Mar 31, 2016
1. Additional Notes to the Financial Statements:
(1) Debit or Credit Balances on whatever account are subject to confirmation/ reconciliation.
(2) The work-in-process / semi - finished goods and by product etc. have been grouped as closing stock and the variation is stock has been worked out accordingly.
(3) The amount less received from the parties against sales made to them has been charged to Rebate & Discount Account and vice-versa.
(4) In the opinion of the Board of Directors, all current assets and loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet. Adequate provisions have been made for all the known liabilities.
(5) The Company has called for the information from its suppliers as regard to disclosure required under Micro, Small and Medium Enterprises Development Act, 2006. The replies from most of the suppliers in this regard are still awaited. Hence the information required to be given in accordance with section 22 of the said act is not ascertainable and not disclosed .
(6) Commission on sales and rebate & discount are accounted for when accounts are finally settled with the agents, including conclusion of underlying sales contracts.
(7) Fixed Deposit with banks of Rs. 1.52 mn (Previous year Rs. 26.46 mn) are pledged as margin money with banks.
(8) The Company has been approved U/s 35 (2AB) of the Income Tax Act, 1961 by the Prescribed Authority i.e. The Secretary, Department of Scientific and Industrial Research, Govt. of India, New Delhi for co-operation in In-house Research and Development facility at Derabassi and Baraka up to 31.03.2016 vide letter No. TU/IV-RD/2502/2013 dated 18th September,2013. The revenue expenditure already incurred in the preceding years has been treated as deferred revenue expenditure and is being written off over the period of 5 years as per the policy of the company.
(9) The Inventory valuing Rs 401.01 mn comprises of raw material, stock of work in progress, semi finished goods including recovery stock and material at shop floor as physically verified as on 31st March 2016,the balance have been taken as per records of the company.
Since the company has not sent any balance confirmation letters to Sundry parties (Including Debtors, Creditors,
( ) Advance to Suppliers and Advance from Customers) as on 31st March, 2016, the balances have been taken as per records of the company.
(11) During the F.Y.2012-13 the company has made application for restructuring of debts under CDR Mechanism which has been approved and stands implemented, the cutoff date being 30th September 2012 and Company stand exit from CDR Mechanism on 28th October 2015 vide letter CDR(PMJ) No. 442/2015-16 dated 31st October 2015
iio''k A sum of Rs.260 mn received by company as share application money from Promoters/ Promoters'' Associates, to
( ) comply a critical condition to infuse an amount of Rs 260 Mn in the form of Equity Share Capital of the Company, as stipulated under CDR package sanctioned to the Company pursuant to a scheme approved under the Corporate Debt Restructuring Framework of Reserve Bank of India .Now, they said amount of subscription money of Rs 260 mn has been received by the Company. The special resolution to this effect has been passed by the shareholders of the company by postal ballot on 31st January, 2014, however, the allotment of shares to the proposed allottees is pending awaiting the In-Principle approval of the Stock Exchanges required under the Listing Agreements. Approval from BSE has been received but pending due to NOC not received from the Lead Bank for allotment of the same.
(13) The Authorized Share Capital of the Company was increased from Rs. 72 crores to Rs. 82 crores vide resolution passed in Annual General Meeting of the members of the company held on 29th September 2015, but the company has not notified the Registrar of companies by Filing form SH-7 prescribed under the Companies General Rules & Forms due to non receiving of NOC from the lead bank for the allotment of shares to promoter and promoter group.
(14)
The company has incurred losses of Rs 4851.87 mn (PY Rs 3793.23 mn) during the current year and the company has net current liabilities of Rs 3491.29 mn (PY net current liabilities of Rs 1041.11mn) as on 31.03.2016. Further the company''s accumulated losses have resulted in erosion of its entire net worth. The continuous losses have adversely affected the cash flows of the company.
(15) During the Financial Year 2015-16 most of banks have not charged interest for the full year due to NPA classification. The company has made provision of Interest due to Bank/Financial institution amounting to Rs 1035.24 mn @10.50% per annum in respect of such loan accounts.
(16) During the year, M/s J.M.Financial Asset Reconstruction Company Private Limited has taken over the loans/debts outstanding of the company from State Bank of Patiala, State Bank of Hyderabad, ICICI Bank Ltd & Uco Bank and provision for interest in respect of these banks has been provided @10.50% for the year.
(17) During the year 2015-16 the company has paid Director remuneration to Shri Pranav Gupta Rs 0.4 mn per month for three months (Apr''15-June''15) , the balance remuneration has not been taken by Shri Pranav Gupta due to financial crises . Moreover Mr Vineet Gupta (Whole Time Director) also has not taken any remuneration during the year.
(18) During the year, Company has filed application with Board for Industrial and Financial Reconstruction(BIFR) on 22nd May 2015 and the date of hearing was fixed on 2nd March 2016 which is pending.
(19) Disclosure in accordance with accounting standard (AS 29) Provisions, Contingent Liabilities and Contingent Assets:
(20) Taxation
1 In order to comply with the requirement of Accounting Standard -22 â Accounting for Taxes on Income, the company has followed the deferred tax method of accounting. Consequently the company has accounted the deferred tax for the current period amounting to Rs. 44.30 mn in the Statement of Profit & Loss.
2 Deferred Tax Asset/ Liability are attributable to the following items:
(21) Fixed Assets possessed by PARABOLIC DRUGS LIMITED are treated as Corporate Assets and are not cash generating units as per Accounting Standard-28. In the opinion of Management, there is no impairment of fixed assets of the Company.
(24) Related Party Disclosures in accordance with the Accounting Standard-18 as notified by the Companies (Accounting Standard) Rules, 2006
Key Management Personnel with whom transactions have taken place during the Year
Relatives of Key Management Personnel with whom transactions have taken place during the Year_
1. J.D Gupta (HUF)_
Subsidiary with whom transactions h ave taken pla ce during the Year
1. Ziven Life Sciences Limited
2. Parabolic Research Labs Limited
Associates with whom transactions have taken place during the Year
1. Parabolic Infrastructure Private Limited.
2. Mohali Green Environment Private Limited.
3.Trackball Technology Pvt. Ltd.
(26) Contingent Liabilities (a) Foreign Letter of Credit/Inland Letter of Credit/Bank guarantee issued by bankers:
( b) I n respect of Income Tax matters pending before appellate au thirties/CIT (App eals) which company expects to succeed, based on decisions of Tribunals/ Courts. There is contingent liability amounting to Rs 79.52 mn.
(c) In respect of Service Tax matters pending before appellate authorities/Commissioner (Appeals) which company expects to succeed, based on decisions of Tribunals/ Courts. There is contingent liability amounting to Rs 3.484 mn.
(d) In respect of Excise Duty matters pending before appellate authorities/Commissioner (Appeals) which company expects to succeed, based on decisions of Tribunals/ Courts. There is contingent liability amounting to Rs 676.15 mn.
(e) In respect of Legal cases against the company, there is contingent liability amounting to Rs 9.55 mn.
(2 Segment Reporting:
There is not more than one reportable segment. Hence information as per AS-17 is not required to be disclosed.
Mar 31, 2015
(A) TERMS/ RIGHTS ATTACHED TO EQUITY SHARES
The Company has only One Class of Equity Shares having par value of Rs.
10 each. Each holder of Equity share is entitled to one vote per share
with a right to receive per share dividend declared by the company. The
company declares and pays dividend in Indian rupees.The Dividend
proposed by Board of Directors is subject to the approval of the
Shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holder of Equity Shares
will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in
the proportion to the number of Equity shares held by the Shareholders.
1) All the Fixed Assets have been physically verified by the management
as on 31st March, 2015.
2) During the Year, the depreciation has been provided on the basis of
useful life of assets as prescribed under schedule- II of the companies
Act,2013.
3) Pursuant to the enactment of Companies Act 2013, the company has
applied the useful lives as specified in Schedule II. Accordingly the
unamortized carrying value is being depreciated /amortized over the
revised/ remaining useful lives of assets.
4) The value of assets whose lives have not yet expired as on 1st April
2014 as per Schedule II of Companies act, 2013 and excess depreciated
as per companies act, 1956 upto 31st March 2014 have been adjusted in
fixed asset chart through Reserve & Surplus .
(B) Additional Notes to the Financial Statements:
(1) Debit or Credit Balances on whatever account are subject to
confirmation/ reconciliation.
(2) The work-in-process / semi - finished goods and by product etc.
have been grouped as closing stock and the variation is stock has been
worked out accordingly.
(3) The amount less received from the parties against sales made to
them has been charged to Rebate & Discount Account and vice-versa.
(4) In the opinion of the Board of Directors, all current assets and
loans and advances have a value on realization at least equal to the
amount at which they are stated in the Balance Sheet. Adequate
provisions have been made for all the known liabilities.
(5) The Company has called for the information from its suppliers as
regard to disclosure required under Micro, Small and Medium Enterprises
Development Act, 2006. The replies from most of the suppliers in this
regard are still awaited. Hence the information required to be given
in accordance with section 22 of the said act is not ascertainable and
not disclosed .
(6) Commission on sales and rebate & discount are accounted for when
accounts are finally settled with the agents, including conclusion of
underlying sales contracts.
(7) Stock of stores and consumables amounting to Rs. 4.38 mn comprises
spares and others consumable items. The value as estimated and
certified by the management has been considered.
(8) Fixed Deposit with banks of Rs. 26.46 mn (Previous year Rs. 57.62
mn) are pledged as margin money with banks.
(9) The Company has been approved U/s 35 (2AB) of the Income Tax Act,
1961 by the Prescribed Authority i.e. The Secretary, Department of
Scientific and Industrial Research, Govt, of India, New Delhi for
co-operation in In-house Research and Development facility at Derabassi
and Barwala upto 31.03.2016 vide letter No. TU/IV-RD/2502/2013 dated
18th September,2013. The total revenue expenditure incurred during the
year on Research &Development(including Barwala Unit) amounted to Rs.
28.05 mn have been treated as deferred revenue expenditure and will be
written off over the period of 5 years as per policy of the company
followed in proceeding years.
(10) Other Operating revenue in Note-17 of financial statements
includes FPS License income amounting to Rs 15.40 mn represents Export
Incentive under Foreign Trade Policy.
(11) The Inventory valuing Rs 3153.83 mn comprises of raw material,
stores & spares, packing material, stock of work in progress, semi
finished goods including recovery stock and material at shop floor as
physically verified as on 31st March 2015, valued and certified by the
management has been considered.
(12) S ince the company has not sent any balance confirmation letters
to Sundry parties (Including Debtors, Creditors, Advance to Suppliers
and Advance from Customers) as on 31st March, 2015, the balances have
been taken as per records of the company.
(13) During the F.Y.2012-13 the company has made application for
restructuring of debts under CDR Mechanism which has been approved and
stands implemented, the cutoff date being 30th September 2012.The CDR
Package broadly includes waiver of penal interest and liquidated
damages from cutoff date till implementation of package ,
reschedulements of term loans , Funding of interest on term loan
,working capital, WCTL, and rupee tied ECB loan for period of 2 years
and pledge of 100% of Promoters's share during the currency of
restructuring scheme i.e. 37.92 % of the paid up capital of the company
and corporate guarantee of group companies. As per CDR Package, the
installment for various Term Loans i.e. WCTL,T/L, FITL and interest of
various credit facilities were to start from October, 2014. However
company has not been able to fulfill obligation towards repayment of
installment & Interest as the case may be.
(14) A sum of R.s.260 mn received by company as share application money
from Promoters/ Promoters' Associates, to comply a critical condition
to infuse an amount of Rs 260 mn in the form of Equity Share Capital of
the Company, as stipulated under CDR package sanctioned to the Company
pursuant to a scheme approved under the Corporate Debt Restructuring
Framework of Reserve Bank of India .Now, the said amount of
subscription money of Rs 260 mn has been received by the Company. The
special resolution to this effect has been passed by the shareholders
of the company by postal ballot on 31st January, 2014, however, the
allotment of shares to the proposed allottees is pending awaiting the
In-Principle approval of the Stock Exchanges required under the Listing
Agreements. The said approval has been pending by stock exchanges due
to non furnishing of an undertaking by the lending banks with whom the
pre-preferential holdings of the proposed allottees are pledged,
pursuant to the conditions of CDR.
(15) The company has incurred losses of Rs 3793.20 mn (PY Rs 1317.34
mn) during the current year and the company has net current liabilities
of Rs 1041.11 mn (PY net current assets OF Rs 594.24 mn) as on
31.03.2015. Further the company's accumulated losses have resulted in
erosion of its entire net worth. The continuous losses have adversely
affected the cash flows of the company.
(16) Cheque payable as on 31st March 2015 amounting to Rs.3.99 mn shown
under head "Other liabilities" Rs.0.81 mn of Canara bank cc a/c &
Rs.3.18 mn of IDBI bank not cleared till date.
(17) The Company has not been advised about interest by the banks
pertaining to the Financial Year 2014-15 after the borrowal accounts of
the Company, i.e., credit limit, working capital term loan, term loans
and funded interest term loan accounts, became sub-standard. During the
year the Company has accounted interest @ 10.50% pa basis, i.e.,
Rs.496.20 mn on these loan accounts during the year which have been
classified as NPA.
(18) During the Financial Year 2014-15 the Company has reversed
Deferred Tax Asset (DTA) amounting to Rs. 1282.40 mn and charged the
same to Statement of Profit & Loss as a below the Line entry. As per
provisions of Accounting Standard-22, "Accounting for taxes on Income"
the amount of DTA must be reviewed at each Balance sheet date, and DTA
which cannot be realized on Balance Sheet date must not be carried
forward. Since the management feels that the Company may not be able to
earn substantial income in near future period, which may be able to
absorb accumulated losses, the Company relying on concept of prudence
and based on expert opinion, has reversed the entire amount of deferred
tax hitherto carried forward as an asset and has not created any such
asset during the year.
(19) The Company's application to DGFT seeking extension of time for
meeting its commitments of export obligations under its advance
licenses are pending disposal.
(20) During the year 2014-15, the company has paid Director
remuneration to Shri Pranav Gupta &Shri Vineet Gupta at Rs 0.4 mn per
month as per limits prescribed under Schedule-XIII of Companies act,
1956. Further in view of Circular issued by Ministry of Corporate
affairs by Circular No. 07/2015 dated 10th April 2015 a managerial
person may continue to receive remuneration for his remaining term in
accordance with terms and conditions approved by company as per
relevant provisions of Schedule XIII of earlier Act even if the part of
his/her tenure falls after 1st April, 2014 which in case of this
company is expiring on 30th August 2016.
(21) Disclosure in accordance with accounting standard (AS 29)
Provisions, Contingent Liabilities and Contingent Assets:
(22) Taxation
1 In order to comply with the requirement of Accounting Standard -22 "
Accounting for Taxes on Income, the company has followed the deferred
tax method of accounting. Consequently the company has accounted the
deferred tax for the current period amounting to Rs. 1303.25 mn in the
Statement of Profit & Loss.
2 Deferred Tax Asset/ Liability are attributable to the following
items:
(23) Fixed Assets possessed by PARABOLIC DRUGS LIMITED are treated as
Corporate Assets and are not cash generating units as per Accounting
Standard-28. In the opinion of Management, there is no impairment of
fixed assets of the Company.
Consequent upon adoption ofAccounting Standard on Employee Benefits"
(As 15) (Revised 2005), as required by the Standard, the following
disclosures are made :
(As valued and certified by Actuary)
(24) Related Party Disclosures in accordance with the Accounting
Standard-18 as notified by the Companies (Accounting Standard) Rules,
2006
Key Management Personnel with whom transactions have taken place during
the Year
* 1. Shri Pranav Gupta Managing Director
* 2. Shri Vineet Gupta Whole Time Director
Relatives of Kev Management Personnel with whom transactions have taken
place during the Year
1. J.D Gupta (HUF)
* 2. Smt. Rama Gupta
Subsidiary with whom transactions have taken place during the Year
1. Ziven Life Sciences Limited
2. Parabolic Research Labs Limited
Associates with whom transactions have taken place during the Year
* 1. Parabolic Infrastructure Private Limited.
2. Mohali Green Environment Private Limited.
* Subscription money received from promoters towards discharge of their
obligation to infuse funds in the company in the form of equity share
capital, under the CDR package sanctioned to the company approved under
the CDR frame work of RBI
25. Contingent Liabilities
(a) Foreign Letter of Credit/Inland Letter of Credit/Bank guarantee
issued by bankers:
(Rs. in Millions)
For the year For the year
ended 31st ended 31st
Description March, 2015 March, 2014
Letter of Credit (Foreign/ Inland) * 56.16 892.83
Bank Guarantees 27.11 25.50
* Out of above material valuing Rs. 48.99 mn (Previous year Rs 810.85
mn) has been received by 31.03.2015 and credited to respective Creditor
Account.
(b) In respect of Income Tax matters pending before appellate
authorities/CIT (Appeals) which company expects to succeed, based on
decisions of Tribunals/ Courts. There is contingent liability amounting
to Rs 79.52 mn.
(c) In respect of Service Tax matters pending before appellate
authorities/Commissioner (Appeals) which company expects to succeed,
based on decisions of Tribunals/ Courts. There is contingent liability
amounting to Rs 3.48 mn.
(d) In respect of Excise Duty matters pending before appellate
authorities/Commissioner (Appeals) which company expects to succeed,
based on decisions of Tribunals/ Courts. There is contingent liability
amounting to Rs 676.15 mn.
(e) in respect of Legal cases against the company, there is contingent
liability amounting to Rs 9.55 mn.
26. Segment Reporting:
There is not more than one reportable segment. Hence information as per
AS-17 is not required to be disclosed.
Mar 31, 2014
1.(a) Terms/ Rights Attached to Equity Shares
The Company has only One Class of Equity Shares having par value of Rs.
10 each. Each holder of Equity share is entitled to one vote per share
with a right to receive per share dividend declared by the company. The
company declares and pays dividend in Indian rupees.
In the event of liquidation of the Company, the holder of Equity Shares
will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in
the proportion to the number of Equity shares held by the Shareholders.
Terms of borrowings are as under:
Term Loans from Banks are secured by way of 1st pari passu charge on
all existing & future fixed assets of the company at all locations with
equitable mortgage of land & building, 2nd pari passu charge on all the
current assets of the Company and pari passu charge on the collateral
properties of M/s Parabolic Infrastructure P Ltd, M/s PNG Trading P Ltd
& also personally guaranteed by Mrs. Rama Gupta, Mr. J. D. Gupta, Mr.
T. N. Goel, Mr. Pranav Gupta and Mr. Vineet Gupta.
Working Capital borrowings from Banks are secured by way of first pari
passu charge on hypothecation of entire present & future current assets
of the Company, Second pari passu charge on all fixed assets of the
Company and pari passu charge on the collateral properties of M/s
Parabolic Infrastructure P Ltd, M/s PNG Trading P Ltd & also personally
guaranteed by Mrs. Rama Gupta, Mr. J. D. Gupta, Mr. T. N. Goel, Mr.
Pranav Gupta and Mr. Vineet Gupta.
(a) Debit or Credit Balances on whatever account are subject to
confirmation/ reconciliation.
(b) The work-in-process / semi - finished goods and by product etc.
have been grouped as closing stock and the variation in stock has been
worked out accordingly.
(c) The amount less received from the parties against sales made to
them has been charged to Rebate & Discount Account and vice-versa.
(d) In the opinion of the Board of Directors, all current assets and
loans and advances have a value on realization at least equal to the
amount at which they are stated in the Balance Sheet. Adequate
provisions have been made for all the known liabilities.
(e) The Company has called for the information from its suppliers as
regard to disclosure required under Micro, Small and Medium Enterprises
Development Act, 2006. The replies from most of the suppliers in this
regard are still awaited.
(f) Commission on sales and rebate & discount are accounted for when
accounts are finally settled with the agents.
(g) Stock of stores and consumables amounting to Rs. 5.25 mn comprises
spares and others consumable items. The value as estimated and
certified by the management has been considered.
(h) Fixed Deposit with banks Rs. 57.62 mn (Previous year Rs. 94.38 mn)
are pledged as margin money with banks.
(i) The total revenue expenditure incurred during the year on Research
& Development amounted to Rs. 47.03 mn have been treated as deferred
revenue expenditure and will be written off over the period of 5 years
so as to depict the true financial position of the company as per
policy of the company followed in preceding years.
(j) The DEPB Income comprises export benefit against the DEPB Licenses
realized from Director Gen. of Foreign Trade, Ministry of Commerce,
Govt. of India on eligible export made by the company and the gain
(i.e. the discount amount and resultant difference between the license
value and purchase value) on purchase of DEPB License from exporter for
the purpose of payment of Custom Duty on import of raw material by the
company.
(k) The Inventory valuing Rs. 36.76 mn comprises of raw material,
stores & spares, packing material, stock of work in progress including
recovery stock and material at shop floor as physically verified as on
31st March 2014, valued and certified by the management has been
considered.
(l) The company has circulated the balance confirmation letters for the
balance confirmation from sundry Debtors and Creditors as on 31st
March, 2014. However, in the absence of confirmation, the balances have
been taken as per records of the company.
(m) During the F.Y. 2013-14, the company has received a sum of Rs.
137.2 mn as share application money from Promoters/ Promoters''
Associates, to comply a critical condition to infuse an amount of Rs.
26 Crore in the form of Equity Share Capital of the Company, as
stipulated under CDR package sanctioned to the Company pursuant to a
scheme approved under the Corporate Debt Restructuring Framework of
Reserve Bank of India .Now, the said amount of subscription money of
Rs. 26 Crore has been received by the Company. The special resolution
to this effect has been passed by the shareholders of the company by
postal ballot on 31st January, 2014. However, the allotment of shares
to the proposed allottees is pending awaiting the In-Principle approval
of the Stock Exchanges required under the Listing Agreements.
(n) During the F.Y. 2012-13 the company has made application for
restructuring of debts under CDR Mechanism which has been approved and
stands implemented, the cutoff date being 30th September 2012. The CDR
Package broadly includes waiver of penal interest and liquidated
damages from cutoff date till implementation of package,
reschedulements of term loans, Funding of interest on term loan
,working capital,WCTL,and rupee tied ECB loan for period of 2 years and
pledge of 100% of Promoters'' share during the currency of restructuring
scheme i.e. 37.92 % of the paid up capital of the company and corporate
guarantee of group companies.
(o) There was income tax liability of Rs. 93.2 mn for the AY 2011-2012
on protective basis on account of R & D Expenditure for want of
approval , which now has been received and for AY 2012-13 , the company
has filed revised return during the FY 2012-13 and there is refund due
for the above two Assessment years . During the FY 2013-14, the
necessary adjustments have been made under Income Tax adjustment
account in the Profit & Loss statement.
(q) Taxation
1. In order to comply with the requirement of section 211(3c) of the
Companies Act, 1956 consequent to Accounting Standard -22 " Accounting
for Taxes on Income, the company has followed the deferred tax method
of accounting. Consequently the company has accounted the deferred tax
assets for the current period amounting to Rs. 613.06 Mn in the
Statement of Profit & Loss.
(2) The Company has been approved U/s 35 (2AB) of the Income Tax Act,
1961 by the Prescribed Authority i.e. The Secretary, Department of
Scientific and Industrial Research, Govt. of India, New Delhi for
co-operation in In-house Research and Development facility at Derabassi
and Barwala upto 31.03.2016 vide letter No. TU/IV-RD/2502/2013 dated
18th September, 2013.
(3) During the year 2013-2014, the company charged off the
un-realizable debit balances amounting to Rs. 839.90 Mn., which has
been approved by Audit Committee in it''s meeting held on 29th May 2014
and by the Board of Directors in its meeting held on 30th May 2014.
Notwithstanding, the above recovery process to recover the said amount
shall continue.
(4) The Ministry of Corporate Affairs, Government of India, vide
General Circular No. 2 and 3 dated 8th February, 2011 and 21st
February, 2011 respectively has granted a general exemption from
compliance with section 212 of the Companies Act, 1956, subject to
fulfilment of conditions stipulated in the circular. The Company has
satisfied the conditions stipulated in the circular and hence is
entitled to the exemption. Necessary information relating to the
subsidiaries has been included in the Consolidated Financial
Statements.
(5) The Ministry of Corporate Affairs, Government of India vide its
General Notification No. S.O. 301 (E) dated 8th February, 2011 issued
under Section 211 (3) of the Companies Act, 1956 has exempted certain
classes of companies from disclosing certain information in their
profit and loss account. The Company being an ''export oriented company''
is entitled to the exemption. Accordingly, disclosures mandated by
paragraphs 3(i) (a), 3(ii)(a), 3 (ii)(b) and 3(ii)(d) of Part II,
Schedule VI to the Companies Act, 1956 have not been provided.
(6) Contingent Liabilities
Letter of Credit (Foreign/ Inland) * 892.83 279.77
Bank Guarantees 25.49 24.04
* Out of above material valuing Rs. 810.85 Mn (Previous year
Rs. 260.97 Mn) has been received by 31.03.2014 and credited
to respective Creditor Account
(7) Segment Reporting:
There is not more than one reportable segment. Hence information as per
AS-17 is not required to be disclosed.
Mar 31, 2013
(a) The company has regrouped/ reclassifi ed the previous year fi gures
to correspond with the current year''s classifi cation/
disclosure.
(b) Debit or Credit Balances on whatever account are subject to confi
rmation/ reconciliation.
(c) The work-in-process / semi - fi nished goods and by product etc.
have been grouped as closing stock and the variation is stock has been
worked out accordingly.
(d) The amount less received from the parties against sales made to
them has been charged to Rebate & Discount Account and vice-versa.
(e) In the opinion of the Board of Directors, all current assets and
loans and advances have a value on realization at least equal to the
amount at which they are stated in the Balance Sheet. Adequate
provisions have been made for all the known liabilities.
(f) The Company has called for the information from its suppliers as
regard to disclosure required under Micro, Smal and Medium Enterprises
Development Act, 2006. The replies from most of the suppliers in this
regard are still awaited.
(g) Commission on sales and rebate & discount are accounted for when
accounts are fi nally settled with the agents.
(h) Stock of stores and consumables amounting to Rs. 4.33 mn. comprises
spares and others consumable items. The value as estimated and certifi
ed by the management has been considered.
(i) Fixed Deposit with banks Rs. 94.38 mn. (Previous year Rs. 312.67 mn.)
are pledged as margin money with banks.
(j) The total revenue expenditure incurred during the year on Research
& Development amounted to Rs. 566.07 mn. have been treated as deferred
revenue expenditure and will be written off over the period of 5 years
so as to depict the true fi nancial position of the company as per
policy of the company followed in proceeding years.
(k) During the F.Y. 2012-13 the company has received a sum of Rs.122.8
mn. as share application money from Promoters and its Group of
Companies being one of the critical condition stipulated under package
pursuant to a scheme approved under the Corporate Debt Restructuring
Framework of Reserve Bank of India The special resolution to this
effect is pending to be passed by shareholders of the company in its
meeting/by postal ballet.
(l) During the F.Y. 2012-13 the company has made application for
restructuring of debts under CDR Mechanism which has been approved and
stands implemented, the cutoff date being 30th September 2012. The CDR
Package broadly includes waiver of penal interest and liquidated
damages from cutoff date till implementation of package, reschedulement
of term loans, Funding of interest on term loan, working capital,
WCTL,and rupee tied ECB loan for period of 2 years and pledge of 100%
of Promoters''s share during the currency of restructuring scheme
i.e. 37.92 % of the paid up capital of the company and corporate
guarantee of group companies.
(m) There was income tax liability of Rs.93.2 mn. and Rs.132.9 mn. for
the Ay 2011-12 and Ay 2012-13 against which the company has fi led
revised return during the fy 2012-13 by taking expert opinion on the
issue and there is refund due for the above two assessment year Further
proceedings for last 6 years have been completed under section
153A/143(3) of Income Tax Act 1961 during the fy 2012-13 and there is
disputed demand of Rs. 63 mn. raised by the department against which the
company has fi led an appeal with the appellate authority.
(n) The DEPB Income comprises export benefi t against the DEPB Licenses
realized from Director Gen. of Foreign Trade, Ministry of commerce,
Govt. of India on eligible export made by the company and the gain
(i.e. the discount amount and resultant difference between the license
value and purchase value) on purchase of DEPB License from exporter for
the purpose of payment of Custom Duty on import of raw material by the
company.
(o) Export Incentive have been accounted on accrual basis.
(p) The Inventory comprises of raw material, stores & spares, packing
material, stock of work in progress including recovery stock and
material at shop fl oor as physically verifi ed as on 31st March 2013,
valued and certifi ed by the management has been considered.
(q) The company has circulated the balance confi rmation letters for
the balance confi rmation from sundry Debtors and Creditors as on 31st
March, 2013. However, in the absence of confi rmation, the balances
have been taken as per records of the company.
(r) Taxation
1. In order to comply with the requirement of section 211(3c) of the
Companies Act, 1956 consequent to Accounting Standard "22
"Â'' Accounting for Taxes on Income, the company has
followed the deferred tax method of accounting. Consequently the
company has accounted the deferred tax for the current period amounting
to Rs. 552.54 mn. in the Statement of Profi t & Loss.
2. Deferred Tax Asset/ Liability are attributable to the following
items:
(s) Fixed Assets possessed by PARABOLIC DRUGS LIMITED are treated as
Corporate Assets and are not cash generating units as per Accounting
Standard-28. In the opinion of Management, there is no impairment of fi
xed assets of the Company.
(t) Employee Benefi ts:
Consequent upon adoption of Accounting Standard on Employee Benefi
ts" (As 15) (Revised 2005), as required by the Standard, the
following disclosures are made :
(u) Related Party Disclosures in accordance with the Accounting
Standard-18 as notifi ed by the Companies (Accounting Standard) Rules,
2006
Key Management Personnel with whom transactions have taken place during
the Year
1. Shri Pranav Gupta Managing Director
2. Shri Vineet Gupta Whole Time Director Relatives of Key Management
Personnel with whom transactions have taken place during the Year
1. Shri J.D Gupta (HUF)
2. Smt. Rama Gupta
3. Mrs. Deepali Gupta
Subsidiary with whom transactions have taken place during the Year
1. Parabolic Research Lab Limited
2. Ziven Life Sciences Limited
Associates with whom transactions have taken place during the Year
1. PNG Trading Private Limited
2. Parabolic Infrastructure Private Limited
3. Vineet Packaging Industries
4. Parabolic Estates Private Limited
5. Saj Infrastructure Private Limited
6. Trackball Technology Private Limited
7. Kenam Education Services Private Limited
8. Spar Engineering & Infrastructure Limited
9. Mohali Green Environment Private Limited
(v) The following expenses incurred during the year as attributable to
the fi xed assets (including Capital Work in Progress) have been
capitalized:
(w) The Company has been approved U/s 35 (2AB) of the Income Tax Act,
1961 by the Prescribed Authority i.e. The Secretary, Department of
Scientifi c and Industrial Research, Govt. of India, New Delhi for
co-operation in In-house Research and Development facility at Derabassi
and Barwala. The exemption from Director General of Income Tax
(Exemption) is extended upto 31.3.2015 for Derabassi and up to
31.03.2013 for Barwala unit.
(wa) The Ministry of Corporate Affairs, Government of India, vide
General Circular No. 2 and 3 dated 8th February, 2011 and 21st
February, 2011 respectively has granted a general exemption from
compliance with section 212 of the Companies Act, 1956, subject to
fulfi llment of conditions stipulated in the circular. The Company has
satisfi ed the conditions stipulated in the circular and hence is
entitled to the exemption. Necessary information relating to the
subsidiaries has been included in the Consolidated Financial
Statements.
(wb) There is a sum of Rs. 0.59 million outstanding on account of excise
duty out of which a sum of Rs. 0.34 mn. has been deposited and balance of
Rs. 0.25 million has not been deposited on account of dispute for which
appeal is pending.
(wc) The Ministry of Corporate Affairs, Government of India vide its
General Notifi cation No. S.O. 301 (E) dated 8th February, 2011 issued
under Section 211 (3) of the Companies Act, 1956 has exempted certain
classes of companies from disclosing certain information in their profi
t and loss account. The Company being an "Âexport oriented
company'' is entitled to the exemption. Accordingly, disclosures
mandated by paragraphs 3(i) (a), 3(ii)(a), 3 (ii)(b) and 3(ii)(d) of
Part II, Schedule VI to the Companies Act, 1956 have not been provided.
(wd) Additional information pursuant to the provision of paragraph 3
and 4 of Part-II of Schedule-VI of the Companies Act, 1956. [As certifi
ed by the Management and accepted by the Auditors]
(we) Segment Reporting:
There is not more than one reportable segment. Hence information as per
AS-17 is not required to be disclosed.
Mar 31, 2012
1 ADDITIONAL NOTES TO THE FINANCIAL STATEMENTS:
(a) During the year ended 31st 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 for financial
statements. However, it has significant impact on presentation and
disclosures made in financial statements. The company has also
regrouped/ reclassified the previous year figures to correspond with
the current year's classification/ disclosure.
(b) Debit or Credit Balances on whatever account are subject to
confirmation/ reconciliation.
(c) The work-in-process / semi - finished goods and by product etc.
have been grouped as closing stock and the variation is stock has been
worked out accordingly.
(d) The amount less received from the parties against sales made to
them has been charged to Rebate & Discount Account.
(e) In the opinion of the Board of Directors, all current assets and
loans and advances have a value on realization at least equal to the
amount at which they are stated in the Balance Sheet. Adequate
provisions have been made for all the known liabilities.
(f) The Company has called for the information from its suppliers as
regard to disclosure required under Micro, Small and Medium Enterprises
Development Act, 2006. The replies from most of the suppliers in this
regard are still awaited.
(g) Commission on sales and rebate & discount are accounted for when
accounts are finally settled with the agents.
(h) Stock of stores and consumables amounting to Rs.7.53 mn comprises
spares and others consumable items. The value as estimated and
certified by the management has been considered.
(i) Fixed Deposit with banks Rs.312.67 mn. (Previous year Rs.236.71
mn.) are pledged as margin money with banks.
(j) The total revenue expenditure incurred during the year on Research
& Development amounted to Rs. 933.38 mn. have been treated as deferred
revenue expenditure and will be written off over the period of 5 years
so as to depict the true financial position of the company as per
policy of the company followed in proceeding years.
(k) The DEPB Income comprises export benefit against the DEPB Licenses
realized from Director Gen. of Foreign Trade, Ministry of commerce,
Govt. of India on eligible export made by the company and the gain
(i.e. the discount amount and resultant difference between the license
value and purchase value) on purchase of DEPB License from exporter for
the purpose of payment of Custom Duty on import of raw material by the
company.
(l) Export Incentive have been accounted on accrual basis.
(m) The Inventory comprises of raw material, stores & spares, packing
material, stock of work in progress including recovery stock and
material at shop floor as physically verified as on 31st March 2012,
valued and certified by the management has been considered.
(n) The company has circulated the balance confirmation letters for the
balance confirmation from sundry Debtors and Creditors as on 31st
March, 2012. However, in the absence of confirmation, the balances have
been taken as per records of the company.
(t) Related Party Disclosures in accordance with the Accounting
Standard-18 as notified by the Companies (Accounting Standard) Rules,
2006
Key Management Personnel with whom transactions have taken place during
the Year
1. Shri Pranav Gupta Managing Director
2. Shri Vineet Gupta Whole Time Director
Relatives of Key Management Personnel with whom transactions have taken
place during the Year
1. Shri J.D Gupta 2. J.D Gupta (HUF)
3. Smt. Rama Gupta 4. Dr. Deepali Gupta
Subsidiary with whom transactions have taken place during the Year
1. Parabolic Research Lab Limited 2. Ziven Life Sciences Limited
Associates with whom transactions have taken place during the Year
1. PNG Trading Private Limited 2. Parabolic Infrastructure Private
Limited
3. Vineet Packaging Industries 4. Parabolic Estates Private Limited
5. Saj Infrastructure Private Limited 6. Trackball Technology Private
Limited
(zb) Contingent Liabilities (Rs. in million)
As at 31.03.2012 As at 31.03.2011
Letter of Credit (Foreign/
Inland) * 2540.40 1451.41
Bank Guarantees 29.99 30.81
Custom Duty # 21.70 21.70
* Out of above material valuing Rs. 2413.88 Million (Previous year Rs
1232.21 million) has been received by 31.03.2012 and credited to
respective Creditor Account.
# The Company has received show clause notices from the Jt. Director
General of Foreign Trade towards the non-fulfilment of export
obligation against the Advance Licences obtained for import of duty
free raw material. Though the company has taken up the matter with
appropriate authority for the extension of export obligation period. In
this regard the estimated contingent liability is Rs. 21.7 million
towards the custom duty.
(zc) Segment Reporting:
There is not more than one reportable segment. Hence information as per
AS-17 is not required to be disclosed.
Mar 31, 2011
1. Debit or Credit Balances on whatever account are subject to
confirmation/reconciliation.
2. The previousyearfigures have been regrouped/re-arranged wherever
considered necessary.
3. The work-in-process / semi - finished goods and by product etc.
have been grouped as closing stock and the variation in stock has been
worked out accordingly.
4. The Gross Sale includes the element of Excise Duty thereon and the
same has been shown as deduction separately.
5. The amount less received from the parties against sales made to
them has been charged to Rebate & Discount Account.
6. In the opinion of the Board of Directors, all current assets and
loans and advances have a value on realization at least equal to the
amount at which they are stated in the Balance Sheet. Adequate
provisions have been made for all the known liabilities.
7. The Company has called for the information from its suppliers as
regard to disclosure required under Micro, Small and Medium Enterprises
Development Act, 2006. The replies from most of the suppliers in this
regard are still awaited.
8. Commission on sales and rebate & discount are accounted for when
accounts are finally settled with the agents.
9. Stock of stores and consumables amounting to Rs. 7.35 million
comprises spares and others consumable items. The value as estimated
and certified by the management has been considered.
10. Fixed Deposit with banks Rs. 236.71 million (Previous year
Rs.150.64 million) are pledged as margin money with banks.
11. The total revenue expenditure incurred during the year on Research
& Development amounted to Rs. 640.17 million have been treated as
deferred revenue expenditure and will be written off over the period of
5 years so as to depict the true financial position of the company as
per policy of the company followed in preceeding years.
12. Export Incentive have been accounted on accrual basis.
13. The DEPB Income comprises export benefit against the DEPB Licenses
realized from Director Gen. of Foreign Trade, Ministry of Commerce,
Govt, of India on eligible export made by the company and the gain
(i.e. the discount amount and resultant difference between the license
value and purchase value) on purchase of DEPB License from exporter for
the purpose of payment of Custom Duty on import of raw material by the
company.
14. The Inventory comprises of raw material, stores & spares, packing
material, stock of work in progress including recovery stock and
material at shop floor as physically verified as on 31 st March 2011,
valued and certified by the management has been considered.
15. Public Issue expenses amounting to Rs.128.40 million represent
expenditure incurred by the company in respect of public issue
amounting to Rs 2000 million opened for subscription in the month of
June, 2010 and such expenses are adjusted against the security premium
account.
16. The company has circulated the balance confirmation letters for
the balance confirmation from sundry Debtors and Creditors as on 31 st
March, 2011. However, in the absence of confirmation, the balances have
been taken as per records of the company.
17. Contingent Liabilities (in million)
As at As at
31.3.2011 31.3.2010
(i) Letter of Credit (Foreign/Inland) * 1451.41 856.64
(ii) Bank Guarantees 30.80 10.89
(iii) Custom Duty # 21.70 21.70
* Out of above material valuing Rs. 1232.20 Million (Previous year Rs.
654.38 Million) has been received by 31.03.2011 and credited to
respective Creditor Account.
# The Company has received show clause notices from the Jt. Director
General of Foreign Trade towards the non-fulfilment of export
obligation against the Advance Licences obtained for import of dutyfree
raw material. Though the company has taken up the matter with
appropriate authority for the extension of export obligation period. In
this regard the estimated contingent liability is Rs. 21.70 Million
towards the custom duty.
18. Taxation
(a) In order to comply with the requirement of section 211 (3c) of the
Companies Act, 1956 consequent to Accounting Standard -22" Accounting
for Taxes on Income", the company has followed the deferred tax method
of accounting. Consequently the company has accounted the deferred tax
for the current period amounting to Rs.21.21 Million in the Profit &
Loss Account.
19. Related Party Disclosures
(a) Key Management Personnel:
1. Shri Pranav Gupta Managing Director
2. Shri Vineet Gupta Whole Time Director
3. Dr. Deepali Gupta Whole Time Director (upto Oct'10)
(b) Relatives of Key Management Personnel:
1. Shri J.D. Gupta
2. Sh. Sachin Gupta
.. J.D. Gupta (HUF)
4. Smt. Rama Gupta
(c) Subsidiary:
1. Parabolic Research Lab Ltd.
(d) Associates:
1. PNG Trading Pvt. Ltd.
2. Parabolic Infrastructure Pvt. Ltd.
3. Vineet Packaging Industries
20. Segment Reporting
There is not more than one reportable segment. Hence information as per
AS-17 is not required to be disclosed.
21. Fixed Assets possessed by PARABOLIC DRUGS LIMITED are treated as
Corporate Assets and are not cash generating units as per Accounting
Standard-28 issued by the Institute of Chartered Accountants of India.
In the opinion of Management there is no impairment of fixed assets of
the Company.
22. The Company has been approved U/s 35 (2AB) of the Income Tax Act,
1961 by the Prescribed Authority i.e. The Secretary, Department of
Scientific and Industrial Research, Govt, of India, New Delhi for
co-operation in In-house Research and Development facility at Derabassi
and Barwala. The exemption from Director General of Income Tax
(Exemption) is extended upto 31.3.2015 for Derabassi and up to
31.03.2013 for Barwala unit.
23. The Ministry of Corporate Affairs, Government of India, vide
General Circular No. 2 and 3 dated 8th February, 2011 and 21 st
February, 2011 respectively has granted a general exemption from
compliance with section 212 of the Companies Act, 1956, subject to
fulfillment of conditions stipulated in the circular. The Company has
satisfied the conditions stipulated in the circular and hence is
entitled to the exemption. Necessary information of the subsidiaries
has been included in the Consolidated Financial Statements.
24. The Ministry of Corporate Affairs, Government of India vide its
General Notification No. S.O. 301 (E) dated 8th February, 2011 issued
under Section 211 (3) of the Companies Act, 1956 has exempted certain
classes of companies from disclosing certain information in their
profit and loss account. The Company being an 'export oriented company'
is entitled to the exemption. Accordingly, disclosures mandated by
paragraphs 3(i) (a), 3(ii)(a), 3 (ii)(b) and 3(ii)(d) of Part II,
Schedule VI to the Companies Act, 1956 have not been provided.
(e) Earning in foreign currency
F.O.B. value of Exports Rs.1736.17 Million (Previous Year Rs. 1300.46
Million)
(f) Expenditure in foreign currency
Salary: Rs. 1.57 Million (Previous year Rs. NIL)
Consultancy Expenses: Rs. NIL (Previous year- Rs. 0.34 Million)
Travelling Expenses: Rs. 2.20 Million (Previous year- Rs. 2.02 Million)
Commission on Sales: Rs. 12.00 Million (Previous year - Rs. 16.60
Million)
Fee & Taxes: Rs. 1.50 Million (Previous year - Rs. NIL)
Business Promotion Expenses: Rs. 3.40 Million (Previous year-Rs. 1.49
Million)
Schedule 1 to 17 forms an integral part of Balance Sheet and Profit &
Loss Account.
Mar 31, 2010
1. Debit or Credit Balances on whatever account are subject to
confirmation/reconciliation.
2. The previous year figures have been regrouped/re-arranged wherever
considered necessary.
3. The finished goods (on floor), work-in-process and by product etc.
have been grouped as closing stock and the variation in stock has been
worked out accordingly.
4. The Gross Sale include the element of Excise duty thereon and the
same has been shown as deduction separately.
5. The amount less received from the parties against sales made to
them has been charged to Rebate & Discount Account.
6. In the opinion of the Board of Directors, all current assets and
loans and advances have a value on realisation at least equal to the
amount at which they are stated in the Balance Sheet. Adequate
provisions have been made for all the known liabilities.
7. In view of insufficient information from the suppliers regarding
their status as Micro, Small and Medium Enterprises as defined under
Micro, Small and Medium Enterprises Development Act, 2006, the
disclosure as required by Section 22 of MSMED Act 2006 cannot be made.
8. Addition in Capital Reserves amounting to Rs. 0.07 million
represent realisation of amount less received during financial year
2008-09 on account of foreign exchange difference in respect of Share
Application Money.
9. Commission on sales and rebate & discount are accounted for when
accounts are finally settled with the agents.
10. Stock of stores and consumables amounting to Rs. 5.55 million
comprises spares and others consumable items. Due to varied and
voluminous small items adequate records have not been maintained,
therefore, the value as estimated and certified by the management has
been considered.
11. Fixed Deposit with banks Rs. 150.64 million (Previous year Rs.
124.12 million) are pledged as margin money with banks.
12. The total revenue expenditure incurred during the year on Research
& Development amounted to Rs. 259.93 million have been treated as
deferred revenue expenditure and will be written off over the period of
5 years so as to depict the true financial position of the Company as
per policy of the Company followed in preceding years.
13. Export Incentives have been accounted on accrual basis.
14. The DEPB Income comprises export benefit against the DEPB Licenses
realised from Director General of Foreign Trade, Ministry of Commerce,
Government of India on eligible export made by the Company and the gain
(i.e. the discount amount and resultant difference between the license
value and purchase value) on purchase of DEPB License from exporter for
the purpose of payment of Custom duty on import of raw material by the
Company.
15. The Inventory comprises of raw material, stores & spares, packing
material, stock of work in progress including recovery stock and
material at shop floor as physically verified as on March 31, 2010,
valued and certified by the management has been considered.
16. Public Issue expenses amounting to Rs. 10.70 million represents
expenditure incurred by the Company in respect of public issue
amounting to Rs. 2,000 million scheduled for subscription in the month
of June, 2010 and such expenses will be adjusted against the security
premium account.
17. The Company has circulated the balance confirmation letters for
the balance confirmation from Sundry Debtors and Creditors as on March
31, 2010. However, in the absence of confirmation, the balances have
been taken as per records of the Company.
19. Contingent Liabilities (Rs. in million)
As at As at
31.03.2010 31.03.2009
(i) Letter of Credit (Foreign/Inland) 856.65 850.77
(ii) Bank Guarantees 10.89 16.40
(iii) Custom duty 21.70# -
Out of above material valuing Rs. 654.38 million (Previous year Rs.
600.40 million) has been received by 31.03.2010 and credited to
respective Creditor Account.
# The Company has received show cause notices from the Jt. Director
General of Foreign Trade towards the non- fulfilment of export
obligation against the Advance Licenses obtained for import of duty
free raw material. Though the Company has taken up the matter with
appropriate authority for the extension of export obligation period. In
this regard the estimated contingent liability is Rs. 21.70 million
towards the Custom duty.
20. Taxation
(a) In order to comply with the requirement of Section 211(3c) of the
Companies Act, 1956 consequent to Accounting Standard Ã22 "Accounting
for Taxes on IncomeÃ, the Company has followed the deferred tax method
of accounting. Consequently the Company has accounted the deferred tax
for the current period amounting to Rs. 23.50 million in the Profit &
Loss Account.
21. Related Party Disclosures
(a) Key Management Personnel:
1. Mr. Pranav Gupta Managing Director
2. Mr. Vineet Gupta Executive Director
3. Dr. Deepali Gupta Whole Time Director
(b) Relatives of Key Management Personnel:
1. Mr. J.D. Gupta
2. Mr. Sachin Gupta
3. M/s. J.D. Gupta (HUF)
4. Mrs. Rama Gupta
(c) Subsidiary :
1. Parabolic Research Labs Limited
(d) Associates :
1. PNG Trading Private Limited
2. Parabolic Infrastructure Private Limited
3. Vineet Packaging Industries
22. Segment Reporting:
There is not more than one reportable segment. Hence information as per
AS-17 is not required to be disclosed.
23. Fixed Assets possessed by Parabolic Drugs Limited are treated as
Corporate Assets and are not cash generating units as per Accounting
Standard-28 issued by the Institute of Chartered Accountants of India.
In the opinion of Management there is no impairment of fixed assets of
the Company.
24. The Company has been approved U/s 35 (2AB) of the Income Tax Act,
1961 by the Prescribed Authority i.e. The Secretary, Department of
Scientific and Industrial Research, Govt. of India, New Delhi for
co-operation in In-house Research and Development facility. The
exemption from Director General of Income Tax (Exemption) is extended
upto 31.3.2010.
25. During the financial year 2008-09 the Company has opted for
accounting the exchange difference arising on reporting of long term
foreign currency monetary items in line with Companies (Accounting
Standards) Amendment Rules, 2009 relating to Accounting Standard 11
(AS-11) notified by Government of India on March 31, 2009 and
accordingly a sum of Rs. 46.57 million is shown as Foreign Currency
Monetary Items Translation Difference Account under Miscellaneous
Expenditure as on 31.03.2009 However w.e.f 01.04.2009 the Company has
decided to account for realised gain/loss in respect of the
settled/terminated derivatives contracts in the profit and loss account
and accordingly a sum of Rs. 46.57 million for the year 2008-09 has
been shown on the face of profit and loss account under prior period
items.
26. Additional information pursuant to the provision of paragraph 3 and
4 of Part-II of Schedule-VI of the Companies Act, 1956. [As certified
by the Management and accepted by the Auditors]
Note:
(i) Production of 6-APA includes captive consumption of 166,579.37 Kg
(Previous Year ended 31.3.2009: 341,006.00 Kg)
(ii) Production of Semi-Synthetic Penicillins include captive
consumption of 61,728.06 Kg (previous year ended 31.3.2009: 45,570.00 Kg)
and production of Cephalosporins include 40,119.05 Kg (previous year
ended 31.3.2009: 161.00 Kg).