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Notes to Accounts of Fischer Chemic Ltd.

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.

m. Recent pronouncements

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 – 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 – AS – 19

FINANCE LEASE

(I) Disclosure as per AS – 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 “Going Concern” 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.

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