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Notes to Accounts of Raymed Labs Ltd.

Mar 31, 2014

1. ACCOUNT BALANCES

Balances of Sundry Debtors, Sundry Creditors, Loans & Advances and Unsecured Loans are still subject to reconciliation and confirmations.

2. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business, which may fluctuate from time to time.

3. The accumulated losses of the company exceed the paid-up capital of the company.

4. SEGMENT REPORTING

The company is operating in a single line of product namely manufacturing and trading of medicines. Since there is no reporting Segment, the requirements of Accounting Standard (AS-17 ''Segment Reporting'') issued by the Institute of Chartered Accountants of India are not applicable for the company.

5. CONTINGENT LIABILITIES

Contingent liabilities not provided for in the financial statements for the current year are NIL (Previous year NIL).

6. TAXES ON INCOME

The company has not earned profit during the year and have Losses in previous years. Provision for Deferred Tax Assets has not been made due to uncertainty of profit earning by company in near future. Provision for MAT is not required.

7. RELATED PARTY TRANSACTION

As per accounting standard No. 18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said standard are disclosed below.

No Transaction with related party has been made during the year.

8. RENT OF FACTORY PREMISES

Mr. Ajai Goyal is allowing use of his factory premises at no rent.

9. Figures for the previous year have been regrouped wherever considered necessary to conform to the current year''s presentation.

10. Schedules No 1 to 21 form an integral part of the Balance Sheet and the Profit & Loss Account of the Company.


Mar 31, 2013

1.1.ACCOUNT BALANCES

A total of Rs. 17.92 lacs of Sundry Debtors, Sundry Creditors, Loans & Advances and Unsecured Loans are still subject to reconciliation and confirmations.

1.2.In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business, which may fluctuate from time to time.

1.3.The accumulated losses of the company exceed the paid-up capital of the company.

1.4.SEGMENT REPORTING

The company is operating in a single line of product namely manufacturing and trading of medicines. Since there is no reporting Segment, the requirements of Accounting Standard (AS-17 ''Segment Reporting'') issued by the Institute of Chartered Accountants of India are not applicable for the company.

1.5.CONTINGENT LIABILITIES

Contingent liabilities not provided for in the financial statements for the current year are NIL (Previous year NIL).

1.6.TAXES ON INCOME

The company has not earned profit during the year and have Losses in previous years; Provision for Deferred Tax Assets has not been made due to uncertainty of profit earning by company in near future. Provision for MAT is not required.

1.7.RELATED PARTY TRANSACTION

As per Accounting standard No. 18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said standard are disclosed below :- No Transaction with related party has been made during the year.

1.8.RENT OF FACTORY PREMISES

Mr. Ajai Goyal is allowing use of his factory premises at no rent.

1.9.Figures for the previous year have been regrouped wherever considered necessary to conform to the current year''s presentation.

1.10.Schedule Nos. 1 to 21 forms an integral part of the Balance Sheet and the Profit & Loss Account of the Company.


Mar 31, 2012

1.1. ACCOUNT BALANCES

Balances of Sundry Debtors, Sundry Creditors, Loans and Advances and Unsecured Loans are subject to reconciliation and confirmations.

1.2. In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business, which may fluctuate from time to time.

1.3. The accumulated losses of the company exceed the paid-up capital of the company.

1.4. SEGMENT REPORTING

The company is operating in a single line of product namely manufacturing and trading of medicines. Since there is no reporting Segment, the requirements of Accounting Standard (AS-17 'Segment Reporting') issued by the Institute of Chartered Accountants of India are not applicable for the company.

1.5. CONTINGENT LIABILITIES

Contingent liabilities not provided for in the financial statements for the current year are NIL (Previous year NIL).

1.6. TAXES ON INCOME

The company has earned profit during the year and Losses in previous years; however, neither provision for Deferred Tax Liability & Deferred Tax Assets nor provision for MAT has been made.

1.7. RELATED PARTY TRANSACTION

As per Accounting standard No. 18 issued by the Institute of Chartered Accountants of India, related parties in terms of the said standard are disclosed below :-

Names of Related parties and description of relationship:

Key Managerial Personnel: Shri Ajai Goyal, Managing Director

During the year Mr. Ajai Goyal gave an additional Loan to the Company as detailed in 2.11 below.

Actual Production

It is not practical to furnish quantitative information in respect of raw material consumed, finished goods produced and sold and opening and Closing stocks in view of considerable number and size of Items involved.

1.8.UNSECURED LOAN FROM MR AJAI GOYAL, MANAGING DIRECTOR

During the current financial year Mr Ajai Goyal, has paid on behalf of the Company to various parties an amount equal to Rs. 1,08,606/- which has been credited to his account as an unsecured loan. Mr. Ajai Goyal is also allowing use of his factory premises at no rent.

1.9.Figures for the previous year have been regrouped wherever considered necessary to conform to the current year's presentation.

1.10.Schedule Nos. 1 to 21 form an integral part of the Balance Sheet and the Profit & Loss Account of the Company.

 
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