Notes to Accounts of Jagsonpal Pharmaceuticals Ltd.

Mar 31, 2018

Notes

Employee benefit plans

a. Defined contribution plans

The Company makes Provident Fund and Pension fund contributions to defined contribution plans for qualifying employees. Under the Scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised '' 207.82 lakhs (Year ended 31 March 2017 '' 179.37 lakhs) for Provident Fund and pension fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

b. Defined benefit plans

The Company offers the following employee benefit schemes to its employees: i. Gratuity

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements.

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

These are the Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in note 1, have been applied in preparing the financial statements for the March 31,2018, the comparative information presented in these financial statements for the year ended March 31, 2017. and in the preparation of an opening Ind AS Balance Sheet as at April 1, 2017.

In preparing its opening Ind AS Balance sheet, the Company had adjusted the amount if any reported previously in financial statements prepared in accordance with the accounting standards notified under Companies ( Accounting Standards) Rules , 2006(as amended) and other relevant provisions of the Act ( previous GAAP or Indian GAAP).

An explanation of how the transition from previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows is set out in the following notes.

A. Exemptions and exceptions availed

Set out below are the applicable Ind AS option exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A.I Ind AS option exemptions A.1.1 Deemed cost

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as Accordingly, the company has elected to measure all of its property, plant and equipment and intangible assets at their previous GAAP carrying value. A.2 Ind AS mandatory exceptions A.2.1 Estimates

An entity’s estimates in accordance with Ind As at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP

Ind AS estimates as at 1 April, 2017 are consistent with the estimates as at the same date made in conformity with previous GAAP. The Company made estimates in accordance with Ind As at the date of transition

A.2.2 Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the fact and circumstances that exists at the date of transition to Ind AS.

Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing on the date of transition if retrospective application is impracticable.

Accordingly, the Company has determined the classification of financial assets on the basis of the fact and circumstances that exists at the date of transition to Ind AS.

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

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Mar 31, 2015

1. Employee benefit plans a Defined contribution plans

The Company makes Provident Fund and pension fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised ' 159.47 lakhs during the year (Year ended 31 March, 2014 Rs.116.48lakhs) for Provident Fund and pension fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

2. Defined benefit plans

The Company offers the following employee benefit schemes to its employees: i. Gratuity

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:

Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities 332.00 144.10

Dues to Micro and Small Enterprises have been determined to the extentsuch parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

Disclosure as per Clause 32 of the Listing Agreements with the Stock Exchanges

Loans and advances in the nature of loans given to subsidiaries, associates and others and investment in shares of the Company by such parties:

Related party transactions Names of related Party

(a) Details of related parties:

Key Management Personnel (KMP) Mr. Rajpal Singh Kochhar

Relatives of KMP Mr. Prithipal Singh Kochhar

Previous year's figures

Previous year's figures have been regrouped/reclassified wherever necessary to correspond with the current year's classification/disclosure.

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Mar 31, 2014

1 Defined contribution plans

The Company makes Provident Fund and pension fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 116.48 lakhs During the year (Year ended 31st March, 2013 Rs. 96.02 lakhs) for Provident Fund and pension fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

2013- 14 2012- 13

2 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities - -

Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

(i) Principal amount remaining due and unpaid to any supplier 44 6.34

as at the end of the accounting year

(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year 0 0

(iii) The amount of interest paid along with the amounts of the payment made to the 0 0 supplier beyond the appointed day

(iv) The amount of interest due and payable for the year 0 0

(v) The amount of interest accrued and remaining unpaid at the end of the accounting year 0 0

(vi) The amount of further interest due and payable even in the succeeding year, until such date when the interest dues as above are actually paid 0 0

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

Particulars For the year For the year ended 31 ended 31 March, 2014 March, 2013 Rs. Lakhs Rs. Lakhs

Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities 0 0

Value of imports calculated on CIF basis:

Raw materials 974.62 965.72

Expenditure in foreign currency :

Other matters 140.05 79.68

Details of consumption of imported and indigenous items

Imported

Raw materials 1250.24 965.72

Percentage 22% 13.65%

Total 1250.24 965.72

Indigenous

Raw materials 4501.20 6105.81

Percentage 78% 86.35%

Total 4501.20 6105.81

Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2013

Previous year''s figures

Previous year''s figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.

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Mar 31, 2012

Employee benefit plans

(a) Defined contribution plans

The Company makes Provident Fund and Pension Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Till .00 lakhs (Year ended 31 March, 2011 Rs. 78.11 lakhs) for Provident Fund and pension fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(b) Defined benefit plans

The Company offers the following employee benefit schemes to its employees: The Company has taken a Group Gratuity policy of LIC of India.

i. Gratuity

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial statements:

Previous year's figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

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Mar 31, 2010

31.03.2010 31.03.2009 Rs. Rs.

1. Contingent Liabilities

Bank guarantees 4,30,000 9,80,000

2. Excise duty payable on finished goods is accounted in the year of manufacture. The treatment has no impact on the profit.

3. Deferred tax adjustment has been made up to 31.03.2010. No affect of Section 43 B liabilities of Income Tax Act, has been made as these are permanent differences.

4. Previous years figures have been re-grouped and rearranged wherever necessary.

5. The names of small scale industries to whom the Company owes dues outstanding for more than 30 days at the Balance Sheet date, computed on unit-wise basis, are: Jay Kay Printers and Lasersec India Pvt. Ltd.; Abhishek Printline.