Home  »  Company  »  Raaj Medisafe India  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Raaj Medisafe India Ltd.

Mar 31, 2015

A) Gratuity and Leave Encashment benefits are accounted for on cash basis. In the absence of actuarial valuation it is not possible to quantify the amount payable on this account and its effect on Profit and Loss of the company.

b) In opinion of Board, there is no unpaid amount due to Small Scale Industrial Under taking and SMEs for more than45daysand also there anointed rest paid or payable during the year towards unpaid amount or delayed

c) Service Tax and Penalty amount of Rs. 4B,874/- paid under protest during the year was considered as expenses on being lapse of reasonable time for appeal. Further Rs. 44,57B/- was also paid in the same matter to discharge the whole liability of demand order and the amount paid is classified as "extraordinary items" in final accounts.

d) Extraordinary items and prior period items contains Rs. 16,611/- towards PF Penalty, Rs. 1,70,82B/- towards Maintenance charges to Govt. Agency for prior period and Rs. 93,452/- towards Service Tax as detailed above.

e) No contract on capital account is remaining to be executed during and at the close of the year.

f) Depreciation on fixed assets has been charged on "Straight Line Method" on Pro-rata basis and has been realigned in accordance with schedule II to the Companies Act, 2013. Life span of all the assets have been recalculate and taken as per schedule II. Carrying value of assets is now depreciated over its remaining useful life. Residual value of the assets has been taken as Nil in case of all assets which is also with the provisions of Schedule II. The assets of which residual life remains nil as on 01.04.2014, the book value of these assets has been transferred to retained earnings.

g) The Fixed assets items of which residual life remains nil as on 01.04.2014; book value of these assets has been transferred to retained earnings. Accordingly the depreciation has been less charged by Rs. 27,80,047/- in the Profit and Loss Statement and Loss is less computed by the same amount.

h) Plant Building construction is completed during the year and the amount stood as Capital Work in progress which relates to Building construction is being capitalized by transferring the amount to Building A/c and depreciation has been charged on the addition from current financial year.

i) other income includes sale of scrap of building to the tune of Rs. 5.79 Lacs.

j) In the opinion of the Board of Directors, the current Assets have a value on realization in the. ordinary course of business at least equal to the amount at which these are stated above. Provisions for known liabilities are adequate and not in excess of the amount considered reasonable and necessary.

k) Account statements of in-operative bank accounts held in the name of the company are not available hence balances in such accounts subject to confirmation. n) Disclosures as required under "Related Part Disclosures" (AS 18) issued by The Institute of Chartered Accountants of India are as below;

l) List of Related Parties-

i) Key Managerial Personnel (KMP)

Sheri AjayKasat - Managing Director

ShriArpitBangur - Director (Chairman)

Shri Rajesh KumarGupta - Director(independent)

Shri Vijendra Kumar Sood - Director(independent)

Shri Narendra Bahadur Singh - Director(independent)

Smt. Krishna Jajoo - Additional Director

ii) Bodies Corporate

M/s Famous Vanijya Pvt. Ltd. - Director Shri Rajesh Gupta is a Director

M/s Shrini was Poly fabric& Pack well - Director Shri Arpit Bangur is a Director Pvt. Ltd.

M/sArpit Plastics Pvt. Ltd. - Director Shri Arpit Bangur isa Member

M/sUjjain Security and Manpower - Director Shri N.B.Singh isa Director Services Pvt. Ltd.

M/sShriji Polymers(l)Ltd. - Director ShriArpit Bangur along with his

relatives holds more than 2 % of Shares.

iii) Relatives of Directors (with whom transactions done during the year).

Shri Anand Bangur, Smt. Ma ngla Bangurare the relatives of Director Shri Arpit Bangur.

m) Balances of Sundry Debtors, Creditors and Loans &advances are subject to confirmation.

n) Previous year figures have been rearranged/ regrouped where ever necessary.


Mar 31, 2014

1. Gratuity and Leave Encashment benefits are accounted for on cash basis, in the absence of actuarial valuation it is not possible to quantify the amount payable on this account and its effect on Profit and Loss of the company.

2. in opinion of Board, there is no unpaid amount due to Small Scale Industrial Undertaking and SMEs for more than 45 days and also there is no interest paid or payable during the year towards unpaid amount or delayed payment to such enterprises.

3. Income on account of foreign exchange fluctuation is towards payment in foreign currency to M/s Health Machinery Company Ltd. as advance against machine purchase. Later on on cancellation of the order, the amount was received back in foreign currency and income is booked of Rs. 39048/- against foreign exchange fluctuation.

4. Previous year figures have been rearranged / regrouped where ever necessary.

5. Balances of Sundry Debtors, Creditors and Loans & advances are subject to confirmation.

6. Contingent liabilities are not provided for but disclosed, if any by way of notes on account and will be accounted for in the year of occurrence.

7. In the opinion of the Board of Directors, the current Assets have a value on realization in the ordinary course of business at least equal to the amount at which these are stated above. Provisions for known liabilities are adequate and not in excess of the amount considered reasonable and necessary.

8. A Liability towards services tax of Rs.22289/- along with Interest and Penalty and late fee of late-filling of return of Rs.6000/ was confirmed vide order of DC of Central Excise, Customs and Service Tax, Division Pithampur Dtd. 08.09.2010 on to foe assessee. The liability is not booked by the oompany and will be booked on actual payment basis at the time of final disposal of the order.

9. Account statements of in-operative bank accounts held in the name of the company are not available hence balances and transactions in such accounts cannot be verified.

10. Significant accounting policies and practices adopted by foe Company are disclosed in the statement annexed to these financial statements as Annexure-1.


Mar 31, 2013

1. Gratuity and Leave Encashment benefits are accounted for on cash basis. In the absence of actuarial valuation it is not possible to quantify the amount payable on this account and its effect on Profit and LosS of the company.

2. In opinion of Board, there is no unpaid amount due to Small Scale industrial Undertaking and SMEs for more than 45 days and also there is no interest paid or payable during the year towards unpaid amount of Belayed payment to such enterprises.

3. Previous year figures have been rearranged / regrouped where ever necessary,

4. BaFartcesof Sundry Debtors, Creditors and Loans & advances are subject to confirmation.

5. Cknttrtgerrt liabilities are not provided for but disclosed, if any by way of notes on account and will be accduhtetJ for in the year of occurrence.

6. in the opinion of the Board of Directors, the current Assets have a value on realization in the ordinary course of business at least equal to the amount at which these are stated above. Provisions for known liabftHiesare adequate and not in excess of the amount considered reasonable and necessary.

7. Account statements of in-operative bank accounts held in the name of the company are not available hence balances and transactions in such accounts cannot be verified

8. BSE Reinstatement Fees of Rs. 18,25,850/- paid to BSE India Ltd. towards revocation of suspension in Trading of Equity Shares, of the company. The amount paid is clearly distinct from ordinary activities of the company and are not expected to reoccur frequently or regularly, hence the amount is shown on the face of Profit or Loss Statement as "Extraordinary Item".


Mar 31, 2009

1. Nature of Operation and Background Raaj Medisafe India Ltd. ( hereinafter reffered to as "RMIL) is a publicly owned Company, incorporated on September 12.1985 , registered with the Registar of Companies, Gwalior. Its businss includes mainly manufacuring and sale of medical disposable products.

2. Contingent Liabilities not provided for in respect of

i) Bank Guarantee Nil Nil

ii) Bills Discounted from Bank Nil Nil

iii) Demand/Show Cause Notices from Excise/Custom/ Sales Tax Dept. etc. which are disputed 5691815 5168271 & pending before appeallate authorities.

iv) Letter of Credit Nil Nil

3. Claim against the Company not acknowleded as debts. 2644434 2644434

4. The provision for Gratuity has been made on accrual basis and the provision for Bonus has been made as per provisions of Payment of Bonus Act. 1965.

5. On account of accumulated carried forward losses under the Income Tax Act, 19(51 and rules made thereunder there is no income tax liablilites for the year.

(a) Provision for Current Taxation is made as per U/s 115JB (MAT) of Income Tax Act, 1961.

6. Additional informations pursuant to Provisions of part II of Schedule VI to the Companies Act, 1956, to the extent relevant.

7. In accordance with Accounting standard (AS) -22 on "Accounting for taxes on Income" issued by the Institute of Chartered Accountants of India (ICAI), the Company has deferred tax asset. The company has been reporting a negative income over the last few years. Considering the past trend and in the absence of reasonable certainty that sufficient future taxable income would be available against which deferred tax assets would be realised, the company has decided not to account for deferred tax asset. The same is also in accordance with AS-22 issued by ICAI.

8. The Company does not have seperate segements that are subject to seperate risk and returns. Hence segement wise reporting persuant to clause 41 of the listing agreement and AS -17 issued by the ICAI is not applicable to the Company.

9. Related Parties Disclosures in accordance with, AS-18 issued by ICAI. Transactions with related parties

a. Name of related party and nature of relationship.

Name of related party Nature of relationship

Shri Himanshu Sharma Director Smt. Neera Sharma Relative of Director Ms. Nidhi Sharma Relative of Director

b. Transaction during the year

Related party Nature of Transaction Amount in Rs.

Mr. Himanshu Sharma Directors Remuneration 300600 Including Allowance & reimbursement

Smt. Neera Sharma Salary Allowance & reimbursement 240480 Ms. Nidhi Sharma Salary & Allowance 1,20,000

10 There are no subsidary companies to the Company. The Company has not obtained any economic benefits from its activities with the associate Companies/firms hence provisions of AS-21 issued by ICAI are not applicable.

11. Previous year figures have been re-grouped wherever considered necessary.

 
Subscribe now to get personal finance updates in your inbox!