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Notes to Accounts of Vista Pharmaceuticals Ltd.

Mar 31, 2015

I. Share Capital

The Company Proposed for reduction of Equity Share Capital in the EGM held on 15th November 2012.

In terms of the High Court of Judicature at Hyderabad for the state of Telangana and Andhra Pradesh the share capital of the company has been reduced from 15 crores to 5 Crores. The Accumulated losses to the Tune of 10 crores is been set off against the Share Capital.

II. Secured Loans

a) Working Capital loan from Allahabad Bank, Himayathnagar branch Hyderabad are secured by a first charge by way of hypothecation of all present and future stocks, spares, book debts, work in progress, finished goods and all other current assets of the company.

b) Working Capital loan from Allahabad Bank, Himayathnagar branch Hyderabad are further secured by equitable mortgage on land & building and Hypothecation of plant & Machinery on plot no. 10 to 14 and 16 to 20, admeasuring 21,969.23 sq.mt in Sy no.448/2,449/2, & 450/2, Gopalaipally (V), Chityal Industrial Estate Narkatpally (m), Nalgonda Dist.

c) Sri Dr Dhananjaya Alli Managing Director and Sri G.Narendra Director have guaranteed the above loan in their personal capacities.

III. Sundry Creditors

Based on the information available with the Company, there are no dues/Interest outstanding to Micro, Small and Medium Enterprises, as defined under the Micro, Small and Medium Enterprises Development Act 2006, as at March 31, 2015.

iv. Deferred Tax

a. During the current year the tax effect of the timing differences resulted in deferred tax Asset of Rs 10,51,092/ - and the same has been shown in P&L Account and net Deferred tax liability of Rs 11,32,193/- is shown in the Balance Sheet under schedule Deferred Tax Liability Net.

V. Related Parties Disclosure

i) Particulars of Related Companies Name of the Related Party Related Companies Nature of Relation American Generics Associate company Vista Pharmaceutical Inc Associate Company Key Management Personnel

Dr. Dhananjaya Alli Managing Director Stanley Prabhakar Reddy Director (Executive) M.H.Rao Director(Non-Excecutive) G.Narendra Director(Independent Non-Executive) Vani Vatti Director(Independent Non-Executive) K.Rajendra Prasad Nominee Director- APIDC

VI.Applicability of Accounting Standard - 17

The Company has only one business segment, i.e formulations, hence segment reporting as defined in accounting standard 17 is not applicable.

VII. Figures have been rounded off to the nearest rupee.

VIII a. For the period ended 31 st March 2015, the Company has adopted the Rates and Method prescribed under Schedule II of Companies Act 2013, for the calculation of depreciation. As a result depreciation is more by Rs.25.62 lakhs and the profits of the company are less by the aforesaid amount.

b. In respect of the assets in the opening balance as on 01.04.2014 for which the useful life has expired as per Companies Act 2013, have been adjusted against the opening balance of retained earnings in an amount of Rs.2.05 lakhs.

IX. Contingent Liability : Commissioner of Income Tax III, Hyderabad issued a demand of tax for 3,86,58,242/- for the Assessment Year 2006-07 assuming the interest waived by IDBI under One time settlement of dues as income for the year. The company''s appeal against demand of Rs 3,86,58,242 was decided in company''s favour by the Income tax appellate tribunal Andhra Pradesh Hyderabad. The Income Tax department preferred an appeal before the Andhra Pradesh high court which again was decided in favour of the company. The dept has preferred an appeal against the orders of the AP high court in the Supreme Court.


Mar 31, 2013

1. Previous year''s figures have been regrouped/rearranged wherever necessary.

2. (a) Managerial

Remuneration: 2012-2013 2011-2012

NIL NIL

(b). No provision has been made for Managing Director''s remuneration with his consent.

3. Foreign Exchange earnings through export sales received (US$ 1386932) in Rs 7, 46, 89,089 (Previous year (US$ 739247) in Rs. Rs.3, 62, 23,141

4. No depreciation on Imported Plant & Machinery of Rs.294.74 lakhs has been provided as the Machinery though installed not put to commercial use.

5. Stores and Consumables: 1/10 of closing stock value of Rs.1,01,709/- purchase of consumables like punches and dies, which are used for tablet compressions are written off during the year.

6. Sundry Creditors include dues to SSI Units of Rs 29,237 outstanding for more than 30 days as on 31.03.2013, which was paid subsequently.

7. The Company has only one business segment, i.e. formulations, hence segment reporting as defined in Accounting Standard 17 is not applicable.

8. Some of the trade creditors and other liabilities are yet to be confirmed.

9. The Revised Schedule VI to the Companies Act, 1956 has become effective from 1st April, 2011, for preparation and presentation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Accordingly the figures for the previous year have been reclassified, wherever necessary to conform with the current year''s classification.

10. Reduction of Share Capital

The Company Proposed for reduction of Equity Share Capital in the last AGM, but the same could not be accounted for as the required approvals from BSE and SEBI are awaited.


Mar 31, 2012

1. Previous year's figures have been regrouped/rearranged wherever necessary.

2. (a) Managerial 2011-2012 2010-2011

Remuneration: NIL NIL

(b). No provision has been made for Managing Director's remuneration with his consent.

3. Foreign Exchange earnings through export

sales received (US$739247) in.Rs.3, 62, 23,141 (Previous year (US$ 1256750) inRs.5, 67, 44,609

4. No depreciation on Imported Plant & Machinery of Rs.294.74 lakhs has been provided as the Machinery though installed not put to commercial use.

5. Stores and Consumables: 1/10 of closing stock value of Rs.1, 01,709/- purchase of consumables like punches and dies., which are used for tablet compressions are written off during the year. The balance amount of Rs 1,01,706 shown under the head inventories.

6. Sundry Creditors include dues to SSI Units of Rs 1, 51,046 outstanding for more than 30 days as on 31.03.2012, which was paid subsequently.

7. The Company has only one business segment, i.e. formulations, hence segment reporting as defined in Accounting Standard 17 is not applicable.

8. Some of the trade creditors and other liabilities are yet to be confirmed.

9. The Revised Schedule VI to the Companies Act, 1956 has become effective from 1st April, 2011, for preparation and presentation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements.' Accordingly the figures for the previous year have been reclassified, wherever necessary to conform with the current years classification.

10.1 Money received against share warrants

The company proposed to issue shares against share warrants after complying with the statutory formalities and collected Rs.10 lacks from the prospective share holders. However ,as the warrant holdess decided to exercise their right for allotment of shares,the money was refunded subsequantly in June2012.


Mar 31, 2011

1. Previous years figures have been regrouped/rearranged wherever necessary.

2. (a) Managerial

Remuneration: 2010-2011 2009-2010 NIL NIL

(b) No provision has been made for Managing Directors remuneration with his consent.

3. Foreign Exchange earnings through export sales received (US$ 1256750) inRs.5,67,44,609 (Previousyear US$163904 in Rs.80,13,849).

4. No depreciation on Imported Plant & Machinery of Rs.294.74 lakhs has been provided as the Machinery though installed, but not put to commercial use.

5. Capital Work-in-progress amounting to

Rs.7,30,19,917/-capitalised during the year as the expansion project is implemented in full during the year and commercial production started during 2nd quarter.

6. Stores and Consumables: 1/10 of closing stock value of Rs.1,01,709/- purchase of consumables like punches and dies, which are used for tablet compressions are written off during the year. The balance amount of

Rs.2,03,417 shown under the head inventories.

7. Sundry Creditors include dues to SSI Units of Rs.51,143 outstaning for more than30 days as on 31.03.2011,which was paid subsequently.

8. The Company has only one business segment, i.e. formulations, hence segment reporting as defined in Accounting Standard -17 is not applicable.

9. Contingent Liabilities:

Commissioner of Income Tax III, Hyderabad issued a demand of tax for Rs.3,86,58,242/- for the Assessment Year 2006-07 assuming the interest waived by IDBI under One time settlement of dues as income for the year, which will be contested in Appellate Tribunal of Income Tax within the scheduled time.


Mar 31, 2010

1. Previous sears figures have been regrouped/rearranged wherever necessary.

2.(a) Managerial

Remuneration: 2009-2010 2008-2009

NIL NIL

(b) No provision has been made for Managing Directors remuneration with his consent, as the expansion project is still under implementation.

3. Foreign Exchange earnings through export sales received ( US$ 163904) inRs.80,13,849(Previous year US$ 4,17,110 in Rs. 1,82,30,522).

4. No depreciation on Imported Plant & Machinery of Rs.294.74 lakhs has been provided as the Machinery though installed during the year, but not put to commercial use.

5. Stores and Consumables: 1/10 of closing stock value of Rs. 1,01,709/- purchase of consumables like punches and dies, which arc used for tablet compressions are written off during the year. The balance amount of Rs.3,05,126 shown under the head inventories.

6. Sundry Creditors include dues to SSI Units of Rs 96,594/- outstanding for more than 30daysason 31.03.2010, which was paid subsequently.

7. The Company has only one business segment, i.e. formulations, hence segment reporting as defined in Accounting Standard - 17 is not applicable.

8. Contingent Liabilities:

The Duputy Commissioner of Income Tax has passed an order for the Assessment Year : 2006-07 and raised a demand of Rs.3,86,58,242/-. The Company has filed an appeal before the Commissioner of Income tax (Appeals), Hyderabad. Though the company won the case before Commissioner of Income Tax (Appeals), Hyderabad. The Department has contested the order of the Commissioner (Appeals).

 
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