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Notes to Accounts of Samrat Pharmachem Ltd.

Mar 31, 2015

Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule III to the Companies Act 2013

NIL Equity Shares (NIL Previous year) are held by None, the holding company.

1. CONTINGENT LIABILITIES AND COMMITMENTS

Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the Companies Act 2013

31 March 2015

Particulars

Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not acknowledged as debt a. Income tax assessment dues for AY 2011 -12 under appeal 3,580,450

pending before first appellate authority

b. Contract labour claim 150,000

(2) Guarantees -

(3) Other money for which the company is contingently liable

LC issued by Company's bankers 31,195,255

Sub Total (A) 34,925,705

B. Commitments

(1) Estimated amount of contracts remaining to be executed on capital account and not provided for -

(2) Uncalled liability on shares and other investments partly paid -

(3) Other commitments (specify nature) -

Sub Total (B) -

Total Contingent Liabilities and Commitments (A B) 34,925,705

Particulars 31 March 2014

Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not acknowledged as debt a. Income tax assessment dues for AY 3,580,450 2011 -12 under appeal

pending before first appellate authority

b. Contract labour claim -

(2) Guarantees -

(3) Other money for which the company is contingently liable

LC issued by Company's bankers 7,211,976

Sub Total (A) 10,792,426

B. Commitments

(1) Estimated amount of contracts remaining to be executed on capital account and not provided for -

(2) Uncalled liability on shares and other investments partly paid -

(3) Other commitments (specify nature) -

Sub Total (B) -

Total Contingent Liabilities and Commitments (A B) 10,792,426

2 Disclosure pursuant to Note no. 6(V) of Part I of Schedule III to the Companies Act 2013

Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested.

Not Applicable

3 Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the Companies Act 2013

If, in the opinion of the Board, any of the assets other than fixed assets and non-current investments do not have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion, shall be stated.

4. The excise duty and sales tax, shown as deduction from turnover, are total tax on sale of goods for the year.

5. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer's Contribution) Rs. 489012

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. NIL.

6. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

7. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

8. Disclosures required under Accounting Standard-19 on "Leases".

Finance Lease - Assets Given on Lease

The Company has not given any of its assets on lease.

9. The Company has a process w hereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts has been made in the books of account.

10. The Company has a system of reviewing its pending litigations and proceedings, if any, and provide for where Provisions are required and disclose the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. In respect of litigations, where the management assessment of a financial outflow is probable, the Company has made adequate provision in the financial statements and the contingent liabilities are disclosed in Note 17.

11. The previous year's figures have been regrouped / rearranged / re classified wherever considered necessary to correspond with the figures of current year.


Mar 31, 2014

Note 1 : DEFERRED TAX ASSET (NET)

The Company has accounted for taxes on income in accordance with AS-22 - Accounting for Taxes on Income issued by the Ministry of Corporate Affairs. Consequently, the net incremental deferred tax (liability) / asset is charged / credited to Profit and Loss Account. The year end position of taxes on income is as under:

Note 2 : CONTINGENT LIABILITIES AND COMMITMENTS

Particulars 31 March 2014 31 March 2013

Rs. Rs. Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not acknowledged as debt (Income tax 3,580,450 - assessment dues for AY 2011-12 under appeal pending before first appellate authority)

(2) Guarantees - -

(3) Other money for which the company is contingently liable LC issued by Company''s bankers 7,211,976 44,240,257

Sub Total (A) 10,792,426 44,240,257

B. Commitments

(1) Estimated amount of contracts remaining to be executed on capital account and not provided for - 500,000

(2) Uncalled liability on shares and other investments partly paid - -

(3) Other commitments (specify nature) - -

Sub Total (B) 500,000

Total Contingent Liabilities and Commitments (A B) 10,792,426 44,740,257


Mar 31, 2013

1. Assets leased by the Company in its capacity as lessee, where the Company has substantially all the risks and rewards of ownership are classified as finance lease. Such a lease is capitalized at the inception of the lease at lower of the fair value or the present value of the minimum lease payments and a liability is recognized for an equivalent amount. Each lease rental paid is allocated between the liability and the interest cost so as to obtain a constant periodic rate of interest on the outstanding liability for each year.

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lessor, are recognized as operating leases. Lease rentals under operating leases are recognized in the statement of profit and loss on a straight-line basis.

2. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

3. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

5. Related Party Disclosures, as required by AS-18 are given below: A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

Managing Director

Remuneration Rs. 1500000

Executive Director

Remuneration Rs. 1440000

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)

6. The excise duty and sales tax, shown as deduction from turnover, are total tax on sale of goods for the year.

7. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans: Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer''s Contribution) Rs. 398820

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. NIL.

8. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

9. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

10. The previous year''s figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

11. Notes 1 to 25 form an integral part of the accounts and have been duly authenticated.


Mar 31, 2010

1. QUANTITATIVE INFORMATION IN RESPECT OF GOODS MANUFACTURED BY THE COMPANY

(i) Licenced Capacity, Installed Capacity & Production

(As Certified by the Management)

2. CONTINGENT LIABILITIES

a) In respect of Letters of Credit issued by the Companys Bankers : Rs. 76,794,162 (Previous year Rs. 72,274,619)

3. FOREIGN EXCHANGE FLUCTUATION

Gain on account of foreign exchange fluctuation accounted during the year is Rs. 11,355,471 (Previous year loss of Rs. 9,654,761).

4. REMUNERATION paid u/s 198 of the Companies Act, 1956 to Managing Director and Executive Director are in accordance with the approval of the Central Government and or within the limits laid down under Schedule XIII to the Companies Act, 1956 & included in the Profit & Loss Account, as Directors Remuneration.

5. The company has taken Group Gratuity for its employees from Life Insurance Corporation of India.

6. Previous periods figures have been re-arranged, re-grouped and re-classified where necessary.

 
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