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Notes to Accounts of Soni Medicare Ltd.

Mar 31, 2014

1. The Company has only one class of shares referred to as equity shares having a par value of Rs. 10/- each. Each, holder of equity shares is entitled to one vote per share with same rights, preferences. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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. The company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the ensuing Annual General Meeting.

3. Vehicle loan from State Bank of Bikaner & Jaipur (SBBJ) is secured against hypothication of specified Vechile, repayable in 60 Equited monthly installment of Rs. 10,099/- each , bears rate of interest of 12%.

4. Term Loan from Small Industries Development Bank of India (SIDBI) is secured by hypothication of Plant & Machinery situated at 38, Kanota Bagh, JNL Marg, Jaipur and personal gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni Director of the company. The loan is repayable in 60 monthly installment of Rs. 23,800/- (Principal) plus interest @ 12.50% p.a calculated on monthly basis and started from Dec. 2008 and last instalment will falls due in Nov. 2013.

5. Term Loan from Small Industries Development Bank of India (SIDBI) is secured by Extension of first charge by way of hypothication in favour of SIDBI of all the movable assets of the Company, both present & future, including plant & machnary, machinary spares, tools & accessories, office equipments, computer, furniture & fixtures etc., acquired/to be acquired by the Company and irrevocable and unconditional personal gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni Director of the company. The loan is repayable in 54 monthly installments, comprising of first 53 installment of Rs. 175,500/- each and last installment of Rs. 198,500/-(Principal plus interest @ 13% p.a calculated on monthly basis) after a moratorium of 6 Months from the date of first disbursement of loan.

6. Term Loan from Baja Finance Limited is secured by mortgate of land & Building situated at 38, Kanota Bagh, JNL Marg, Jaipur and personal gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni, Director of the company. The loan is repayment in 130 Equited monthly installment of Rs. 807,180/- each having rate of interest 12.25% p.a. Instalment started from April 2011 and last instalment will falls due in January 2022.

7. Balances of debtors, creditors and loans & advances are subject to confirmation and reconciliation.

8. Provision for tax as per the Income Tax Act, 1961 of Rs. 9, 75,000 has been made during the year.

9. The Company continued its accounting policy for taxes on income to comply with the provisions of new accounting standard relating to accounting for taxes on income (AS-22) issued by the Institute of Chartered Accountants of India. Consequently, in accordance with the provision of the said Accounting Standard, the company has recorded a net deferred tax liability of Rs. 14,047.10 during the year as expenditure to Profit & Loss a/c.

10. There is a debit balance of Rs.19.35 lacs appearing in the loans and advances against M/s Laxmi Imaging & Medical Research Centre, Jaipur which has been disputed by the party. The company has initiated the legal proceedings against the party in civil court at Jaipur, during the year 2001.

11. Figures for previous year have been regrouped/ rearranged wherever found necessary.


Mar 31, 2013

1. The Company has only one class of shares referred to as equity shares having a par value of' Rs. 10/- each. Each, holder of equity shares is entitled to one vote per share with same rights, preferences. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the 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. The company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the ensuing Annual General Meeting.

Details of Securities/ terms and condtions of the above long term borrowings are as under:

3. Vehicle loan from State Bank of Bikaner & Jaipur (SBBJ) is secured against hypothication of specified Vechile, repayable in 60 Equited monthly installment of Rs. 9,400/- each , bears rate of interest of 12.27%.

4. Vehicle loan from State Bank of Bikaner & Jaipur (SBBJ) is secured against hypothication of specified Vechile, repayable in 60 Equited monthly installment of Rs. 10,099/- each , bears rate of interest of 12%.

5. Equipment Loan from Yes Bank is secured against hypothication of specified Medical Equipment, repayable in 36 Equited monthly installment of Rs. 31,237/- each , bears rate of interest of 9%.

6. Term Loan from Small Industries Development Bank of India (SIDBI) is secured by hypothication of Plant & Machinery situated at 38, Kanota Bagh, JNL Marg, Jaipur and personal gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni Director of the company. The loan is repayable in 60 monthly installment of Rs. 23,800/- (Principal) plus interest @ 12.50% p.a calculated on monthly basis and started from Dec. 2008 and last instalment will falls due in Nov. 2013.

7. Term Loan from Small Industries Development Bank of India (SIDBI) is secured by Extension of first charge by way of hypothication in favour of SIDBI of all the movable assets of the Company, both present & future, including plant & machnary, machinary spares, tools & accessories, office equipments, computer, furniture & fixtures etc., acquired/to be acquired by the Company and irrevocable and unconditional personal gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni Director of the company. The loan is repayable in 54 monthly installments, comprising of first 53 installment of Rs. 175,500/- each and last installment of Rs. 198,500/-(Principal plus interest @ 13% p.a calculated on monthly basis) after a moratorium of 6 Months from the date of first disbursement of loan.

8. Term Loan from Baja Finance Limited is secured by mortgate of land & Building situated at 38, Kanota Bagh, JNL Marg, Jaipur and personal gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni, Director of the company. The loan is repayment in 130 Equited monthly installment of Rs. 807,180/- each having rate of interest 12.25% p.a. Instalment started from April 2011 and last instalment will falls due in January 2022.

9. Contingent Liabilities :

A patient filed a recovery suit claiming compensation of Rs.15.00 lacs for inadequate medical services in the Madras High Court, Chennai, In respect of stay petition filed by the company, a deposit of Rs.3.00 lacs was made in the name of Registrar General, Madras High Court, Chennai, as per directions of hon'ble High Court of Madras. Being the matter under appeal, the amount of liability is indeterminable.

10. Balances of debtors, creditors and loans & advances are subject to confirmation and reconciliation.

11. Provision for tax as per the Income Tax Act, 1961 of Rs. 979,805 has been made during the year.

12. The Company continued its accounting policy for taxes on income to comply with the provisions of new accounting standard relating to accounting for taxes on income (AS-22) issued by the Institute of Chartered Accountants of India. Consequently, in accordance with the provision of the said Accounting Standard, the company has recorded a net deferred tax liability of Rs. 175,235.31during the year as expenditure to Profit & Loss a/c.

13. There is a debit balance of Rs.19.35 lacs appearing in the loans and advances against M/s Laxmi Imaging & Medical Research Centre, Jaipur which has been disputed by the party. The company has initiated the legal proceedings against the party in civil court at Jaipur, during the year 2001.

14. Figures for previous year have been regrouped/ rearranged wherever found necessary.


Mar 31, 2012

1.Details of Securities/ terms and condtions of the above long term borrowings are as under:

a. Term Loan from Small Industries Development Bank of India (SIDBI) is secured by hypothication of Plant & Machinery situated at 38, Kanota Bagh, JNL Marg, Jaipur and gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni Director of the company. The loan is repayment in 60 monthly installment of Rs. 23800.00 (Principal) plus interest @ 12.50% p.a calculated on monthly basis and started from Dec. 2088 and last instalment will falls due in Nov. 2013.

b. Vehicle loan from State Bank of Bikaner & Jaipur (SBBJ) is secured against hypothication of specified Vechile , repayable in 60 Equited monthly installment of Rs. 9400/- each , bears rate of interest 12.27%.

c.Term Loan from Baja Finance Limited is secured againsnt property by mortgate of land & Building situated at 38, Kanota Bagh, JNL Marg, Jaipur and gurantee of Dr. B.R.Soni, Managing Director and Dr. Anju Soni Director of the company. The loan is repayment in 120 monthly EMI of Rs. 807180.00 having rate of interest 11.25% p.a. and instalment started from April 2011 and last instalment will falls due March 2021.

2. Contingent Liabilities

(i) The Land & Building Tax Department, Govt. of Rajasthan had raised additional demands for Rs.518322 (Rs.10879 upto 1996-97 and Rs.377443 for 1997-98 to 1999- 2000) towards land and building tax dues in May, 2000 and the same has been paid under protest to avoid interest & penalty. Further an appeal for not having accepted the said demands under the law has been made to the competent authority. Pending finalisation of actual liability on this account, provision for said liability of Rs.518322/- was made during the year ended 31st March, 2000.

(ii) A patient filed a recovery suit claiming compensation of Rs.15.00 lacs for inadequate medical services in the Madras High Court, Chennai, In respect of stay petition filed by the company, a deposit of Rs.3.00 lacs was made in the name of Registrar General, Madras High Court, Chennai, as per directions of hon'ble High Court of Madras. Being the matter under appeal, the amount of liability is indeterminable.

(iii) Corporate guarantee provided for Rs.350.41 lacs in favour of State Bank of Bikaner & Jaipur, State Bank of India and IDBI Bank Ltd. for loans provided by banks to Soni Hospitals Pvt. Limited, an associate concern.

3. Balances of debtors, creditors and loans & advances are subject to confirmation and reconciliation.

4. Provision for tax as per the Income Tax Act, 1961 of Rs. 797,500 has been made during the year.

5. The Company continued its accounting policy for taxes on income to comply with the provisions of new accounting standard relating to accounting for taxes on income (AS-22) issued by the Institute of Chartered Accountants of India. Consequently, in accordance with the provision of the said Accounting Standard, the company has recorded a net deferred tax liability of Rs. 150.154.82 during the year as expenditure to Profit & Loss a/c.

6. There is a debit balance of Rs.19.35 lacs appearing in the loans and advances against M/s Laxmi Imaging & Medical Research Centre, Jaipur which has been disputed by the party. The company has initiated the legal proceedings against the party in civil court at Jaipur, during the year 2001.

7. Figures for previous year have been regrouped/ rearranged wherever found necessary.

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