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Notes to Accounts of Triochem Products Ltd.

Mar 31, 2015

Note 1:

Pursuant to Schedule II Companies Act, 2013 ('the Act') being effective from April 1, 2014, the Company has revised depreciation rates on tangible fixed assets as per useful life specified in Part 'C' of Schedule II of the Act and due to the same there has been a change in the estimated useful life of depreciable tangible assets which affects the depreciation in the current year ending 31st March, 2015 and in each period during the remaining useful life of the assets.

Accordingly, the Company has re-worked depreciation with reference to the estimtated economic lives of Fixed Assets prescribed by Schedule II of the Act during the year ended 31st March, 2015. In case of any asset whose life is completed as at 1st April 2014, the carrying amount (Net of residual value) of Rs. 6,075/- (net of deffered tax impact of Rs. 2,716/-) has been adjusted to the Retained Earings and in other cases the carrying amount has been depreciated over the remaining of the revised life of the assets. As a result the charge for depreciation is higher by Rs. 5,72,466/- for the year ended 31st March, 2015.

2 CONTINGENT LIABILITIES AND COMMITMENTS

Particulars As at 31-Mar-15 As at 31-Mar-l4

Contingent Liability:-

a Disputed Tax Liability 321,069 321,069

Commitments:-

a Estimated amount of contracts remaining to be executed on capital a/c - 75,634

3 LEASE (ASSETS GIVEN ON LEASE)

1 The Company's major Leasing arrangement are in respect of residential flat given on Leave and License Basis.

These leasing arrangements which are cancellable and is for a period of 33 months and usually renewable by mutual consent.

3 Rental Income of Rs, 6,05,000/- (Previous Year Rs.6,60,000/-) from Operating leases are recognised in the Statement of Profit & Loss and grouped under the Note No. 19 'Other Income'.

4 There are no contingent rent recognised in Statement of Profit and Loss.

4 SEGMENT REPORTING

1 The Company has got only one Primary Business Segment namely Pharmaceuticals.

2 The information about the Geopraphical Secondary Segment are as under:

2 Defined Benefit Plan

Gratuity which is defined benefits are accrued based on actuarial valuation as at balance sheet date by an independent actuary. The Company has Schemes for long-term benefits Gratuity. In case of funded scheme, the funds are recognized by the Income tax authorities and administered through trustees / appropriate authorities and the contribution is charged to the Statement of Profit and Loss. In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board ofthe Institute of Chartered Accountants of India the related disclosures are as under:

The following table sets out the assumptions taken, status of the gratuity plan, the amount recognised in the Company Financial Statements as on 31st March, 2015.

5 Balances of Trade receivable, Trade payable, Loans & Advances are subject to confirmation and consequential adjustments, if any.

6 In the opinion of the Board, amounts of Current Assets, Loans & Advances have a value on realisation in the ordinary course of business at least equal to at which they are stated.

7 CORPORATE INFORMATION

Triochem Products Limited ( the 'Company) is a public limited company domiciled in India and is listed on the Bombay Stock Exchange (BSE), The Company was established in 1972 as a Manufacturer & Exporter of Pharmaceutical Bulk Drugs, APIS & Chemicals.

8 The closing stock is meant for export and accordingly no provision for excise duty is required to be made.


Mar 31, 2014

1 There are no dues to Micro Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act, 2006. This disclosure Is based on the information available with the Company and the same has been relied upon by the auditors.

2 CONTINGENT LIABILITIES AND COMMITMENTS

Particulars As at As at 31-Mar-14 31-Mar-13

Contingent Liability not provided for in respect of a Disputed Tax Liability 321,069 321,069

Commitments not provided for in respect of a Estimated amountofcontractsremainingto be executed on capital a/c 75,634 -

3 LEASE(ASSESTS GIVEN ON LEASE)

1 The Company''s major Leasing arrangement are in respect of residential flat given on Leave and License Basis.

2 Description of Assets provided on operating lease are as follows:

3 Rental Income of Rs. 6,60,000/- (Previous Year Rs.6,60,000/-) from Operating leases are recognised in the Statement of Profit & Loss and grouped underthe schedule of ''Other Income''.

4 There are no contingent rent recognised in Statement of Profit and Loss.

4 SEGMENT REPORTING

1 The Company has got only one Primary Business Segment namely Pharmaceuticals,

2 The information about the Geopraphical Secondary Segment are as under:

Note:

1 Segment Assets are disclosed based on their geographical location.

2 The segment revenue in the geographical segments considered for disclosure are as follows

a Revenue within India includes sales to customers located within India, b Revenue outside India includes sales to customers located outside India.

3 Figures in brackets are in respect of previous year.

5 RELATED PARTY DISCLOSUERS

1 Key Managerial Person

Mr. RamuS. Deora( Director)

2 Name of Related Parties Nature of Relationship

GAmphray Laboratories Key Managerial Person is Proprietor

G Amphray Pharmaceuticals Pvt Ltd Relative of Key Management have control

Triochem Laboratories Pvt Ltd, Relative of Key Management have control

3 Transactions that have taken place during the year with related parties by the Company

6 EMPLOYEE BENEFIT

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee Benefits as defined in the said Accounting Standards are given below 1 Defined Contribution Plan Contribution to Defined Contribution Plan recognised as an expenses for the year are as under:

2 Defined Benefit Plan

Gratuity which is defined benefits are accrued based on actuarial valuation as at balance sheet date by an independent actuary. The Company has Schemes for long-term benefits Gratuity. In case of funded scheme, the funds are recognized by the Income tax authorities and administered through trustees / appropriate authorities and the contribution Is charged to the Statement of Profit and Loss. In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India the related disclosures are as under:

7 Balances of Trade receivable, Trade payable, Loans & Advances are subject to confirmation and consequential adjustments, if any

8 In the opinion of the Board, amounts of Current Assets, Loans & Advances have a value on realisation in the ordinary course of business at least equal to at which they are stated.

9 The Previous Year''s figures have been rearranged / regrouped/ restated / reclassified, wherever necessary to make them comparable confirm with the currentyear presentation as per revised schedule VI.


Mar 31, 2013

1.1 EMPLOYEE BENEFIT

As per Accounting Standard 15 "Employee Benefits", the disclosures of Employee Benefits as defined in the said Accounting Standards are given below

1.2 Defined Benefit Plan Gratuity which is defined benefits are accrued based on actuarial valuation as at balance sheet date by an independent actuary. The Company has Schemes for long-term benefits Gratuity. In case of funded scheme, the funds are recognized by the Income tax authorities and administered through trustees / appropriate authorities and the contribution is charged to the Profit and Loss Account. In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, The related disclosures are as

1.3 Balances of Trade receivable, Trade payable, Loans & Advances are subject to confirmation and consequential adjustments, if any

1.4 In the opinion of the Board, amounts of Current Assets, Loans & Advances have a value on realisation in the ordinary course of business at least equal to at which they are stated.

1.5 The Previous Year''s figures have been rearranged / regrouped/ restated / reclassified, wherever necessary to make them comparable / confirm with the current year presentation as per revised schedule VI


Mar 31, 2012

The Previous Year's figures have been rearranged/regrouped/restated/ reclassified, wherever necessary to make them comparable/confirm with the current year presentation as per revised schedule VI.

2 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 share is entitled to one vote per share.

Accounting Policies:

1 Investments are either classified as Current or Long Term based on Management's Intention at the time of purchase. Long Term Investments are stated at cost of acquisition. Provision for diminution In value of Investments is made only if such decline is other than temporary in the opinion of the management.

2 Dividend are accounted for as and when received

Note:

1 Segment Assets are disclosed based on their geographical location.

2 The segment revenue in the geographical segments considered for disclosure are as follows :-

a Revenue within India Includes sales to customers located within India.

b Revenue outside India includes sales to customers located outside India.

3 Figures in brackets are in respect of previous year

2.1 RELATED PARTY DISCLOSURES:

1 Key Managerial Person

Mr. Ramu S. Deora (Director)

2 Name of Related Parties Nature of Relationship

4 R Millenium Securities Directors are Key Managerial Personnel

Ambernath Plasto Packaging Pvt Ltd Relative of Key Management have control

Avas Properties and investments Pvt Ltd Directors are Key Managerial Personnel

Deora Investment Pvt Ltd Relative of Key Management have control

G Amphray Laboratories Directors are Key Managerial Personnel

G Amphray Pharmaceuticals Pvt Ltd Relative of Key Management have control

Genuine Properties and Investments Pvt Ltd Relative of Key Management have control

Mr. Rajesh R. Deora Relative of Key Management Personnel

Mr. Rajiv R. Deora Relative of Key Management Personnel

Mrs. Grace R. Deora Relative of Key Management Personnel

Triochem Laboratories Pvt Ltd Relative of Key Management have control

Note:

1 The above information have been given based on Information provided by an independent actuary.

Accounting Policies:

1 Liabilities in respect of defined benefit plans other than Provident Fund are determined based on actuarial valuation made by an Independent actuary as at the balance sheet date. The acturial gains or losses are recognised Immediately in the Profit and Loss Account

2 Contribution payable to the recommended Provident Fund and ESIC payments have been charged to revenue.

3 Short term employee benefits are recognised as an expense at the undiscounted amounts in the Statement of Profit and Loss of the year in which the related service is rendered

2.2 Balances of Trade receivable, Trade payable, Loans & Advances are subject to confirmation and consequential adjustments, if any

2.3 In the opinion of the Board, amounts of Current Assets, Loans & Advances have a value on realisation in the ordinary course of business at least equal to at which they are stated.


Mar 31, 2010

1 Estimated amount of contracts remaining to be executed on capital account and not provided for Rs 4,94,366/- ( Previous Year Rs Nil)

2 CONTINGENT LIABILITY (notprovided for):

A Disputed Electricity Charges payable to Maharashtra State Electricity Board Rs. Nil (Previous Year Rs.4,01,034/-)

B Disputed Water Charges payable to Maharashtra Industrial Development Corporation Rs.80,124/- (Previous Year Rs. 80,124/-) C Disputed Income Tax Liability Rs. 3,68,617/- ( Previous Year Rs. 3,68,617/-) for which Company has gone into appeal.

3 EMPLOYEE BENEFITS:

The disclosures as required under the revised AS 15 are as under:

The Company has Schemes for long-term benefits such as Provident Fund and Gratuity. In case of funded scheme, the funds are recognized by the Income tax authorities and administered through trustees / appropriate authorities. The Companys defined benefit plan include Gratuity. In terms of the Guidance on implementing the revised AS 15, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, the provident fund set up by the Company is treated as a defined Contribution plan. The related disclosures are as under: A Contribution to Provident Fund Rs 23,460/- (Previous Year Rs 20,749/-) B Defined Benefit Plan

Notes:

A Segment Assets are disclosed based on their geographical location.

B The segment revenue in the geographical segments considered for disclosure are as follows:-

I Revenue within India includes sales to customers located within India.

II Revenue outside India includes sales to customers located outside India. C Figures in brackets are in respect of previous year.

4 DISCLOSURE FOR OPERATING LEASES:

The Companys major leasing arrangement are in respect of residential flat / godown given on leave and licence basis. Rental Income Rs 15,60,000/- (Previous Year Rs 15,40,000/-) are recognised in Profit and Loss account and grouped under schedule of" Other Income"

Note : The Company has adopted Accounting Standard - 22 " Accounting for tax on Income " with effect from 01.04.2001, Unabsorbed Depreciation has been recognised as Deferred Tax Assets since the same can be carried forward for unlimited period under the provisions of Income Tax Act, 1961.

The (Increase) / Decrease in Stock of Finished Goods for the Current Year represents obsolete Inventory written off of Rs Nil (Previous Year Rs Nil) 16 There are no dues to Micro, Small and Medium Enterprises as defined under the Micro, Small and Medium Enterprises Development Act 2006, This disclosure is based on the information available with the Company and the same has been relied upon by the auditors.

5 The manufacturing activity of Bulk Drug as well as Formulation Plant remain suspended since 30th November, 1999 due to labour problem. However the manufacturing of formulation against Export order is continued on job work basis. The mutual settlement has been arrived between workmen, union and the management.

6 Previous Years figures have been rearranged/regrouped/restated wherever necessary to make them comparable with the Current Year.

 
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