25.1. Contingent Liabilities & Commitments:
a) Estimated amount of contracts remaining to be executed and not provided for in the books of account- Nil (previous year- Nil).
b) Contingent Liabilities: Rs. 99,54,076.00
. Claims against the Company not acknowledged as debt -Nil (previous year - Nil).
. Liabilities in respect of Income Tax, Service Tax, Sales Tax and other material statutory dues have been accounted for on the basis of respective returns filed with the relevant authorities. Additional demand, if any, arising at the time of assessments will be accounted for in the year in which assessments are completed.
25.2. Issued, Subscribed & Paid-up Capital:
Issued, Subscribed and Paid-up capital of the company is Rs. 9,61,37,900.00 (Divided into 96,13,790.00 shares of Rs. 10 each). During the financial year 2023-24, the company has no further issue of capital.
25.3. Reserves & Surplus:
-The amount shown in the Reserve & Surplus represents only surplus carried forward from the earlier year plus the surplus earned during the year. Total amount of surplus outstanding as on 31.03.2024 is Rs. 1,06,39,65,140.20 which includes share premium of Rs. 23,94,01,048.98 and Free Reserves of Rs. 82,45,64,091.22.
25.5. In the opinion of the Directors, "Current Assets" and "Loans &Advances" are approximately of the value
stated in the Balance Sheet, if realized in the ordinary course of business and to the best of their knowledge. Provisions for all the known liabilities have been made and, as certified, all the contractual and statutory obligations have been duly complied with.
For these class of assets, based on internal assessment and independent technical evaluation carried out by external valuers, the management believes that the useful lives as given above best represent the period over which management expects to use these assets.
25.8. Non-Current Investments:
Investment in Joint ventures and Associates are accounted for using the equity method of accounting. Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to recognize Dividends received or receivable from associates or joint ventures are recognized as a reduction in the carrying amount of the investment.
Equity shares have been stated at cost; provision for appreciation/diminution in the value of shares has not been made and no dividend was received during the year.
The provisions of Section 186 of the Companies Act 2013 have been complied with.
The company has the following investments as on 31.03.2024 in entities as mentioned below:
(a) Beta Drugs has an investment in Adley Formulations Private Limited (CIN: U24303HR2018PTC076347) amounting Rs.1,26,00,000.00
(b ) Beta Drugs has an investment in Adley Lab Limited (CIN: U24231PB1992PLC051220) amounting Rs.
4.50.40.000. 00.
(c) Beta Drugs has an investment in Beta Research Pvt. Ltd. (CIN: U24303HR2022PTC104598) amounting Rs.
1.00. 000.00.
The company had investment in Beta UBK International Pvt. Ltd. (Uzbekistan) till November 2023. The Board of Directors of the Company at its meeting held on 7th November, 2023, inter alia, had considered and approved to write off the total investment made by the company in Beta UBK International Private Limited and it ceased to be subsidiary of the company.
25.9. Taxes
- The exact liability of CST/VAT, Service Tax, GST, Income Tax and other statutory dues is indeterminate, till finalization of assessments no undisputed dues or amounts were outstanding or remaining unpaid as at 31st March, 2024. -Disputed Income tax demand amounting to Rs. 12,122/- for A.Y 2020-21 and Rs. 90,64,680/- for A.Y 2021-22 is outstanding and appeal filed against the same is under process as on 31.03.2024. The said demand was raised by the department on account of non-compliance of notice u/s 133(6) issued to the third parties, however, the said third parties had duly filed the response to the said notices received by them. The company has filed an appeal providing acknowledgements of the replies filed by those third parties.
-The current tax provision shown in the Balance Sheet is Rs. 1,86,78,501.27 after utilization of the advance tax and TDS of Rs. 5,59,92,646.82.
25.10. Segment Reporting
Since the Company primarily operates in one segment (i.e., Manufacturing of Oncology medicines), therefore segment reporting as required under Ind AS - 108 is not applicable. Regarding the geographical segments, the company has an export turnover of Rs. 44,48,15,702.67 (Including Direct and Indirect Exports) and the domestic turnover of Rs. 1,53,13,91,321.04.
25.11. Related Party Disclosures (Ind AS-24)
Related parties & their relationship and related party's transactions.
The above disclosure of the related party and the transactions entered have been made as per Ind AS-24.
The transactions have been carried at arm's length price (ALP).
*Rs. 35.00 Lakh has been further provided to M/s Adley Lab Limited and Rs. 180.60 Lakhs has been further provided to M/s Adley Formulations Pvt Ltd during F.Y 2023-24 for working capital requirements. The loan has an outstanding
25.13 Particulars relating to corporate social responsibility
The Company has provided for the corporate social responsibility as per Section 135 of the Companies Act 2013 i.e., Rs. 41,27,644.00 during the year. The actual amount spent during the financial year was Rs. 41,27,700.00 and there is no outstanding provision as on 31st March 2024.
25.14. Impairment of Assets
During the year, the Company has undertaken a review of all the fixed assets in line with the requirements of Ind AS-36 on "Impairment of Assets" as notified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, based on such review, no provision for impairment is required to be recognized for the year.
25.15. Property, Plant and Equipment and Intangible assets:
- During the financial Year 2023-24 there was no addition under the head Land.
- During the financial Year 2023-24 there was an addition of Rs. 1,65,38,815.93 under the head Building.
- During the financial year, there was net additions of Rs 5,82,81,119.58 to Plant & Machinery, Furniture &Fixtures, Office Equipment, Vehicles & Computers including the assets transferred from WIP. The company has received capital grant of Rs. 3,63,06,653.00 from The Government of India under Industrial Development Scheme for capital subsidy in October -23 which was reduced from the Gross Block of Plant and Machinery.
- During the financial Year 2023-24 there was an addition of Rs. 1,42,38,441.82 under the head Intangible Assets.
25.17. Micro, Small & Medium Enterprises
Based on the information presently available, total outstanding as on 31.03.2024 is Rs.2,61,98,873.17 to micro or small enterprises under the Micro, Small and Medium Enterprises Development Act, 2006.
25.22. Other statutory information
i. No proceedings have been initiated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. The Company does not have any trading in Crypto Currency or Virtual Currency.
iii. The Company does not have any transactions or balances with a Companies struck off under section 248 of the Companies Act, 2013 or Section 560 of the Companies Act 1956.
iv. The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act, 1961.
v. Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign entities (Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
vi. The Company has not received any fund from any person(s) or entity(is), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
vii. No charge is pending to be registered beyond statutory period with ROC.
viii. The company has not used the borrowings from banks and financial institutions for any other purpose other than for the specific purpose for which it was taken.
ix. The Company have defined agreement with the Debtors regarding the credit payment period given and ageing is done accordingly in Financial Statement.
x. As there are no specific agreements with the creditors, hence the creditors ageing is done as per the date of invoice received.
25.23. Total count of debtors in M/s Beta Drugs Limited is 156, and creditors count is 404, Balance confirmations were sent to all and confirmation reply came from more than 50% of the total count.
25.24. Figures for previous year have been regrouped/rearranged where necessary to confirm to the current year's presentation.
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