1. SECURED LOANS
Working Capital from Union Bank of India is secured by hypothecation of
the stocks of raw materials'' packing materials'' work-in-process and
finished goods and also consumables stores and lien on all receivables
and personal guarantee of Promoter Directors and First charges of fixed
assets. During the year the bank has recalled the loan'' hence the same
has been classified as current liability.
Depreciation on fixed assets has been provided as per the rate
prescribed in Schedule XIV of the Companies Act'' 1956 on straight line
method. The depreciation in the current year is taken on Plant and
Machinery on single shift basis
No bonus has been paid or provided during the period in the accounts of
the Company as no employee is eligible for the same
Excise duty has not been provided on finished goods not cleared from
the factory. However'' this has no bearing on the profit/loss for the
5. INCOME TAX
Since the Company has incurred loss no provision is made for the I
6. MISCELLANEOUS EXPENDITURE
Research and Development expenditure is being written off over a period
of 5 years. During the year Rs. 2''07''135 have been written off.
7. The Company is dealing only in pharmaceutical segment and only at
one location and hence there are no segments to be reported separately.
8. None of the employee were in receipt of over Rs.5''00''000.00 p.m. or
Rs. 60''00''000.00 p.a. whether the employed for the whole or part of
the year respectively.
9.The balances of all Sundry Debtors'' Sundry Creditors'' Loans and
advances payables and receivables have not been confirmed by the
10. Previous year figures have been regrouped and reclassified
wherever considered necessary.
11. Paisa has been rounded off to the nearest rupee.
12.There is a claim of Rs. 5.00 Lakhs against the company for damages
by Lee Pharma Ltd for delayed payment of advance.