| 1. SALES OF PLANT L& MACHINERY
Since the plant & Machinery are very old and could not be upgraded, the
production was getting hampered frequently. Further to this, power cuts
and shortages are added burden on the production cycle. With the
result, Working capital account became NPA, Under these circumstance,
the company took the approval from Shareholders through postal ballot
and sold the assets, cleared the liabilities to the bank and other
statutory bodies.
However the company is planning to manufacture fine chemicals in leased
premises and also trade with Bulk drugs, intermediates and cosmetics to
improve workings of the company.
2. SECURED LOANS
The secured loan towards working capital was totally repaid to Union
Bank of India during the year.
3. DEPRECIATION
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.
4. BONUS
No bonus has been paid or provided during the period in the accounts of
the Company as no employee is eligible for the same
5. INCOME TAX
Since the Company has incurred loss no provision is made for the Income
Tax.
6. The Company is dealing only in pharmaceutical segment and only at
one location and hence there are no segments to be reported separately.
7. The balances of all Sundry Debtors, Sundry Creditors, Loans and
advances payables and receivables have not been confirmed by the
parties.
8. Previous year figures have been regrouped and reclassified wherever
considered necessary.
9. Paisa has been rounded off to the nearest rupee.
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