Mar 31, 2014
1) SHARE CAPITAL
* The company has not issued bonus shares during the last five years.
Also there is no change is shares in this year and previous year.
a) Reconciliation of number of shares outstanding as at 31st March,
2014 and 31st March, 2013 is set out below:-
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each holder of equity shares is entitled to one
vote per equity share.
2. In the absence of taxable profit, no provision for taxation is made
in the books.
3. Contingent Liabilities is Rs. Nil (Previous year Rs. Nil)
4. Related Party Disclosure:-
Key Management Personnel (KMP)
Mr. Sunil Dharamchand Shah
Mr. Dharamchand Shah
Mr. Sumedh Dharamchand Shah
Mrs. Manisha Sunil Shah
Mrs. Sunita Dharamchand Shah
Mar 31, 2013
1. In the absence of taxable profit, no provision for taxation is
made in the books.
2. Contingent Liabilities is Rs. Nil (Previous year Rs. Nil)
Mar 31, 2012
Your Directors approved the sale of business in the Board Meeting held
on 24th September, 2008 and your consent was received u/s 293(1)(a) at
the Extra Ordinary General Meeting held on 1st November, 2008. As the
final permission from the FDA received by the company in the month of
June 2011 your Company sold its manufacturing of Pharmaceutical
Formulations business as a going concern and on a slump sale basis to
the Vardhaman Drugs Limited. Consequently, all the Business Assets and
Business Liabilities were taken over by Vardhaman Drugs Limited except
certain identified Current Assets and Current Liabilities which were
retained in the Company as on 30-6-2011.
Mar 31, 2010
1. Retirement Benefits:
1. The company is not covered under the Provident Fund Act and ESIS
Act,
2. Gratuity Liability is accounted as and when due and paid.
2. Marketing Expenditure: The Expenses incurred on marketing and
market related activities are charged to Profit & Loss Account of the
year in which it is incurred.
3. CENVAT: The Company is not eligible for CENVAT Benefits for
domestic sales.
4. Material Events: Although the Company has been making several
efforts to improve its profitability, but due to stiff competition in
the market, the Company has not been able to improve and continues to
incur heavy losses.
As per the approval taken from Shareholders in General meeting through
Postal Ballot in the year 2008 the Board intends to enter into sale of
undertaking for transfer to Vardhaman Drugs Limited for Rs. 225 Lac.
The same is being explored and the proceeds of sale of the undertaking
will be utilized in exploring business opportunities in other growing
businesses like Real Estate, Hospitality Sector etc.
5. Taxes on Income : Keeping in view the carry over losses and
unabsorbed depreciation as per Income Tax return for the year ending
31/03/2010, the Company has not recognised Deferred Tax Assets, in
respect of carry over losses, unabsorbed depreciation and items of
timing difference between the accounting income and taxable income for
the year, as there is reasonable uncertainty that sufficient taxable
income in near future shall be available against which such Deferred
Tax Assets can be realised against tax liability.
6. No Provision has been made in the accounts in respect of estimated
total liability for future payment of gratuity, which is not
determined.
7. Remuneration to Auditors: Audit Fees Rs. 20369 (Previous Year Rs.
17254)
8. Some of the Balance in respect of amounts receivable from and
payable to certain parties is subject to confirmation and
reconciliation thereof from the respective parties.
9. Amounts due to small scale industrial undertaking is Rs. Nil
(Previous Year Rs. Nil)
10. In opinion of the Board of Directors the Current Assets Loans &
Advances have a value on realisation in the ordinary course of business
at least equal to amount at which they are stated in the accounts
unless otherwise stated and adequate provision for all the known
liabilities of the Company has been made.
11. The revenue expenditure attributable to the setting up of above
industrial unit are capitalised under the appropriate head.
12. Directors Remuneration: Salary Rs. 300000 (P.Y. Rs. 300000)
Perquisites Rs. Nil (P. Y. Rs. Nil)
13. The Total Sale of Rs. 2713092 (P.Y. Rs. 3150993)
14. During the financial year the company has not availed the interest
Free Sales Tax Deferred Loan. However the repayment of the interest
free Sales Tax Deferred Loan obtained upto March 2005 starts after
2011. The accumulated credit on account as on 31/03/2010 is Rs. 1132389
(Previous Year Rs. 1132389) Additional information pursuant to the
provisions of paragraph 3,4C & 4D of part II of Schedule VI to the
Companies Act, 1956.
15. The Company has received the capital incentive subsidy of Rs.
12,00,000/- from the Western Maharashtra Development Corporation (WMDC)
the authorised agency established by the Government of Maharashtra
(GOM) against the Building and Plant and Machinery. The subsidy
received is adjusted against relevant Fixed assets i.e. Building Rs.
9,60,000/- and Plant and Machinery Rs. 2,40,000/-. The company has also
adjusted opening subsidy of Rs. 25,51,680/- against relevant Fixed
assets i.e. 50% against Building and Plant and Machinery which was
hitherto forming part of Reserves and Surplus. The adjustment is in
line with AS - 12 Accounting for Government Grants issued by Institute
of Chartered Accountants of India.
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