SENSEX NIFTY India | Notes to Account > Pharmaceuticals > Notes to Account from Samrat Pharmachem - BSE: 530125, NSE: N.A
Samrat Pharmachem
BSE: 530125|ISIN: INE103E01016|SECTOR: Pharmaceuticals
Mar 04, 17:00
1.85 (7.96%)
Samrat Pharmachem is not listed on NSE
« Mar 12
Notes to Accounts Year End : Mar '13
1.  Assets leased by the Company in its capacity as lessee, where the
 Company has substantially all the risks and rewards of ownership are
 classified as finance lease. Such a lease is capitalized at the
 inception of the lease at lower of the fair value or the present value
 of the minimum lease payments and a liability is recognized for an
 equivalent amount. Each lease rental paid is allocated between the
 liability and the interest cost so as to obtain a constant periodic
 rate of interest on the outstanding liability for each year.
 Lease arrangements where the risks and rewards incidental to ownership
 of an asset substantially vest with the lessor, are recognized as
 operating leases. Lease rentals under operating leases are recognized
 in the statement of profit and loss on a straight-line basis.
 2.  The value on realization of current assets in the ordinary course
 of business would not be less than the amount at which they are stated
 in the Balance Sheet. According to the management, provision for all
 the known liabilities is adequate.
 3.  Balances in Debtors, Creditors, loans, advances, and other current
 assets are subject to confirmation and reconciliation.
 4. The Micro, Small and Medium Enterprise Development Act, 2006 has
 repealed the provision of interest on delayed payment to small scale
 and ancillary industrial undertaking Act, 1993. The management does not
 find it necessary to provide for interest on delayed payments to the
 suppliers covered by the said Act in view of insignificant amount and
 probability of its outgo.
 5.  Related Party Disclosures, as required by AS-18 are given below: A.
 Category I: Holding Company NIL
 Category II: Key management Personnel
 Managing Director
 Remuneration Rs. 1500000
 Executive Director
 Remuneration Rs. 1440000
 Category III: Others (Relatives of Key Management Personnel and
 Entities in which the Key Management Personnel have control or
 significant influence)
 6.  The excise duty and sales tax, shown as deduction from turnover,
 are total tax on sale of goods for the year.
 7.  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. 398820
 (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.
 8.  The Company has only one reportable business segment hence no
 further disclosure is required under Accounting Standard-17 on Segment
 9. 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.
 10.  The previous year''s figures have been regrouped / rearranged /
 reclassified wherever considered necessary to correspond with the
 figures of current year.
 11.  Notes 1 to 25 form an integral part of the accounts and have been
 duly authenticated.
Source : Dion Global Solutions Limited
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