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Samrat Pharmachem

BSE: 530125|ISIN: INE103E01016|SECTOR: Pharmaceuticals
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« Mar 14
Notes to Accounts Year End : Mar '15
 Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule III to
 the Companies Act 2013
 
 NIL Equity Shares (NIL Previous year) are held by None, the holding
 company.
 
 1. CONTINGENT LIABILITIES AND COMMITMENTS
 
 Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the
 Companies Act 2013
 
                                                      31 March 2015
 
 Particulars
 
                                                    Rs.          Rs.
 
 A.  Contingent Liabilities
 
 (1) Claims against the company not
 acknowledged as debt
 a. Income tax assessment dues for AY
 2011 -12 under appeal                          3,580,450
 
 pending before first appellate authority
 
 b. Contract labour claim                         150,000
 
 (2) Guarantees                                      -
 
 (3) Other money for which the company is
 contingently liable
 
 LC issued by Company''s bankers                 31,195,255
 
 Sub Total (A)                                               34,925,705
 
 B.  Commitments
 
 (1) Estimated amount of contracts
 remaining to be executed on
 capital account and not provided for              -
 
 (2) Uncalled liability on shares
 and other investments partly paid                 -
 
 (3) Other commitments (specify nature)            -
 
 Sub Total (B)                                                      -
 
 Total Contingent Liabilities
 and Commitments (A B)                                       34,925,705
 
 
 Particulars                                            31 March 2014
 
                                                     Rs.           Rs.
 
 A.  Contingent Liabilities
 
 (1) Claims against the company not
 acknowledged as debt
 a. Income tax assessment dues for AY            3,580,450
 2011 -12 under appeal
 
 pending before first appellate authority
 
 b. Contract labour claim                             -
 
 (2) Guarantees                                       -
 
 (3) Other money for which the company is
 contingently liable
 
 LC issued by Company''s bankers                  7,211,976
 
 Sub Total (A)                                                10,792,426
 
 B.  Commitments
 
 (1) Estimated amount of contracts
 remaining to be executed on
 capital account and not provided for              -
 
 (2) Uncalled liability on shares
 and other investments partly paid                 -
 
 (3) Other commitments (specify nature)            -
 
 Sub Total (B)                                                       -
 
 Total Contingent Liabilities
 and Commitments (A B)                                        10,792,426
 
 2 Disclosure pursuant to Note no. 6(V) of Part I of Schedule III to the
 Companies Act 2013
 
 Where in respect of an issue of securities made for a specific purpose,
 the whole or part of the amount has not been used for the specific
 purpose at the balance sheet date, Indicate below how such unutilized
 amounts have been used or invested.
 
 Not Applicable
 
 3 Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the
 Companies Act 2013
 
 If, in the opinion of the Board, any of the assets other than fixed
 assets and non-current investments do not have a value on realization
 in the ordinary course of business at least equal to the amount at
 which they are stated, the fact that the Board is of that opinion,
 shall be stated.
 
 4.  The excise duty and sales tax, shown as deduction from turnover,
 are total tax on sale of goods for the year.
 
 5.  The disclosure of Employee Benefits as per Accounting Standard
 15 are as follows;
 
 (A) Defined contribution plans:
 
 Provident fund:
 
 The Company has recognized the following amounts in the Profit and Loss
 Account for the year:
 
 (i) Contribution to Provident Fund (Employer''s Contribution) Rs. 489012
 
 (B) Defined Benefit Plans
 
 (i) Disclosure of Gratuity Liabilities
 
 The Company has accounted for provision of gratuity based on actuarial
 valuation done by Life Insurance Corporation of India amounting to
 total liability till date of Rs. NIL.
 
 6.  The Company has only one reportable business segment hence no
 further disclosure is required under Accounting Standard-17 on Segment
 reporting.
 
 7. The management has made full inquiries and is of the view that
 assets of the Company in form of fixed assets and Inventories are good
 in nature, and are stated at appropriate value of the respective assts;
 and there is no necessity as to impairment / write down provision in
 the accounts.
 
 8. Disclosures required under Accounting Standard-19 on Leases.
 
 Finance Lease - Assets Given on Lease
 
 The Company has not given any of its assets on lease.
 
 9. The Company has a process w hereby periodically all long term
 contracts are assessed for material foreseeable losses. At the year
 end, the Company has reviewed and ensured that adequate provision as
 required under any law / accounting standards for material foreseeable
 losses on such long term contracts has been made in the books of
 account.
 
 10. The Company has a system of reviewing its pending litigations and
 proceedings, if any, and provide for where Provisions are required and
 disclose the contingent liabilities where applicable, in its financial
 statements. The Company does not expect the outcome of these
 proceedings to have a materially adverse effect on its financial
 results. In respect of litigations, where the management assessment of
 a financial outflow is probable, the Company has made adequate
 provision in the financial statements and the contingent liabilities
 are disclosed in Note 17.
 
 11. The previous year''s figures have been regrouped / rearranged / re
 classified wherever considered necessary to correspond with the figures
 of current year.
Source : Dion Global Solutions Limited
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