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Notes to Accounts of Rekvina Laboratories Ltd.

Mar 31, 2015

[a] Sales , If any are recognized on dispatch of goods by the company and are reflected in accounts including Excise Duty where ever applicable. Commission income are recognized as and when the party confirms the same.

[b] Sundry debtors considered bad & outstanding for a period more than six months includes amount of Nil from some of the stockists which are outstanding for more than three years.

[C] 115 B of the Income tax Act for 9.80 compmy haS made 0f taxation under sec.

[d] In the opinion of the management and to the °f their knowledge and belief the value business will not be less loan advance and other current asset in the ordinary course of business will not be less than the amount at which they are stated in the balance Sheet.

[3] Balance of loans adavances debtors creditors and deposits are subject to confirmation

[4] Contingent Liabilities :

(a) For domestic bills and cheques discounted falling due after 31.03.2015 Nil (pY Nil)

(b) For irrevocable Letter of Credit opened by Bank * Nil. (P. Y. n Nil)

(c) For Bank Guarantee given by Bank * Nil. (P.Y. * Nil)

[5] The company has given interest free advance of o 13.40 Lac (Op. Balance) to M/s. Radiant Parenterals Limited (the company in which Managing Director is a Director). As per the legal piman received by the company the said advance do not attract the provisions of section 295 companies act therefore the famality precribed under explanations. by we are not agreeing with the companys.

(6) During the year C°mpmy haS a,pimtong 591297for depreciation amounting ?. 591297/- & ,0 that extern profit of,he company is over stated and fixed assets of,he company is over stated.

[7] In view of losses / UnabSOrbed depreciatlon in respect of past years the company may not have he taxable income the near future and hence cumulative net differed tax assets after ucing I ered tax liabilities have not been recognized by the company on prudence basis ccordance with the AS - 22 issued by ICAI. Similarly net differed tax assets for the current year have also not been recognized on prudence basis.

[8] Segment Information :

The company is principally engaged in the business of pharmaceuticals products. Accordingly these are no reportable segments as per accounting standard No. 17 issued by the Institue of chartered accounts of India on "Segment Reporting"

[9] Previous year's figures have been regrouped / reclassified with the current year' sclassification /disclosure. ' rever necessary to correspond

[10] Confirmation of concerned parties for amount due from them/due to them in creditors loans & advances both on current assets & current due to debtors' as per books of the company are not received liabilities wel1 as other balance the accounts are reconciled and settled. adjustment lf any will be made when the accounts are reconciled and settled.

[11] Wherever supporting and external evidence are not available they are confiremed by the directors of the companyas incurred exclusively and necessarily for the purpose of the busiess.

[12] The company is in default in filing the Annual Returns and balance sheet with ROC for the year 2009-10,2012-13,2013-1.


Mar 31, 2014

1. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

2. Confirmation of concerned parties for amount due from them/due to them in relation to debtors, creditors loans & advances both on current assets & current liabilities as well as other balance as per books of tire company are not received. Necessary adjustment if any will be made when the accounts are reconciled and settled.

3. Wherever supporting and external evidence are not available, they are confirmed by the directors of the company as incurred exclusively and necessarily for the purpose of the business.

4. During the year under consideration the Company has made provision of taxation under Sec. 115JB of the Income Tax Act for 54,000.

5. ln the opinion of the management and to the best of their knowledge and belief the value on realization of Loan, advance and other current asset in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

6. Balances of Loans, Advances, Debtors, Creditors and Deposits are subject to confirmation & reconciliation.

7.Contingent Liabilities :

(a) For domestic bills and cheques discounted failing due after 31.03,2014 Nil. (P.Y. Nil)

(b) For irrevocable Letter of Credit, opened by Bank Nil. (P.Y. Nil)

(c) For Bank Guarantee given by Bank Nil. (P.Y. Nil)

8. The company has given interest free advance of 16.22 Lac (Op. Balance) to M/s. .Radiant Parenterals Limited (the company in which Managing Director is a Director). As per the legal opinion received by the company the said advance do not attract the provisions of section 295 of the Companies Act, 1956 and, therefore, the formality prescribed under the said section are not at all complied with by the company. However we are not agreeing with the company's explanations.

9. During the year company has not provided for depreciation amounting 182715/- & to that extent profit of the company is over stated and fixed assets of the company is overstated.

10. In view of C/f losses / unabsorbed depreciation in respect of past years the company may not have the taxable income in the near future and hence cumulative net differed tax assets after deducting differed tax liabilities have not been recognized by the company on prudence basis in accordance with the AS - 22 issued by ICAI. Similarly net differed tax assets for the current year have also not been recognized on prudence basis,

11. Segment Information :

The company is principally engaged in the business of pharmaceuticals products. Accordingly these are no reportable segments as per accounting standard No. 17 issued by the Institute of chartered accounts of India on "Segment Reporting".

12. Sales, if any are recognized on dispatch of goods by the company and are reflected in accounts including Excise Duty where ever applicable. Commission income are recognized as and when the party confirms the same.

13. Sundry debtors considered bad & outstanding for a period more than six months includes amount of Nil from some of the stockists which arc outstanding for more than three years.


Mar 31, 2013

[a] Sales are recognized on dispatch of goods by the company and are reflected in accounts including Excise Duty where ever applicable. Commission income are recognized as and when the party confirms the same.

[b] Sundry debtors considered bad & outstanding for a period more than six months includes amount of Nil from some of the stockists which are outstanding for more thE years.

[c] During the year under consideration the Company has made provision of taxation under Sec. 115JB of the Income Tax Act for ^ 39,000.

[d] In the opinion of the management and to the best of their knowledge and belief the value on realization of Loan, advance and other current asset in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

[1] Balances of Loans, Advances, Debtors, Creditors and Deposits are subject to confirmation & reconciliation.

[2] Contingent Liabilities :

(a) For domestic bills and cheques discounted falling dueler 31.03.2013 f Nil. (P.Y. K Nil)

(b) For irrevocable Letter of Credit opened by Bank f Nil. JP.Y. f Nil)

(c) For Bank Guarantee given by Bank ^ Nil. (P.Y. K Nil) ,

[3] The company has given interest free advance of ^ 17*69 Lac (Op. Balance) to M/s. Radiant Parenterals Limited (the company in which Managing Director is a Director). As per the legal opinion received by the company the said advance dd not attract the provisions of section 295 of the Companies Act, 1956 and, therefore, the formality prescribed under the said section are not at all complied with by the company. However we are not agreeing with the company''s explanations.

(4) During the year company has not provided for depreciation amounting f. 182715/- & to that extent profit of the company is over stated and fixed assets of the company is over stated.

[5] In view of C/f losses / unabsorbed depreciation in respect of past years the company may not have the taxable income m the near future and hence cumulative net differed tax assets after deducting differed tax liabilities have riot been recognized by the company on prudence basis in accordance with the AS - 22 issued by ICAI. Similarly net differed tax assets for the current year have also not been recognized on prudence basis.

[6] Segment Information:

The company is principally engaged in the business of pharmaceuticals products. Accordingly these are no reportable segments as per accounting standard No. 17 issued by the Institute of chartered accounts of India on "Segment Reporting".

[7] Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.^

[8] Confirmation of concerned parties for amount due from them/due to them in relation to debtors. creditors loans & advances both on current assets & current liabilities as well as other balance as per books of the company are not received. Necessary adjustment if any will be made when the accounts are reconciled and settled.

[9] Wherever supporting and external evidence are not available, they are con finned by the directors of the company as incurred exclusively and necessarily for the purpose of the business.


Mar 31, 2012

[ a ] Sales are recognized on dispatch of goods by the company and are reflected in accounts including Excise Duty where ever applicable. Commission income are recognized as and when the party confirms the same.

[ b ] Sundry debtors considered bad & outstanding for a period more than six months includes amount of Rs.Nil from some of the stockists which are outstanding for more than three years.

[ c ] During the year under consideration the Company has incurred a loss & hence, no provision of taxation has been made.

[ d ] In the opinion of the management and to the best of their knowledge and belief the value on realization of Loan, advance and other current asset in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

[ 1 ] Balances of Loans, Advances, Debtors, Creditors and Deposits are subject to confirmation & reconciliation.

[ 2 ] Contingent Liabilities :

(a) For domestic bills and cheques discounted falling due after 31.03.2012 Rs. Nil. (P.Y. Rs. Nil)

(b) For irrevocable Letter of Credit opened by Bank Rs. Nil. (P.Y. Rs. Nil)

(c) For Bank Guarantee given by Bank Rs. Nil. (P.Y. Rs. Nil)

[ 3 ] The company has given interest free advance of Rs. 19.00 Lac (Op. Balance) to M/s. Radiant Parenterals Limited (the company in which Managing Director is a Director). As per the legal opinion received by the company the said advance do not attract the provisions of section 295 of the Companies Act, 1956 and, therefore, the formality prescribed under the said section are not at all complied with by the company. However we are not agreeing with the company's explanations.

[ 4 ] During the year company has not provided for depreciation amounting Rs. 182715/- & to that extent loss of the company is under stated and fixed assets of the company is over stated.

[ 5 ] In view of C/f losses / unabsorbed depreciation in respect of past years the company may not have the taxable income in the near future and hence cumulative net differed tax assets after deducting differed tax liabilities have not been recognized by the company on prudence basis in accordance with the AS - 22 issued by ICAI. Similarly net differed tax assets for the current year have also not been recognized on prudence basis.

[ 6 ] Segment Information :

The company is principally engaged in the business of pharmaceuticals products. Accordingly these are no reportable segments as per accounting standard No. 17 issued by the Institute of chartered accounts of India on "Segment Reporting".

[ 7 ] The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

[ 8 ] Confirmation of concerned parties for amount due from them/due to them in relation to debtors, creditors loans & advances both on current assets & current liabilities as well as other balance as per books of the company are not received. Necessary adjustment if any will be made when the accounts are reconciled and settled.

[ 9 ] Wherever supporting and external evidence are not available, they are confirmed by the directors of the company as incurred exclusively and necessarily for the purpose of the business.

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