Notes to Accounts of Ishita Drugs & Industries Ltd.

Mar 31, 2024

PROVISION FOR RETIREMENT BENEFITS
Gratuity: The Company''s obligations towards gratuity to
employees has been provided for at actuals and other
retirement benefits as per policy of the company have been
provided for as per IndAS-19. The same have been charged
in the profit and loss of the Company.

Provident Fund: The employer and employee make
statutory contribution towards the Government''s Provident
Fund and the same is charged in the profit and loss of the
Company.

EXPENSES

Material known liabilities are provided based on available
information /estimates.

TIMING REVENUE RECOGNITION

In appropriate circumstances, revenue (income) is
recognized when no significant uncertainty as to
measurability or collectability exists.

TAXATION

Provision for taxation is made based on the current tax rates
in force.

Deferred tax charge or credit (reflecting the tax effect of timing
difference between accounting income and taxable income
for the period) is determined in accordance with the IndAS-12.
The deferred tax charged or credited and the corresponding
deferred tax liabilities or assets are recognized using the tax
rate that have been enacted or subsequently established by
the Balance Sheet date. Deferred tax assets are recognized
and carried forward to the extent that there is a reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.

CASH FLOW STATEMENT

Cash flows are reported using indirect method, whereby profit
before tax is adjusted for the effects of transactions of a non
cash nature and any deferrals or accruals of past and future
cash receipts and payments. The cash flows from regular
operating, investing and financing activities of the Company
are segregated.

CONTINGENT LIABILITIES

All liabilities have been provided for in the accounts except
liabilities of a contingent nature, which have been disclosed at
their estimated value in the notes on accounts.

IMPAIRMENT OF ASSETS

Impairment loss, if any, is recognized in accordance with the
accounting standard IndAS-36.

PRIOR PERIOD ITEMS

Material items of prior period non-recurring and extra ordinary
items, if any, are disclosed separately.

NOTES:

1. Tax provision for income tax has been made as per the
Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and
advances and creditors are subject to confirmation and
reconciliation.

3. In accordance with the IndAS-21, net profit of '' 1.82 lacs
(PY profit of '' 4.20 lacs) due to foreign exchange
fluctuations arising on foreign currency transactions has
been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the
gratuity '' 101868 (P.Y. '' 96697) towards gratuity
calculated up to the date of Balance Sheet date according
to the Gratuity Act on incremental basis.

5. The company has accounted for deferred tax assets of

'' 12423 (P.Y. deferred tax assets of '' 79570 ) for the year
under review as per IndAS-12 in the profit and loss
account.

6. Contingent liability to the extent not provided for '' NIL ( P.Y
'' NIL)

7. Previous year figures have been regrouped and
reclassified wherever necessary to be in conformity with
the current year figures.

8. Estimated amount of capital contracts remaining to be
executed and not provided for net of advance paid '' NIL

11. The Company has not received any information from any
of the suppliers of their status as Small Scale Industrial
Unit. Hence, the amounts due to them outstanding as at
31^st March 2024 is not ascertainable.

12. Related party disclosures as per the Accounting
Standard AS-18 issued by the Institute of Chartered
Accountants of India:

a. List of related parties

i. Subsidiaries : The Company does not have
any subsidiary Company.

ii. Key Management Personnel
Mr. Jagdish Agrawal

Mr. Sumit Agrawal

iii. Relatives of Key Management Personnel
Ishita Pharmaceuticals

Anvi Lifesciences Pvt. Ltd.

J & J Chemicals

Umang Financial Services Ltd

b. Transactions / balances outstanding with Related parties

Signature to Notes A to N

Sd/- ^{Sd/- Sd/-}

For Jaymin Shah & Associates ^{Jagdish A}gra^wa| G°^vind G^upta

Chartered Accountants Managing Director Director

Sd/- Sd/-

Mrs.Abha Agrawal Sumit Agrawal

Director CFO

Place : Ahmedabad
Dated : 30^th May, 2024

---

Mar 31, 2015

1. Tax provision for income tax has been made as per the Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net gain of Rs. 1.16 lacs (PY loss of Rs. 9.29 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs. 8943 (P.Y. Rs. 3462) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has accounted for deferred tax assets of Rs. 48754 (P.Y. deferred tax liability of Rs. 23458 ) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for ' NIL ( P.Y Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever

necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not

provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. Managerial Remuneration paid:

2014-15 2013-14

Mg. Dir. Mg. Dir.

(a) Salary Rs. 2400000 2400000

(b) Perks/ Reimbursement Rs. ----- ------

10. Payment to Auditors

2014-15 2013-14

As an auditor 15000 15000

For Taxation & Other works 5000 5000

For Tax Audit 7000 7000

Out of Pocket Expense 2000 2000

11. The Company has not received any information from any of the suppliers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2015 is not ascertainable.

12. Related party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries: The Company does not have any subsidiary Company.

ii. Key Management personnel

Mr. Jagdish Agrawal Mr. Sumit Agrawal

iii. Relatives of Key Management Personnel Ishita Pharmaceuticals

Anvi Lifesciences Pvt Ltd J & J Chemicals

---

Mar 31, 2014

1 . Tax provision for income tax has been made as per the Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net loss of Rs.9.29 lacs (PY gain of Rs.2.57 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs.3462 (P.Y. Rs.17653) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has provided for deferred tax of Rs.23458 (P.Y. Rs.174590) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for Rs. NIL ( PY Rs.NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. The Company has not received any information from any of the suppli- ers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2014 is not ascertainable.

10. Related party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries: The Company does not have any subsidiary Com pany.

i. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal

ii. Relatives of Key Management Personnel Ishita Pharmaceuticals

J & J Chemicals

Anvi Lifesciences Pvt Ltd

b. Transactions / balances outstanding with Related parties

---

Mar 31, 2013

1. Tax provision for income tax has been made as per the Income Tax Act, 1961

2. Debit and credit balances in respect of debtors, loans and advances and ;reditors are subject to confirmation and reconciliation.

3 In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net gain of Rs. 2.57 lacs (PY loss of Rs. 0.20 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account

4. In the year under review, the Company has provided the gratuity Rs.17653 (PYRs.1385) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5 The company has provided for deferred tax of Rs. 174590 (P.Y. Rs. 115524) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for : Rs. NIL ( P.Y Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8 Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. The Company has not received any information from any of the suppliersof their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2013 is not ascertainable.

10. delated party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries:The Company does not have any subsidiary Company. ii. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal iii. Relatives of Key Management Personnel

Ishita Pharmaceuticals

J & J Chemicals

Anvi Lifesciences Pvt. Ltd.

b. Transactions / balances outstanding with Related parties

---

Mar 31, 2012

1. Tax provision income tax has been made as per the Income Tax Act, 1961..

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net loss of i 0.20 lacs (PY gain of Rs.0.92 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs.1385 (P.Y. Rs.1385) towards gratuity calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has provided for deferred tax of Rs.115524 (P. Y.Rs.159721) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for:Rs. NIL ( P.Y. Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY 7 NIL).

9. The Company has not received any information from any of the suppliers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2012 is not ascertainable.

10. Related party disclosures as per the Accounting Standard AS-18 issued by Ihe Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries:The Company does not have any subsidiary Company.

ii. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal iii. Relatives of Key Management Personnel

Ishita Pharmaceuticals

J & J Chemicals

---

Mar 31, 2010

1. Tax provision for income tax has been made as per the Income Tax Act, 1961.

2. Debit and credit balances in respect of debtors, loans and advances and creditors are subject to confirmation and reconciliation.

3. In accordance with the Accounting Standard AS-11 issued by the Institute of Chartered Accountants of India, net gain of Rs. 5.91 lacs (PY loss of Rs. 1.25 lacs) due to foreign exchange fluctuations arising on foreign currency transactions has been considered in the Profit and Loss Account.

4. In the year under review, the Company has provided the gratuity Rs. 1385 (P.Y. Rs. 2596) calculated up to the date of Balance Sheet date according to the Gratuity Act on incremental basis.

5. The company has credited the deferred tax assets of Rs. 153893 (P.Y. Rs. 531109) for the year under review as per AS-22 in the profit and loss account.

6. Contingent liability to the extent not provided for : NIL ( P.Y Rs. NIL)

7. Previous year figures have been regrouped and reclassified wherever necessary to be in conformity with the current year figures.

8. Estimated amount of capital contracts remaining to be executed and not provided for net of advance paid Rs. NIL (PY Rs. NIL).

9. The Company has not received any information from any of the suppliers of their status as Small Scale Industrial Unit. Hence, the amounts due to them outstanding as at 31st March 2010 is not ascertainable.

10. Related party disclosures as per the Accounting Standard AS-18 issued by the Institute of Chartered Accountants of India:

a. List of related parties

i. Subsidiaries: The Company does not have any subsidiary Company.

i. Key Management personnel

Mr. Jagdish Agrawal

Mr. Sumit Agrawal

ii. Relatives of Key Management Personnel

Ishita Pharmaceuticals

Umang Financial Services Ltd.

Anvi Lifesciences Pvt Ltd

J & J Chemicals