Mar 31, 2015
1. SHARE CAPITAL
(a). Terms/Rights attached to Equity Shares
The company has only one class of equity shares having a face value of
Rs. 10 per share. Each equity shareholder is entitled to one vote per
share. In the event of winding up of the company, the equity
shareholders shall be entitled to be repaid remaining assets of the
company in the ratio of the amount of capital paid up on such equity
shares.
2. Contingent Liability
There is no claim against the Company, which is to be acknowledged as a
debt. (Previous Year Nil)
3. Realised value of current assets
In the opinion of the Board and to the best of the knowledge and
belief, the value on realisation of current assets in the ordinary
course of business will not be less than the amount at which they are
stated in Balance Sheet.
4. Foreign Exchange
No earning in foreign exchange during the year was Nil (Previous Year
was Nil). Also, there is no expenditure in foreign exchange during the
year (Previous Year Nil).
5. Segment Reporting
During the year, the Company has entered into business activities of
one segment only. Hence, the requirement of segment reporting as per
Accounting Standard 17 is not applicalbe.
6. Related Party Disclosures
Company has not entered into any transaction with the related party
during the year.
7. An amount of Rs. 13,00,000/- (Previous Year Rs. 13,00,000/-) has
been shown under current liabilities-expenses payables to one of the
director of the Company on account of leave encashment. The Company is
of the view that the said liability is payable equivalent to the value
stated in the financial statement ason31.03.2015.
8. During the year under audit,the Company has continued to
temporally suspend its main business operation and net worth of the
Company stands fully eroded. However, business activity of procuring
orders on behalf of other party from customers in pharma sector is
being continued and the Company received service charges of Rs.
5,06,689.00 during the year (Previous year Rs. 3,76,782.00)
9. The comparative figures given for previous year are taken from the
financial statements prepared by following the provisions of Companies
Act, 1956.
10. Previous year figures have been regrouped / rearranged wherever
considered necessary for comparison.
Mar 31, 2014
1. Contingent Liability
There is no claim against the Company, which is to be acknowledged as a
debt.(Previous Year Nil)
2. Realised value of current assets
In the opinion of the Board and to the best of the knowledge and
belief, the value on realisation of current assets in the ordinary
course of business will not be less than the amount at which they are
stated in Balance Sheet.
3. Foreign Exchange
No earning in foreign exchange during the year was Nil (Previous Year
was Nil). Also, there is no expenditure in foreign exchange during the
year (Previous Year Nil).
4. Segment Reporting
During the year, the Company has entered into business activities of
one segment only. Hence, the requirement of segment reporting as per
Accounting Standard 17 is not applicalbe.
5. Related Party Disclosures
Company has not entered into any transaction with the related party
(Sh. D.C. Jain. Director) during the year.
6. Accounting for Taxes on Income
In accordance with Accounting Standard 22 "Accounting for Taxes on
Income" (AS 22), the company has accounted for deferred taxes during
the year as under:
Due to timing difference for above items, deferred tax assets has been
worked out to Rs. 2,74,59 481/-(Previous year Rs.2,74,94,570/-). As a
matter of prudence deferred tax assets is not being recognized, as per
Accounting Standard-22 Accounting for Taxes on Income.
7. Dueto paucity offunds.anamountofRs. 13,00,000/- (Previous
YearRs.13,00,000/-) is still payable to one of the employee of the
company and outstanding under the head expenses payable as on
31.03.2014.
8. During the year under audit.the Company has continued to
temporally suspend its main business operation.However, business
activity of procuring orders on behalf of other party from customers in
pharma sector is being continued and the Company received service
charges of Rs. 3,76,782.00 during the year (Previous year Rs.
3,24,700.00)
9. Previous year figures have been regrouped/rearranged whereever
considered necessary for comparisom.
Mar 31, 2013
1 Contingent Liability
There is no claim against the Company, which is to be acknowledged as a
debt.
2 Realized value el current assets
in the opinion of the Board and to the best of the knowledge and
belief, the value on realization of current assets in the ordinary
course of business win not be less than the amount at which they are
stated in Balance Sheet.
3 Foreign Exchange
Earning in foreign exchange during the year was Nil (Previous Year
Nil). Also, there is no expenditure in foreign exchange during the year
(Previous Year Wit.
4. Segment Reporting
During the year, the Company has entered into business activities of
one segment only. Hence, the requirement of sigma not reporting as per
Accounting Standard 17 is not applicable.
5 Relate d Party Disclosure
Related Party disclosures, as required by Accounting Standard-18, are
as below;
Due to liming difference for above Items, deferred tax assets has been
worsted out to Rs, 2!74,94,570/*(Previous year Rs.2.77,10,273/-).
As a matter to prudence deferred tax assets is not being recognized, as
per Accounting Standard-22 Accounting for Taxes on Income.
6. Due to paucity of funds, an amount of Rs. 13,00,000/- Is still
payable to one of the employee of the company and outstanding under the
Head expenses payable as on 31.03.2013.
7. During the year, directors of the Company decided to can out some
business activities to earn some income to meet the day to day business
running expenses. In continuation of this decision, from the efforts of
the directors on behalf of the company, during year commission Income
of Rs. 3,24,70(V * has received on booting to certain orders on behalf
of other party.
9. Previous year figures have been regrouped / rearranged wherever
considered necessary for comparison.
Mar 31, 2012
1 Contingent Liability
There is no claim against the Company, which is to be acknowledged as
debt.
2. Realized value of current assets
In the opinion of the Board and to the best of the knowledge and
belief, the value on realization of current assets in the ordinary
course of business will not be less than the amount at which they are
stated in Balance Sheet.
3. Foreign Exchange
Earning in foreign exchange during the year was Nil (Previous Year
Nil). Also, there is no expenditure in foreign exchange during the year
(Previous Year Nil).
4. Segment Reporting
During the year, the Company has not entered into business activities.
Hence, the requirement of segment reporting as per Accounting Standard
17 issued by the Institute of Chartered Accountants of India (ICAI) is
not applicable.
5. Provision of benefits for employees
In the previous year, due to closure of factory at Bhiwadi; most of the
employees left the Company gradually. A provision of Rs. 34,00,000/-
towards gratuity and leave encashment for the remaining workers/staff
was made at the end of the previous year. Out of the said provision, an
amount of Rs. 2,86,395/- has been paid to the staff of the Company and
Rs. 13,00,000/- payable to one of the directors has been shown as
liability in the books of accounts on full & final settlement of such
staff & director. The remaining excess provision of Rs. 18,13,605/- has
been written off under the head other income as the same is no longer
required in the view of the management of the Company.
6. Prior period Items
Prior period expenses amounting to Rs. 16,153/-(Previous Year Rs.
6200/-) mainly on account of personnel and other expenses, have been
accounted for under the relevant heads of account.
7. Previous year figures have been regrouped/ rearranged wherever
considered necessary for comparison and to compliance with provisions of
revised schedule VI of the Companies Act, 1956.
Mar 31, 2011
(1) CONTINGENT LIABILITY : There is no claim against the Company, which
is to be acknowledged as debt
(2) GUARANTEE : Pending Bank Guarantee is Nil. (Previous year Rs.
15,000.00.)
2. DETAILS OF MANAGERIAL REMUNERATION
Managing/Whole Time Directors have been paid monthly remuneration as
per their terms of appointment, which are lower than Schedule XIII of
the Companies Act, 1956.
3. REALISED VALUE OF LOANS & ADVANCES :ln the opinion of the Board and
to the best of the knowledge and belief, the value on realisation of
loans, advances and current assets in the ordinary course of business
will not be less than the amount at which they are stated in Balance
Sheet.
4. SSI OUTSTANDING : As on 31.3.2011, no amount payable to
Creditors.Therefore, disclosures require to give for the creditors
covered under the provisions of Micro, Small and Medium Enterprises
Development Act. 2006 is not applicable.
5. LOANS AND ADVANCES (INCLUDING INTER CORPORATE DEPOSITS): An amount
of Rs. 21.24 Lacs was given as inter corporate deposit (interest
bearing) to RKM Securities Pvt. Ltd. in 1994-95. Considering chances of
non recovery, provision for doubtful debt of Rs. 21.24 Lacs has been
made in 2008-09. During the year the company has realised Rs. 41.98
Lacs through assets given by R.K.M. Securities Pvt. Ltd.. Out of this
Rs. 21.24 Lacs has been adjusted against the outstanding balance in the
books and the balance of Rs. 20.74 Lacs has been shown as other income.
Consequent to this, provision for doubtful debt of Rs. 21.24 Lacs has
also been written back to the profit & loss account.
(6) FOREIGN EXCHANGE : Earning in foreign exchange during the year was
Nil (Previous Year Nil). Also, there is no expenditure in foreign
exchange during the year )Previous Year Nil).
(7) SEGMENT REPORTING : The Compnay operates in one segment i.e. the
manufacturing and trading of Pharmaceuticals Formulations and in one
geographical area i.e. within India. Hence, the requirement of segment
reporting as per Accounting Standard 17 issued by the Institute of
Chartered Accountants of India (ICAI) is not applicable.
(8) RELATED PARTY DISCLOSURES / AS REQUIRED BY ACCOUNTING STANDARD-18,
IS AS BELOW:-
A. Relationship:
(i) Key Management Personnel of the Company
Whole Time Director - Mr. S. N. P. Ohja
(ii) Whole Time Promoter Director of the Company and thier elatives-
Mr. D.C. Jain-Director and his relatives.
9. CONSOLIDATED FINANCIAL STATEMENT
The company has sold its investment in the subsidary company during the
year. Therefore there is no requirement for consolidated financial
statements.
10. PRIOR PERIOD
Prior period expenses amounting to Rs. 6200/- (Previous Year Rs.
79,818/-)mainly on account of personnel, administration and selling
expenses and finance charges, have been accounted for under the
relevant heads of account
11. INVESTMENT
During the year. Company had sold its investment of Rs. 43,75,300/-
held in quoted and unquoted equity shares for Rs. 8,58,880/-. The
transaction has resulted a total loss of Rs. 35,16,420/-. Against such
loss, we had already made provisons for diminution in value of
investments of Rs. 27,78,625/-. The net loss of Rs. 7,84,800/- after
adjustment of provisions already made, has been debited to the profit &
loss account.
12. FIXED ASSETS
With the decline of business of the company over the period of time and
under utilisation of installed capacity of the Bhiwadi Plant,
management had decided to discontinue existing business. To implement
this decision, all the fixed assets of the company were sold out and
possession thereof handed over to the buyer during the year and profit
of Rs. 1,57,90,100/- accounted for in the profit & loss account.
13. OTHER INCOME
The company was having certain liabilities payable to its
lenders/creditors, which has been fully & finalally settled during the
year either by way of payments or transfer of assets ( net of
liabilities and provisions) consequent to such settlements, the amount
of Rs. 38,29,618 which remain no longer payable has been written back
and shown as other income.
14. PROVISIONS OF BENEFITS FOR EMPLOYEES
Due to closure of factory at Bhiwadi; most of the employees left the
Company gradually. The Company has calculated the amount of Rs.
43,75,026/ - towards gratuity and leave encashment for the remaining
workers/staff. However, the provision of Rs. 34,00,000/- in respect of
said liabilities has been made to the extent of availability of funds
with the company and considering the fact that balance amounts have
also been forgone by the claimants.
15. REARRANGEMENT & ROUNDING OF
The figures of the previous year have been regrouped and rearranged
wherever considered necessary to make them comparable with current year
figures.
All figures have been roundedoff to the nearest rupees.
Mar 31, 2010
(1) CONTINGENT LIABILITY : There is no claim against the Company, which
is to be acknowledged as debt
(2) GUARANTEE : Pending Bank Guarantee is Rs. 15,000.00 (Previous year
Rs. 15,000.00.)
3. REALISED VALUE OF LOANS & ADVANCES :ln the opinion of the Board and
to the best of the knowledge and belief, the value on realisation of
loans, advances and current assets in the ordinary course of business
will not be less than the amount at which they are stated in Balance
Sheet.
4. SSI OUTSTANDING : As on 31.3.2010 amount payable to supplier is not
covered under the provisions of Micro, Small and Medium Enterprises
Development Act, 2006.
5. LOANS AND ADVANCES (INCLUDING INTER CORPORATE DEPOSIT : An amount
of Rs. 21.24 Lacs, given as inter corporate deposit to RKM Securities
Pvt. Ltd. in 1994-95 is due from them with interest. The legal action
is already taken but final decision is still pending. As per
information available presently fron legal action, it is no certainty
of collection of amount from the party. Considering chances of non
recovery, provision for doubtful debt of Rs. 21.24 Lacs has been made
in 2008-09 and the same is maintained at the end of the year as on
31.03.2010.
(6) FOREIGN EXCHANGE: During the year, goods worth of Rs. 33,76,239/-
(Previous Year 11,74,497/-) were exported indirectly through
channeling/ merchandise exporters. Therefore, earning in foreign
exchange during the year was Nil (Previous Year Nil). Also, there is no
expenditure in foreign exchange during the year (Previous Year Nil).
(7) SEGMENT REPORTING : The Company operates in one segment i.e. the
manufacturing and trading of Pharmaceuticals Formulations and in one
geographical area i.e. within India. Hence, the requirement of segment
reporting as per Accounting Standard 17 issued by the Institute of
Chartered Accountants of India (ICAI) is not applicalbe.
(8). RELATED PARTY DISCLOSURES / AS REQUIRED BY ACCOUNTING STANDARD
-18, IS AS BELOW :-A. Relationship :
(i) Enterprises Controlled by the Promoter/ Key Management Personnel of
the Company
Subsidiary of the Company - A.K. Laboratories Ltd. (ii) Key Management
Personnel of the Company
Whole Time Director - Mr. S.N.P. Ohja (iii) Whole Time Promoter
Director of the Company and their relatives - Mr. D.C.Jain-Director and
his relatives.
9. CONSOLIDATED FINANCIAL STATEMENT
Consolidated Financial Statements as per accounting standard 21
"Consolidated Financial Statements" issued by the ICAI, duly audited
are enclosed.
10. Prior period expenses amounting to Rs. 79,818/- (Previous Year Rs.
17,66,457/-)mainly on account of personnel, administration and selling
expenses and finance charges, nave been accounted for under the
relevant heads of account.
11. VALUATION OF INVESTMENT
Investments are stated at cost. However, provision for diminution in
value was made of Rs. 28,04,200/- in the previous year to recognize a
decline other than temporary in the value of the investments. During
the current year, the provision for diminution in value is revised from
Rs. 28,04,200/- to Rs.27,78,625/- due to increase in market value of
quoted investment by Rs. 25,575/-.
12. BAD DEBTS WRITTEN OFF
During the year, amount of Rs.6,75,034/- is written off as bad debts
out of the provisions of doubtful debts (Previous Year
Rs.1,57,63,552/-)
13. PROVISION FOR DOUBTFUL DEBTS
Specific provisions for doubtful debts of Rs. 1,38,92,154/-(Rs.
86,77,425/- for debtors was Rs. 52,14,729/- for loans & advances) was
made in the previous year in cases where collection of debt is
uncertain. In certain cases, legal suits had also been filed for
recovery for overdue amount. But the chances of recovery are
bleak.Therefore, provision for doybtful debts was made in the previous
year. Out of the above provision, an amount of Rs. 9,58,115/- has been
withdrawn/utilized and Rs. 6,75,034/- written off against the
provisions for doubtful debts during the current year.
A further provision for doubtful debts of Rs. 2,07,900/- is made during
the year.
Thus the provision for doubtful debts has worked out to be Rs.
1,24,66,905/- (Rs. 72,52,176/- for debtors and Rs. 52,14,729/- for
loans & advances.)
14. REARRANGEMENT & ROUNDING OFF -
(i) The figures of the previous year have been regrouped and rearranged
wherever considered necessary to make them comparable with current year
figures.
(ii) All Figures have been rounded off to the nearest rupees.
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