(viii) Provisions and contingent liabilities:
Provisions are recognized when the company has a present obligation as a result of past event for which it is
probable that an outflow of resources will be required and a reliable estimate can be made of the amount of
obligation. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates
(without discounting to its present value).
As per the Information & Explanation provided by the Management and verification of books of account, we
have not found any present obligation as a result of past event for which provision for contingent liabilities is
required.
(ix) Earnings per share:
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equities shares
outstanding during the period.
(x) Segment reporting policies:
The Company is primarily engaged in the business of producing quality Bulk Ayurvedic Medicines in Mumbai.
Further all the commercial operations of the Company are based in India. Accordingly, there is no separate
reportable segment in accordance with AS 17- Segment Reporting prescribed under the Companies
(Accounting Standards) Rules, 2006 which continue to apply under section 133 of the Companies Act, 2013
read together with rule 7 of the Companies (Accounts) Rules 2014.
(xi) Cash and cash equivalents:
Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand and short-term
investments with an original maturity of three months or less.
(xii) Use of estimates:
The preparation of financial statements in conformity with Indian GAAP requires management to make
judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of
operations during the reporting period. Although these estimates are based upon management's best
knowledge of current events and actions, actual results could differ from these estimates.
31. During the year company has non compliance with AS-15 Employee Benefits (Revised) to the extent of Non-provision for
Gratuity without ascertaining Actuarial Valuation due to non-materiality of an amount.
32. The balance appearing under unsecured loans, sundry creditors, sundry debtors, loans and advances and certain
banks are subject to confirmation and reconciliation and consequent adjustment, if any, will be accounted for in the year
of reconciliation and/or confirmation.
33. In the opinion of the Board, the current Assets, Loans and Advances and Advances have valued on realization in the
ordinary course of Business, at least equal to the amount at which they are stated in the balance sheet.
34. All known liabilities are provided for on the basis of available information / Estimates.
35. For the year ended 31st March, 2024, to the micro and small enterprises as required to be disclose under “The Micro,
Small and Medium Enterprises Development Act, 2006”. The determination has been made to the extent such parties
were identified by the management based on the information available and are relied upon by the statutory auditors.
36. The Shareholders of the Company in their Extra-Ordinary General Meeting held on Thursday, December 04, 2023
approved and January 04,2024 and pursuant to in-principal approval granted by BSE Limited vide its letter dated
January 08,2024, inter alia the Board of Directors of the Company had considered and approved.
a) During the year the company increase authorized Share Capital from Rs.55,000 thousand (Rupees Five crores fifty
lacs only) consisting of 5,500 thousand (Fifty-five lacs) equity shares of Rs.10/- (Rupees Ten) each to Rs. 75,000
thousand (Rupees Seven crores fifty lacs only) consisting of 7,500 thousand (Seventy-five lacs) equity shares of
Rs. 10/- (Rupees Ten) each; and
b) The company issued 775 thousand equity shares having face value of 10/- per share at Price of Rs.14 (Rupees
Fourteen) each ('Issue Price') including premium of Rs. 04/- (Rupees Four) each, as per the provisions of the
ICDR Regulations, by way of preferential issue on private placement basis for cash in accordance with the terms
as per Annexure - A; and
c) During the year the company issued 1,775 thousand share warrants each convertible into, or exchangeable for,
1 fully paid-up Equity Share of the Company of face value of Rs. 10 /- each ('Warrants') at a price of Rs. 14/-
including premium of Rs. 4 /- upon receipt of an amount aggregating to Rs. 6,212.50 (Rupees Sixty- Two Lakhs
Twelve Thousand and Five Hundred Only), being 25% of the issue price per Warrant as upfront payment (“Warrant
Subscription Price”) Further, each Warrant, so allotted, is convertible into or exchangeable for one fully paid- up
equity share of the Company having face value of Re. 10 /- each within 18 months from the date of allotment of
Warrants, in accordance with the provisions of Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations,2018,on Payment of the Balance consideration of Rs. 10.5 per Warrant,
being 75% of the issue price per warrant from the allottee pursuant to exercise of conversion option against each
such warrant. Since the company has allotted warrants, presently there is no change in its paid-up equity share
capital as per Annexure - B.
Note: -
During the year company has received total fund out of preferential issue of equity shares and share warrants of Rs.17,062.50
out the fund received company has utilized Rs. 9525.37/- as per above and balance kept in the Bank account in form of Fixed
Deposit which get utilized in coming financial year.
37. Previous year figures have been regrouped / reclassified wherever necessary, to conform to current year's classification.
As per our report of even date.
For Banka & Banka For and on behalf of the Board of Directors of
Chartered Accountants Ganga Pharmaceutical Ltd.
ICAI Firm registration no.: 100979W
Sd/- Sd/- Sd/-
CA. Pradeep P Banka Bharat Sharma Srijna Sharma
Partner Managing Director Whole - Time Director
Membership no.: 038800 DIN:- 00077026 DIN:- 00078169
UDIN:- 24038800BKAGDO2706
Sd/- Sd/-
Anagh Sharma Priti Bhaiya
Chief Financial Officer Company Secretary
Place : Mumbai PAN : CTKPS3763F PAN : AQNPK8508J
Date : 16th May 2024
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