scheme of Amalgamation referred to in Note 'd' above, current year figures includes figures of erstwhile Parnax Lab Private Limited and Naxpar Lab Private Limited. As such the corresponding figures of the previous year are not directly comparable with those of the current year.

h. Previous year's figures have been regrouped and rearranged, to correspond with the figures of current year wherever necessary. Figures in bracket represent previous year.

Working Capital facility from State Bank of India is secured by way of Hypothecation of stocks, book debts and entire current assets of the company. The facility is further secured by second charge on fixed assets and personal guarantee of all the Directors of the company.


Mar 31, 2004

1. The previous years figures have been regrouped, recast and or rearranged wherever necessary.

2. Other additional information pursuant to para 4C and 4D of part II of Schedule VI of The Companies Act, 1956, are not applicable.

3. The Company has received registration from RBI under Section 45 I A under RBI Act.

4. Due to non-availability of adequate documents it is not ascertainable as to how much amount is recoverable from Tax Deducted at Source amounting to Rs. 14,90,831/- which is shown under Loans & Advances.

5. The Company has converted shares of Rs. 507,207/- held as stock-in-trade into Investment as on 01.04.2003.

6. The Income Tax Department has raised Demand for various Assessment Years Aggregating to Rs.2,18,83,988/-. The Company has preferred Appeals with various Authorities/The Company does not envisage any Tax liability.

 
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