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Notes to Accounts of Vardhaman Laboratories Ltd.

Mar 31, 2014


* The company has not issued bonus shares during the last five years. Also there is no change is shares in this year and previous year.

a) Reconciliation of number of shares outstanding as at 31st March, 2014 and 31st March, 2013 is set out below:-

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per equity share.

2. In the absence of taxable profit, no provision for taxation is made in the books.

3. Contingent Liabilities is Rs. Nil (Previous year Rs. Nil)

4. Related Party Disclosure:-

Key Management Personnel (KMP)

Mr. Sunil Dharamchand Shah

Mr. Dharamchand Shah

Mr. Sumedh Dharamchand Shah

Mrs. Manisha Sunil Shah

Mrs. Sunita Dharamchand Shah

Mar 31, 2013

1. In the absence of taxable profit, no provision for taxation is made in the books.

2. Contingent Liabilities is Rs. Nil (Previous year Rs. Nil)

Mar 31, 2012

Your Directors approved the sale of business in the Board Meeting held on 24th September, 2008 and your consent was received u/s 293(1)(a) at the Extra Ordinary General Meeting held on 1st November, 2008. As the final permission from the FDA received by the company in the month of June 2011 your Company sold its manufacturing of Pharmaceutical Formulations business as a going concern and on a slump sale basis to the Vardhaman Drugs Limited. Consequently, all the Business Assets and Business Liabilities were taken over by Vardhaman Drugs Limited except certain identified Current Assets and Current Liabilities which were retained in the Company as on 30-6-2011.

Mar 31, 2010

1. Retirement Benefits:

1. The company is not covered under the Provident Fund Act and ESIS Act,

2. Gratuity Liability is accounted as and when due and paid.

2. Marketing Expenditure: The Expenses incurred on marketing and market related activities are charged to Profit & Loss Account of the year in which it is incurred.

3. CENVAT: The Company is not eligible for CENVAT Benefits for domestic sales.

4. Material Events: Although the Company has been making several efforts to improve its profitability, but due to stiff competition in the market, the Company has not been able to improve and continues to incur heavy losses.

As per the approval taken from Shareholders in General meeting through Postal Ballot in the year 2008 the Board intends to enter into sale of undertaking for transfer to Vardhaman Drugs Limited for Rs. 225 Lac. The same is being explored and the proceeds of sale of the undertaking will be utilized in exploring business opportunities in other growing businesses like Real Estate, Hospitality Sector etc.

5. Taxes on Income : Keeping in view the carry over losses and unabsorbed depreciation as per Income Tax return for the year ending 31/03/2010, the Company has not recognised Deferred Tax Assets, in respect of carry over losses, unabsorbed depreciation and items of timing difference between the accounting income and taxable income for the year, as there is reasonable uncertainty that sufficient taxable income in near future shall be available against which such Deferred Tax Assets can be realised against tax liability.

6. No Provision has been made in the accounts in respect of estimated total liability for future payment of gratuity, which is not determined.

7. Remuneration to Auditors: Audit Fees Rs. 20369 (Previous Year Rs. 17254)

8. Some of the Balance in respect of amounts receivable from and payable to certain parties is subject to confirmation and reconciliation thereof from the respective parties.

9. Amounts due to small scale industrial undertaking is Rs. Nil (Previous Year Rs. Nil)

10. In opinion of the Board of Directors the Current Assets Loans & Advances have a value on realisation in the ordinary course of business at least equal to amount at which they are stated in the accounts unless otherwise stated and adequate provision for all the known liabilities of the Company has been made.

11. The revenue expenditure attributable to the setting up of above industrial unit are capitalised under the appropriate head.

12. Directors Remuneration: Salary Rs. 300000 (P.Y. Rs. 300000) Perquisites Rs. Nil (P. Y. Rs. Nil)

13. The Total Sale of Rs. 2713092 (P.Y. Rs. 3150993)

14. During the financial year the company has not availed the interest Free Sales Tax Deferred Loan. However the repayment of the interest free Sales Tax Deferred Loan obtained upto March 2005 starts after 2011. The accumulated credit on account as on 31/03/2010 is Rs. 1132389 (Previous Year Rs. 1132389) Additional information pursuant to the provisions of paragraph 3,4C & 4D of part II of Schedule VI to the Companies Act, 1956.

15. The Company has received the capital incentive subsidy of Rs. 12,00,000/- from the Western Maharashtra Development Corporation (WMDC) the authorised agency established by the Government of Maharashtra (GOM) against the Building and Plant and Machinery. The subsidy received is adjusted against relevant Fixed assets i.e. Building Rs. 9,60,000/- and Plant and Machinery Rs. 2,40,000/-. The company has also adjusted opening subsidy of Rs. 25,51,680/- against relevant Fixed assets i.e. 50% against Building and Plant and Machinery which was hitherto forming part of Reserves and Surplus. The adjustment is in line with AS - 12 Accounting for Government Grants issued by Institute of Chartered Accountants of India.