| 1. Secured Loans
A) Cash Credit Limit Primary Security
a) Hypothecation by way of First Charge of all the company's stocks of
raw materials, semi finished, finished goods stores, spares, book
debt/movables and the Company's Fixed assets both present and future.
Collateral Security
b) EM of immovable properties at Thimmapuram village, Bheemunipatnam
Mandalam, Vishakapatnam District
c) Additional security of 91 acres of land at Sirumalai owned by Taurus
Aromatics and Phytochemicals
2. Unsecured Loans
Unsecured Loans includes the soft loan of Rs. 6.85 Crores from
Department of Science and Technology and Department of Biotechnology
and Rs. 2.30 Crores from Directors.
3. Depreciation
Depreciation on Fixed Assets is calculated on straight line method in
accordance with the rates prescribed under schedule XIV of the
Companies Act, 1956. Sale of Assets had been adjusted and loss is
charged to profit & loss account.
4. Investments
Shares held by M/S. ABL Biotechnologies Ltd in M/S. Samudra Biopharma
Private Limited amounting to Rs. 130 lacs are pledged to TDB of
Government of India as collateral security for the loan facility
extended to M/S. Samudra Biopharma Private Limited. Investment
represents the cost price and no adjustment has been made for change in
the value of the share of the M/S. Samudra Biopharma Private Limited,
being a private limited company and not traded.
5. Additional information as required in Para II of schedule VI to the
companies Act, 1956.
6. The Equity Shares of the Company are listed in the Bombay Stock
Exchange.
7. Related Party Disclosures
There is no related party transaction during the year under review.
8. No Confirmation of balances has been obtained with regard to
Sundry Debtors and Sundry Creditors.
9. Contingent Liabilities 31.03.2012 31.03.2011
( In Rs ) ( In Rs )
( i ) Corporate Guarantee given on behalf
of Samudra 19,120,000 19,120,000
Biopharma Pvt. Limtied in favour of Axis Bank
(ii ) Guarantee to repay loan due to
Shantha Biotechnics 26,103,200 Pvt.
Limtied by Samudra Biopharma Pvt. Limited. 26,103,200
10. Segmental Reporting:
ABL has identified three distinctive segments / divisions. (a)
Formulation (b) Research & Development (c) The DHA project. The main
focus of the company is discovery , collection of microbes,
establishment off compound libraries, discovery of drug and nutrition
targets, conducting research and converting the strains/ compounds
collected into deliverable active pharmaceutical products, be it
ingredients or drugs. The company is currently conducting research on
multiple API's . These have to further be converted into products
which may require to undergo clinical trials. When the product is fully
developed it becomes a formulation/ API which may or may not have
patent protection.
Therefore Segmentisation in the company basically follows the drug
discovery and exploitation process with differing risks and returns and
internal business reporting systems. DHA is one specialized process
developed by the company which is currently undergoing the patenting
process and is ripe for commercial exploitation. Therefore the segments
in the company are (a) R&D (b) DHA
11. Deferred Tax
In term of Accounting standard (AS22) on "Accounting for Taxes on
Income" issued by the Institute of Chartered Accountants of India,
there is a net deferred tax liability.
In compliance with the provision of the Accounting Standard and based
on general prudence, the company has not recognized the said deferred
tax liability while preparing the accounts of the period.
12. Previous Year Figures have been regrouped and rearranged wherever
necessary, to conform to current period's classification.
13. The figures have been rounded off to the nearest rupee.
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