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Plethico Pharmaceuticals
BSE: 532739|NSE: PLETHICO|ISIN: INE491H01018|SECTOR: Pharmaceuticals
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« Dec 11
Notes to Accounts Year End : Dec '12
1.1 Subscribed and paid up share capital including 2,91,09,060 Equity
 Shares (Previous year 2,91,09,060) Equity Shares of Rs. 10 each
 allotted as fully paid bonus shares by way of capitalisation of General
 Reserve and Share Premium.
 
 2.1 The said Investor as on the date of conversion that is 13th August,
 2012 did not exercise the option for the conversion hence the initial
 amount received has been forfeited.
 
 2.2 Provision for Premium Payable made from General Reserve of Rs.
 403.49 Million during the current year and Rs. 374.94 Million of
 Previous Year.
 
 2.3 Income Tax Provision provided from 2004-2005 (AY 2005-06) to
 2009-10 (AY 2010-11) of Rs. 320.00 Million
 
 3.1 The corporate term loan of Punjab National Bank is secured by:
 
 (a) Pledge of company''s equity shares held by one of the Director
 
 (b) Personal Guarantee of one of the Director of the company.
 
 3.2 The term loans taken from EXIM Bank, Mumbai is secured by:
 
 (i) Exclusive first charge by way of equitable mortgage of company''s
 land and building situated at Khasra No.821/2, Village Dharawara,
 Depalpur Tehsil, Indore
 
 (ii) Hypothecation of Plant and Machinery installed in the aforesaid
 factory premises situated at Khasra No. 821/2, Village Dharawara,
 Depalpur Tehsil, Indore
 
 (iii) Pledge of equity shares of the company by a director of the
 company
 
 (iv) Personal Guarantee of two directors of the company.
 
 3.3 The Term loan of IDBI Bank is secured by:
 
 (a) First charge by way of equitable mortgage over company''s land and
 building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
 Indore
 
 (b) Hypothecation of Plant and Machinery installed in the factory
 premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
 Indore
 
 (c) Personal Guarantee of one of the director of the company.
 
 3.4 Vehicle Loan is secured by hypothecation against related vehicle of
 the company.
 
 3.5 Provision of Rs. 403.45 Million (Previous year Rs. 540.02 Million)
 has been made during the year on account of premium payable on
 redemption of FCCB in terms of the Offering Circular dated 18th
 October, 2007, which has been charged to the General Reserve Account.
 The Company has outstanding bonds at face value of USD 75 Million. Till
 date neither bonds have been converted nor redeemed or cancelled. The
 term of the bonds are 0% coupon, premium 7.7% YTM, Reset conversion
 price is Rs. 484/-. The said FCCB had fallen due on 23rd October, 2012
 and the company is seeking approval of restructuring of said FCCBs from
 Bondholders and concern authorities. RBI has approved extension of
 maturity period in respect of said FCCB up to 23rd April, 2013.
 
 4.1 The working capital loans taken from Bank of Baroda are secured by:
 
 (a) Hypothecation of company''s entire stocks and book debts on first
 pari passu charge basis
 
 (b) On first pari passu charge basis by:
 
 (i) Equitable mortgage of company''s land and building situated at
 Khasra No. 821/1, Village Dharavara, Tehsil Depalpur, Indore and at
 Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
 
 (ii) Hypothecation of Plant and Machinery installed in the aforesaid
 factory premises situated at Khasra No. 821/1, Village Dharavara,
 Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
 Pipliya, Manglia, Indore
 
 (c) Personal Guarantee of two directors of the company.
 
 4.2 The working capital loans taken from IDBI Bank are secured by:
 
 (a) Hypothecation of company''s entire stocks and book debts on first
 pari passu charge basis
 
 (b) Second charge by way of equitable mortgage over company''s land and
 building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
 Indore
 
 (c) Hypothecation of Plant and Machinery installed in the factory
 premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
 Indore
 
 (d) Personal Guarantee of one of the director of the company.
 
 4.3 The working capital loan taken from State Bank of India is secured
 by:
 
 (a) Hypothecation of company''s entire stocks and book debts on first
 pari passu charge basis
 
 (b) On first pari passu charge basis by:
 
 (i) Equitable mortgage of company''s land and building situated at
 Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
 Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
 
 (ii) Hypothecation of Plant and Machinery installed in the aforesaid
 factory premises situated at Khasra No. 821/1, Village Dharavara,
 Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
 Pipliya, Manglia, Indore
 
 (c) Personal Guarantee of one of the director of the company.
 
 4.4 The working capital loan taken from Punjab National Bank is secured
 by:
 
 (a) Hypothecation of company''s entire stocks and book debts on first
 pari passu charge basis
 
 (b) On first pari passu charge basis by:
 
 (i) Equitable mortgage of company''s land and building situated at
 Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
 Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore
 
 (ii) Hypothecation of Plant and Machinery installed in the aforesaid
 factory premises situated at Khasra No. 821/1, Village Dharavara,
 Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
 Pipliya, Manglia, Indore
 
 (c) Personal Guarantee of two directors of the company.
 
 4.5 The working capital loan taken from Allahabad Bank is secured by:
 
 (a) Hypothecation of company''s entire stocks and book debts on first
 pari passu charge basis
 
 (b) On first pari passu charge basis by:
 
 (i) Equitable mortgage of company''s land and building situated at
 Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
 Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore
 
 (ii) Hypothecation of Plant and Machinery installed in the aforesaid
 factory premises situated at Khasra No. 821/1, Village Dharavara,
 Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
 Pipliya, Manglia, Indore
 
 (c) Personal Guarantee of one of the director of the company.
 
 5.1 There is no amount due and outstanding to be credited to Investor
 Education and Protection Fund
 
 5.2 Inter Corporate deposit against Pledge of company''s equity shares
 held by one of the Directors.
 
 6.1 The company does not have significant influence in any of the
 above companies as defined under AS18 Related Party Disclosure and
 AS23 Accounting for Investment in Associates in consolidated financial
 statements and as such, all above companies are neither related party
 nor associate companies within the meaning of above accounting
 standards. Consequently consolidation of accounts has not been done for
 the above companies.
 
 7.1 The company is duly applying to the competent authority for
 getting extension with respect to the overdue export proceeds in
 accordance with the provisions of the Foreign Exchange Management Act,
 1999 and Foreign Exchange Management (Export of Goods and Services)
 Regulations, 2000.
 
 8.  EXTRA ORDINARY ITEM
 
 The Foreign Exchange loss of Rs. 141.75 million (Previous year loss of
 Rs. 630.00 Million) arising out of revaluation in respect of
 outstanding FCCB of USD 75.00 Million as on 31st December,2012 has been
 recongnised and debited to the Profit and Loss Account of the year as
 an Extra Ordinary item.
 
 9.  EARNING PER SHARE
 
 Basic and Diluted Earning per share (''EPS'') computed in accordance with
 Accounting standard ( AS ) 20 Earning per Share
 
 10.  BALANCES WITH NON-SCHEDULED BANK
 
 There is no balance in current year (previous year Rs. Nil) with
 non-scheduled bank.
 
 11.  BALANCE CONFIRMATION OF PARTIES
 
 Debtors, Loans & Advances, Creditors and Bills Payable are subject to
 confirmation by the parties. The company has issued confirmation
 letters to such parties and differences if any shall be reconciled in
 the current Year.
 
 12.  CURRENT ASSETS AND LIABILITIES
 
 In opinion of the Board, the provisions for known liabilities are
 adequate and current assets in the ordinary course of business have a
 value at least equal to the amount at which they are stated.
 
 13.  REGROUPING OF FIGURES
 
 The figures of previous year have been regrouped / reclassified
 wherever necessary to conform to the current year''s presentation.
 
 14. DISCLOSURE TO MSME ACT.
 
 The company is obtaining confirmation from suppliers regarding the
 registration under the MSME Act Micro Small and Medium Enterprises
 Development Act 2006, which came into effect from 2nd October, 2006.
 The suppliers are not registered wherever the confirmations are
 received and in other cases, the company is not aware of their
 registration status and hence information relating to outstanding
 balance or interest due is not disclosed as it is not determinable.
 
 15.  DISCLOSURE ON LEASE AS PER ACCOUNTING STANDARD 19 ON ACCOUNTING
 FOR LEASE
 
 The company has entered into operating lease agreement for office
 premises, Guest house, warehouse and vehicle renewable on periodic
 basis and is cancelable. The rental expenses for operating lease are
 amounting to Rs. 21.77 Million (Previous year Rs. .21.86) have been
 recognized in the P&L account.
 
 16.  DISCLOSURE REGARDING DERIVATIVE INSTRUMENTS AND UNHEDGED CURRENCY
 EXPOSURE
 
 There were no foreign exchange derivatives or forward contracts
 outstanding as on 31st December,2012. The year end foreign currency
 exposures that have not been hedged by a forward cover or derivative
 instrument or otherwise are given below
 
 17. EMPLOYEE BENEFIT
 
 The company has an Employees'' Gratuity Fund managed by Life Insurance
 Corporation of India. As required by AS-15, the status of the present
 value of the obligations under the gratuity plan at the end of the year
 was Rs. 31.12 Million whereas fair value of plan assets at the end of
 the year was of Rs. 35.00 Million. The total benefit of Rs. 2.67
 Million has been paid during the year. The return on plan assets during
 the year was Rs. 3.02 Million; however there was no excess / short
 amount over estimated return on plan assets.
 
 18 DEFERRED TAX LIABILITIES
 
 The deferred tax liability of Rs. 8.40 Million for the year ended 31st
 December, 2012 has been debited to the profit & loss account.
Source : Dion Global Solutions Limited
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