k) CONTINGENT LIABILITIES
Provisions are created when there is a present obligation as a result of a past event that probably requires an outflow of resoures and reliable estimate can be made of the amount of the obligation. There is contingent liabilities of Rs. 304,180/- on account of bank guarantee issued.
l) DEFERRED TAX LIABILITIES/ASSETS
Tax Liability of the company is estimated considering the provision of Income Tax Act, 1961. Deferred Tax is recognized subject to the consideration of prudence of timing difference, being the difference between taxable incomes and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.
m) EARNING PER SHARE:
Basic earnings per share is computed by dividing the net profit after tax by the number of equity shares outstanding during the period.
n) CASH & CASH EQUIVALENTS
Cash and cash equivalents comprise cash and cash on deposit with banks and corporations.
NOTE : 28 OTHER NOTES TO ACCOUNTS
1. Micro Small and Medium Enterprises
The company has received intimation from Suppliers regarding their status under the Micro Small and Medium Enterprises Development Act, 2006, and disclosures relating to the amount unpaid as at the year-end, as required under the said Act, have been provided.
2. Previous year figure has been regrouped/re-arranged wherever necessary.
3. Trade Payable, Trade Receivable & Other Parties are subject to confirmation.
4. Upon thorough examination, it has been determined that an adjustment of 104.8 Lakhs is necessary in the opening value of assets , owing to the overcharged depreciation in preceding years. This correction ensures accurate asset valuation and aligns with accounting standards, enhancing the integrity of financial reporting.
5. Expenses have been checked on test basis.
6. Related Party Disclosure
Related Party disclosures as required by Accounting Standard 18, "Related Party Disclosure", issued by the Institute of Chartered Accountants of India are given below:
See accompanying notes to the CIN:U74899DL1995PLC066416
financial statements
For N C RAJ & ASSOCIATES For and on behalf of the Board
Chartered Accountants MEDICAMEN ORGANICS LIMITED
FRN : 002249N
S/d S/d S/d
SANJAY GARG B.K. Gupta Ashutosh Gupta
(Partner) (Director) (Director)
Membership No.: 088636 DIN:00032772 DIN:00039995
UDIN : 24088636BKARJA8436
Place : New Delhi S/d S/d
Date: 16-05-2024 Lalit Gupta Varsha Bansal
(CFO) (Company Secretary)
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