1.1 Balance with Banks includes Unclaimed Dividend of Rs.21.05 Lacs (Previous Year Rs.27.11 Lacs).
1.2 An amount of Rs.323.85 Lacs (Previous Year Rs.251.85 Lacs) is held with Banks as margin money for Bank Guarantees/ Letter of Credit.
2.1 Other Operating Revenue includes Rs. 295.76 Lacs received / receivable from Government as Export Incentives.
As per Accounting Standard 19"Employee Benefits", the disclosures as defined in the Accounting Standard are given below : The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method , which recognised each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
3. The previous year figures have been re-arranged and re-grouped wherever found necessary.
4. The company operates only in one business segment viz "Pharmaceutical Formulation" and is engaged in manufacturing and trading of medicines.
5. EARNING PER SHARE (IND AS-33)
The calculation of Earning per share (EPS) are based on the earnings and number of shares as computed below:
6. During the year, the company has undertaken a review of all fixed assets in line with the requirements of IND AS-28 on "Impairment of Assets". Based on such review, no provision for impairment is required to be recognized for the year.
7. Fair value of cash and current deposits, trade and other current receivable, trade payable, other current liabilities, current loans from banks and other institution approximate their carrying amount due to current maturities of these instruments.
8. As per the provisions of FCCB agreement, the FCCB was to be converted into equity shares by 01-02-2015. However, the bond holder have not exercise their option to convert the bonds into equity shares. Therefore, the company has made the provision of interest amount in the books of accounts.
9. Section 135 of the Companies Act, 2013, is not applicable for the company during the financial year 2017-18 as the profit of last three financial year calculated as per section 198 of the companies act was less than Rs. 5 crores .
10. There is no remittance in foreign currency on account of dividend.
11. Contingent Liabilities and Commitments
12. First time adoption of Ind AS:
Transition to Ind AS:
The Company has transitioned basis of accounting from Indian generally accepted accounting principles ("IGAAP") to Ind AS. The accounting policies have been applied in preparing the financial statements for the year ended 31 March 2018, the comparative information presented in these financial statements for the year ended 31 March 2017 and in the preparation of an opening Ind AS balance sheet at 1 April 2016 (the ‘transition date’.).
In preparing opening Ind AS balance sheet, the Company has adjusted amounts reported in financial statements prepared in accordance with IGAAP. On transition, the Company did not revise estimates previously made under IGAAP except where required by Ind AS.
A. Reconciliation of Equity reported
B. Reconciliation of Total Comprehensive Income
C. Reconciliation of Statement of Cash Flows
There were no material differences between Statements of Cash Flows presented under Ind AS and under IGAAP.
Auditors’. Report In term of our separate report of even date annexed here to.
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