| 1. Background
The Company is Public limited company, incorporated under the Indian
Companies Act, 1913, having its registered office in Sohna, Haryana and
is listing on BSE Ltd & ASE Ltd. The Company is engaged in
manufacturing, marketing, trading and export of Pharmaceutical
Products. The Company has its own manufacturing facility at Sohna. The
Company has various independent contract/third party manufacturers
based across the country.
(a) Term loan from Indian Overseas Bank of Rs. 81,01,098/- which
carries interest base rate 3.75% and is repayable in 60 installments of
Rs. 2,06,000/- from October, 2012. The loan is secured by all immovable
& movable fixed assets of the company.
(b) Term loan from Indian Overseas Bank of Rs. 1,80,97,433/- which
carries interest base rate 3.75% and is repayable in 84 installments of
Rs. 3,28,000/- from October, 2012. The loan is secured by all immovable
& movable fixed assets of the company.
(c) Term loan includes Working Capital Term Loan of Rs. 1,13,40,000/-
from Indian Overseas Bank which carries interest base rate 3.75% and
is repayable in 60 monthly installments of Rs. 2,83,000/- from October,
2012. The loan is secured by 1st charge on the current and fixed assets
of the company.
(d) Vehicle Finance loan carries interest @ 10% p.a. financed by HDFC
Bank repayable in 36 equal monthly installments stated from January,
2013 to December, 2015. The loan is secured by hypothecation of
vehicle.
NOTE NO. 2 CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
As on 31st As on 31st
March, 2015 March, 2014
(Rs.) (Rs.)
Performance Guarantees given - -
by company bankers on behalf
of company
Company has received notice under section 143(2) of the Income Tax Act,
1960 for the Financial Year 2012-13 & the case is under processing.
NOTE NO. 3
During the year, pursuant to the notification of Schedule II to the
Companies Act, 2013 with effect from April 1, 2014, the Company revised
the estimated useful life of relevant assets to align the useful life
with those specified in schedule II. Pursuant to the transitional
provisions prescribed in Schedule II to the Companies Act, 2013, the
Company has fully depreciated the carrying value of the assets, net of
residual value, where the remaining useful life of the asset was
determined to be nil as on April 1, 2014, and adjusted an amount of Rs.
61.19 lacs against the opening balance in the Statement of Profit &
Loss under Reserve and Surplus.
NOTE NO. 4 Employee Benefits: The Disclosure required as per the
revised AS-15
Brief description of the Plans: The Company has various schemes for
long term benefits such as Provident Fund, Gratuity, and Leave
Encashment. The Company's defined contribution plans are Provident
Funds, Employee's State Insurance Fund & Employee's Pension Scheme
(under the provision of Provident Funds & Miscellaneous Provisions Act,
1952). The Company has no further obligation beyond making the
contributions. The Company's defined benefit plans include Gratuity &
Leave Encashment Plan. In accordance with the applicable Indian Laws,
the company provides for gratuity for all employees. The Gratuity Plan
provides a lump sum payment to vested employees, at retirement or
termination of employment, an amount based on respective employee's
last drawn salary & for the years of employment with the Company. The
amounts charges to Profit & Loss Account based on estimated basis are
as under:-
Particulars Gratuity A/c Leave Encashment A/c
(Rs. In lacs)
Obligation as on 31.03.2015 2.58 0.55
5. The provision for Interest provided on long term & short term
borrowings in the note "Other Current Liabilities" amounting to Rs.
43.46 lacs for the period from Oct, 2014 to March, 2015 has been
charged at the rate of 10.50% as bank has not booked the interest
amount in the account of company due to non-payment of the same.
6. Company has not received intimation from supplier regarding the
status under Micro, Small & Medium Enterprises Development Act, 2006
and hence disclosure, if any, relating to amount unpaid as at the year-
end together with the interest paid/payable as required under the Act
have not been given.
7. The company has received Rs. 5.63 lacs against the sale of Focus
Market Scheme licence as export incentive, which is included under
Revenue from operation Head in Profit & Loss A/c.
8. In the opinion of the Board, the Current Assets, Loan & Advances
shown in the Balance Sheet have a value on realisation in the ordinary
course of business at least equal to the amount at which they are
stated.
9. INVESTMENTS
Company has sent notices to the various companies in which company has
invested, as neither they are sending duplicate shares nor are replying
the letters of the company, as company has misplaced/lost the share
certificates during the shifting of records. As such these shares
certificates are not physically held by the company as on 31st March,
2015.
10. Related Party Disclosures
"Related party disclosures as required under Accounting Standard
(AS)-18 "Related Party Disclosures".
(a). Related parties and nature of related party relationships where
control exists
Name of the party Relationship
Mr. Sachin Garg Managing Director
Mr. Peeyush Kumar Aggarwal Director
Mr. Kamal Kishore Sharma Director
Mr. Brahm Dutt Sharma Director
Mr. Manoj Kumar Jain Director
Mrs. Madhu Sharma Director
Ms. Vaishali Anand Company Secretary
Mr. Manoj Bhatia CFO
(b). Related party and nature of related party relationship with whom
transactions have taken place:
Name of the party Relationship
Mr. Manoj Bhatia Key Managerial Personnel
Ms. Vaishali Anand Key Managerial Personel
11. The Company has also dealt with trading activities from its Delhi
office which includes in the turnover account.
12. The balances of unsecured loans, loans & advances and sundry
creditors are subject to the confirmation and consequential
reconciliation/adjustments arising there from, if any. The management,
however, does not except any material variation.
13. Previous year figures have been regrouped, rearranged wherever
necessary to correspond with the current year's
classification/disclosure.
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