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Veronica Lab

BSE: 524802|ISIN: INE994A01016|SECTOR: Pharmaceuticals
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Veronica Lab is not traded in the last 30 days
Veronica Lab is not listed on NSE
Notes to Accounts Year End : Mar '03
SECURED LOANS:
 
 Loan from United Western Bank Ltd. ( Secured by hypothecation of
 inventories and books debts and further secured by second charge on
 immovable assets & personal guarantees two directors)
 
 Term loan from SICOM
 
 (Secured by first charge, on immovable assets and personal guarantees
 of two directors - The Company has handed over all hypothecated fixed
 assets to SICOM, which they have sold in the market. The company has
 written off the total loan outstanding against the said sale of the
 assets.)
 
 Overdraft with United Western Bank Ltd.
 
 1. Claim against the Company not acknowledged as debts - NIL
 
 2. Other Contingent Liabilities - NIL
 
 3. Estimated amount of contracts remaining to be executed on capital
 and not provided for - NIL
 
 6.  In view of the wide range of items, with radically different
 option, the details of capacity, both installed and utilized, are not
 provided.
 
 7.  Quantitative details in respect of goods traded and manufactured
 are not stated, due to their wide range and lack of homogeneity.
 
 8.  Earning in foreign exchange- NIL
 
 9.  Expenditure in foreign exchange - NIL
 
 10.  Loans and advances to the subsidiary for supply of software was in
 the nature of trade and thus interest free
 
 11.  The figure of loans and advances, receivables and payables are
 subject to confirmation and reconciliation. In the absence of balance
 confirmation, wherever required and not made available, the entries
 recorded in the books have been relied upon.
 
 12. The balance of secured loans is subject to terms and conditions, as
 may be agreed to, under a compromise settlement, which is under
 negotiation.
 
 13. The provision for taxation has been made, as per the Company's
 computation of total in- come, under applicable provisions of the
 Income tax Act 1961.
 
 14. No provision for retirement benefits has been made, since there are
 no employees who have put in the qualified period of service, for being
 eligible to such benefits.
 
 15. The Company has no information as to whether any of its sundry
 creditors/suppliers constitute small-scale industrial undertakings and
 therefore the amount due to such suppliers has not been identified.
 
 16. Prior year amounts have been regrouped, wherever necessary, to
 conform to the current years presentation.
 
 17. Information required to be stated pursuant to Part I and II of
 Schedules VI to the Companies Act, 1956, has been stated to the extent
 applicable to the Company.
 
 18. There are no employees during the year, drawing remuneration in
 excess of the amount stipulated as per Provisions of Section 217(2A) of
 the Companies Act, 1956.
 
 19. Miscellaneous expenditure is being written off over period of ten
 years in equal installments.
 
 20. The Company charges depreciation on the written down value of the
 asset over a period of ten years in equal installments.
 
 21. The depreciation on following assets have been provided on prorata
 basis for 9 months and has been written off totally from the books of
 accounts as the assets have been handed over to SICOM in December 2002.
 
 ASSETS                                  AMOUNT WRITTEN OFF
 
 Freehold Land                                  62000.00
 Leasehold Land                               3122260.48
 Buildings                                   13979003.01
 Plant & Machinery                            2211877.31
 Furniture & Fixture                          1118138.14
 Equipments / Instruments                     1435371.93
 Electrical Installations                     1681699.81
 
 TOTAL                                       23610350.68
 
 22. SICOM has adjusted the loan amount outstanding for Rs. 44,00,000/-
 by selling of the above mentioned assets of the Company. The Company
 has written off all the above assets totally against the said loan of
 Rs. 44,00,000/-. The amount of fixed assets worth Rs.  23610350.68 has
 been written off against the reserves of the Company.
 
 23. The increase in the capital is on account of conversion of
 unsecured loans.
 
 24. The Inventories have been verified and valued by the Management.
 
 25.  During the year, the Company has done business of trading in
 pharma and related chemicals only. Hence reporting as per Accounting
 Standards on Segment Reporting (AS-17) issued by The Institute of
 Chartered Accountants of India is not given.
 
 26. Earnings Per Share (EPS)
 
                                                   (Rs. in lacs)
 
                                                   2002-03        2001-02
 
 A. Net Profit available for equity shareholders    -68.79          19.48
 
 B. Average No. of Equity Shares               1,00,00,000      97,88,954
 
 C. Basic & Diluted EPS on the shares of Rs.10/-   -0.6879          0.199
 
 27. As per information given to us the Company has no transactions
 during the year with related parties/associate companies.
 
 28. Schedules 1 to 16 form an integral part of the Balance Sheet and
 Profit & Loss Account and have been duly authenticated.
 
 29. Repayment of Sales Tax Deferral Loan from Government of Maharastra
 would start from 01.05.2007 with annual installments of Rs. 100000/-
 for 6 years.
 
 30. Figure in brackets represent previous years figures and the same
 have been regrouped wherever necessary.
 
 
Source : Dion Global Solutions Limited
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