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Moneycontrol.com India | Notes to Account > Pharmaceuticals > Notes to Account from Venus Remedies - BSE: 526953, NSE: VENUSREM
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Venus Remedies
BSE: 526953|NSE: VENUSREM|ISIN: INE411B01019|SECTOR: Pharmaceuticals
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Mar 12
Notes to Accounts Year End : Mar '13
NOTE : 1
 
 The company operates only in one business segment viz. Pharmaceutical
 Formulation and is engaged in manufacturing and trading of
 medicines. Since in the opinion of management, the inherent nature of
 activities engaged by the company are governed by the same set of risks
 and rewards, so these have been grouped and identified as a single
 segment in accordance with the Accounting Standard on Segment Reporting
 (AS-17) issued by ICAI.
 
 NOTE : 2
 
 During the year, the company has undertaken a review of all fixed
 assets in line with the requirements of AS-28 on Impairment of
 Assets issued by the Institute of Chartered Accountant of India.
 Based on such review, no provision for impairment is required to be
 recognized for the year.
 
 NOTE : 3
 
 The company has made investments in its intellectual Property rights
 wealth to extend its global reach, updation and commercialization of
 its R&D products. This year also company has been granted many patent
 rights and product registrations from countries like USA , Japan,
 Australia, South Korea, Canada , Mexico etc.
 
 NOTE : 4
 
 In the opinion of the board, and to the best of their knowledge and
 belief, the value on realization of the current assets, loans & advance
 shown in the Balance Sheet in the ordinary course of business will be
 at least equal to the amount at which they are stated in the Balance
 Sheet and provision for all known and determined liabilities has been
 made.
 
 NOTE : 5
 
 The figures in the Balance Sheet and Profit & Loss Account for the year
 have been rounded off to nearest lacs.
 
 NOTE : 6 CONTINGENT LIABILITIES AND COMMITMENTS
 
 Contingent Liabilities
 
 a) Letter of Credit / Bank Guarantees - Inland      357.18     253.7
 
 b) Bank Guarantees foreign                           40.48     11.85
 
 c) Letter of credit - Foreign                      1381.89     51.12
 
 d) Interest on FCCB''s                               100.89     94.73
Source : Dion Global Solutions Limited
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