Rights attached to equity shares
The company has only one class of equity shares having a par value of
Rs 10/- per share. Each holder of equity shares is entitled to one vote
per share. The shareholders are entitled for dividend declared by the
company which is proposed by the Board of directors and approved by the
shareholders in the Annual General Meeting.
In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets of the company,
after the distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the
shareholders.
Conversion of Equity Warrants in equity shares
During the year 2013-14, the company has allotted 7,310,500 equity
shares and 12,585,500 equity shares of Rs 10 each at a premium of Rs 15
per share on 31st August 2013 and 30th September 2013 respectively
against conversion of warrants issued on 24th January 2013.
Restrictions attached to equity shares
During the year 2013-14, the company has issued 19,896,000 equity
shares on conversion of Equity Warrants on preferential basis to which
restriction on transferability from date of allotment is as under:
a. Term loans from banks for Kakkalur unit have been taken from 3
banks. These loans are repayable in quarterly installments from the
date of loan, the last installment being payable in 1st April 2016.
These loans are secured by first charge on the fixed assets and second
charge on the current assets of the Kakkalur unit on a pari passu basis
except for the assets exclusively charged for other loans. These loans
are further guaranteed by personal guarantee of the managing director.
b. Term loans from banks for Irangatukottai unit are from 3 banks.
These loans are repayable in quarterly installments beginning from 30th
September 2012, the last installment being payable on 30th September
2018. These loans are secured by first charge on the fixed assets and
second charge on the current assets, both present and future of the
Irangatukottai unit on a pari passu basis. These loans are further
guaranteed by personal guarantee of the managing director.
c. Term loan from banks for Betalactum unit are from 2 banks. These
loans are repayable in quarterly installments beginning from 1st July
2014, the last installment being payable on 1st October 2022. These
loans are secured by first charge on the fixed assets and second charge
on the current assets, both present and future of the new Betalactum
unit at Kakkalur on a pari passu basis. These loans are further
guaranteed by personal guarantee of the managing director.
d. Hire purchase finance is secured by hypothecation of vehicle taken
on lease. The loan is repayable in monthly installments, the last
installments being payable on 5th May 2016.
(*) Represents dividend on Equity Shares allotted on conversion of the
warrants during the year. Such shares, being allotted before the date
of book closure for the purpose of payment of dividend for the year
2012-13, were entitled for dividend for the year 2012-13. Since no
provision for dividend (including dividend distribution tax) on such
shares was made in the financial statements for the year ended 31st
March 2013, necessary provision has been made during the year under
review.
Working capital and demand loans are secured by first charge on the
current assets and second charge on the fixed assets on a pari passu
basis amongst the lenders and are further guaranteed by personal
guarantee of the Managing Director.
Dues to suppliers under the Micro, Small and Medium Enterprises
Development Act, 2006
There were no dues outstanding to the suppliers registered under the
Micro, Small and Medium Enterprises Development Act, 2006, to the
extent identified from the available documents / information. No
interest in terms of such Act has either been paid or provided during
the year.
Segment Information:
The company deals in one product only - pharmaceutical products. As
such it does not have reportable business segment. For the purpose of
geographical segments, total sale is divided into India and other
countries. The following table shows the distribution of the company's
gross sales by geographical markets:
Notes:
1. The estimates of future salary increases considered takes into
account the inflation, seniority, promotion and other relevant factors
on long term basis.
2. The company's liability towards gratuity is provided based on the
figures provided by LIC. In absence of the figures of the gratuity
payable to employees retiring within one year being provided by LIC,
the entire provision towards gratuity has been shown as Long term
provision
Previous year's figures
The current year's financial statements are for the 15 months from 1st
April, 2014 to 30th June, 2015. The previous year figures relate to the
12 months ended 31st March, 2014.
In view of the above, the current year's figures are not comparable
with those of the previous year. Previous year's figures have been
regrouped wherever necessary.
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