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

Notes to Accounts of Phaarmasia Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES AND COMMITMENTS

(TO THE EXTENT NOT PROVIDED FOR)

Contingent Liabilities NIL NIL

Note: There are Demands of Income Tax aggregating to Rs. 9,25,33,570/-for different Assessment Years i.e., from AY 2006-07 to AY 2012-13, from Central Circle-40, Mumbai, in respect of the assessments u/s 153 of IT Act., and the Company has filed appeals before "Commissioner of Income Tax (Appeals), Mumbai" in the month of April'2014, and management is of the opinion that, there will not be any liability on the Company and no provision is made for the above mentioned amount or part thereof.

2. The contribution to pension/gratuity fund and leave expense includes the following:

3. Related Party Disclosures

As per the Accounting Standard on "Related Party Disclosures" AS-18, issued by the ICAI, the related parties of the Company are as follows.

4. Related Parties:

Maneesh Pharmaceuticals Limited Svizera Health Remedies

5. Board of Directors

* Mr. Maneesh R. Sapte -- Managing Director

* Mr. Y.N. Bhaskara Rao -- Whole-time Director

* Mr. Vinay R. Sapte -- Director

* Mr. Bharat B. Merchant -- Director

* Mr Bupinder N. Garg -- Director

* Mrs. Rashmi V.Sapte -- Additional Director

6. Regrouping and rearrangement of Previous year's figures

7. Previous year's figures have been regrouped/ rearranged wherever necessary.


Mar 31, 2014

1. The Company has only one class of equity shares having a par value of Rs.10 per share. 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 entiled 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.

2. In FY 2005-06, there was a scheme of re-arrangement and restructuring u/s 391 & 394, sanctioned by The Hon''ble High Court of Andhra Pradesh, as per which the Fixed assets of the company were revalued by Rs. 1367.58 lakhs, to which extent, the revaluation reserve was also created, and was allowed to be used to wipe out the accumulated losses of Rs.1097.22 lakhs as per the scheme. However, in the subsequent years, the depreciation on such revalued portion, is to be adjusted, against the same revaluation reserve, but due to the above wiping out losses, there is a shortfall of reserve. There are also some Free reserves and Capital reserves, and so the said depreciation on revalued portion is being adjustedreserves, and after exhausting the same, now against the Capital reserves of the Company.

The Free Reserves are fully exhausted/adjusted by adjusting the remaining depreciation on revalued assets and there is still such depreciated(on realued portion) at Rs.3,03,81,024/- (PY 3,46,13,490), as at the year end, is to be adjusted in future years, which may result into negative reserves.

3. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

Contingent Liabilities NIL NIL

Note: There are Demands of Income Tax aggregating to Rs. 9,25,33,570/- for different Assessment Years i.e.., from AY 2006-07 to AY 2012-13, from Central Circle-40, Mumbai, in respect of the assessments u/s 153 of IT Act., and the Company has filed appeals before "Commissioner of Income Tax (Appeals), Mumbai" in the month of April'' 2014, and management is of the opinion that, there will not be any liability on the Company and no provision is made for the above mentioned amount or part thereof.

4. Related Party Disclosures

As per the Accounting Standard on "Related Party Disclosures" AS-18, issued by the ICAI, the related parties of the Company are as follows.

5. Regrouping and rearrangement of Previous year''s figures

6. Previous year''s figures have been regrouped/rearranged wherever necessary.


Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)

1.1 Contingent Liabilities NIL NIL

1.2 Commitments NIL NIL


Mar 31, 2012

1.1. Contingent Liabilities NIL NIL

2. Related Party Disclosures

As per the Accounting Standard on " Related Party Disclosures" AS-18, issued by the ICAI, the related parties of the Company are as follows:

2.1. Related Parties:

Manosh Pharmaceuticals Limited

Svizera Health Remedies

2.2. Key Management Personnel

- Mr. Vinay R Septe - Chairman & Director

- Mr. Mangesh R Sapte - Managing Director

- Mr. Y.N. Bhaskara Rao - Executive Director

- Mr. Bharat B Merchant - Additional Director

- Mr. Bupinder G Nang - Additional Director

3.1. Expenses in Foreign Currency fully Paid 6948 1800

3.2 Earnings in Foreign Currency Nil Nil

4. Regrouping and rearrangement of previous year's figures

5. Previous year's figures have been regrouped / rearranged wherever necessary.


Mar 31, 2010

1. Contingent Liability in respect of Guarantee given by the company against Bank Guarantee not provided for Rs.2,90,000/- (Previous year - Rs.2,90,000).

2. Estimated amount of contracts remaining to be executed on Capital Account and not provided for: Rs. NIL. (Previous Year- NIL).

3. All Outstanding balances for creditors, debtors, acceptances and other advances are subject to confirmation from the parties.

4. With regards to the compliance of the Provisions relating to the dues to Micro, Small and Medium Enterprises the Company explained that it sent letters to the creditors to confirm whether they are Micro, Small and Medium Enterprises and the replies are yet to be received by the Company. Hence it could not quantify the dues if any, to Micro, Small and Medium Enterprises Units.

5. Income Tax returns of the Company are filed up to the accounting year ending 31s1 March 2009, and there are no material demands or disputed amounts pending as on date.

6. The Sales Tax Assessment of the Company is completed up to accounting year 2007-08. For the Year 2008-09, 2009-10 assessments are pending. Management is of the opinion thatthere will be no additional liability will arise other than that provided for.

7. Gratuity is provided only for the completed period of service. No provision has been made for leave encashment as companys H.R. Policy does not allow encashment..

8. The Company operates in a solitary business segment i.e., pharmaceuticals, comprising mainly manufacture of formulations and creams which as per Accounting Standard-AS17 is considered as the only one reportable business segment. The company also manufactures skin/face Creams and tooth paste both covered under Drugs & Cosmetics Act, with valid Drug Licenses obtained and there are also treated as same business segment. Accordingly, no further financial information for business segment is required to be given. The company also Exported Formulations to Nepal for Rs.1.12Crores and the balance Rs.10.29Crores as domestic sale as required for the geographical segmentation..

9. In accordance with the Accounting Standard on "Earnings per Share" AS - 20, issued by the Institute of Chartered Accountants of India, Earnings per Share has been computed as under:

10. As per the Accounting Standard on "Related Party Disclosures" AS - 18, issued by the Institute of Chartered Accountants of India, the related parties of the Company are as follows:

A. Key Management Personnel :

Mr. Vinay R.Sapte -- Chairman

Mr. Maneesh R. Sapte - Managing Director

Mr. Y.N. Bhaskara Rao -- Executive Director

Mr. C.Srinivas -- Director

* Mr P.Vijayasradhi - Director

The nature and volumes of transactions of the Company during the year, with the above-related parties were as follows:

- Remuneration - Rs. 480000/- p.a. to Mr Y.N.Bhaskar Rao and

Rs.32,000/- to Non working Directors towards

Sitting Fees.

12. Previous years figures are regrouped wherever necessary to make them comparable with current year figures.

13. The Depreciation on the revalued portion of value of fixed assets for the period ended 31s March 2010 of Rs.73,30,671/- (Previous year Rs. 84,18,716/-) is adjusted in Reserve & Surplus A/a.

14 Rpmunprptinn nairl tn Dimrtnrs

15. Information pursuant to the provisions of paragraph 3, 4C and 4D of Part II of ScheduleVI of CompaniessAct, 1956.

(As certified by the management and not verified by the Auditors being a Technical subject) Expenditure in foreign currency during the financial Year on account of traveling etc., Nil

16 Previous Years figures have been regrouped And rearranged wherever necessary 12. Figures are rounded off to the nearest rupee.

 
Subscribe now to get personal finance updates in your inbox!