Mar 31, 2018
A. The following explain the material adjustments made while transition from previous Accounting Standards to Ind AS.
a. Fair value of security deposits:
Under the previous GAAP, interest free security deposits are recorded at transactions value. Under Ind AS, all financial assets are required to be fair valued.
b. Other comprehensive income:
Under Ind AS all items of income and expenses recognised in the period should be included in the profit & loss for the period, unless a Standard requires or permits otherwise.
Items of income and expenses that are not recognised in the statement of profit & loss but are shown in the statement of profit or loss as other comprehensive income includes re-measurement of defined benefit plans. The concept of other comprehensive income did not exist under previous GAAP.
c. Deferred tax :
Deferred tax impact on the above adjustments.
d. Retained earnings:
Retained earnings as at 1st April, 2016 has been adjusted consequent to the above Ind AS transition adjustments.
B. Summary of the Companyâs exposure to credit risk by age of the outstanding from various customers is as follows:
The Ageing analysis of Account receivables has been considered from the date the invoice falls due:
C. Capital Management
The companyâs objectives when managing capital are to
i) Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital. The Company monitors capital using a ratio of âadjusted net debtâ to âadjusted equityâ. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Adjusted equity comprises all components of equity.
D. Balance of Trade Receivables and Trade payable are subject to confirmations
I. SEGMENT INFORMATION_
Based on the guiding principles given in the Accounting Standard 17 on âSegment Reportingâ issued by The Institute of Chartered Accountants of India, the Company is a single segment Company engaged in the business of Bulk Drugs.
II. Previous yearâs figures have been regrouped, rearranged and reclassified wherever necessary.
Mar 31, 2015
1. Notes on Financial Statements:
I. CONTINGENT LIABILITIES AND COMMITMENTS 2015 2014
II. A. Contingent liabilities and commitments 22471566 24986627
B. Claims against the Company not acknowledged Nil Nil
As debts
C. Estimated amount of contracts remaining to be Nil Nil
Executed on capital account and not provided for
2. RELATED PARTY DISCLOSURES
A] Related parties where control exists or where significant influence
exists and with whom transaction have taken place during the year.
Associate Company
1. Auro Impex Pvt. Limited
2. Phalguni Enclave Private Limited
Key Management personnel Represented on the board
1. Shri Sharat Deorah - Managing director
2. Shri Siddhartha Deorah - Director
Non Executive/lndependent Directors on the Board
1. Shri Kailash Chandra Bubna
2. Shri Goverdhandas Aggarwal
3. SEGMENT INFORMATION
Based on the guiding principles given in the Accounting Standard 17 on
"Segment Reporting" issued by The Institute of Chartered Accountants of
India, the Company is a single segment Company engaged in the business
of Bulk Drugs.
4. DEFERRED TAX ASSETS/ LIABILITIES
Considering the past performance and present scenario, the Company does
not expect future taxable profits/ no provision has been made for the
deferred tax assets/ liabilities as on 31sl March 2015.
5. Previous year's figures have been regrouped, rearranged and
reclassified wherever necessary.
6. In accordance with the provision of schedule II of the act, in
case of fixed assets which have been completed their useful life as at
1st April 2014, the carrying value amounting to Rs. 1,55,732/- charged
to profit & Loss Accounts.
Further In case of assets acquired prior to 1st April 2014, the
carrying value of assets is depreciated over the remaining useful life
as determined effective 1st April 2014.
Mar 31, 2014
Note 1: Long-term borrowings
1. Term Loans from Allahabad Banks are secured by mortgage of immovable
assets, both present and future.
Notes:
1. The Working Capital facilities from Allahabad bank are secured by
Hypothecation of all types of Stock and book debts.
2. There is no default in repayment of loans and interest.
2. Notes on Financial Statements:
I. CONTINGENT LIABILITIES AND COMMITMENTS
A. Contingent liabilities and commitments 24986627 44518561
B. Claims against the Company not acknowledged
As debts Nil Nil
C. Estimated amount of contracts remaining
to be Executed on capital account and not
provided for Nil Nil
II. The Income Tax Assessments of the Company have been completed up to
Assessment year 2010-11.
III. RELATED PARTY DISCLOSURES
Related parties where control exists or where significant influence
exists and with whom transaction have taken place during the year.
Associate Company
1. Auro Impex limited
2. Phalguni Enclave Private Limited
Key Management personnel Represented on the board
1. Shri Sharath Deorah - Managing director
2. Shri Siddharth Deorah - Director
Non Executive/Independent Directors on the Board
1. Shri Kailash Chandra Bubna
2. Shri Goverdhandas Aggarwal
IV. SEGMENT INFORMATION
Based on the guiding principles given in the Accounting Standard 17 on
"Segment Reporting" issued by The Institute of Chartered Accountants of
India, the Company is a single segment Company engaged in the business
of Bulk Drugs.
V. DEFERRED TAX ASSETS/LIABILITIES
Considering the past performance and present scenario, the Company does
not expect future taxable profits/no provision has been made for the
deferred tax assets/liabilities as on 31st March 2014.
VI. Previous year''s figures have been regrouped, rearranged and
reclassified wherever necessary.
Mar 31, 2013
I. CONTINGENT LIABILITIES AND COMMITMENTS
2013 2012
A. Contingent liabilities
and commitments 44518561 16757714
B. Claims against the Company not
acknowledged Nil Nil
As debts
C. Estimated amount of contracts
remaining to be Nil Nil
Executed on capital
account and not provided for
Mar 31, 2012
I. CONTINGENT LIABILITIES AND COMMITMENTS
2012 2011
A. Contingent liabilities and commitments Nil Nil
B. ClaimsagainsttheCompanynotacknowledged Nil Nil
As debts
C. Estimated amount of contracts remaining to be Nil Nil Executed on
capital account and not provided for
II. The Income Tax Assessments ol the Company have been completed up
to Assessment year 2009-10.
Mar 31, 2010
1) Other retirement benefits except Gratuity is accounted on cash
basis. Liability for Gratuity as at 31.03.2010 is not ascertained.
2) The Intercorporate Deposits of Rs.17,60,108/- has been classified as
doubtful and therefore no provision for interest income has been made
on Inter corporate advances & deposits. No provision for doubtful
unsecured loans and advances to the tune of Rs. 39,33,684/- has been
made, which are considered doubtful.
3) Investment in shares is in the nature of long term Investment.
Provision for diminution in the value of shares as at the year-end
amounting to Rs. 3,80,872/- (Previous Year Rs. 4,08,398/-) has not been
provided for.
4) Contingent Liability;
Arrears of Water charges Rs. 86,464/-
Particulars Amount in Rs Remarks
Arrears of Water 86,464.00 Case pending from
Charges Year 2000
5) Considering the carry forward losses, No provision for Taxation has
been made.
6) Balances of the Sundry Debtors, Sundry Creditors and Loans and
Advances have been taken as per books pending respective confirmation
and reconciliation.
7) In the opinion of the Board of Directors of the Company, the current
assets, loans and advances have a value, on realizations in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all known liabilities are
adequate and are not in excess of the amount reasonably necessary.
8) Process loss /gain on Raw material consumption has not been
separately ascertained and adjusted in production.
9) Sales Tax Assessment has been completed up to the accounting year
ended 31.3.2002 and the Company does not foresee any liability for the
pending years.
10) Income Tax Assessment has been completed up to Assessment Year
2007-08 i.e. Accounting year ended 31.3.2007. The Company does not
foresee any liability for the pending years.
11) Earning and outgo in Foreign Currency.
FOB Value of export: Rs. 3,86,42,206/- (Previous Year Rs.
4,05,55,737/-). Foreign traveling expenses: Rs. 8,62,240/- (Previous
Year Rs. 6,19,742/-). Plant & Machinery : Rs. Nil/- (Previous Year
Rs.Nil)
12) Segment Reporting.
Based on the guiding principles given in the Accounting Standard- 17 on
Segment Reporting issued by The Institute of Chartered Accountants of
India, the company is a single segment company engaged in the business
of Bulk Drugs.
Considering the past performance and present scenario, the company does
not expect future taxable profits, no provision has been made for the
Deferred Tax Asset as on 31 st March 2010.
13. Related Party Disclosure:
14) The figures of the previous accounting period are re-grouped,
re-classified, rearranged wherever necessary and are not comparable
with the figure of the current accounting year.
Mar 31, 2009
1) Other retirement benefits except Gratuity is accounted on cash
basis. Liability for Gratuity as at 31.03.2009 is not ascertained.
2) The Inter corporate Deposits of Rs. 17,60,108/- has been classified
as doubtful therefore no provision for interest income has been made on
Inter corporate advances & deposits. No provision for doubtful
unsecured loans and advances to the tune of Rs. 39,33,684/- has been
made, which are considered doubtful.
3) Investment in shares is in the nature of long term Investment.
Provision for diminution in the value of shares as at the year-end
amounting to Rs. 43,819/- (Previous Year Rs. 4,08,398/-) has not been
provided for.
4) Contingent Liability;
Arrears of Water charges Rs. 86,464/-
Particulars Amount in Rs Remarks
Arrears of Water 86,464.00 Case pending from
Charges Year2000
5) Considering the carry forward losses, No provision for Taxation has
been made.
6) Balances of the Sundry Debtors, Sundry Creditors and Loans and
Advances have been taken as per books pending respective confirmation
and reconciliation.
7) In the opinion of the Board of Directors of the Company, the current
assets, loans and advances have a value, on realizations in the
ordinary course of business, at least equal to the amounts at which
they are stated and the provisions for all ! known liabilities are
adequate and are not in excess of the amount reasonably necessary.
8) Process loss /gain on Raw material consumption has not been
separately ascertained and adjusted in production.
9) Production during the year includes NIL. (Previous Year 48,663.000
Kgs.) produced for third party on Job work basis.
10) Sales Tax Assessment has been completed upto the accounting year
ended 31.3.2002 and the Company does not foresee any liability for the
pending years.
11) Income Tax Assessment has been completed upto Assessment Year
2006-07 i.e. Accounting year ended 31.3.2006. The Company does not
foresee any liability for the pending years.
12) Earning and outgo in Foreign Currency.
FOB Value of export: Rs. 3,71,53,6121- (Previous Year Rs.
2,99,42,709/-). Foreign traveling expenses: Rs. 6,48,655/- (Previous
Year Rs. 6,40,320/-). Plants Machinery : Rs. Nil/-(Previous Year
Rs.Nil)
13) Segment Reporting.
Based on the guiding principles given in the Accounting Standard- 17 on
Segment Reporting" issued by The Institute of Chartered Accountants of
India, the company is a single segment company engaged in the business
of Bulk Drugs.
14) The figures of the previous accounting period are re-grouped,
re-classified, rearranged wherever necessary and are not comparable
with the figure of the current accounting year.