Mar 31, 2014
A. Change in Accounting Policy
Presentation and disclosure of financial statements
During the year ended 31 March 2014, the company has also reclassified
the previous year figures in accordance with the requirements
applicable in the current year.
b) Inventories
Medicines, surgical items, Stores have been valued at cost, Consumables
tools have been valued at their usage value.
c) Cash Flow Statement
Cash flows are reported using the indirect method as specified in
Accounting Standard (AS-3) ''Cash Flow Statement'' as issued by the
Companies (Accounting Standards) Rules,2006.
d) Depreciation / Amortisation
Depreciation has been provided on the straight line method on all the
assets as per schedule XIV of the Companies Act, 1956. The Company has
been providing higher rates over and above minimum rates prescribed in
the Companies Act 1956.
Fixed Assets costing upto Rs. 5,000/- are depreciated fully in the year
of purchase.
e) Revenue Recognition
- Revenue is recognized on the performance of related service and
includes services of patients undergoing treatment.
- Pharmacy Sales are recognised when the risk and reward of ownership
is passed to the customer and are stated net of returns, discounts and
exclusive of VAT wherever applicable.
f) Fixed Assets
i) Fixed Assets are stated at cost less accumulated depreciation and
impairment loss. Cost comprises the purchase price and any attributable
cost including borrowing costs of bringing the asset to its working
condition for its intended use. and related pre- operative expenses are
capitalized over the total project at the commencement of project/on
start of commercial production. However, certain land and building are
measured at revalued cost
ii) Land and Building are stated at revalued amount as a result of
revaluation on 31/3/1999.
g) Foreign Currency Transactions
i) Exchange differences arising on settlement or restatement of foreign
currency denominated liabilities borrowed for the acquisition of Fixed
Assets, hither-to recognized in the Statement of Profit and Loss are
now capitalised based on Para 46A of Accounting Standard 11 - ''The
Effects of Changes in Foreign Exchange Rates (Revised 2003).
ii) Monetary items relating to foreign currency transactions remaining
unsettled at the end of the year are translated at the exchange rates
prevailing at the date of Balance Sheet. The difference in translation
of monetary items and the realised gains and losses on foreign exchange
transactions are recognised in the Statement of Profit and Loss in
accordance with Accounting Standard 11 - "The Effect of Changes in
Foreign Exchange Rates (Revised 2003)" as notified under the Companies
(Accounting Standards) Rules, 2006.
h) Employee Benefit
i) The Company has made provision for Gratuity as per the payment of
Gratuity Act.
ii) The Company makes contribution towards Provident Fund as a defined
contribution retirement benefit fund for qualifying employees.
i) Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of assets. A qualifying asset is one that necessarily takes
substantial period of time to get ready for intended use. All other
borrowing costs are charged to revenue.
j) Leases
Assets acquired under leases where a significant portion of the risks
and rewards of ownership are retained by the lessor are classified as
operating leases. Lease rentals are charged to the profit & Loss
Account on accrual basis.
k) Taxes On Income
Current tax is amount of tax payable on the taxable income for the year
as determined in accordance with the provisions of the Income Tax Act,
1961.
Deferred tax is recognized on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets in respect of unabsorbed depreciation and carry
forward of losses are recognized if there is a virtual certainty that
there will be sufficient future taxable income available to reverse
such losses.
l) Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount
m) Provision, Contingent Liabilities And Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Account. Contingent assets are neither recognized nor
disclosed in the financial statements.
Notes
a) Term loan from Kotak Mahindra Bank Ltd is secured by Land and
Building including other fixed assets and current assets including
movable and immovable assets (present and future) of the company and
guaranteed by the promoter directors of the company.
b) Term loan from Dhanlaxmi Bank Ltd is secured by Hypotication of
Equipments and Equitable Mortgage Land and factory building of NMC
Biopharm Pvt Ltd and personal guarantee of promoters directors of the
company.
c) Term loan from Reliance Capital Ltd is secured by Hypotication of
Respective Equipments of the company and guaranteed by the promoter
directors of the company.
d) Vehicle loans are secured against hypothecation of respective
vehicles.
e) Deferred Credit is for the supply of Fixed Assets from supplier and
guaranteed by the promoter directors of the company.
Mar 31, 2013
A. Change in Accounting Policy
Presentation and disclosure of financial statements
During the year ended 31 March 2013, the company has also reclassified
the previous year figures in accordance with the requirements
applicable in the current year.
b) Inventories
Medicines, surgical items, Stores have been valued at cost, Consumables
tools have been valued at their usage value.
c) Cash Flow Statement
Cash flows are reported using the indirect method as specified in
Accounting Standard (AS-3) ''Cash Flow Statement'' as issued by the
Companies (Accounting Standards) Rules,2006.
d) Depreciation / Amortisation
Depreciation has been provided on the straight line method on all the
assets as per schedule XIV of the Companies Act, 1956. The Company has
been providing higher rates over and above minimum rates prescribed in
the Companies Act 1956. Fixed Assets costing upto Rs. 5,000/- are
depreciated fully in the year of purchase.
e) Revenue Recognition
- Revenue is recognized on the performance of related service and
includes services of patients undergoing treatment.
- Pharmacy Sales are recognised when the risk and reward of ownership
is passed to the customer and are stated net of returns, discounts and
exclusive of VAT wherever applicable.
f) Fixed Assets
i) Fixed Assets are stated at cost less accumulated depreciation and
impairment loss. Cost comprises the purchase price and any attributable
cost including borrowing costs of bringing the asset to its working
condition for its intended use. and related pre-operative expenses are
capitalized over the total project at the commencement of project/on
start of commercial production. However, certain land and building are
measured at revalued cost.
ii) Land and Building are stated at revalued amount as a result of
revaluation on 31/3/1999.
g) Foreign Currency Transactions
I) Exchange differences arising on settlement or restatement of foreign
currency denominated liabilities borrowed for the acquisition of Fixed
Assets, hither-to recognized in the Statement of Profit and Loss are
now capitalised based on Para 46A of Accounting Standard 11 - Rs.The
Effects of Changes in Foreign Exchange Rates (Revised 2003)''
ii) Monetary items relating to foreign currency transactions remaining
unsettled at the end of the year are translated at the exchange rates
prevailing at the date of Balance Sheet. The difference in translation
of monetary items and the realised gains and losses on foreign exchange
transactions are recognised in the Statement of Profit and Loss in
accordance with Accounting Standard 11 - "The Effect of Changes in
Foreign Exchange Rates (Revised 2003) " as notified under the Companies
(Accounting Standards)Rules, 2006.
h) Employee Benefit
I) The Company has made provision for Gratuity as per the payment of
Gratuity Act
ii) The Company makes contribution towards Provident Fund as a defined
contribution retirement benefit fund for qualifying employees.
I) Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are charged to revenue.
j) Leases
Assets acquired under leases where a significant portion of the risks
and rewards of ownership are retained by the lessor are classified as
operating leases. Lease rentals are charged to the profit & Loss
Account on accrual basis.
k) Taxes On Income
Current tax is amount of tax payable on the taxable income for the year
as determined in accordance with the provisions of the Income Tax Act,
1961.
Deferred tax is recognized on timing differences being the differences
between taxable income and accounting income that originate in one
period and are capable of reversal in one or more subsequent periods.
Deferred tax assets in respect of unabsorbed depreciation and carry
there will be sufficient future taxable income available to reverse
such losses.
l) Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount
m) Provision, Contingent Liabilities And Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Account. Contingent assets are neither recognized nordisclosed
in the financial statements.
Mar 31, 2012
A. Change in Accounting Policy
Presentation and disclosure of financial Statements
During the year ended 31 March 2012, the revised Schedule VI notified
under the Companies Act 1956, has become applicable to the company, for
preparation and presentation of its financial statements. The adoption
of revised Schedule VI does not impact recognition and measurement
principles followed for preparation of financial statements. However,
it has significant impact on presentation and disclosures made in the
financial statements. The company has also reclassified the previous
year figures in accordance with the requirements applicable in the
current year.
b) Inventories
Medicines, surgical items, Stores have been valued at cost, Consumables
tools have been valued at their usage value.
c) Cash Flow Statement
Cash flows are reported using the indirect method as specified in
Accounting Standard (AS-3) ' Cash Flow Statement' as issued by the
Companies (Accounting Standards) Rules,2006.
d) Depreciation / Amortisation
Depreciation has been provided on the straight line method on all the
assets as per schedule XIV of the Companies Act, 1956. The Company has
been providing higher rates over and above minimum rates prescribed in
the Companies Act 1956.
Fixed Assets costing upto Rs. 5,000/- are depreciated fully in the year
of purchase.
e) Revenue Recognition
- Revenue is recognized on the performance of related service and
includes services of patients undergoing treatment.
- Pharmacy Sales are recognised when the risk and reward of ownership
is passed to the customer and are stated net of returns, discounts and
exclusive of
VATwherever applicable .
f) Fixed Assets
i) Fixed Assets are stated at cost less accumulated depreciation and
impairment loss. Cost comprises the purchase price and any attributable
cost including
borrowing cost of bringing the asset to its working condition for its
intended use. and related pre-operative expenses are capitalized over
the total project at the commencement of project/on start of commercial
production. However, certain land and building are measured at revalued
cost.
ii) Land and Building are stated at revalued amount as a result of
revaluation on 31/3/1999.
g) Foreign Currency Transactions
i) Exchange differences arising on settlement or restatement of foreign
currency denominated liabilities borrowed for the acquisition of Fixed
Assets, hither-to recognized in the Statement of Profit and Loss
Account are now capitalised based on Para 46A of Accounting Standard 11
- ' The Effects of Changes in Foreign Exchange Rates (Revised 2003)'.
ii) Monetary items relating to foreign currency transactions remaining
unsettled at the end of the year are translated at the exchange rates
prevailing at the date of Balance Sheet. The difference in translation
of monetary items and the realised gains and losses on foreign exchange
transactions are recognised in the Statement of Profit and Loss in
accordance with Accounting Standard 11 - "The Effect of Changes in
Foreign Exchange Rates (Revised 2003) " as notified under the
Companies (Accounting Standards)Rules,2006.
h) Employee Benefit
i) The Company has made provision for Gratuity as per the payment of
Gratuity Act.
ii) The Company makes contribution towards Provident Fund as a defined
contribution retirement benefit fund for qualifying employees.
i) Borrowing Costs
Borrowing costs that are attributable to the acquisition or
construction of qualifying assets are capitalized as part of the cost
of assets. A qualifying asset is one that necessarily takes substantial
period of time to get ready for intended use. All other borrowing costs
are charged to revenue.
j) Leases
Assets acquired under leases where a significant portion of the risks
and rewards of ownership are retained by the lessor are classified as
operating leases. Lease rentals are charged to the profit & Loss
Account on accrual basis.
k) Taxes On Income
Current tax is amount of tax payable on the taxable income for the year
as determined in accordance with the provisions of the Income Tax Act,
1961.Deferred tax is recognized on timing differences being the
differences between taxable income and accounting income that originate
in one period and are capable of reversal in one or more subsequent
periods.Deferred tax assets in respect of unabsorbed depreciation and
carry forward of losses are recognized if there is a virtual certainty
that there will be sufficient future taxable income available to
reverse such losses.
l) Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. The impairment loss recognized in prior accounting period is
reversed if there has been a change in the estimate of recoverable
amount
m) Provision, Contingent Liabilities And Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
Notes to Account. Contingent assets are neither recognized nor
disclosed in the financial statements.
Mar 31, 2011
(I) Accounting Convention
The financial statements have been prepared to comply with the
mandatory accounting standards issued by the Companies (Accounting
Standards) Rules, 2006 and the relevant provisions of the Companies
Act, 1956. The financial statements have been prepared under the
historical cost convention on accrual basis. The accounting policies
have been consistently applied by the company unless otherwise stated.
(II) Use of Estimates
The preparation of financial statements is in conformity with general
accepted accounting principles requires making of estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets & liabilities at the date of
financial statements and the reported amounts of revenues and expenses
during the reporting year. Differences between the actual results and
estimates are recognized in the year in which the results are known/
materialized.
(III) Fixed Assets
Land and Building are stated at revalued amount as a result of
revaluation on 31/3/1999. Other Fixed assets are accounted for the
historical cost basis, inclusive of the cost of installation as the
case may be.
(IV) Depreciation
Depreciation has been provided on the straight line method on all the
assets as per schedule XIV of the Companies Act, 1956. The Company has
been providing higher rates over and above minimum rates prescribed in
the Companies Act 1956. During the year the company has provided higher
rates of depreciation on block of assets comprising Building, Medical
Equipment Indigenous, Furniture and Fixture, Vehicle and Computers
keeping in view the remaining useful life of the respective assets.
The company has charged depreciation amount on higher rates of Rs
8,19,53,192/- to Profit and Loss Account during the year. The
depreciation amount on normal rates would have been Rs 5,01,97,860/-
during the year.
(V) Inventory
Medicines, surgical items, Stores have been valued at cost, Consumables
tools have been valued at their usage value.
(VI) Foreign currency transactions
Transactions in foreign currency are recorded at standard
rates/original rates of exchange in force at the time the transactions
are effected.
(VII) Investments
- Long term Investments have been valued at cost.
- The company has filed an application with RBI for approval of
liquidation of investments in foreign joint venture.
(VIII) Gratuity
The Company has made provision for Gratuity as per the payment of
Gratuity Act.
(IX) Revenue Recognition
Revenue is recognized on the performance of related service and
includes services of patients undergoing treatment and pending billing.
(X) Tax on Income
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same year the related revenue and expenses
arise. A Provision is made for income tax annually based on the tax
liability computed after considering tax allowances and exemptions. The
differences that result between the profit offered for income taxes and
the profits as per the financial statements are identified and
thereafter a deferred tax asset or deferred tax liability is recorded
for timing differences, namely the differences that originate in one
account year and reverse in another, based on the tax effect of the
aggregate amount being considered. The tax effect is calculated on the
accumulated timing differences at the end of an accounting year based
on prevailing enacted or substantially enacted regulations. Deferred
tax assets are recognized only if there is a reasonable certainty that
they will be realized in future.
(XI) Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.
(XII) Cash Flow Statement
Cash flow are reported using the indirect method as specified in the
Accounting Standard AS-3, Cash Flow Statement.
(XIII) Impairment of Assets
An asset is treated as impaired when the carrying cost of assets
exceeds its recoverable value. An impairment loss is charged to Profit
& Loss Account in the year in which an asset is identified as impaired.
The impairment loss recognized in prior accounting period is reversed
if there has been a change in the estimate of recoverable amount.
Mar 31, 2009
(I) Systems of Accounting
The mercantile system of accounting has been adopted.
(II) Fixed Assets
Land and Building are stated at revalued amount as a result of
revaluation on 31/3/1999. Other Fixed Assets are accounted for on the
historical cost basis, inclusive of the cost of installation as the
case may be.
(III) Depreciation
Depreciation has been provided on the straight tine method on all the
assets as per schedule XIV of the Companies Act, 1956. The Company has
been providing higher rates over and above minimum rates prescribed in
the Companies Act, 1956.
(IV) Inventory
Medicines, Surgical items, Stores have been valued at cost, Consumables
tools have been valued at their usage value.
(V) Foreign currency transactions
Transactions in foreign currency are recorded at standard
rates/original rates of exchange in force at the time the transactions
are effected.
(VI) Investments
- Long term Investments have been valued at cost.
- The Company has filed an application with RBI for Approval of
liquidation of Investments in foreign joint venture.
(VII) Gratuity
The Company has made provision for Gratuity as per the payment of
Gratuity Act.
(VIII) Revenue Recognition
Revenue is recognized on the performance of related service and
includes services of patients undergoing treatment and pending billing.
(IX) Tax on Income
Income taxes are computed using the tax effect accounting method, where
taxes are accrued in the same year the related revenue and expenses
arise. A provision is made for income tax annually based on the tax
liability computed after considering tax allowances and exemptions. The
differences that result between the profit offered for income taxes and
the profits as per the financial statements are identified and
thereafter a deferred tax asset or deferred tax liability is recorded
for timing differences, namely the differences that originate in one
accounting period and reverse in another, based on the tax effect of
the aggregate amount being considered. The tax effect is calculated on
the accumulated timing differences at the end of an accounting year
based on prevailing enacted or substantially enacted i. regulations.
Deferred tax assets are recognized only if there is a reasonable
certainty that they will be realized in future.
(X) Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes. Contingent assets are neither recognized nor disclosed in the
financial statements.