Mar 31, 2023
Provisions And Contogent Liabilty
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation.
h. Earnings per share
The basic earnings per share is computed by dividing the net profit for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the period. The number of shares used in computing
diluted earnings per share comprises the weighted average shares considered for deriving basic earnings per share and
also the weighted average number of equity shares which would have been issued on the conversion of all dilutive
potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the period unless
they have been issued at a later date.
i. Rounding of amounts
The Financial Statements have been presented in Indian Rupees (INR), which is the Company''s functional currency. All
financial information presented in INR has been rounded off to nearest lakhs as per the requirement of Schedule III,
unless otherwise stated.
j. Cash flow statement
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of
transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item
of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and
financing activities of the Company are segregated
k. Fair value measurement
Management uses valuation techniques to determine the fair value of financial instruments (where active market quotes
are not available). This involves developing estimates and assumptions consistent with how market participants would
price the instrument. Management bases its assumptions on observable data as far as possible but this is not always
available. In that case management uses the best information available. Estimated fair values may vary from the actual
prices that would be achieved in an arm''s length transaction at the reporting date.
l. Derecognition of Financial Instruments
Company derecognises a financial asset when the contractual rights to cash flows from financial asset expire or it
transfers to financial asset and transfer qualifies for derecongition under IND AS 109. A financial liability (or part of it) is
derecognised from balance sheet when obligiation specified in contract is discharged or cancelled or expires.
Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2023, MCA amended the
Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1, 2023, as below
Ind AS 103 - Reference to Conceptual Framework
Ind AS 16 - Proceeds before intended use
Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract
Ind AS 109 - Annual Improvements to Ind AS (2021)
Ind AS 116 - Annual Improvements to Ind AS (2021)
Above ammendments are not applicable to the company and accordingly there will be no consequent impact on
companys financials.
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the Company''s financial statements requires management to make judgment, estimates and
assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying
disclosures.
Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate
changes in estimates are made as and when management becomes aware of changes and circumstances surrounding the
estimates. Changes in the estimates are reflected in the financial statements in the period in which changes are made and,
if material, their effects are disclosed in the notes to financial statements.
Application of accounting policies that require critical accounting estimates involving complex and subjective judgments
and the use of assumptions in these financial statements have been disclosed below:
> Recognition of deferred tax asset: availability of future taxable profit
> Recognition and measurements of provision and contingencies: key assumption of the livelihood and
magnitude of an outflow of resources.
Mar 31, 2014
1 Under the Micro Small and Medium Enterprises Development Act ,2006,
certain disclourses are required to be made relating to Micro,Small and
Medium Enterprises. The company is in the process of compling relevant
information from its suppliers about their coverage under the Act .
Since the revelant information is not presently available, no
disclosures have been made in the accounts.
2 Corresponding figures of the previous year have been regrouped or
rearranged to make it comparable with this years''s figure, wherever
necessary.
3 Tax expense comprises deferred taxes. : Deferred income taxes
reflects the impact of current year timing differences between taxable
income and accounting income for the year and reversal of timing
differences of earlier years. Deferred tax is measured based on the tax
rates and the tax laws enacted or substantively enacted at the balance
sheet date. Deferred tax assets are recognised only to the extent that
there is reasonable certainty that sufficient future taxable income
will be available against which such deferred tax assets can be
realised Deferred tax assets are recognised on carry forward of
unabsorbed depreciation and tax losses only if there is virtual
certainty that such deferred tax assets can be realised against future
taxable profits. Unrecognised deferred tax assets of earlier years are
re-assessed and recognised to the extent that it has become reasonably
certain that future taxable income will be available against which such
deferred tax assets can be realised.
4 A. Provisions :
it is probable that an outflow of resources will be required to settle
the obligation, in respect of which a reliable estimate can be made.
Provisions are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance
sheet date. These are reviewed at each balance sheet date and adjusted
to reflect the current best estimates. Contingent Liability is not
recognized in the financial statements but is disclosed.
Mar 31, 2013
Contingent Liabilities and Commitments
As at
31.3.2013 As at
31.3.2012
Particulars Rs. Rs.
(A) Contingent Liabilities
(a) Claims against the company
not acknowledged as debts NIL NIL
(b) Guarantees
(c ) Other money for which the
company is contingently liable
Total (A) NIL NIL
1. CONSUMPTION OF RAW MATERIALS & COMPONENTS
Information pursuant to provisions of Para 3 & 4 of Part II of Schedule
VI of Companies Act, 1956 is as under:
a. Licensed Capacity and Installed Capacity : (Being a technical
matter, as certified by management and relied upon by Auditors)
Raw Material :
The stores, spares and other materials contain large number of items
and none of the items individually account for 10% or more of the total
value and hence the quantitative details are not furnished. The total
stores & spares consumption amounted to Rs.1,76,002/- (Previous Year
Rs. 283,876/-)
2. SEGMENT REPORTING
The business of the company falls under a single segment of retail/bulk
trade of laboratory chemicals. In view of the general classification
issued for companies operating in single segment, the disclosure
requirements as per Accounting Standard 17 "Segment Reporting" are not
applicable to the company. The company primarily caters to the domestic
market and export sales do not form significant part of Total Turnover
and hence the information required for the Secondary segment has not
been furnished.
3. The Company''s net worth eroded due to continuous loss incurred
during the past several years. The Total Liabilities exceeds Total
Assets as on 31st March 2013. However the management is confident of
expending the business and earning profits in future. The management
have business plans to infuse funds for the needs as required and hence
the going concern principle is not affected.
4. RELATED PARTY DISCLOSURES Â AS - 18
I. LIST OF RELATED PARTIES
Related parties with whom transactions have taken place during the year
(a) Key Managerial Personnel / Individual Relatives
1. G.M.S. Narayanan  Whole Time Director
2. K. Vasudevan  Whole Time Director
3. V. Balakrishnan  Director
4. Mrs. Bhagirathi  Wife of Whole Time Director
5. Mrs. Sasikala  Wife of Whole Time Director
5. LEASES Â AS Â 19
FINANCE LEASE
(I) Disclosure as per AS Â 19 on "Leases", in respect of formal
agreements entered into for assets taken on lease during periods
commencing on or after 1st April, 2008
6. TAXATION
Income Tax:
No provision for income tax for the current year has been made in the
books, since the company has unabsorbed business losses and unabsorbed
depreciation losses eligible for set-off in addition to current year
loss.
The company has carried forward business losses and unabsorbed
depreciation and the company is confident of earning profits in the
future years to set off the losses. However there is no virtual
certainty as envisaged in AS 22, that sufficient future taxable income
will be available against which such deferred tax assets can be
realised and hence such deferred tax assets arising on account of
timing differences are not recognized during the year, as a matter of
prudence. Since, there are no fixed assets in the company at the end of
the year, the company will not be in a position to claim any
depreciation benefits on the same as per Income tax Act and hence the
benefit of deferred tax liability/ asset is not carried forward on
account of this benefit.
7. The company has not received information from vendors regarding
their status under Micro, small and Medium Enterprises Development Act,
2006 and hence disclosures relating to amounts unpaid as at yearend
together with interest paid / payable under this account have not been
given.
8. EMPLOYEE BENEFITS
The company has provided for the liability on gratuity and compensated
absences for the year ended as at 31st March 2012 on the basis of
estimates made by the management without obtaining Actuarial Valuation.
However, in the opinion of the Management, the difference between the
amount provided and the provisions as may be required in accordance
with AS 15 will not be material, considering the amount involved and
number of employees.
9. In the opinion of the board of directors, loans, debtors and other
current assets are of the value stated in the balance sheet, to be
realized in the normal course of business and provision for all known
liabilities have been made which are adequate.
10. The Management of the company has during the year carried out
technical evaluation for identification of impairment of assets, if any
in accordance with AS 28. Based on the judgement of the management and
as certified by the directors, no provision for impairment of assets is
considered necessary in respect of any assets of the company since
there are no assets in the company.
11. (a) Confirmation of balance from Sundry debtors, Sundry creditors,
Unsecured loans, Loans & Advances, Deposits and Other Current Assets
are yet to be received / reconciled and in the opinion of management,
the impact such non-receipt / non- reconciliation is not material.
(b)The Company has obtained Compliance Certificate from a Company
Secretary in Whole-Time Practice as per the provisions of Section 383A
of the Companies Act, 1956.
12. Previous year''s figures which have been audited by another firm of
Chartered Accountants have been regrouped wherever necessary to conform
to this year''s classification.
Mar 31, 2012
A. Certain balances under Sundry Debtors, Sundry Creditors, Loans and
Advances and Deposits are subject to confirmation and consequential
adjustments that may arise on reconciliation.
b. The enterprise does not have subsisting arrangement of employee
benefit plans and considering the number of employees being only very
minimal, actual liability is calculated as at 31st March 2012 as per
the Payment of Gratuity Act, 1972 is being provided.
c. SEGMENT REPORTING:
The company is operating in single segment namely dealing in Laboratory
chemicals.
d. In the absence of information from the suppliers with regards to
their registration with the specified authorities, the Company is
unable to furnish the information, as required under The Companies Act,
1956 and the Micro, Small and Medium Enterprises Development Act,2006.
e. Previous Years figures have been regrouped wherever necessary.
Mar 31, 2010
1. SECURED LOANS
Secured loans includes Car loans from banks outstanding as on 31st
March 2010 Rs.302,593/-(secured by the hypothecation of vehicles as per
the Hire purchase agreement and the company holds the ownership on the
car subject to the Hire Purchase Agreement).
2. SEGMENT REPORTING
As per guiding principles of AS - 17, "Segment Reporting", the company
is engaged in only Primary segment of Laboratory Chemicals Since the
company operates in a single business segment, disclosure requirements
are not applicable. The company primarily caters to the domestic market
and export sales do not form significant part of Total Turnover and
hence the information required for the Secondary segment has not been
furnished.
3. The company has incurred cash losses during the year. The total
liabilities exceed total assets as at 31st March 2010. However, the
management is confident of expanding business and earning profits in
the future. The management have business plans to infuse funds for the
needs as required and hence the ÃGoing Concernà principle is not
affected.
4. RELATED PARTY DISCLOSURE I. List of Related Parties.
Related Parties with whom transactions have taken place during the
year. (a) Key Managerial Personnel / Individual Relatives.
1. G M S Narayanan - Whole time Director.
2. K Vasudevan - Whole time Director
3. V Balakrishnan - Director
4. Mrs. Bhaghirathi - Wfe of Whole Time Director
5. Mrs. Sasikala - Wfe of Whole Time Director
5. During the year the following transactions were carried out with
related parties in the ordinary course of business:
6. The Company has not received information fromvendors regarding
their status under Mcro, small and Medium Enterprises Development Act,
2006 and hence disclosure relating to amounts unpaid as at year-end
together with interest paid/payable under this account have not been
given.
7. In the opinion of the Board of Directors, loans, debtors and other
current assets are of the value stated in the Balance Sheet, to be
realized in the normal course of business and provision for all known
liabilities have been made which are adequate.
8. The management of the company has during the year carried out
technical evaluation for identification of impairment of assets, if any
in accordance with Accounting Standard (AS) 28. Based on the judgment
of the management and as certified by the directors, no provision for
impairment of assets is considered necessary in respect of any assets
of the company.
9. (a) Confirmation of balances from Sundry Debtors, Sundry
Creditors, Unsecured Loans, Loans & Advances, Deposits and Other
Current Assets are yet to be received / reconciled and in the opinion
of management, the impact such non-receipt/non recon- ciliation is not
material.
(b) The company has to appoint a company secretary as required under
section 383A of the Companies Act, 1956 pending which the company has
obtained a secretarial compliance certificate from a Company Secretary
in whole time practice.
10. Previous years figures which have been audited by another firm of
Chartered Accountants have been regrouped wherever necessary to conform
to this years classification.