Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Moneycontrol.com India | Notes to Account > Pharmaceuticals > Notes to Account from Shasun Pharmaceuticals - BSE: 524552, NSE: SHASUNPHAR
YOU ARE HERE > MONEYCONTROL > MARKETS > PHARMACEUTICALS > NOTES TO ACCOUNTS - Shasun Pharmaceuticals

Shasun Pharmaceuticals

BSE: 524552|NSE: SHASUNPHAR|ISIN: INE317A01028|SECTOR: Pharmaceuticals
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
Shasun Pharmaceuticals is not traded in the last 30 days
Shasun Pharmaceuticals is not traded in the last 30 days
Mar 14
Notes to Accounts Year End : Mar '15
1. Company overview
 
 Shasun Pharmaceuticals Limited (''SPL'' / ''the Company'') was incorporated
 in 1976 having its registered office in Chennai, India. The Company is
 primarily engaged in manufacturing of Active Pharmaceutical Ingredients
 (APIs), their intermediates and finished dosage. The Company is also
 into product development, trading of branded formulations and provides
 contract research and manufacturing services.
 
 2. Terms / rights attached to equity shares
 
 The Company has a single class of equity shares. Accordingly, all
 equity shares rank equally with regard to dividends and share in the
 Company''s residual assets. The equity shares are entitled to receive
 dividend as declared from time to time. The voting rights of an equity
 shareholder on a poll (not on show of hands) are in proportion to its
 share of the paid-up equity capital of the Company.
 
 On winding up of the Company, the holders of equity shares will be
 entitled to receive the residual assets of the Company, remaining after
 distribution of all preferential amounts in proportion to the number of
 equity shares held.
 
 During the year ended March 31, 2015, the amount of proposed dividend
 recognized as distribution to equity shareholders was Nil (Previous
 year Re. 1/- per share).
 
 3. Security details and terms of repayment for loans:
 
 i.  External commercial borrowing from DBS, Singapore amounting to Rs.
 62.50 (Previous year: Rs. 119.84) is secured by way of paripassu first
 charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot unit) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 ii. External commercial borrowing from DBS, Singapore amounting to Rs.
 390.62 (Previous year Rs. 524.30) is secured by way of paripassu first
 charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot unit) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 The borrowing carries interest ranging from 3.58% p.a to 3.60% p.a and
 is repayable in 8 semi-annual instalments of USD 1.25 million after an
 initial moratorium period of 18 months.
 
 iii. External commercial borrowing from ICICI Bank Ltd, Singapore
 amounting to Rs. 140.63 (Previous year: Rs. 224.70) is secured by way
 of paripassu first charge on on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot units) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 The borrowing carries interest ranging from 3.22% p.a to 3.25% p.a and
 is repayable in 16 equal quarterly instalments of USD 0.38 million
 after an initial moratorium period of 15 months.
 
 iv.  Foreign currency term loan (with swing option of converting into
 foreign currency loan) from Axis Bank Ltd amounting to Rs. 244.34
 (Previous year Rs. Nil) is secured by way of paripassu first charge on
 the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot unit) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 The loan carries interest ranging from 4.84% p.a to 4.90% p.a (if
 availed in USD), 13.00% p.a to 13.25% p.a (if availed in INR) and is
 repayable in 16 equal quarterly instalments of USD 0.24 million.
 
 v.  Foreign currency term loan (with swing option of converting into
 foreign currency loan) from State Bank of India amounting to Rs. 242.30
 (Previous year Rs. 290.36) is secured by way of paripassu first charge
 on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot unit) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 vi.  Foreign currency term loan (with swing option of converting into
 foreign currency) loan from State Bank of Mysore amounting to Rs.
 282.16 (Previous year Rs. 295.11) is secured by way of paripassu first
 charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot unit) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 The borrowing carries interest ranging from 5.83% p.a to 5.86% p.a (if
 availed in USD), 14.10% p.a to 14.75% p.a (if availed in INR) and is
 repayable in 60 equal monthly instalments of USD 0.08 million after an
 initial moratorium period of 12 months.
 
 vii.  Foreign currency term loan (with swing option of converting into
 foreign currency loan) from State Bank of Travancore amounting to Rs.
 453.46 (Previous year Rs.482.84) is secured by way of paripassu first
 charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot unit) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 The borrowing carries interest ranging from 6.33% p.a to 6.39% p.a (if
 availed in USD), 14.00% p.a to 16.25% p.a (if availed in INR) and is
 repayable in 60 equal monthly instalments of USD 0.13 million after an
 initial moratorium period of 12 months.
 
 viii.  Rupee term loan from Export Import Bank of India (Exim Bank)
 amounting to Rs. 400.00 (Previous year Rs. 225) is secured by way of
 paripassu first charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot units) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC, Unit located at
 Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 The borrowing carries interest ranging from 13.50% p.a to 13.65% p.a
 and is repayable in 20 equal quarterly instalments of Rs. 20.00 million
 after an initial moratorium period of 24 months.
 
 ix.  Rupee term loan from Export Import Bank of India (Exim Bank)
 amounting to Rs. 69.40 (Previous year Rs. 69.40) is secured by way of
 paripassu first charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot units) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 Paripassu Second Charge on the entire Current Assets.
 
 x.  Standby line of credit availed by SVADS Holding SA, Switzerland
 (wholly owned subsidiary) amounting to GBP 2.00 million (Previous year
 GBP 2.00 million) from Axis Bank Ltd, Dubai with support of Axis Bank
 Ltd is secured by way of paripassu first charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot units) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other assets in Dispensary, located at
 Pondicherry
 
 Paripassu Second Charge on the entire Current Assets of the Company
 present and future.
 
 xi.  Standby line of credit availed by SVADS Holding SA, Switzerland
 (wholly owned subsidiary) amounting to GBP 3.33 million (Previous year
 Nil) from Axis Bank Ltd, Dubai with support of Axis Bank Ltd is secured
 by way of paripassu first charge on the following:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot units) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other assets in Dispensary, located at
 Pondicherry
 
 4. Paripassu Second Charge on the entire Current Assets of the Company
 present and future.
 
 i.  Total working Capital facilities comprising cash credit,
 overdrafts, packing credit and other loans from banks under consortium
 arrangement from bankers aggregating to Rs. 4,944.50 (Fund based Rs.
 2,700, Non-fund based Rs. 2,000, standby line of credit amounting to
 Rs. 244.50) is secured by way of first paripassu charge on the entire
 current assets of the Company and paripassu second charge on the
 following fixed assets of the Company:
 
 (a) Land, building, plant and machinery in formulation unit, located at
 Pondicherry
 
 (b) Land, building, Plant and machinery in MPP unit, located at
 Cuddalore
 
 (c) Land, building, plant and machinery in API unit (API, Biotech,
 Pilot units) located at Pondicherry
 
 (d) Land, building, plant and machinery in SRC unit located at Vandalur
 
 (e) Land located in Kumarapettai, Cuddalore
 
 (f) Land, building and other fixed assets in Dispensary, located at
 Pondicherry
 
 (g) Other fixed assets in the above properties (existing and proposed)
 
 ii. Credit Facility from State Bank of Travancore amounting to Nil
 (Previous year Rs. 100) was secured by way of:
 
 (a) Subservient charge on Current Assets
 
 iii. Credit Facility from Easy Access Financial Services amounting to
 Nil (Previous year Rs. 110) was secured by way of:
 
 (a) Vacant Land located in Oulgaret District, Pondicherry
 
 (b) Guest House located in Thungalam Village, Visakhapatnam
 
 Loans and advances to related parties: In view of certain customer
 arrangements and working capital facilities arranged, the management
 believes that the loan granted to SVADS Holding SA (''SVADS'') as at
 March 31,2015 of Rs 217.59 (Previous year Rs. 211.96) would be
 recovered and that there is no diminution other than temporary in the
 value of the investment in SVADS.  Accordingly, the investment in SVADS
 has been carried at cost. The maximum amount outstanding on the above
 loan at any time during the year was Rs. 219.47 (Previous year Rs.
 211.96)
 
 In addition to the above, the Company has incurred expenses on behalf
 of its subsidiaries and step down subsidiaries amounting to Rs. 65.27
 (Previous year Rs.27.84) and the management believes that it would be
 recovered.
 
 5. Commitments and Contingent liabilities (to the extent not provided
 for)
 
 Particulars                                   As at           As at
                                               March 31,       March 31,
                                               2015            2014
 
 a) Contingent liabilities - 
 Pending Litigations
 
 Excise and customs duty                        1.72           67.61
 
 b) Contingent liabilities -Others
 
 Counter guarantees given by the               58.23           58.89
 company to the bankers for bank
 guarantee 
 
 Standby line of credit given by              770.19          349.18
 the company to the bankers for loan
 availed by subsidiaries 
 
 Obligations in respect of letter of          386.87          654.44
 credit outstanding 
 
 Corporate guarantee given to the             600.99          647.60
 bankers in respect of loan taken by
 Shasun Pharma 
 Solutions Limited, UK
 (wholly owned subsidiary)
 
 Out of the above corporate guarantee         511.71          518.64
 utilized in connection with loans
 availed by SPSL, UK 
 
 Other claims against the Company not            -             20.37
 acknowledged as debts 
 
 c) Commitments
 
 Estimated amount of contracts                243.34         494.89
 remaining to be executed on capital
 account and not 
 provided for (net of advances)
 
 Commitments relating to further               42.97          41.19
 investment in joint venture 
 
 6. Operating leases
 
 The Company had entered into 3 operating lease arrangements in respect
 of Office space, Pondy guest house and Cuddalore guest house during the
 previous year with a lease term of 2, 3 and 4 years respectively, which
 are subject to renewal at mutual consent thereafter. The cancellable
 arrangements can be terminated by either party after giving due notice.
 The lease rent expense recognized during the year amounts to Rs. 15.79
 (Previous year: Rs.12.67). The schedule for future minimum lease
 payments in respect of non-cancellable operating leases is set out
 below:
 
 7. Related party disclosures
 
 Details of related parties including summary of transactions entered
 into by the Company during the year ended March 31,2015 are summarized
 below:
 
 Name of related parties and description of relationship:
 
 Wholly owned subsidiaries:
 
 Shasun USA Inc., USA
 
 Shasun Life Sciences Private Limited, India
 
 SVADS Holding SA, Switzerland
 
 Wholly owned step down subsidiaries:
 
 Shasun Pharma Solutions Limited, UK (100% subsidiary of SVADS Holding
 SA)
 
 Shasun Pharma Solutions Inc., USA (100% subsidiary of SVADS Holding SA)
 
 Stabilis Pharma Inc., USA (100% subsidiary of SVAdS Holding SA)
 
 Joint venture:
 
 Shasun NBI LLC, USA
 
 Shasun NBI Nanotech India Private Limited, India (subsidiary of Shasun
 NBI LLC, USA) (till December 11, 2014)
 
 Associate:
 
 Chemsynth Laboratories Pvt Ltd, India Alivira Animal Health Limited
 (till March 30, 2015)
 
 Key management personnel and their relatives:
 
 Dr. S Devendra                      Wholetime Director
 
 S Abhaya Kumar                      Managing Director
 
 S Vimal Kumar                       Wholetime Director
 
 M Mohan                             Wholetime Director
                                    (till August 6, 2014)
 
 Dr. Arun Chandra Karmakar           Wholetime Director 
                                    (from August 6, 2014)
 
 S Hariharan                         Chief Financial Officer
 
 S Murali Krishna                    Company Secretary
 
 A Deepak                            Son of S Abhaya Kumar
 
 A Mayur                             Son of S Abhaya Kumar
 
 D Jitesh                            Son of Dr. S Devendra
 
 D Chaitanya                         Son of Dr. S Devendra
 
 V Jatin                             Son of S Vimal Kumar
 
 V Nitin                             Son of S Vimal Kumar
 
 Entities where Directors have control or significant influence:
 
 Shasun Leasing and Finance Pvt Ltd Lifecell International Pvt Ltd
 Devendra Estate Private Limited Shasun Foundation Trust Sundarbhai
 Shankarlal Charitable trust Nutra Specialities Pvt Ltd
 
 8. Employee Stock Option Plan
 
 During the year, the Board of Directors and members of Shasun
 Pharmaceuticals Limited (''the Company'') approved the Employee Stock
 Option Plan 2012 (''Plan III'') effective April 1, 2012 under which
 certain employees and directors are eligible to receive options of the
 Company. Unless otherwise determined by the ESOP Committee, all Shares
 acquired under the Plan will rank pari passu with other Shares of the
 Company for the time being in issue, save as regards any right attached
 to any such Shares by reference to a record date prior to the date of
 allotment.
 
 The vesting period of the option will be spread over a period of 60
 months and the exercise price per option is at Rs 85.60.  The Scheme
 would be administered and supervised by the members of the Board
 Compensation Governance Committee (''the Committee'') of the Company.
 
 The Company has identified Pharmaceuticals as its single reportable
 business segment. Pharmaceuticals segment comprises manufacture of
 Active Pharmaceuticals Ingredients (API), Intermediates and
 Formulations.
 
 b) Secondary Segment Information (by geographical segment)
 
 In accordance with AS-17 Segment Reporting, segment information for
 geographical segment has been given in the consolidated financial
 statements of the Company and therefore no separate disclosure on
 segment information is given in these standalone financial statements.
 
 9. Micro and small enterprises
 
 Under the Micro, Small and Medium Enterprises Development Act, 2006,
 (''MSMED'') which came into force from October 2, 2006, certain
 disclosures are required to be made relating to Micro and Small
 enterprises. Following are the disclosures in relation to Micro and
 Small Enterprises to whom the Company owes any sum together with
 interest outstanding for more than thirty days as at March 31, 2015.
 The undertakings covered under MSMED and the computation of interest
 due was determined by the Company on the basis of information available
 with the Company and have been relied upon by the auditors.
 
 10. Transfer pricing
 
 The Company has international transactions and domestic transactions
 with related parties. For the financial year ended March 31, 2014, the
 Company has obtained the Accountant''s Report from a Chartered
 Accountant as required by the relevant provisions of the Income-tax
 Act, 1961 and has filed the same with the tax authorities. For the
 financial year ended March 31, 2015, management confirms that it
 maintains documents as prescribed by the Income-tax Act, 1961 to prove
 that these international transactions and domestic transactions are at
 arm''s length and the aforesaid legislation will not have any impact on
 the financial statements, particularly on the amount of tax expense and
 that of provision for taxation.
 
 11. During the year, pursuant to the shareholders'' approval at the 
 extra ordinary general meeting held on May 21,2014 the Company has made
 preferential allotment of 3,500,000 equity shares of Rs. 2/- each at a
 premium of Rs 108/- per share aggregating to Rs. 385 and 7,100,000
 convertible warrants of Rs. 2/- each at a premium of Rs 108/- per
 warrant to M/s Sequent Scientific Limited, Mumbai (''Sequent'') after
 obtaining the approval of stock exchanges. The terms of conversion
 require that the warrant be converted into one equity share of Rs. 2/-
 within 18 months from the date of allotment to Sequent. The Company has
 received Rs. 385 towards allotment of 3,500,000 equity shares and Rs.
 195.25 (25% upfront issue price) towards allotment of 7,100,000
 convertible warrants during the year. Amount received towards warrant
 pending allotment has been disclosed as Money received against share
 warrants. The Company has declared and paid final dividend for the
 financial year 2013-14 @ Re. 1 per share to holders of above equity
 shares, and related dividend distribution taxes.
 
 12. During the previous year, there has been a plant shutdown in
 Pondicherry unit for a period of 13 days from June 15, 2013 to June 27,
 2013, due to labour unrest.
 
 13 During the year, the Company has incurred Rs. 6.55 towards Corporate
 Social Responsibility related activities and such expenditure has been
 classified under Other Expenses.
 
 14. Disclosures relating to the Company''s share of the assets,
 liabilities, income and expenses in the joint venture, based on the
 audited financial statements have been given in the consolidated
 financial statements of the Company and hence, no separate disclosures
 have been made in these standalone financial statements.
 
 15. During the previous year, the Company entered into a slump sale
 agreement, pursuant to which, certain assets and liabilities were
 transferred to Alivira Animal Health Limited for a net consideration of
 Rs. 900. The consideration has been discharged by the other party,
 pursuant to a joint venture agreement, partly in cash amounting to Rs.
 270 received by the company during the year and the balance of Rs. 630
 by way of issuance of 7,400,000 equity shares of Alivira Animal Health
 Limited. These shares were allotted on April 11, 2014.
 
 16. Exceptional Items, net
 
 i) Gain on sale of long-term investment: During the current year, the
 Company has disposed off its investment in Alivira Animal Health
 Limited (''an associate'') having carrying value of Rs. 630 (Previous
 year Nil) to M/s Sequent Scientific Limited (''Sequent'') for a
 consideration of Rs. 750. The profit on sale of such investment
 amounting to Rs. 120 has been disclosed in the Statement of Profit and
 Loss for the year ended March 31, 2015 as an ''Exceptional Item''. As at
 balance sheet date, the balance due from Sequent amounts to Rs. 650.
 
 ii) Provision for diminution in value of investment: During the current
 year, the Company has recorded diminution other than temporary in the
 value of investment amounting to Rs. 63.88 (Previous year Nil) against
 its investment in Shasun NBI LLC (''a Joint Venture'') on account of its
 negative net worth and its future business plans.
 
 iii) Provision towards impairment of certain fixed assets: During the
 current year, the Company carried out an impairment review based on the
 business plans and future projections of its cash generating units.
 Based on such review, the Company has recorded an impairment charge of
 Rs. 41.55 (Previous year Nil) against its Biotech division, being the
 excess of carrying value of fixed assets over its recoverable amount
 (value in use).
 
 17. During the year, borrowing costs in connection with the borrowing 
 of funds utilized towards qualifying assets amounting to Rs.  15.24
 (Previous year: Rs. 59.56) have been capitalized and included in
 capital work-in-progress.
 
 18. Effective April 1, 2013, based on the recognition and measurement
 principles set out in the Accounting Standard (AS-30) on Financial
 Instruments: Recognition and Measurement, the changes in the derivative
 fair values relating to forward contracts that are designated as
 effective cash flow hedges, has been recognized directly in
 shareholders'' funds until the hedged transactions occur. As at Balance
 sheet date there are no outstanding forward contracts.
 
 19. With effect from April 1, 2014, pursuant to the requirement of
 Companies Act, 2013 ( ''the Act''), the Company has revised the useful
 life of its fixed assets, as specified in Schedule II of the Act, based
 on technical evaluation. As a result of this change, the depreciation
 charge is lower by Rs. 73.90 for the year ended March 31, 2015. In
 respect of assets whose useful life is already exhausted as on April 1,
 2014, depreciation impact on such assets has been adjusted in the
 Reserves and Surplus in accordance with the requirements of Schedule II
 of the Act.
 
 20. The Board of Directors (''The Board'') approved the scheme of
 amalgamation of the Company with Strides Arcolab Limited (''the scheme'')
 on September 29, 2014.The Company has filed the scheme with the Hon''ble
 High Court of Madras (''the Court'') and has also conducted the court
 convened meeting of shareholders on March 12, 2015 at Chennai. Pending
 statutory approvals, no effect of the above scheme has been given in
 the financial statements.
 
 21. Comparative figures
 
 Prior year figures have been reclassified/regrouped wherever necessary
 to conform to the current year''s classification.
 
 
Source : Dion Global Solutions Limited
Quick Links for shasunpharmaceuticals
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.