Mar 31, 2014
1. Contingent Liabilities and Commitments
Note Current Year Previous Year
(Rs.) (Rs.)
Claim against the Company not
acknowledged as debt 3,171,849 3,171,849
Bank Guarantees in favour of
West Bengal State Electricity
Distribution Company 226,000 226,000
Claim of Central Excise duty under
Appeal to Tribunal 770,818 770,818
Corporate Guarantee to secure the
various credit facilities extended
to a Group Company by a Bank 476,800,000 476,800,000
2. In the opinion of the Management, the recoverable amount of the
existing assets being higher than those of respective carrying amount
of such assets, no impairment loss has arisen on the Balance Sheet
date.
3. Party confirmations in respect of outstanding balances for Sundry
Debtors, Sundry Creditors, Loans and Advances have been taken into
consideration to the extent received.
4. Fixed Assets and Inventories of the Company situated at Sonarpur
Factory have been physically verified by the Management during the year
under review. Upon verification non moving items of spares for
Rs.15,00,000/- having no realizable value have been written off in the
accounts.
5. MICRO, SMALL & MEDIUM ENTERPRISES
The Company has not received any memorandum as required to be filed
with notified authority under the Micro, Small and Medium Enterprises
Development Act, 2006 claiming their status as on 31st. March, 2014
(and also 31st. March, 2013) as micro, small and medium enterprises.
Consequently the amount paid/ payable to these parties during the year
(and also previous year) is nil.
6.Figures for the previous year have been re-arranged and re-grouped
wherever necessary
Mar 31, 2013
1. In the opinion of tie Management, the recoverable amount of tie
existing assets being higher than those o" rasped ve carrying a mount
of such assets, no impairment loss las arisen on the Balance Sieet
elate,
2. Fxed Assets and I nvenloriss of the Company situated atSorarpur
Factory could not bsverifieidurng the year under review due to closure
cfthe factory.
3. Party confirmatons in respect of outstanding balances for Sundry''
Debtors. Sundry Creditors, Loans and Advances have been taken i nto
consideration to the extent received.
4. TD3 amounli ng to Rs. 10.39,306 u pto the financial yea r 2005
-2OOS has been Mitten off during the year d ue to non avail abiSity of
credit far the same curing Income Tax assessment for the relevant
years, which has since been completed.
5. Due to non receipt of confirmed statement, interest on securty
deposit with Central Medical Stores and WB5EB could not be provided.
6. MICRO,SMALL&MEDIUM ENTERPRISES
Tie Company has not receved any memorandum as required to be filed with
notifies authority under the Micro. Sma I and Meciumi Enterprises
Development Act, 2DD6 claiming their status as on 31st. March, 2C13
(and also 31st. March, 2D12jas ¦Tiicro.srrall and medium enterprises.
Consequently tie amount paid/payable to these parties during the year
(and also previous year) is nil.
7. Figures for the previous year have been re-arranged and re-grouped
wherever necessary.
Mar 31, 2012
Contingent Liabilities and Commitments
Contingent Liabilities
Current Year Previous Year
(Rs.) (Rs.)
Claim against the Company 3,171,849 3,171,849
not acknowledged as debt
Bank Guarantees in favour 226,000 226,000
of West Bengal State
Electricity Distribution
Company
Claim of Central Excise 770,818 770,818
duty under Appeal to
Tribunal
Corporate Guarantee to secure
the various credit facilities
extended to a Group Company
by a Bank 476,800,000
1. In the opinion of the Management, the recoverable amount of the
existing assets being higher than those of respective carrying amount
of such assets, no impairment loss has arisen on the Balance Sheet
date.
2. Party confirmations in respect of outstanding balances tor Sundry
Debtors, Sundry Creditors, Loans and Advances have been taken into
consideration to the extent received,
3. The immovable properties including land & building of the Company
located at its factory at Sonarpur was mortgaged with a bank to secure
repayment of the credit facilities of Rs. 47.68 crores extended by the
Bank to a Group Company.
4. Micro, Small & Medium Enterprises and Medium Enterprises
DevelopmentAct, 2006 claiming their status as on 31st. March 2012 (and
also 31st March, 2011) as micro, small and medium enterprises
consequently the amount paid/payable to these paties during the year
(and also previous year) is nil.
Mar 31, 2010
1. In the opinion of the Management, the recoverable amount of the
assets [ either the entire Plant & Machinery relating to Intra-Venous
Fluid Manufacturing Plant, the only CGU of the Company or the assets]
being higher than those of respective carrying amount of such assets,
no impairment loss has arisen on the Balance Sheet date.
2. Contingent Liabilities Amount in Rupees
Current Year Previous Year
(a) Bank gurantees in favour
of West Bengal State
Electricity Distribution
Company Ltd. 226,000 921,000
(b) Claim against the Company
not acknowledged 3,171,849 3,171,849
(c) Claim of Central Excise duty
under Appeal to Tribunal 770,818 Nil
3. As no interest has been charged on Inter-Corporate Borrowings, the
same has not been estimated and provided in the accounts.
4. Party confirmations in respect of outstanding balances for Sundry
Debtors, Sundry Creditors, Loans and Advances have been taken into
consideration to the extent received.
5. The Contract with M/s. Base Engineering, the Contractor responsible
for Renovation work of Factory, was terminated due to poor and
sub-standard quality of work and materials. At present, the matter is
under litigation.
6. On unilaterally suspension of contract of conversion of job by M/s.
Fresenius Kabi Pvt. Ltd. (Fresenius) with effect from 21st August,
2006, the settlement of contentious issues with Fresenius relating to
increase in conversion charge, Godown rent, Vat, TDS certificates and
Scrap by the Company and counter-claim of Fresenius has remained
unresolved till date and no adjustment has been made in the related
accounts therefor.
7. ADVANCE RECEIVED AGAINST SALE OF PLANTS MACHINERY
As agreed by the Company, Scott-Edit Advanced Research Laboratories &
Education Ltd. paid an advance amount of Rs. 3.75 crore only out of Rs.
6.12 crores during 2009 -10 against sale of IV Fluids manufacturing
machineries for which appropriate resolutions were passed by the
Companys shareholders on 17th March, 2010. The aforesaid amount was
used by the Company towards part repayment of unsecured loan received
from associated companies.
8. Adjustment relating to previous year amounting to Rs. 2,65,764/-
represents net of margin money for Bank Guarantee, released by Bank
amounting to Rs. 7,74,012/- and partly offset by prior period salary
Rs. 1,37,097/- interest and delayed payment charges, etc. Rs.3,71,151/-
of the same year.
9. MICRO, SMALLS MEDIUM ENTERPRISES
The Company has not received any memorandum as required to be filed
with the notified authority under the Micro, Small and Medium
Enterprises Development Act, 2006 claiming their status as on 31st.
March, 2010 (and also 31st. March, 2009) as micro, small and medium
enterprises. Consequently the amount paid / payable to these parties
during the year (and also previous year) is nil.
10. The Company is yet to fully adopt Accounting Standard 15 "Employee
Benefits" (Rules 2005) issued by the Institute of Chartered Accountants
of India and detailed disclosures relating to Defined Benefit Plans
could not be made part of this Accounts and Report.
11. RELATED PARTY DISCLOSURES
Disclosures as required under Accounting Standard 18 are given below:
List of Related Parties:
Associated Companies Key Management Personnel & their
Relatives
Senbo Engineering Limited Sri Kajal Sengupta
Embicon Engineering Pvt. Ltd. Sri Kingshuk Sengupta
Eleena Holdings Pvt. Ltd. Sri C. S. Choudhury
Senbo Exim & Impex Pvt. Ltd. Dr. Shaibal Chakraborty
Sri Pradip Kumar Chakraborty
Dr. Asish Kumar Sengupta
12. Figures for the previous year have been re-arranged and re-grouped
wherever necessary.