Rupees in Lacs
 
                                          Total As At    Total As At 
                                           31/03/2011     31/03/2010
 
 1 Contingent Liabilities not 
 provided for:
 
 a) In respect of Letter of Credit.            660.87         876.55
 
 b) Disputed Income Tax, Sales Tax, as 
 matters are in appeal.                         65.76          86.11
 
 c) Bank Guarantee                             181.14         185.78 
 
 d) Custom duty payable on raw materials
 imported under duty
 exemption scheme in case of non-fulfillment 
 of export obligation.                         556.38         250.91
 
 e) Claims against the Company not 
 acknowledged as debts.
 
 i)The Ministry of Chemicals & Fertilizers,
 Government of India has
 raised demand under Drug Price Control
 Order,1979 for difference in actual price 
 and price of respective bulk drug allowed 
 while fixing the prices of (certain life
 saving Formulations which are disputed by 
 the Company. The Company has preferred 
 Appeals before Honble High Courts of 
 Gujarat and Bombay in respect of 
 Bulk Drug Rifampicin and Ethambutol 
 respectively for grant of ad interim 
 stay. While allowing the stay The
 Honble High Court Gujarat directed 
 the Company to deposit Principal 
 Liability of Rs. 34.80 Lacs out of the
 total liability of Rs.126.08 Lacs 
 as worked out by the Department of 
 Chemicals & Fertlizers,Govt. of 
 India .The Company has already complied 
 with the directions of the
 Hnorable Court. In respect of Liability 
 for Bulk Drug Ethambutol, the 
 Hnorable Bombay High Court had
 directed the Company to submit Bank
 Guarantee of Principle amount with 
 Court & stayed the matter. The
 Company has complied with 
 the direction of the
 Honourable High Court.                        333.33         333.33
 
 ii) Others                                      0.87           0.87
 
 6 Note : 1) In respect of Dr. Dinesh S. Patel MD and CEO, applications
 are made to the Central Govt. for approval of remuneration paid /
 payable to him in view of Loss in the year 2008-09 & consequently
 remuneration exceeded the limits prescribed under Schedule XIII. In
 view of carried forward Losses to 2009-10, the remuneration for the
 year exceeded limits as prescribed U/s.198 read with the applicable
 sections of Companies Act 1956 and hence applications for Managing
 Director and Whole time Directors are made to Central Government for
 waiver of excess remuneration paid.  
 
 2) Consequent to inadequacy of profits in the current year,
 remuneration paid to Managing Director and Whole-time Directors, is in
 excess of the limits specified in Section 198 read with Schedule XIII
 of the Companies Act, 1956. The excess remuneration drawn by the
 Directors amount to Rs..  73.89 lacs. The Company is making an
 application to the Central Govt. for the waiver of the excess
 remuneration paid.
 
 3 Revenue expenditure on Research & Development incurred & Charged out
 during the year through the natural heads of expenses amount to
 Rs.283.92 Lacs (Previous year Rs.120.84 Lacs) Capital expenditure
 incurred during the year thereof amounts to Rs. 31.31 Lacs has been
 included in Fixed Assets. (Previous year Rs.  32.86 Lacs).
 
 4 The Company has only one segment namely pharmaceuticals, hence no
 separate disclosure of segment wise information has been made,as
 required by Accounting Standard 17 on Segment Reporting
 
 5 Sundry Debtors includes Rs.2650.09 Lacs (previous year Rs.791.89
 Lacs) due from private companies in which directors are interested as
 directors/members.
 
 6 Interest on borrowings attributed to new projects is Capitalised and
 included in the cost of Fixed Assets/Capital Work in Progress, as
 appropriate.Current year Rs. 184.58 lacs (Previous year Rs. NIL ).
 
 7 Related Party Disclosures
 
 A.  Name of the related parties and nature of relationship
 
 a) Associate companies      Themis Distributors Pvt. Ltd.
 
                             Vividh Distributors Pvt. Ltd. 
 
                             Vividh Margi Investments Pvt. Ltd.
 
 b) Joint Venture Richter    Themis Medicare (India) Pvt. Ltd.
 
 c) Key Management personnel Dr. D.S. Patel (M.D & CEO)
 
                             Dr. Sachin D. Patel 
 
                             Mrs. Jayshree D. Patel
 
 d) Directors/Relatives of 
 Key Management              Mr S. D. Patel 
 Personnel                   Mrs Madhuben Patel
 
                             Mrs H. B. Patel
 
                             Mrs Margi R Choksy
 
                             Mrs Reena Patel
 
 C.  The information given above, have been reckoned on the basis of
 information available with the Company.
 
 8 Deferred tax liability is provided by implementing Accounting
 Standard -22 Accounting for Taxes on Income issued by Companies
 (Accounting Standards) Rules, 2006. The Deferred Tax Liability Rs.15.05
 lacs (Cr) is recognized in Profit & Loss Account during the current
 year (Previous year Rs.17.56 lacs Cr.); comprising Rs 7.50 lacs (Cr)
 towards Current Years leave encashment (Previous Year Asset Rs.10.9
 lacs ) and Rs.18.88 lacs (Cr.) towards Bonus (Previous Year Rs 19.11
 lacs (Cr) , Rs 11.47 lacs (Cr.) towards provision of Gratuity (Previous
 Year assets Rs..0.13 lacs (Dr) and Rs. 22.80 lacs (Dr) depreciation
 (Previous Year Rs.12.32 lacs (Dr.).
 
 9 Details of Dues to Micro, Small and Medium Enterprises as per
 Micro,Small and Medium Enterprises Development Act, 2006 (MSMED Act).
 
 10 The Accounting Standard (AS-11) The effects of changes in Foreign
 Exchange Rates prescribed by Companies (Accounting Standards) Rules,
 2006 was amended on 31st March, 2009, vide a notification dated 31st
 March 2009, by the Ministry of Corporate Affairs. The said amendment
 offered an option to Companies to recognise Foreign Exchange Gains and
 Losses arising on translation of all long term monetary assets and
 liabilities acquired upto 31st March 2009, retrospectively from
 accounting periods commencing after 7th December, 2006 (i.e. from 1st
 April, 2007 for the Company) upto 31st March, 2011 as capital cost of
 acquisition of assets where they relate to acquisition of assets or to
 a Translation Reserve viz. Foreign Currency Monetary Item Translation
 Difference Account (FCMITDA). In other cases the amount so recognised
 as capital cost of acquisition of assets is to be depreciated over the
 balance life of the relevantassets and in case of the amount recognised
 in the FCMITDA is to be amortised over the balance term of the monetary
 assets or liability but not beyond 31st March, 2011.  The Company had
 chosen to exercise this option in preparation of its financial
 statements for the year ended 31st March,2009. Accordingly, Foreign
 Exchange differences for Rs. 232.80 lacs has been adjusted against the
 cost of assets/CWIP.
 
 11 Disclosures as required by Accounting Standard 19, Leases  are
 given below:
 
 i) The Company has taken various residential , office and godown
 premises under operating lease or leave and licenceagreements.These are
 generally not non-cancellable and ranging between 11 months and 3 years
 period under leave andlicence, or for longer period inrespect of other
 leases and are renewable by mutual consent on agreeable terms. Also the
 Company has given refundable interest free security Deposits under
 certain agreements.
 
 ii) Lease payments are recognised in the profit and Loss Account under
 Rent in Schedule.
 
 iii) The future minimum lease payments under non-cancellable operating
 Lease NIL
 
 12 Significant accounting policies adopted by the Company are disclosed
 in the statement annexed to these Accounts as Annexure - II.
 
 13 Previous years figures have been regrouped / recast whereever
 necessary.