Mar 31, 2015
Background
Beryl Drugs Limited (The Company) is a public Limited Company
Domiciled in India and Its Shares are listed On Stock Exchange. The
Company is principally Engaged in Manufacturing of Bulk Drugs.
NOTE NO. 1
BASIS OF PREPARATION
The financial statements of the company have been prepared in
accordance with generally accepted accounting principle in India
(India GAAP). The company has prepared these financial statement to
comply with all material respect with the accounting standard notified
under section 133 of the companies act 2013,Read with rule 7 of
Companies (Accounts) Rules,2014. The Financial Statement has been
prepared under the Historical cost convention on the Accrual Basis
Except in case of the Asset which has been recorded on fair value and
Assets for Which Provision for Impairment is Made. The accounting
policy have been consistently applied by the company and are
consistent with those used in the Previous Year.
NOTE NO. 2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICY
NOTE 3
Loan of HDFC car loan with Interest payable @ 10.25 % p.a repayable in
36 equal installment over a Period of 3 years commencing from
05/06/2014.
NOTE 4
Defined Benefit Plan - The employees' gratuity fund scheme is a
defined benefit plan. The present value of obligation is determined
based on acturial valuation using the Project Unit Credit Method,
which recognises each period of service as giving rise to additional
unit of employee benefit entitlement and measures each unit separately
to build up the final obligation.
National Bank is Secured Against Hypothecation Of Stock Of Raw
Material, Packaging Material, Finished Goods Consumable Stores and
Spares, Bills, receivables and and spares, bills, book debts & all
other movable both present & future) ( The Cash Credit Is Repayable On
Demand) And Interest Rate Is 14.25% p.a.)
NOTE 5
Provision for Wealth Tax of Rs.112368.90/-(PY 114284.40) has been made
during the year, however the company has not paid the wealth tax of
financial year 2012-13 and 2013-14.
NOTE 6
Liabilities of Entry tax, service tax and excise have been provided as
per Return filed. However additional liability if any arising on
assessment shall be provided for on completion of assessment.
NOTE 7
Defined Benefit Plan: Refer to note 7.1 NOTE - 11.3
Excise Duty is made on the closing Stock of finished goods as per the
Guidance Notes on Accounting for Excise Duty.
NOTE 8
Company has not availed the Cenvat benefit on capital goods purchased
during the year.
Expenses relating to construction of building capitalised during the
year and included in capital work in progress.
NOTE 9
Pursuant to the enactment of companies act 2013,the company has
applied the estimated useful lives as specified in schedule II.
Accordingly the unamortised carrying value is being
depriciated/amortised over remaining useful lives. The written down
value of Fixed Assets whose lives have expired as at 1st april 2014
Have been adjusted From the opening balance of Profit & Loss Account
amounting to Rs.93750.42/-
NOTE 10
Investment in Equity Shares is stated at cost. Company has made the
investment in Beryl Securities Ltd., a Company under the same
management.
NOTE 11
The Company has measured the deferred tax in accordance with AS-22
issued by the ICAI and amount recognized in profit & loss account.
NOTE 12
The company has given advances amounting to Rs.7931216/- (P.Y. Rs.
9719535/-) including interest free loan of Rs.21,31,216/- out of their
spare funds to firm, companies and parties without obtaining
registration under section 45I of the RBI Act, however same is not
applied for because advances of said fund is 12.21.% (Approx.) of the
total funds (Share capital and Reserve and Surplus) of the company.
NOTE 13
Loans & Advances includes Rs.643222.00 (P.Y. Rs. 668222.00) over due
from other parties on account of advance against capital assets.
Further no provision for sticky advances has been made due to
management in hope that the advances will be settled through full
recovery thereof, in due course.
NOTE 14
Due from customer Rs. 36414.00 (PY Rs. 36414.00) considered doubtful
but no provision for doubtful debt has been made in pursuance of
follow up with said customer(s).
NOTE 15
In the opinion of the Board of Directors the current assets are
expected to be realized in, within 12 months from the reporting date
or in the company's normal operating cycle and have value on
realization in the ordinary courses of business at least equal to the
amount at which they are stated in the Balance Sheet and provision for
all known liabilities is adequate and not in excess of the amount
reasonably necessary.
NOTE 16
Sales are Inclusive of Freight and Octroi Claimed In the Sales Invoice
but net of Excise Duty and Sales return.
NOTE 17
The above rent received of Rs.48000/- is pertaining to rent received
from the Beryl Securities Ltd., a company under the same management
NOTE 18
The Company availed Cenvat benefit on purchase of material and netted
from the cost of these goods/ material. Cenvat is adjusted against
excise duty to the extent utilized against clearance of the material.
NOTE 19
Particulars of employees who are in receipt of remuneration
aggregating to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00
p.m. are not given since there is no such employees.
NOTE 20
Stores and spares, coal and consumable chemical are charged to profit
and loss account as and when these are incurred NOTE-28.2
Travelling, Conveyance expenses also included expenditure incurred by
the Directors of the Company for the purpose of business of the
Company.
21. Previous year's figures have been regrouped and re-casted,
re-arranged wherever necessary to make them comparable with those of
the current year
22. Under the Micro, Small and Medium Enterprises Development Act,
2006 certain disclosure are required to be made relating to Micro
Small and Medium Enterprises (SME). The company is in process of
compiling relevant information from its suppliers about their coverage
under the said Act. Since the relevant information is not readily
available, no disclosure have been made in the accounting, however in
view of the management the amount due to the suppliers are paid within
the mutually agreed credit period and therefore there will not be any
interest that may be payable in accordance with the provision of the
Act
23. The Company has filed its return of the income up to Assessment
Year 2014-2015 and the Income Tax Assessment of the Company has been
completed upto Assessment Year 2013-14.
24. Contingent Liability not provided AS ON AS ON
2014-2015 2013-2014
1. Claim against the Company not
Acknowledged as debts.
a. Commercial Tax Authority 82865.00 82865.00
(Against Entry Tax 98-99)
(Against Entry Tax 12-13) 320624.00 Nil
(Against M.P Vat Tax 11-12) Nil 229617.00
(Against M.P Vat Tax 12-13) 1142415.00 Nil
(Against CST 12-13) 12937.00 Nil
b. Central excise department
(Against Excise duty ) 8825970.00 8825970.00
c. Central excise department has filed SLP before Hon'ble Supreme
Court against appeal allowed by Hon'ble M.P. High Court Bench, Indore
in connection of non liability of excise on the company product.
Nevertheless, company is in hope of dismissal of appeal of the
department hence no provision is made in the account, involving a
Total Amount of Rs.8825970/-
d. The Company have not made Provision in Books of Accounts for Demand
raised by Various Tax Authorities including Rs.320624 (Entry Tax
2012-13), Rs.1142415(Vat Tax 2012-13),Rs.12937 (CST 2012-13).Thus the
Profits are overstated by the Aforementioned Amounts. In respect of
above items future cash outflows if any are determinable only on
receipt of judgment pending at various forum/ authority.
25. Interest received include Rs. 798531/- from loan given to Malwa
real estate development pvt. Ltd., Rs. NIL from Radheshwari Developers
Pvt. ltd.
26. The company had a trading division which has been disposed of
pursuant to a single plan during the current year, but said trading
division does not qualify as a business component Hence the related
disclosure as prescribed in AS-24 -"Discontinuing operation" are not
provided.
27. The Company is liable to pay Tax collected on source for scrap
sale made during the Year, but as per management's contention, they
are not liable for TCS as they will receive form 27 C from the
Purchaser of scrap.
28. a) The company has bought land in Pithampur under lease agreement,
which is in the nature of operating lease. Required disclosure as per
AS - 19 "Leases" are as follow:
b) General description of lease term:
Assets are taken on lease for a period of 30 years.
ii) As leaser
The company has given own office to Beryl Securities Limited on
monthly rent. The rent agreement for 11 months are cancelable and are
generally renewable in mutual consent or mutually agreeable terms. The
rental income on such is included in other income.
29. Company has given Inter corporate advances to Malwa real estate
development pvt. Ltd. of Rs. 53,00,000/ - and to Radheshwari
Developers Pvt. Ltd. of Rs. 10,00,000/- which are outstanding since
many years. Moreover out of above advances, Company has not charged
any interest from Radheshwari Developers Pvt. Ltd.
30. The company has received state capital subsidy with reference to
the total investment in an undertaking, thus the government grants are
in the nature of Promoters' contribution as Per AS - 12- "GOVERNMENT
GRANTS" and hence credited to Capital Subsidy Account.
31. Working capital facilities are secured by hypothecation of stock
of raw material, packing material and finished goods, stores and
spares not relating to plant and machinery (consumable stores &
spares) bills, receivables and book debts and all other movable both
present and future. These are further secured by personal guarantee of
the Managing Director and Whole Time Director of the Company.
32. Company has credited a sum of Rs. 35830.00/-.( P.Y Rs 22630.00 /)-
under the head "Receipt from Government Authority pending for
reconciliation" which is received against sale to government
authorities (given under the head- Advance Received from Customer) but
the same amount is still pending from earlier year for allocation &
reconciliation for want of their information.
33. Disclosure in accordance with the Accounting Standard- (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India and notified under the Companies Accounting
Standards Rules, 2006 the name of the related parties and the relevant
disclosure is as under:
a) Name of the related party and description of relationship.
i) Key Management personnel
1) Mr. Sanjay Sethi , Managing Director
2) Mr. Ashish Baraskar , CFO
3) Mrs. Neha Sharma , CS
ii) Companies / Entities under the control of key management personnel
1) M/s Beryl Securities Ltd.
iii) Relative of director
1) Sangita Sethi
2) Soniya Sethi
The following transactions were carried out with the related parties
in the ordinary course of business.
34. The Company has not given any advance (s) in the nature of loan to
any party as defined in clause 32 of the listing agreement. As per the
company policy interest free loan given to employees are not
considered under this clause. Loan and Advance in the nature of loans
to associates/employees disclosure pursuant to Clause 32 of the
listing agreement is as under :
35. Balance of all Debtors/ Creditors/ lenders and borrowers are
subject to confirmation.
36. The company has appointed women director with effect from
1/10/2014 as Per Section 149(1) of the Companies Act 2013.
37. Provision for current Income tax has been made in accordance with
the provision of Income tax act and has been shown net off payment of
advance tax Rs. 3.75 Lacs and TDS Rs. 176820/- made during the year.
38. In the opinion of management all current asset, loans and advances
have value of realization atleast equal to the extent considered good
and stated in the balance sheet.
39. Sitting fees has been waived by all the director's of the company.
40. Prior period items includes Rs.350803 on account of coal purchase
as prior period expense .
41. Company has made the investment amounting to Rs.67.84 lacs (P.Y.
Rs.67.84 lacs) in Beryl Securities Ltd., a Company under the same
management.
42. The Books of Account is showing CST Payable Amounting to Rs.
217283.94/- because Government sale of Second and Third Quarter has
not been posted in return & the company is also facing problem in
revising the same.
43. Company has discontinued the trading division in during the year
whose shareholder approval is awaited.
44. Pursuant to companies act 2013 (the Act) becoming effective from
1st April 2014, The company has reworked depreciation with reference
to the estimated useful life's of fixed Assets prescribed under
schedule II to the Act. As a result the charge for depreciation is
higher by Rs. 1966394.20/- for the year ended 31st march 2015.pursuant
to the transitional provision prescribed in schedule II to the
companies act 2013, The company has fully depreciated the carrying
value of assets net of residual value where the remaining useful life
of the assets was determined to be NIL as on 1st April 2014 and has
adjusted an amount of Rs. 93750.42/- against the opening surplus
balance in the Statement of Profit & Loss under Reserve & Surplus.
Mar 31, 2014
NOTE 1.1 During the year Company has issued Forfeiture notice in
respect of call money in arrear and has only received Rs. 342750/- as
against the call money. But company could not receive the remaining
unpaid call money of 59300 no. of equity shares even given final
reminder. Thus after passing board resolution dated 25th Jan 2014
Company has forfeited 59300 no. of Equity Shares (against which amount
paid up was Rs. 219750/-) during the year due to non payment of their
arrears.
NOTE - 2.1
Defined Benefit Plan The employees'' gratuity fund scheme is a defined
benefit plan. The present value of obligation is determined based on
acturial valuation using the Project Unit Credit Method, which
recognises each period of service as giving rise to additional unit of
employee benefit entitlement and measures each unit separately to build
up the final obligation.
NOTE -3.1
Short term loan from Punjab National Bank is Secured Against
Hypothecation Of Stock Of Raw Material, Packaging Material, Finished
Goods Consumable Stores and Spares, Bills, receivables andand spares,
bills, book debts & all other movable both present & future) ( The Cash
Credit Is Repayable On Demand And Interest Rate Is 14.25% p.a.)
NOTE:3.2
The loan of Beryl Securities Ltd., represents loan due to the Company
under same Management.
NOTE -4.
Provision for Wealth Tax of Rs.114284 .4/-(PY 164206.00) has been made
during the year, however the company has not paid the wealth tax of
last financial year 2012-13.
NOTE -4.2
Liabilities of Entry tax, service tax and excise have been provided as
per Return filed. However additional liability if any arising on
assessment shall be provided for on completion of assessment.
NOTE: 4.3
Defined Benefit Plan: Refer to note 4.
NOTE: 4.4
The above provision for Excise Duty is made on the closing Stock of
finished goods as per the Guidance on Accounting for Excise Duty.
NOTE 5.1
Company has not availed the Cenvat benefit on capital goods purchased
during the year.
Expenses relating to construction of building capitalised during the
year and included in capital work in progress.
NOTE - 6.1
Company Investment in Equity Shares is stated at cost. Company has made
the investment in Beryl Securities Ltd., a Company under the same
management.
NOTE - 7.1
The Company has measured the deferred tax in accordance with AS-22
issued by the ICAI and amount recognized in profit & loss account.
NOTE -8.1
The company has given advances amounting to Rs.9719535/- (P.Y. Rs.
10253054/-) including interest free loan of Rs.21,07,794/- out of their
spare funds to firm, companies and parties without obtaining
registration under section 45I of the RBI Act, however same is not
applied for because advances of said fund is 15.10% (Approx.) of the
total funds (Share capital and Reserve and Surplus) of the company.
NOTE -8.2
Loans & Advances includes Rs.668222.00 (P.Y. Rs. 1605911.00) over due
from other parties on account of advance against capital assets.
Further no provision for sticky advances has been made due to
management in hope that the advances will be settled through full
recovery thereof, in due course.
NOTE -9.1
Due from customer Rs. 36414.00 (PY Rs. 848327.00) considered doubtful
but no provision for doubtful debt has been made in persuance of follow
up with said customer(s).
NOTE -10.1
In the opinion of the Board of Directors the current assets are
expected to be realized in, within 12 months from the reporting date or
in the company''s normal operating cycle and have value on realization
in the ordinary courses of business at least equal to the amount at
which they are stated in the Balance Sheet and provision for all known
liabilities is adequate and not in excess of the amount reasonably
necessary.
NOTE -10.2
Company is running a trading unit for sales of Ranbaxy product and
separate Books of account has been maintained but profit/loss of said
unit has been transferred as result from operation and investment of
said unit has been shown as current investment of the year without
incorporating other transaction in the company''s books of accounts
NOTE -11.1
The above rent received of Rs. 48000/- is pertaning to rent received
from the Beryl Securities Ltd., a company under the same management.
NOTE -11.1
The Company availed Cenvat benefit on purchase of material and netted
from the cost of these goods/ material. Cenvat is adjusted against
excise duty to the extent utilized against clearance of the material.
NOTE -12.1
Particulars of employees who are in receipt of remuneration aggregating
to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00 p.m. are not
given since there is no such employees.
NOTE -13.1
Travelling, Conveyance expenses also included expenditure incurred by
the Directors of the Company for the purpose of business of the
Company.
14. Previous year''s figures have been regrouped and re-casted,
re-arranged wherever necessary to make them comparable with those of
the current year
15. Under the Micro, Small and Medium Enterprises Development Act, 2006
certain disclosure are required to be made relating to Micro Small and
Medium Enterprises (SME). The company is in process of compiling
relevant information from its suppliers about their coverage under the
said Act. Since the relevant information is not readily available, no
disclosure have been made in the accounting, however in view of the
management the amount due to the suppliers are paid within the mutually
agreed credit period and therefore there will not be any interest that
may be payable in accordance with the provision of the Act
16. The Company has filed its return of the income up to Assessment
Year 2013-2014 and the Income Tax Assessment of the Company has been
completed upto Assessment Year 2012-13.
17. The Company has not appointed Whole Time Company Secretary as per
requirement of Sec. 383A of the Companies Act, 1956 during the current
year. However company has appointed a whole time company secretary
w.e.f. 01.05.2014.
18. Contingent Liability not provided AS ON AS ON
2013-2014 2012-2013
1. Claim against the Company not acknowledged
as debts.
a. Commercial Tax Authority 82865.00 82865.00
(against Entry Tax)
b. Listing fees of Indore & Ahmadabad Stock Exchange (if any) will be
liable, even approved for delisting with these stock exchanges by the
members. By virtue of this future profitability to that extend may
affect.
c. Company has filed an Appeal to Deputy Commissioner of VAT for the
demand of Rs.229617/- raised against VAT of the F.Y-2011-2012 by the
department.
d. Central excise department has filed SLP before Hon''ble Supreme Court
against appeal allowed by Hon''ble M.P. High Court Bench, Indore in
connection of non liability of excise on the company product. But
company is in hope of dismissal of appeal of the department hence no
provision has been made in the account.
19. The company has not given any loan or advance in the nature of loan
to its subsidiaries associates or firms/ company in which directors are
interested. However, there are no loan or advances in the nature of
loan where is
a) No repayment schedule or repayment schedule beyond seven years or
b) No interest or interest (except in case as reported in note no. 12.1
& 34) is below the rate specified in Section 372A of the Companies Act,
1956.
20. Interest received include Rs. 954730/- from loan given to Malwa
real estate development pvt. Ltd., Rs. NIL from Radheshwari Developers
Pvt. ltd. And Rs. 17490/- from Dabang Dunia Publication Pvt. Ltd.
21. Company has given Inter corporate advances to Malwa real estate
development pvt. Ltd. of Rs. 53,00,000/- and to Radheshwari Developers
Pvt. Ltd. of Rs. 10,00,000/- which are pertaing to earlier years and a
fresh loan of Rs 415741/- to Dabang Duniya Publications (P) ltd. during
the current year. Moreover out of above advances, Company has not
charged any interest from Radheshwari Developers Pvt. Ltd. and also
given fresh loan to Dabang Duniya Publications (P) ltd. @ 13.11% which
is less than prevailing interest rates of bank (company is availing
credit facilities from bank @ 14.25%) during the year thus company has
contravened the provisions of Sec. 372A of Companies Act,1956.
22. Working capital facilities are secured by hypothecation of stock of
raw material, packing material and finished goods, stores and spares
not relating to plant and machinery (consumable stores & spares) bills,
receivables and book debts and all other movable both present and
future. These are further secured by personal guarantee of the Managing
Director and Whole Time Director of the Company.
23. Company has credited a sum of Rs. 22630/-.( P.Y Rs 106606/)- under
the head "Receipt from Government Authority pending for reconciliation"
which is received against sale to government authorities (given under
the head- Advance Received from Customer) but the same amount is
pending since earlier years for allocation & reconciliation for want of
their information.
24. Credit balance of HDFC Bank represents cheques issued by the
company but not presented to the bank by the parties.
25. Disclosure in accordance with the Accounting Standard- (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India and notified under the Companies Accounting
Standards Rules, 2006 the name of the related parties and the relevant
disclosure is as under:
a) Name of the related party and description of relationship.
i) Key Management personnel
1) Mr. Sanjay Sethi, Managing Director
2) Mr. Sudhir Sethi, Whole time Director
ii) Companies / Entities under the control of key management personnel
1) M/s Beryl Securities Ltd.
iii) Relative of director
1) Sangita Sethi
2) Soniya Sethi
26. Insurance claim is subject to confirmation with relevant document
of insurance company who sanctioned the said claim.
27. The company has given advances aggregating to Rs. 69,96,761/- to
the directors and relatives during the current year and the year
balance is NIL but such advances required prior approval of Central
Government u/s 295 of the act however in the opinion of the company
said advances does not required such approval due to advances was given
for some business commitments.
28. Balance of all Debtors/ Creditors/ lenders and borrowers are
subject to confirmation.
29. Provision for current Income tax has been made in accordance with
the provision of Income tax act and has been shown net off payment of
advance tax Rs. 4.00 Lacs and TDS Rs. 157653/- made during the year.
30. In the opinion of management all current asset, loans and advances
have value of realization atleast equal to the extent considered good
and stated in the balance sheet.
31. Sitting fees has been waived by all the director''s of the company.
32. Prior period items includes Rs. 276/- on account of Machinery
repairs, Rs.154415/- on account of Freight, Rs. 40419/ on account of
loss of goods in transit & Rs. 8989/- on account of VAT audit fees as
prior period expenses and Rs. 179737/- on account of Sale as prior
period income.
33. Company has made the investment amounting to Rs.67.84 lacs (P.Y.
Rs.67.84 lacs) in Beryl Securities Ltd., a Company under the same
management.
34. There is no impairment of assets accordingly no adjustment in
respect of loss or impairment of assets is required to be made in the
accounts
Mar 31, 2013
1. Previous year''s figures have been regrouped and re-casted,
re-arranged wherever necessary to make them comparable with those of
the current year.
2. Company has not made the provision as per AS-13 for Rs.712320/- an
account of diminution in value of share of Beryl Securities Ltd, a
company in which director are director due to in temporary nature.
However, to that extent profit and investment for the year has been
over stated.
3. Company has credited a sum of Rs. 106606/- under the head "Receipt
from Government Authority pending for reconciliation" which is received
against sale to government authorities (given under the head Sundry
creditor) but the same amount has not been reconciled from respective
ledger accounts of said authorities.
Therefore such amount is subject to confirmation & reconciliation from
govt. authorities.
4. The company has given advances amounting to Rs. 10253054/- (P.Y.
Rs. 4800103/- ) out of their spare funds to firm, companies and parties
without obtaining registration under section 45I of the RBI Act, due to
non liable because advances of said fund is 16.10%(Approx.) of the
total funds (Share capital and Reserve and Surplus) of the company
further company has been given loans & advances of Rs. 3657775/- on
interest free loan in during the year.
5. Under the Micro, Small and Medium Enterprises Development Act,
2006 certain disclosure are required to be made relating to Micro Small
and Medium Enterprises (SME). The company is in process of compiling
relevant information from its suppliers about their coverage under the
said Act. Since the relevant information is not ready available, no
disclosure have been made in the accounting, however in view of the
management the amount due to the suppliers are paid within the mutually
agreed credit period and therefore there will not be any interest that
may be payable in accordance with the provision of the Act.
6. The Company has filed its return of the income up to Assessment
Year 2012-2013 and the Income Tax Assessment of the Company has been
completed upto Assessment Year 2011-12.
7. Travelling, Conveyance and Sales Promotion Expenses also included
expenditure incurred by the Directors of the Company for the purpose of
business of the Company.
8. Loans & Advances including Rs.1605911.00 (P.Y. Rs. 17, 79, 838.00)
over due from other parties on account of advance against capital
assets. And no provision for doubtful advances has been made due to
parties are discharging their contractual obligations and is hopeful of
acquiring the goods or its settlement through full recovery thereof, in
due course.
9. Loans & Advances given to Nishit Construction of Rs. 75000/- as
capital advance but same has been written off in during the year due to
non recoverable in opinion of management.
10. The Company has not availed any Cenvat benefit on capital goods
purchased during the year.
11. All balances of sundry debtors, sundry creditors and loans and
advances are subject to analysis and confirmation by the parties.
12. In the opinion of the Board of Directors the current assets are
expected to be realized in, or is intended for sale or consumption
within 12 months from the reporting date or in the company''s normal
operating cycle and have value on realization in the ordinary courses
of business at least equal to the amount at which they are stated in
the Balance Sheet and provision for all known liabilities is adequate
and not in excess of the amount reasonably necessary.
13. The Company availed Cenvat benefit on purchase of material and
netted from the cost of these goods/ material. Cenvat is adjusted
against excise duty to the extent utilized against clearance of the
material.
14. The Company has not appointed Whole Time Company Secretary as per
requirement of Sec. 383A of the Companies Act, 1956 till date. However
company is in process to appoint Full Time Company Secretary and have
taken suitable effects for the same.
15. Other income includes Rs.48, 000.00 (P.Y. Rs.48, 000.00) as rent
received from Beryl Securities Ltd., a Company under the same
Management.
16. The company has not given any loan or advance in the nature of
loan to its subsidiaries associates or firms/ company in which
directors are interested. However, there are no loan or advances in the
nature of loan where is
a) No repayment schedule or repayment schedule beyond seven years or
b) No interest or interest (except in case as reported in note no. 30)
is below the rate specified in Section 372A of the Companies Act, 1956.
17. Working capital facilities are secured by hypothecation of stock
of raw material, packing material and finished goods, stores and spares
not relating to plant and machinery (consumable stores & spares) bills,
receivables and book debts and all other movable both present and
future. These are further secured by personal guarantee of the Managing
Director and Whole Time Director of the Company.
18. Particulars of employees who are in receipt of remuneration
aggregating to more than Rs.60,00,000.00 per annum or Rs.5,00,000.00
p.m. are not given since there is no such employees.
19. Sitting fee payable to Directors has been waived by each one of
them.
20. Provision for Wealth Tax of Rs. 164206/- (P.Y. Rs. Nil) has been
made during the year.
21. The disclosure required as per AS-15 "Employee Benefit" issued by
the Institute of Chartered Accountants of India (ICAI) and notified
under the Companies Accounting Standards Rules, 2006 based management
report as under.
22. The disclosure required as per AS-15 "Employee Benefit" issued by
the Institute of Chartered Accountants of India (ICAI) and notified
under the Companies Accounting Standards Rules, 2006 based management
report as under.
i) Employee defined Benefit Plan as per Actuarial Valuation on
31/03/2013 as under:
23. Identification of Segments:
(a) Identification of Segments:
Primary Segment
Business Segment: The Company''s operating business are organized and
managed separately according to the nature of products, with each
segment representing a strategic business unit that offers different
products. The identified segments are Trading Division and
Manufacturing Division.
Secondary Segment. The company caters only to the need of Indian Market
representing a singular economic environment with similar risk &
reward, hence there are no reportable geographical segments.
24. Disclosure in accordance with the Accounting Standard- (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India and notified under the Companies Accounting
Standards Rules, 2006 the name of the related parties and the relevant
disclosure is as under:
a) Name of the related party and description of relationship.
i) Key Management personnel
1) Mr. Sanjay Sethi , Managing Director
2) Mr. Sudhir Sethi , Whole time Director
ii) Companies / Entities under the control of key management personnel
1) M/s Beryl Securities Ltd.
25. In accordance with the Accounting Standard-20 (AS-20) "Earning per
Share" (Basic & Diluted) issued by the Institute of Chartered
Accountants of India has been computed by dividing the net profit
attributable to equity shareholder for the year by the weighted average
number of equity shares outstanding during the year. There are no
diluted potential equity shares.
26. The Company has not given any advance(s) in the nature of loan to
any party as defined in clause 32 of the listing agreement. As per the
company policy interest free loan given to employees are not considered
under this clause. Loan and Advance in the nature of loans to
associates/employees disclosure pursuant to Clause 32 of the listing
agreement is as under:
27. Liabilities of Entry tax, service tax and excise have been
provided as per Return filed. However additional liability if any
arising on assessment shall be provided for on completion of assessment
28. Disclosure in respect of provision pursuant to Accounting Standard
29:
29. Operating lease:
Assets taken on lease, under which the lesser effectively retains all
the risks and rewards of ownership, are classified as operating lease
operating lease payment are recognized as expenses in the profit and
loss accounts on a straight line basis over the lease term.
30. Company has given Inter corporate advances to Malwa real estate
development pvt. Ltd. of Rs. 5793471/-, and to Radheshwari Developers
Pvt. Ltd. of Rs. 10,00000/- but same advances are subject to obtained
Specified Approval as prescribed u/s 372A of the companies Act.1956.
31. Company has run trading unit to sale purchase of Ranbaxy product
and separate Books of account has been maintained but profit of said
unit, Transfer as Income from operation and investment of said unit has
been shown as current investment of the year without transferring other
transaction in the companies books.
32. a) Company has written off Rs. 1842672/- trade dues including
health department of government of MP without denial of such debtors of
the company.
(b) Company has not made any provision for doubtful debt, Rs. 848327/-
(P.Y. 2287263/-) due to continue follow up.
Mar 31, 2012
NOTE : 1. The above Cash Flow statement has been prepared under the
indirect method & set on in accounting slandered 3 Cash Flow
statements.
2. Figure in Minus indicates outflows.
3. Cash and cash equivalents at the end of the year include balance
with bank.
4. Previous year's figure have been regrouped / rearranged / recanted
wherever necessary to made them comparable with those of current year.
"5. Above Cash Flow has been prepared after consolidating to the
operation figures of Trading division, thus Cash " & Cash equivalent
is also included Cash & Cash equivalent of Rs. 0.23 of Trading
Division."
1. The revised schedule VI as notified under The Companies Act, 1956
has been applicable to the company for the presentation of financial
statement for the year ended 31st March, 2012. The adoption of the
revised schedule VI requirement has significantly modified the
presentation and disclosure which have been complied with the financial
statement. Previous year's figures have been regrouped and re-casted,
re- arranged wherever necessary to make them comparable with those of
the current year..
2. Company has not made the provision as per AS-13 for Rs.18, 38,
464/- an account of diminution in value of share of Beryl Securities
Ltd, a company in which director are director due to in temporary
nature. However, to that extent profit and investment for the year has
been over stated.
3. Company has credited a sum of Rs. 1161358/- under the head
"Receipt from Government Authority pending for reconciliation" which is
received against sale to government authorities (given under the head
Sundry Debtors) but the same amount has not been reconciled from respective
ledger accounts of said authorities. Therefore such amount is subject
to confirmation & reconciliation from govt. authorities
4. The company has advances amounting to Rs. 4800103/- (P.Y. Rs.
4865912/- ) out of their spare funds to firm, companies and parties
without obtaining registration under section 45I of the RBI Act, due to
non liable because advances of said fund is 5.64%(Approx.) of the total
funds of the company.
5. Under the Micro, Small and Medium Enterprises Development Act,
2006 certain disclosure are required to be made relating to Micro Small
and Medium Enterprises (SME). The company is in process of compiling
relevant information from its suppliers about their coverage under the
said Act. Since the relevant information is not ready available, no
disclosure have been made in the accounting, however in view of the
management the amount due to the suppliers are paid within the mutually
agreed credit period and therefore there will not be any interest that
may be payable in accordance with the provision of the Act.
6. The Company has filed its return of the income up to Assessment
Year 2011-2012 and the Income Tax Assessment of the Company has been
completed up to Assessment Year 2010-11.
7. Travelling, Conveyance and Sales Promotion Expenses also included
expenditure incurred by the Directors of the Company for the purpose of
business of the Company.
8. Loans & Advances including Rs.17, 79, 838.00 (P.Y. Rs. 15, 78,
381.00) over due from other parties on account of advance against
capital assets. Hence it is required to be strictly reviewed by the
Management. However the Management is confident that the parties are
discharging their contractual obligations and is hopeful of acquiring
the goods or its settlement through full recovery thereof, in due
course.
9. The Company has not availed any Canvas benefit on capital goods
purchased during the year.
10. All balances of debtors, creditors and advances are subject to
analysis and confirmation by the parties. Because letter of
confirmation of balance to parties have not been issued. The Management
does not expect any material difference (except stated otherwise)
affecting the current year financial statement..
11. In the opinion of the Board of Directors the current assets are
expected to be realized in, or is intended for sale or consumption
within 12 months from the reporting date or in the company's normal
operating cycle and have value on realization in the ordinary courses
of business at least equal to the amount at which they are stated in
the Balance Sheet and provision for all known liabilities is adequate
and not in excess of the amount reasonably necessary.
12. The Company availed Cenvat benefit on purchase of material and
netted from the cost of these goods/ material. Cenvat is adjusted
against excise duty to the extent utilized against clearance of the
material.
13. The Company has not appointed Whole Time Company Secretary as per
requirement of Sec. 383A of the Companies Act, 1956 till date. However
company is in process to appoint Full Time Company Secretary and have
taken suitable effects for the same.
14. Other income includes Rs.48, 000.00 (P.Y. Rs.48, 000.00) as rent
received from Beryl Securities Ltd., a Company under the same
Management.
15. Power & Fuel Expenses also include Coal of Rs. 54, 64, 173.00 (P.Y
Rs 46, 56, 442.36) purchase during the year and same has been debited
on procurement basis.
16. Contingent Liability not provided
2011-2012 2010-2011
1. Claim against the Company not
acknowledged as debts.
a. Commercial Tax Authority 82865.00 82865.00
(against Entry Tax)
b. Central Excise Authority-
(1) Tax 327190.00 327190.00
(2) Penalty 327190.00 327190.00
c. Show Cause notice issued by the 8825970.00 8825970.00
central excise department against
Liability of excise duty of IV fluid.
But same is pending for order (A/c year 2001-02 to 2007-08)
d. Listing fees of Indore & Ahmadabad Stock Exchange (if any) will be
liable, even approved for delisting with these stock exchanges by the
members. By virtue of this future profitability to that extend may
affect.
17. The company has not given any loan or advance in the nature of
loan to its subsidiaries associates or firms/ company in which
directors are interested. However, there are no loan or advances in the
nature of loan where is
a) No repayment schedule or repayment schedule beyond seven years or
b) No interest or interest is below the rate specified in Section 372A
of the Companies Act, 1956.
18. Working capital facilities are secured by hypothecation of stock
of raw material, packing material and finished goods, stores and spares
not relating to plant and machinery (consumable stores & spares) bills,
receivables and book debts and all other movable both present and
future. These are further secured by personal guarantee of the Managing
Director and Whole Time Director of the Company.
19. Particulars of employees who are in receipt of remuneration
aggregating to more than Rs. 60,00,000.00 per annum or Rs.5,00,000.00
p.m. are not given since there is no such employees.
20. Sitting fee payable to Directors has been waived by each one of
them.
21. Provision for Wealth Tax has not been made because no liability
comes on the Company as per the expert opinion obtained by the
Management.
22. The disclosure required as per AS-15 "Employee Benefit" issued by
the Institute of Chartered Accountants of India (ICAI) and notified
under the Companies Accounting Standards Rules, 2006 based management
report as under.
23. Identification of Segments:
(a) Identification of Segments:
Primary Segment
Business Segment: The Company's operating business are organized and
managed separately according to the nature of products, with each
segment representing a strategic business unit that offers different
products. The identified segments are Trading Division and
Manufacturing Division.
Secondary Segment
The company caters only to the need of Indian Market representing a
singular economic environment with similar risk & reward, hence there
are no reportable geographical segments.
24. Disclosure in accordance with the Accounting Standard- (AS-18)
"Related Party Disclosure" issued by the Institute of Chartered
Accountants of India and notified under the Companies Accounting
Standards Rules, 2006 the name of the related parties and the relevant
disclosure is as under:
a) Name of the related party and description of relationship.
i) Key Management personnel
1) Mr. Sanjay Sethi , Managing Director
2) Mr. Sudhir Sethi , Whole time Director
ii) Companies / Entities under the control of key management personnel
1) M/s Beryl Securities Ltd.
Particulars given above have been identified on the basis of
information available with the Company.
25. In accordance with the Accounting Standard-20 (AS-20) "Earning per
Share" (Basic & Diluted) issued by the Institute of Chartered
Accountants of India has been computed by dividing the net profit
attributable to equity shareholder for the year by the weighted average
number of equity shares outstanding during the year. There are no
diluted potential equity shares.
26. Liabilities of Entry tax, service tax and excise have been
provided as per Return filed. However additional liability if any
arising on assessment shall be provided for on completion of assessment
27. Operating lease:
Assets taken on lease, under which the lesser effectively retains all
the risks and rewards of ownership, are classified as operating lease
operating lease payment are recognized as expenses in the profit and
loss accounts on a straight line basis over the lease term
Mar 31, 2010
1. Company has identified the doubtful debtors Rs.24,05,549.72 (P.Y
Rs.Nil) in during the year, but no provision for Rs.24,05,549.72 has
been made for said doubtful debts. Thus the Profit & Debtors of the
company for the year has been over stated by said amount.
2. Company has not made the provision as per AS-13 for Rs.61,05,600/-
due to permanent diminution in value of share of Beryl Securities Ltd,
a company in which director are director thus to that extent profit and
investment for the year has been over stated.
3. Since quotations of shares of Beryl Securities Ltd, are not
available on the last day of the year hence market value of investments
in said companys shares has been taken on the basis of latest
available quotation.
4. As on 31st March 2010, No supplier has intimated the company about
its status as Micro or Small Enterprises or its registration with the
appropriate authority under the Micro, Small and Medium enterprises
development act 2006. However the total outstanding dues to Micro,
Small and Medium enterprises separately given in note no 22 of notes to
accounts.
5. The Company has filed its return of the income upto Assessment Year
2009-2010 and the Income Tax Assessment of the Company have been
completed upto Assessment Year 2008-2009.
6. Travelling, Conveyance and Sales Promotion Expenses also included
expenditure incurred by the Directors of the Company for the purpose of
business of the Company.
7. Contingent Liability not provided
2009- 2010 2008-2009
1. Bank Guarantee in favour of 829000.00 1787000.00
Authorities/third
parties
2. Bill discounted Nil Nil
3. Claim against the Company
not acknowledged as debts.
a. Commercial Tax Authority 82865.00 82865.00
(against Entry Tax)
b. Central Excise Authority- (1) Tax 327190.00 327190.00
(2) Penalty 327190.0 327190.00
c. Show Cause notice issued by 8825970.00 8473559.00
The central excise department
against Liability of excise duty
or IV fluid. But same is pending For
order (A/c year 2001-02 to 2007-08)
d. Listing fees of Indore & Ahmedabad Stock Exchange (if any) will be
liable, even approved for delisting with these stock exchange by the
members. By virtue of this future profitability to that extend may
affect.
8. The company has not given any loan or advance (except advance Rs.
2095698.00 to Director for expenses & other) in the nature of loan to
its subsidiaries associates or firms/company in which directors are
interested. However, there are no loan or advances in the nature of
loan where is
a) No repayment schedule or repayment schedule beyond seven years or
b) No interest or interest is below the rate specified in Section 372A
of the Companies Act, 1956.
9. Working capital facilities are secured by hypothecation of stock of
raw material, packing material and finished goods, stores and spares
not relating to plant and machinery (consumable stores & spares) bills,
receivables and book debts and all other movable both present and
future. These are further secured by personally guaranteed by the
Managing Director and Whole Time Director of the Company.
b) The company has been advised that, the computation of Net Profit for
the purpose of Managerial Remuneration under section 349 of the
Companies Act, 1956 need not to be enumerated since no commissionby way
of percentage of profit is payable for the year to any of the director.
10. Sitting fee payable to Directors have been waived by each one of
them.
11. Loans & Advances including Rs.4832248.00 (P.Y. Rs.5628423.00) over
due from other parties on account of advance against capital assets.
Hence it is required to be strictly reviewed by the Management. However
the Management is confident that the parties are discharging their
contractual obligations and is hopeful of acquiring the goods or its
settlement through full recovery thereof, in due course.
12 The Company has not availed any Cenvat benefit on capital goods
purchased during the year.
13 All balances of debtors, creditors and advances are subject to
analysis and confirmation by the parties. Because letter of
confirmation of balance to parties have not been issued. The Management
does not expect any material difference (except stated otherwise)
affecting the current year financial statement.
14 Corresponding figures of the previous year have been regrouped
re-casted and re-arranged to make them comparable with current years
figures wherever necessary.
15 In the opinion of the Board of Directors the current assets, loans
and advances including deposits have value on realization in the
ordinary courses of business at least equal to the amount at which they
are stated in the Balance Sheet and provision for all known liabilities
is adequate and not in excess of the amount reasonably necessary.
16 The Company availed Cenvat benefit on purchase of material and
netted from the cost of these goods/ material. Cenvat is adjusted
against excise duty to the extent utilized against clearance of the
material.
17 All bank balances are subject to reconciliation with bank.
18 The Company has not appointed Whole Time Company Secretary as per
requirement of Sec. 383A of the Companies Act, 1956 till date. However
company is in process to appoint Full Time Company Secretary and have
take suitable effects for the same.
19 Other income includes Rs.48,000.00 (P.Y. Rs.48,000.00) as rent
received from Beryl Securities Ltd., a Company under the same
Management.
20 Provision for Wealth Tax has not been made because no liability
comes on the Company as per the expert opinion obtained by the
Management.
21 Additional information as far as applicable pursuant to the
provisions of Paragraph 3, 4C, 4D of part II of the Schedule VI of the
Companies Act, 1956 has been furnished as per Annexure - I.
22 Balance Sheet abstract and the companys general business profit in
pursuant to Part IV of Schedule VI to the Companies Act, 1956 has been
furnished as per Annexure - II.