Mar 31, 2015
Note 1:
Pursuant to Schedule II Companies Act, 2013 ('the Act') being
effective from April 1, 2014, the Company has revised depreciation
rates on tangible fixed assets as per useful life specified in Part
'C' of Schedule II of the Act and due to the same there has been a
change in the estimated useful life of depreciable tangible assets
which affects the depreciation in the current year ending 31st March,
2015 and in each period during the remaining useful life of the
assets.
Accordingly, the Company has re-worked depreciation with reference to
the estimtated economic lives of Fixed Assets prescribed by Schedule
II of the Act during the year ended 31st March, 2015. In case of any
asset whose life is completed as at 1st April 2014, the carrying
amount (Net of residual value) of Rs. 6,075/- (net of deffered tax
impact of Rs. 2,716/-) has been adjusted to the Retained Earings and
in other cases the carrying amount has been depreciated over the
remaining of the revised life of the assets. As a result the charge
for depreciation is higher by Rs. 5,72,466/- for the year ended 31st
March, 2015.
2 CONTINGENT LIABILITIES AND COMMITMENTS
Particulars As at 31-Mar-15 As at 31-Mar-l4
Contingent Liability:-
a Disputed Tax Liability 321,069 321,069
Commitments:-
a Estimated amount of contracts
remaining to be executed
on capital a/c - 75,634
3 LEASE (ASSETS GIVEN ON LEASE)
1 The Company's major Leasing arrangement are in respect of
residential flat given on Leave and License Basis.
These leasing arrangements which are cancellable and is for a period
of 33 months and usually renewable by mutual consent.
3 Rental Income of Rs, 6,05,000/- (Previous Year Rs.6,60,000/-) from
Operating leases are recognised in the Statement of Profit & Loss and
grouped under the Note No. 19 'Other Income'.
4 There are no contingent rent recognised in Statement of Profit and
Loss.
4 SEGMENT REPORTING
1 The Company has got only one Primary Business Segment namely
Pharmaceuticals.
2 The information about the Geopraphical Secondary Segment are as
under:
2 Defined Benefit Plan
Gratuity which is defined benefits are accrued based on actuarial
valuation as at balance sheet date by an independent actuary. The
Company has Schemes for long-term benefits Gratuity. In case of funded
scheme, the funds are recognized by the Income tax authorities and
administered through trustees / appropriate authorities and the
contribution is charged to the Statement of Profit and Loss. In terms
of the Guidance on implementing the revised AS 15, issued by the
Accounting Standards Board ofthe Institute of Chartered Accountants of
India the related disclosures are as under:
The following table sets out the assumptions taken, status of the
gratuity plan, the amount recognised in the Company Financial
Statements as on 31st March, 2015.
5 Balances of Trade receivable, Trade payable, Loans & Advances are
subject to confirmation and consequential adjustments, if any.
6 In the opinion of the Board, amounts of Current Assets, Loans &
Advances have a value on realisation in the ordinary course of
business at least equal to at which they are stated.
7 CORPORATE INFORMATION
Triochem Products Limited ( the 'Company) is a public limited company
domiciled in India and is listed on the Bombay Stock Exchange (BSE),
The Company was established in 1972 as a Manufacturer & Exporter of
Pharmaceutical Bulk Drugs, APIS & Chemicals.
8 The closing stock is meant for export and accordingly no provision
for excise duty is required to be made.
Mar 31, 2014
1 There are no dues to Micro Small and Medium Enterprises as defined
under the Micro, Small and Medium Enterprises Development Act, 2006.
This disclosure Is based on the information available with the Company
and the same has been relied upon by the auditors.
2 CONTINGENT LIABILITIES AND COMMITMENTS
Particulars As at As at
31-Mar-14 31-Mar-13
Contingent Liability not provided for in
respect of a Disputed Tax Liability 321,069 321,069
Commitments not provided for in respect of
a Estimated amountofcontractsremainingto be
executed on capital a/c 75,634 -
3 LEASE(ASSESTS GIVEN ON LEASE)
1 The Company''s major Leasing arrangement are in respect of residential
flat given on Leave and License Basis.
2 Description of Assets provided on operating lease are as follows:
3 Rental Income of Rs. 6,60,000/- (Previous Year Rs.6,60,000/-) from
Operating leases are recognised in the Statement of Profit & Loss and
grouped underthe schedule of ''Other Income''.
4 There are no contingent rent recognised in Statement of Profit and
Loss.
4 SEGMENT REPORTING
1 The Company has got only one Primary Business Segment namely
Pharmaceuticals,
2 The information about the Geopraphical Secondary Segment are as
under:
Note:
1 Segment Assets are disclosed based on their geographical location.
2 The segment revenue in the geographical segments considered for
disclosure are as follows
a Revenue within India includes sales to customers located within
India, b Revenue outside India includes sales to customers located
outside India.
3 Figures in brackets are in respect of previous year.
5 RELATED PARTY DISCLOSUERS
1 Key Managerial Person
Mr. RamuS. Deora( Director)
2 Name of Related Parties Nature of Relationship
GAmphray Laboratories Key Managerial Person is Proprietor
G Amphray Pharmaceuticals Pvt Ltd Relative of Key Management have
control
Triochem Laboratories Pvt Ltd, Relative of Key Management have control
3 Transactions that have taken place during the year with related
parties by the Company
6 EMPLOYEE BENEFIT
As per Accounting Standard 15 "Employee Benefits", the disclosures of
Employee Benefits as defined in the said Accounting Standards are given
below 1 Defined Contribution Plan Contribution to Defined Contribution
Plan recognised as an expenses for the year are as under:
2 Defined Benefit Plan
Gratuity which is defined benefits are accrued based on actuarial
valuation as at balance sheet date by an independent actuary. The
Company has Schemes for long-term benefits Gratuity. In case of funded
scheme, the funds are recognized by the Income tax authorities and
administered through trustees / appropriate authorities and the
contribution Is charged to the Statement of Profit and Loss. In terms
of the Guidance on implementing the revised AS 15, issued by the
Accounting Standards Board of the Institute of Chartered Accountants of
India the related disclosures are as under:
7 Balances of Trade receivable, Trade payable, Loans & Advances are
subject to confirmation and consequential adjustments, if any
8 In the opinion of the Board, amounts of Current Assets, Loans &
Advances have a value on realisation in the ordinary course of business
at least equal to at which they are stated.
9 The Previous Year''s figures have been rearranged / regrouped/
restated / reclassified, wherever necessary to make them comparable
confirm with the currentyear presentation as per revised schedule VI.
Mar 31, 2013
1.1 EMPLOYEE BENEFIT
As per Accounting Standard 15 "Employee Benefits", the disclosures of
Employee Benefits as defined in the said Accounting Standards are given
below
1.2 Defined Benefit Plan Gratuity which is defined benefits are accrued
based on actuarial valuation as at balance sheet date by an independent
actuary. The Company has Schemes for long-term benefits Gratuity. In
case of funded scheme, the funds are recognized by the Income tax
authorities and administered through trustees / appropriate authorities
and the contribution is charged to the Profit and Loss Account. In
terms of the Guidance on implementing the revised AS 15, issued by the
Accounting Standards Board of the Institute of Chartered Accountants of
India, The related disclosures are as
1.3 Balances of Trade receivable, Trade payable, Loans & Advances are
subject to confirmation and consequential adjustments, if any
1.4 In the opinion of the Board, amounts of Current Assets, Loans &
Advances have a value on realisation in the ordinary course of business
at least equal to at which they are stated.
1.5 The Previous Year''s figures have been rearranged / regrouped/
restated / reclassified, wherever necessary to make them comparable /
confirm with the current year presentation as per revised schedule VI
Mar 31, 2012
The Previous Year's figures have been rearranged/regrouped/restated/
reclassified, wherever necessary to make them comparable/confirm with
the current year presentation as per revised schedule VI.
2 The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- each. Each holder of equity share is
entitled to one vote per share.
Accounting Policies:
1 Investments are either classified as Current or Long Term based on
Management's Intention at the time of purchase. Long Term Investments
are stated at cost of acquisition. Provision for diminution In value of
Investments is made only if such decline is other than temporary in the
opinion of the management.
2 Dividend are accounted for as and when received
Note:
1 Segment Assets are disclosed based on their geographical location.
2 The segment revenue in the geographical segments considered for
disclosure are as follows :-
a Revenue within India Includes sales to customers located within
India.
b Revenue outside India includes sales to customers located outside
India.
3 Figures in brackets are in respect of previous year
2.1 RELATED PARTY DISCLOSURES:
1 Key Managerial Person
Mr. Ramu S. Deora (Director)
2 Name of Related Parties Nature of Relationship
4 R Millenium Securities Directors are Key Managerial Personnel
Ambernath Plasto
Packaging Pvt Ltd Relative of Key Management have control
Avas Properties and
investments Pvt Ltd Directors are Key Managerial Personnel
Deora Investment Pvt Ltd Relative of Key Management have control
G Amphray Laboratories Directors are Key Managerial Personnel
G Amphray Pharmaceuticals
Pvt Ltd Relative of Key Management have control
Genuine Properties and
Investments Pvt Ltd Relative of Key Management have control
Mr. Rajesh R. Deora Relative of Key Management Personnel
Mr. Rajiv R. Deora Relative of Key Management Personnel
Mrs. Grace R. Deora Relative of Key Management Personnel
Triochem Laboratories
Pvt Ltd Relative of Key Management have control
Note:
1 The above information have been given based on Information provided
by an independent actuary.
Accounting Policies:
1 Liabilities in respect of defined benefit plans other than Provident
Fund are determined based on actuarial valuation made by an Independent
actuary as at the balance sheet date. The acturial gains or losses are
recognised Immediately in the Profit and Loss Account
2 Contribution payable to the recommended Provident Fund and ESIC
payments have been charged to revenue.
3 Short term employee benefits are recognised as an expense at the
undiscounted amounts in the Statement of Profit and Loss of the year in
which the related service is rendered
2.2 Balances of Trade receivable, Trade payable, Loans & Advances are
subject to confirmation and consequential adjustments, if any
2.3 In the opinion of the Board, amounts of Current Assets, Loans &
Advances have a value on realisation in the ordinary course of business
at least equal to at which they are stated.
Mar 31, 2010
1 Estimated amount of contracts remaining to be executed on capital
account and not provided for Rs 4,94,366/- ( Previous Year Rs Nil)
2 CONTINGENT LIABILITY (notprovided for):
A Disputed Electricity Charges payable to Maharashtra State Electricity
Board Rs. Nil (Previous Year Rs.4,01,034/-)
B Disputed Water Charges payable to Maharashtra Industrial Development
Corporation Rs.80,124/- (Previous Year Rs. 80,124/-) C Disputed Income
Tax Liability Rs. 3,68,617/- ( Previous Year Rs. 3,68,617/-) for which
Company has gone into appeal.
3 EMPLOYEE BENEFITS:
The disclosures as required under the revised AS 15 are as under:
The Company has Schemes for long-term benefits such as Provident Fund
and Gratuity. In case of funded scheme, the funds are recognized by the
Income tax authorities and administered through trustees / appropriate
authorities. The Companys defined benefit plan include Gratuity. In
terms of the Guidance on implementing the revised AS 15, issued by the
Accounting Standards Board of the Institute of Chartered Accountants of
India, the provident fund set up by the Company is treated as a defined
Contribution plan. The related disclosures are as under: A Contribution
to Provident Fund Rs 23,460/- (Previous Year Rs 20,749/-) B Defined
Benefit Plan
Notes:
A Segment Assets are disclosed based on their geographical location.
B The segment revenue in the geographical segments considered for
disclosure are as follows:-
I Revenue within India includes sales to customers located within
India.
II Revenue outside India includes sales to customers located outside
India. C Figures in brackets are in respect of previous year.
4 DISCLOSURE FOR OPERATING LEASES:
The Companys major leasing arrangement are in respect of residential
flat / godown given on leave and licence basis. Rental Income Rs
15,60,000/- (Previous Year Rs 15,40,000/-) are recognised in Profit and
Loss account and grouped under schedule of" Other Income"
Note : The Company has adopted Accounting Standard - 22 " Accounting
for tax on Income " with effect from 01.04.2001, Unabsorbed
Depreciation has been recognised as Deferred Tax Assets since the same
can be carried forward for unlimited period under the provisions of
Income Tax Act, 1961.
The (Increase) / Decrease in Stock of Finished Goods for the Current
Year represents obsolete Inventory written off of Rs Nil (Previous Year
Rs Nil) 16 There are no dues to Micro, Small and Medium Enterprises as
defined under the Micro, Small and Medium Enterprises Development Act
2006, This disclosure is based on the information available with the
Company and the same has been relied upon by the auditors.
5 The manufacturing activity of Bulk Drug as well as Formulation Plant
remain suspended since 30th November, 1999 due to labour problem.
However the manufacturing of formulation against Export order is
continued on job work basis. The mutual settlement has been arrived
between workmen, union and the management.
6 Previous Years figures have been rearranged/regrouped/restated
wherever necessary to make them comparable with the Current Year.