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Moneycontrol.com India | Notes to Account > Pharmaceuticals > Notes to Account from Samrat Pharmachem - BSE: 530125, NSE: N.A
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Samrat Pharmachem
BSE: 530125|ISIN: INE103E01016|SECTOR: Pharmaceuticals
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Samrat Pharmachem is not listed on NSE
Mar 11
Notes to Accounts Year End : Mar '12
Note 1 : DEFERRED TAX ASSET (NET)
 
 The Company has accounted for taxes on income in accordance with AS-22
 - Accounting for Taxes on Income issued by the Institute of Chartered
 Accountants of India. Consequently, the net incremental deferred tax
 (liability) / asset is charged / credited to Profit and Loss Account.
 The year end position of taxes on income is as under:
 
 Note 2 : CONTINGENT LIABILITIES AND COMMITMENTS
 
 Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the
 Companies Act, 1956
 
 Particulars                   31 March 2012       31 March 2011
 
                            Rs.         Rs.         Rs.          Rs.
 
 A.  Contingent 
 Liabilities
 
 (1) Claims against 
 the company not
 acknowledged as debt         -                       -
 
 (2) Guarantees               -                       -  
 
 (3) Other money for 
 which the company 
 is contingently 
 liable
 LC issued by
 Company''s
 bankers            123,714,322              97,214,213
 
 Sub Total (A)                          -                   97,214,213
 
 B.  Commitments
 
 (1) Estimated 
 amount of 
 contracts 
 remaining to be
 executed on 
 capital account 
 and not 
 provided for         2,000,000               4,000,000
 
 (2) Uncalled 
 liability on 
 shares and other 
 investments 
 partly paid                  -                       -
 
 (3) Other 
 commitments 
 (specify nature)             -                       -
 
 Sub Total (B)                  2,000,000                    4,000,000
 
 Total Contingent 
 Liabilities and 
 Commitments (A B)              2,000,000                  101,214,213
 
 2.  Disclosure pursuant to Note no. 6(V) of Part I of Schedule VI to
 the Companies Act, 1956
 
 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
 
 4.  Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to
 the Companies Act, 1956
 
 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.
 
 5.  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 ali
 the known liabilities is adequate.
 
 6.  Balances in Debtors, Creditors, loans, advances, and other current
 assets are subject to confirmation and reconciliation.
 
 7.  Auditors'' remuneration in accordance with paragraph 4B of part II
 of Schedule VI to the Companies Act, 1956 is as under:
 
 8.  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.
 
 9.  Related Party Disclosures, as required by AS-18 are given below:
 
 A. Relationships: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)
 
 10.  The excise duty and sales tax, shown as deduction from turnover,
 are total tax on sale of goods for the year.
 
 11.  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 yean (i) Contribution to Provident Fund (Employer''s
 Contribution) Rs. 323180
 
 (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.
 
 12.  The Company has only one reportable business segment hence no
 further disclosure is required under Accounting Standard-17 on
 Segment reporting .  .
 
 13.  The previous year''s figures have been regrouped / rearranged /
 reclassified wherever considered necessary to correspond with the
 figures of current year.
 
 14.  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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