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Bafna Pharmaceuticals Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 185.35 Cr. P/BV 2.52 Book Value (Rs.) 31.05
52 Week High/Low (Rs.) 124/76 FV/ML 10/1 P/E(X) 16.35
Bookclosure 28/07/2022 EPS (Rs.) 4.79 Div Yield (%) 0.00
Year End :2019-03 

14.1 Secured by First Charge on entire Current Assets and fixed Assets acquired out of Term Loan from SBI.

14.2 Second pari passu Charge on the entire Fixed assets with Development Credit Bank, DBS Bank and Bank of Ceylon. except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

14.3 Personal guarantee of Promoter Directors- Mr. Bafna Mahaveer chand - Chairman and Managing Director and Mr.Paras Bafna- Whole Time Director.

14.4 State Bank of India has declared the account as NPA on 28.01.2017 and Hence the same is classified under Long Term.

DBS BANK LIMITED

14.5 DBS has converted it into WCTL.

14.6 First Pari Passu Charge on the entire current assets along with other MBA Banks.

14.7 Second pari passu Charge on the entire Fixed assets except Fixed Assets acquired out of Term Loan Sanctioned.

SECURITIES OFFERED

INDUSTRIAL DEVELOPMENT BANK OF INDIA

17.1 First Pari Passu Charge on the entire current assets along with other MBA Banks

17.2 Second pari passu Charge on the entire Fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

17.3 Personal guarantee of Promoter Directors- Mr. Bafna Mahaveer Chand - Chairman and Managing Director and Mr. Paras Bafna- Whole Time Director.

DEVELOPMENT CREDIT BANK

17.4 First Pari Passu Charge on the entire current assets along with other MBA Banks

17.5 Second pari passu Charge on the entire Fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India

BANK OF CEYLON

17.6 First Pari Passu Charge on the entire current assets along with other MBA Banks

17.7 Second pari passu Charge on the entire Fixed assets except Fixed Assets acquired out of Term Loan Sanctioned By State Bank of India.

18 TRADE PAYABLE

DUES TO MICRO AND SMALL ENTERPRISES (as per intimation received from vendor)

a. Principal and interest amount remaining unpaid.

b. Interest due thereon remaining unpaid.

c. Interest paid by the Company in terms of Sections 16 of the Micro,Small and Medium Enterprises Development Act, 2006, along with the amount of the payment made to the supplier beyond the appointed day.

d. Interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the period) but without adding interest specified under the Micro, Small and Medium Enterprise Act, 2006.

e. Interest accrued and remaining unpaid.

f. Interest remaining due and payable even in succeeding years, until such date when the interest dues as above are actually paid to this mall enterprises.

a. There no amounts due for payment to the Investor Education and Protection fund under section 125 of companies act 125 of the Companies Act 2013 as at 31st March 2019 (2018 : Nil).

30 RELATED PARTY DISCLOSURES

As per Indian Accounting Standard 24, the disclosures of transactions with the related Parties are given below:

List of Related Parties where control exists and related Parties with whom transactions have taken place and relationship

30.1 Name of the related Party

a) Mr. BAFNA MAHAVEER CHAND

b) Mr. PARAS BAFNA

b) Mrs. CHETNA BAFNA

c) Mr. NAVEEN BAFNA

30.2 Directors' Interest

a) BAFNA LIFESTYLES REMEDIES LIMITED c ) BHANSILAL & CO (HUF)

30.3 The Directors of the Subsdiary Company Ms. Hemalatha and Ms. Sabitha are the employee of the Company

b) Balances under Trade Payables, debtors, loans and advances some of them remain unconfirmed.

c) Advances given to suppliers for supply of materials and others remain unconfirmed. It was explained that supply will be made in the ensuing year.

d) Loans and advances include outstanding balances of deposits with Corporate bodies is given below

e) The Company had granted Loan to Subsidiary M/s. BAFNA LIFESTYLES REMEDIES LIMITED (BLRL) during the previous years to the extent of Rs. 1222.93 Lakhs. Subsequent to the discontinuing operations by the subsdiary M/s. BLRL sold its properties and old machines and repaid Rs. 297.95 Lakhs to M/s. BAFNA PHARMACEUTICALS LIMITED during the Current Financial year 2018-2019. The balance of Rs. 924 .98 Lakhs could not be paid by the Subsdiary. Hence, the same had been written off during the current financial Year.

f) The Fixed deposit of sum of Rs. 257.37 (Rs. in Lakhs) (Previous Year Rs. 245.00 (Rs. In Lakhs) ) lying with BOC, IDBI, ICICI are under lien against Bank Gaurantee Margin, LC Margin Money.

g) In view of the Stay of the implementation of the approved Resolution Plan by the NCLAT, New Delhi. No Restatements of Assets and Liabilities (As per Approved Resolution Plan) in the financial statements is considered during the financial year 2018-19. The process of restructuring of fair values of assets and liabilities detailed in the Resolution Plan and restatement thereof in the accounts is being deferred to be carried out in the ensuing Financial Year.

Corporate Information, Significant Accounting Policies & Notes to the Financial Statements A. Corporate information

BAFNA PHARMACEUTICALS LIMITED ('BPL' or 'the Company') is a public limited company domiciled and incorporated in India having its registered office at No.299, ThambuChetty street, Chennai - 600 001.

The Company's shares are listed and traded on Stock exchanges in India. the Company is engaged in the business of Manufacturing of Pharmaceuticals.

B. Significant Accounting Policies

1 Basis of preparation

a. The Ministry of Corporate affairs ('the MCA'), Government of India in exercise of the powers conferred by Section 133 read with Section 469 of the Companies act, 2013 (the 'act') and sub-section 1 of Section 210a of the Companies act, 1956 ('the erstwhile act') in consultation with national advisory Committee on accounting standards vide G.S.R. 111(E) dated 15th February, 2015 notified rules called Companies (Indian Accounting Standard) Rules, 2015 effective April 1, 2015. The MCA wide notification GSR 111(E) dated March 30, 2016 issued certain amendments to IND AS vide Companies (Indian accounting Standards) amendment rules 2016.

The MCA vide notification GSR 404(E) dated April 6, 2016 introduced amendments to Schedule III of the Act, requiring companies to prepare the financial statements in compliance with Companies (Indian Accounting Standards) rules, 2015.

The Company which was falling under the Mandatory adoption (Phase II) for listed companies with net worth less than Rs 500 crores (based on audited standalone statements) vide its Board resolution dated

10.11.2017 resolved to adopt Ind AS for the first time in preparation of financial statements for the year ended march 31, 2018, and had adopted the same.

The other amendments to Ind AS notified by the Companies (Indian Accounting Standards) Amendment Rules, 2018 and Companies (Indian Accounting Standards) Second Amendment Rules, 2018 that apply from 1 April 2018 and that are unrelated to the adoption of Ind AS 115 are primarily clarifications. The Company has prepared its financial statements in compliance with Companies (Indian Accounting Standards) rules and the above amendments as well. The Ministry of Corporate Affairs amended Schedule III on 11 October 2018 notifying certain additional presentation and disclosure requirements such as presentation of trade payables (current/non-current both) on face of the balance sheet as (a) total outstanding dues of micro and small enterprises; and (b) total outstanding dues other than micro and small enterprises

The comparative figures in the Balance Sheet as at March 31, 2019 and that of the previous period and Statement of Profit and Loss and Statement of Cash flow for the same periods have been presented.

b. The financial statements of the Company have been prepared and presented in accordance with INDAS principles, however items of current assets and Liabilities have not been measured at fair values on account of reasons stated in (3) below under Basis of Measurement Management evaluates all the applicable accounting standards on going concern basis.

Major items of Current Assets namely, Receivables outstanding for over one year and Advances to suppliers which are long outstanding and carried in the booksare yet to be tested for recovery or impairment as per principles underlined in IND AS 36 and hence, not restated at fair values in the accounts in accordance with IND AS 133.

With regard to Current liabilities, the balances of Sundry creditors and others are subject to confirmation, and these also have-not been restated at fair values in accordance with IND AS 133.

c. All assets and liabilities have been classified as current or non-current as per the company's normal operating cycle. Based on the nature of products and services and the time between the acquisition of assets for processing and their realisation in cash and cash equivalent, the Company has ascertained its operating cycle as 12 months for the purpose of current and non-current classification ofassets and liabilities except for Receivables.

2 Statement of Compliance with ind AS

The Financial Statements comprising Balance Sheet for three periods, Statement of Profit and Loss, Statement of Changes in equity, Statement of Cash flow together with notes for two periods have been prepared in accordance with Ind AS as notified [subject to Clause 1 (b) above] above duly approved by the Board of Directors at its meeting held on 27th May 2019

The Company adopted Ind AS for the first time in preparation of financial statements for the year ended march 31, 2018.


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