Panjon Ltd. के अकाउंट के लिये नोट

Mar 31, 2014

1. ADDITIONAL INFORMATION:

i. During the year the management of the Company has scrutinized the current assets, loans and advances and found some discrepancy. However, in absence of correct figures of balances of debtors, provisions for bad and doubtful debts have not been made. The management of the Company had informed that physical verification of certain finished goods lying at branches are neither physically verified nor their net realizable value is ascertainable, in case it is sold in the market.

ii. Provision for Income Tax had been made in pursuance to section 115JB of the Income Tax Act, 1961 in the Balance Sheet made for Financial Year 2013-2014 (i.e. ending on 31-03-2014).

iii. Income Tax assessment has been completed up to Assessment Year 2012-13 and Sales Tax Assessment has been completed up to Accounting Year 2011-2012.

iv. Balance of Sundry Debtors/Creditors; Loans & advances are subject to confirmation.

v. Most of the Debtor''s (more than six month), loans and Advances are irrecoverable/not fully recoverable but the same have not yet been Provided/written off in the books of account by the company.

vi. Company is in the Process of compiling the information of MSMED Act. However the matter of interest is not material in the opinion of the board of directors.

vii. Related Party Disclosure (As identified by the Management)

Related Party Relationship:

(a) Where control Exists M/s. Sanitex Shri Jay Kothari is the Chemicals Ltd., Director of the Company Baroda (for a part of the year)

Where control Exists M/s. S. N. Shri Jay Kothari is the Enterprises, Indore Karta of the firm

(b) Key Management Shri Nagin Chand Personnel Kothari Chairman

Shri Jay Kothari Managing Directors

Smt. Sajjanbai Kothari Directors

Smt. Anjali Shukla Directors

viii. SEGMENT INFORMATION

In terms of Accounting Standards-17, the Company had identified the following Segment, details are as under:-

Primary Segments

Segment Liabilities:-

Note:- No separate segment wise details are maintained. Because same line of business activities.

ix. RESTRUCTURING OF SHARE CAPITAL:

The Company had applied to Bombay Stock Exchange for listing of 49,82 600 equity shares of Rs 10/- each issued to the promoters and their associates on preferential basis, 10,00,000 equity shares of Rs 10/- each issued to Raunaq Laboratories Ltd., on other than cash basis, under swapping agreement between the Company and Raunaq Laboratories Ltd and 5,00,000 equity shares of Rs 10/- each issued to relative of promoters at a premium of Rs 1/- each in the year 2005.

Bombay Stock Exchange declined listing of above shares. The Company had filed Company petition with Honorable High Court of Madhya Pradesh, Indore Bench under section 391 to 394 read with section 100 to 105 of the Companies Act, 1956 for Scheme of Arrangement for Reconstruction/Restructuring of Capital between the Company and its shareholders on the ground that the Company has been operating at marginal capital due to partial shut-down of the factory for renovation and inadequate working capital. The Company was also suspended at the stock exchange due to non-compliance of listing agreement, specifically for capital mismatch.

The Honb''le High Court of Madhya Pradesh, Indore Bench had passed order on 04.12.2013 and approved the scheme of Arrangement for Reconstruction/Restructuring of Capital. According to the order passed by the Honb''le High Court of Madhya Pradesh, Indore Bench, the promoters and their associates had surrendered 49,82,600 equity shares of Rs 10/- each without any consideration and applied to the Company for issue of fresh 1,00,00,000 equity shares of Rs. 10/- for cash at par. The Company had issued 1,00,00,000 equity shares of Rs. 10/- each for cash during the financial year 2013-14.

x. The Following tables'' summaries the components of the net benefit expenses recognized in the profit and loss account the fund status and amount recognized in the balance sheet for the gratuity benefit plan

xi. Loans and advances to related parties Rs 8,38,997/- considered doubtful and the same has not been provided in books of account.

xii. Sundry Debtors includes Rs. 38,85,341/- due from the related parties have been considered doubtful and the same has not been provided in books of account.

xiii. That the trading of the shares of the Company has been suspended by Bombay Stock Exchange and it''s formalities for regularization are pending.

xiv. Previous year''s figures are regrouped and/or rearranged wherever necessary and are shown in brackets.

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Mar 31, 2013

NOTES "1"

Brief History & Business of the company

The company was incorporated on December, 1983 as Panjon private limited and subsequently converted into a public limited company on November 7, 1992.

The company was initially engaged in trading activities and started commercial production on March 28,1990 it has been a pioneer in introducing a wide range of consumer and pharmaceutical products which are well supported by effective media publicity. The product are low priced and within the reach of common men. They are manufactured under hygienic conditions and conform to strict quality standers. In fact, the company had introduced pillow packs for packing of candies thereby saving them from moisture and contamination.

i. During the year the management of the Company has scrutinized the current assets, loans and advances and found some discrepancy. However, in absence of correct figures of balances of debtors, provisions for bad and doubtful debts have not been made. The management has verified the physical stock and it will be verified from the angle of exact net realizable value it will fetch if sold in market. We agree that the value of inventory in our case gets reduced due to expired/near expiry/damaged/quality depletion due to storage/ transit loss/pilferage etc. but it will be ascertained later on and at that time will be accounted for accordingly.

ii. Provision for Income Tax had been made in pursuance to section 115JB of the Income Tax Act, 196Lin the Balance Sheet made for Financial Year 2012-2013 (i.e. ending on 31-03- 2013).

iii. Income Tax assessment has been completed up to Assessment Year 2009-10 and Sales Tax Assessment has been completed up to Accounting Year 2010-2011.

iv. Balance of Sundry Debtors/ Creditors; Loans & advances are subject to confirmation.

v. Most of the Debtor''s (more than six month), loans and Advances are not fully recoverable but the same have not yet been Provided/written off in the books of accounts by the company.

vi. Company is in the Process of compiling the information of MSMED Act. However the matter of interest is not material in the opinion of the board of directors.

vii. Related Party Disclosure (As identified by the Management).

viii. During the year 2011-12, the Company had incurred an amount of Rs. 232.43 lacs for organized countriwise advertisement for relaunching of its products. Out of which l/3rd part Rs. 77.48 lacs was debited to profit & loss a/c and remaining 2/3''d part Rs. 154.96 lacs was carried forward for amortization in next two years. During the year 2012-13, the company did not debited l/3,d portion to profit & loss a/c and entired 2/3ld portion is carried over to next year.

ix. The Following tables'' summaries the components of the net benefit expenses recognized in the profit and loss account the fund status and amount recognized in the balance sheet for the gratuity benefit plan.

x. That the company is delisted and it''s formalities for regularization are pending.

xi. Previous year''s figures are regrouped and/or rearranged wherever necessary and are shown in brackets.

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Mar 31, 2011

Not Available

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Mar 31, 2009

I. During the year the management of the Company has scrutinized the current assets, loans and advances and found some discrepancy. However, in absence of correct figures of balances of debtors, provisions for bad and doubtful debts have not been made. The management has verified the physical stock and it will be verified from the angle of exact net realizable value it will fetch if sold in market. We agree that the value of inventory in our case gets reduced due to expired/near expiry/damaged/quality depletion due to storage/transit loss/pilferage etc. but it will be ascertained later on and at that time will be accounted for accordingly.

ii. Income Tax assessment has been completed up to Assessment Year 2007-08 and Sales Tax Assessment has been completed up to Accounting Year 2005-2006.

iii. There is a Safes Tax demand of Rs. 2 72,159/- No provision has been made for this demand, as the appeal is preferred to the appropriate authority.

iv.Balance of Sundry Debtors/ Creditors; Loans & advances are subject to confirmation.

v. Most of the Debtor''s (more than six month), Advances are not fully recoverable but the same have not ye: been Provided/written off in the books of accounts by the company. Sundry Debtors have been grouped net of credit balances of sundry debtors and debit balances of sundry creditors,

vi. Company is in the Process of compiling the information of MSMED Act. However, the amount of interest involved, if any, is not material in the opinion of the board of directors.

vii. Related Party Disclosure (As identified by the Management)

viii. Deferred Tax Assets/ (Liability)

In Accordance with the "Accounting Standard-22" the company has recognized the Accumulate Deferred Tax Assets (Liability) (Net)

ix. The Following tables'' summaries the components of the net benefit expenses recognized in the profit and loss account the fund status and amount recognized in the balance sheet for the gratuity benefit plan

x. That the company is delisted and its formalities for regularization are pending..

xi. Previous year''s figures are regrouped and/or rearranged wherever necessary and are shown in brackets.

Xii. Quantitative Information ; Annexure P

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Mar 31, 2008

I. During the year the management of the company has scrutinized the current assets, loans and advances and found some discrepancies. However, in absence of correct figures of balances of debtors, provisions for bad and doubtful debts have not been made. The management has not verified the physical stock and it will be verified from the angle of exact net realizable value it will fetch if sold in market We agree that the value of inventory in our case gets reduced due to expired/near expiry/damaged/quality depletion due to storage/transit loss/pilferage etc but it will be ascertained later on and at that time will be accounted for accordingly.

ii Provision for Income Tax had been made in pursuance to section 115JB of the Income Tax Act, 1961 in the Balance Sheet made for Financial Year 2007-2008 (i.e. ending on 31-03-2008).

iii Income Tax assessment has been competed up to Assessment Year 2005-06 and Sales Tax Assessment has been completed up to Accounting Year 2003-2004.

iv There is a Sales Tax demand of Rs2,50,105 /- for the year 2002-03.No provision has been made for this demand, as the appeal is preferred to the appropriate authority. There is also pending demand for the year 2004-05 (amount not ascertained) for the case remanded back to assessing authority.

v Balance of Sundry Debtors/ Creditors; Loans & advances are subject to confirmation.

vi. Most of the Debtor''s (more than six month), Advances are not fully recoverable but the same have not yet been Provided/written off in the books of accounts by the company. Sundry Debtors have been grouped net of credit balances of sundry debtors and debit balances of sundry creditors.

vii Company is in the Process of compiling the information of MSMED Act. However the matter of interest is not material in the opinion of the board of director.

viii Related Party Disclosure {As identified by the Management)

In Accordance with the "Accounting Standard -22\ the company has recognized the Accumulated Deferred Tax Assets (Liability) (Net)

ix. SEGMENTAL INFORMATION

In terms of Accounting Standards -

17, the Company has identified the following Segments, details are as under: -

X The Following tables summaries the components of the net benefit expenses recognized in the profit and loss account the fund status and amount recognized in the balance sheet for the gratuity benefit plan 7 The corresponding information for the year ending on 31/03/2007 is not available with the company in view of the fact that Accounting Standard (AS) 15 is applicable first time for the accounting period commencing on or after 01/04/2007.

xi. That the company is desisted and it''s formalities for regularization are pending.,

xii. Previous years figures are regrouped and/or rearranged wherever necessary and are shown in brackets.

xiii. Quantitative information as per Annexure P.

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Mar 31, 2007

A). In the opinion of the Board of Directors of the Company the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to

c) Personal electricity bill of Rs 14,996 /- of the Directors have been paid by the company and charged to Profit and Loss A/c {Previous Year Rs 1,27,560 /-}.

d) Rent of Rs. 89,100 /- of the Directors have been paid by the company and charged to Profit and Loss A/c {Previous Year Nil).

v Interest on Term Loan from M.P.F.C. for the period is Rs. 9,64,382/- {Previous Year Rs 6,54,183/-}.

vi. Income Tax assessment has been completed up to Assessment Year 2005-06 and Sales Tax Assessment has been completed up to Accounting Year 2002-2003.

vii. There is a Sales Tax demand of Rs. 2,71,938 /- .No provision has been made for this demand, as the appeal is preferred to the appropriate authority.

viii. Company had already made settlement with MPAKVN Bhopal and Paid Full Principle amount but it has not paid Interest on delay Payment and it is under dispute.

ix. Balance of Sundry Debtors/ Creditors; Loans & advances are subject to confirmation.

x. Most of the Debtors, Advances are not fully recoverable but the same have not yet been Provided /written off in the books of accounts by the company. Similarly, value of obsolete Stocks or shortages have not been written off/ reduced in the books.

xi. Long outstanding of Debtors (33) & Creditors (139) W/off during the year of which amounting of Rs. 249033/- and Rs. 4787780/- respectively. Although no confirmation could be obtained in respect of such Debtors / Creditors.

xii. 3 Cheques amounting of Rs. 10160706/- deposited and 9 Cheques amounting of Rs. 7072573/- issued from the concern up to 31st march which are not cleared during the audit.

xiii. The Company has not provided for obsolete stocks and shortage in books of accounts and in absence of proper details, fair valuation of inventory is not possible. However, there are obsolete Stocks of about Rs. 65.29 lacks.

xiv. The market prices of quoted investments costing Rs. 17,60,000/- (excluding Unquoted investment of Rs.1,00,74,400/-) as on 31.03.2007 were very low but not available for verification and no provision for loss has been made in the books.

xv. Related Party Disclosure (As identified by the Management)

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Mar 31, 2006

I. In the opinion of the Board of Directors of the Company the current assets, loans and advances v Interest on Term Loan from M.P.F.C. for the period is Rs. 6,54,183 /- {Previous Year Rs 400776/-} As per settlement with bank of Saurashtra dues to bank, standing as on 01/04/2005 were Rs 227 Lacs out of which the Co. paid Rs. 177 Lacs without interest & the balance of Rs. 50 Lacs is outstanding in the books as on 31/03/2006. As far as interest on the above loan is concerned, the Co. has to pay interest on 227 Lacs (Rs 177 Lacs & 50 Lacs). Company is hopeful of getting some relief in interest only for period of delay as per settlement in payment but no provision of interest on the above sum has been made by the Co. in the books of accounts.

ii. Income Tax assessment has been completed up to Assessment Year 2003-04 and Sales Tax Assessment has been completed up to Accounting Year 2002-2003.

iii. ThereisaSalesTaxdemandofRs.2,58,459-/-fortheyear2000-01 Rs.87,266/-for the year 2001-02 Rs. 10, 67,345/- No provision has been made for this demand, as the appeal is preferred to the appropriate authority.

iv. Company had earlier made settlement with MPAKVN Bhopal but due to delay in payment again it is under dispute.

v. Balance of Sundry Debtors/Creditors; Loans & advances are subject to confirmation.

vi. Some of the Debtors, Advances are not fully recoverable but the same have not yet been Provided /written off in the books of accounts by the company. Similarly, value of obsolete Stocks Or shortages have not been written off/ reduced in the books.

vii. The Company has to recover a sum of Rs. 28,89,033 /- from M/s. Panama Chemical Works, Indore. No provision of interest receivable has been made. (Previous year Rs. 28,89,877/-). it is not recoverable & no provision has been made in books.

viii. The Company has informed us that it has advanced a sum of Rs. 13, 36,332 /- to M/s. Panjon Finance Ltd. Indore in which Directors relative are interested. (Previous Year 13,37,176/-). for purchase of office premises it is underdispute.

ix. The Company has not provided for obsolete stocks and shortage in books of accounts and in absence of proper details, fair valuation of inventory is not possible.

x. The market prices of quoted investments costing Rs. 17,60,000/- (excluding UN quoted I investment of Rs. 1,00,74,400/-) as on 31.03.2006 were very low. But not available for

XI. Interest on IDS for late payment has not been provided for in the books of accounts in the Financial Year 2005-2006.

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Mar 31, 1997

1. In the opinion of the Board of Directors of the Company the current assets, loans and advances have a value on realisation in the ordinary course of business at least equal to the amount at which they are stated and the provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

2. For this year provision for income tax has been made in the account amounting to Rs. 40,000/- as per expert advice taken in this respect. 3. Interest paid on Term Loan during the year is Rs. 32,75,192.77

4. Income Tax assessment has been completed upto Assessment Year 1994-95 and Sales Tax Assessment has been completed upto accounting year 1993-94. Any additional liability for subsequent year will be known after Assessment.

5. Balance of Sundry Debtors/Creditors, Loan and Advances are subject to confirmation, if any.

6. The Company has received an Income Tax demand of Rs. 23,03,990/- for the assessment year 1994-95, which is outstanding and appeal is pending before hon'ble CIT (Appeals)- 1, Indore.

7. Estimated amount of contracts remaining to be executed for Capital expenditure and not provided for Rs. NIL (Previous year NIL).

8. The Company has considered a sum of Rs. 1,25,14,941.61 as deferred revenue expenditure to be written off over six years being the expenses incurred during the year advertisement and promotion of new products, in addition to earlier year brought forward balance.

9. The allotment money unpaid and refund of application money a/c are subject to reconciliation of bank account.

10. Previous year figures are regrouped and/or rearranged wherever necessary and are shown in brackets.

11. The Market Value of Investment (quoted) as on 31.3.97 was Rs. 923790/- as against original cost of Rs. 18,10,000/-. No provision has been made in the books for the above.

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Mar 31, 1994

The company had come out with the public issue of 19,00,000 equity share of Rs. 10 each at a premium of Rs. 15/- in Nov. 1993. The allotment of the equity shares has been made in January 1994 and the issued and subscribed capital has increased to Rs. 400.00 lacs.

The allotment money unpaid a/c and refund of application money a/c are subject to reconciliation of bank account.