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Notes to Accounts of Bilcare Ltd.

Mar 31, 2016

NOTE - 1

SEGMENT INFORMATION

The Company is engaged in pharma packaging research solutions which is considered the only reporting business segment for disclosure in the financial statements by the Management. In the light of the dominant source and nature of risks and returns, location of its production facilities and assets of the group, and relied upon by the auditors as per accounting standard AS-17.

NOTE - 2

PRIOR PERIOD EXPENSES

Prior period items include reversal / write off of:

a) Excess provision of expenses – Rs.. (1,978.40) lacs

b) Advances & deposits - Rs. 333.17 lacs

c) Excess claim of credit in duties & taxes – Rs.. 606.90 lacs

d) Net Revenue of comparator sales booked in earlier years amounting to Rs.. 1,092.07 lacs.

NOTE - 3

EXTRAORDINARY ITEMS

a. Restructuring of Loans - During the year, the outstanding loans were assigned by some of the banks and restructured under a settlement, whereas one of the banks did a One Time Settlement. The total remission of Rs. 33,523.60 lacs comprising of principle amount of Rs.. 27,413.70 lacs & related unpaid interest provided in the earlier years of Rs.. 6,109.90 lacs that has been derived from this restructuring has been written back.

b. The Company has written off obsolete and non moving inventory amounting to Rs. 8,994.47 lacs (including Rs. 8,900.33 lacs pertaining to the overseas branch which has been closed during the year).

c. The Company has written off non recoverable Loans & Advances of 32,379.54 lacs (including 31,586.02 lacs pertaining to the overseas branch, which has been closed during the year).

d. The Company has written off non recoverable debtors of Rs. 618.97 lacs and deposits of Rs. 223.84 lacs

NOTE - 4

PREVIOUS YEAR FIGURES

Figures for the previous year have been regrouped / reclassified wherever necessary to conform with the current year''s classification.

NOTE- 5

The financial statements are presented in Rs. Lacs and decimal thereof except for per share information or as otherwise stated.


Mar 31, 2015

NOTE - 1

DUES TO MICRO AND SMALL ENTERPRISES

Trade payables include Rs. 38.31 lacs (31 March 2014 : Rs. 44.33 lacs) payable to Micro and Small enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). No amount is overdue for payment to such undertakings.

NOTE - 2

DEFERRAL / CAPITALISATION OF EXCHANGE DIFFERENCES

The Ministry of Corporate Affairs (MCA) has issued the amendment dated 29 December 2011 to AS-11 The Effects of Changes in Foreign Exchange Rates, to allow companies deferral / capitalization of exchange differences arising on long term foreign currency monetary items. In accordance with the amendment, the Company has deferred the exchange loss arising on long term foreign currency loans amounting to Rs.NIL (31 March 2014 : Rs.NIL). As the Company does not have any other long term foreign currency monetary item, the same is reflected in the "Foreign Currency Monetary Items Translation Difference Account (FCMITDA)". During the year, the Company has written off Rs. NIL ( 31 March 2014: Rs. 823.10 lacs) from this account.

NOTE - 3

FOREIgN CURRENCY EXPOSURES

Transactions denominated in foreign currencies are recorded at the exchange rate prevailing at the time of the transaction and monetary items denominated in foreign currencies at the year-end not covered by forward exchange contracts are translated at year end rates and those covered by forward exchange contracts are translated at the rate of forward exchange contract.

NOTE - 4

LEASE DETAILS

The Company has entered into commercial leases on property and items of machinery. These leases have an average life of between three and ten years and there are no restrictions placed upon the Company by entering into these leases.

NOTE - 5

SEGMENT INFORMATION

The Company is engaged in pharma packaging research solutions which is considered the only reporting business segment for disclosure in the financial statements by the management in the light of the dominant source and nature of risks and returns, location of its production facilities and assets of the group and relied upon by the auditors as per accounting standard AS-17.

NOTE - 6

EXCEPTIONAL ITEMS

During the year the company has parted with its Wholly owned subsidiary - Bilcare International. The profit on sale of this investment amounting to Rs. 9.37 lacs has been recognized as an exceptional item in the Profit & Loss Account. (In the previous year,the company had parted with its Joint Venture in USA. The Profit on Sale of this Business amounting to Rs.3,748.75 lacs has been recognized as an exceptional item in the Profit & Loss Account).

NOTE - 7

PREVIOUS YEAR FIGURES

Figures for the previous year have been regrouped / reclassified wherever necessary to conform with the current year's classification.

NOTE - 8

The financial statements are presented in Rs. Lacs and decimal thereof except for per share information or as otherwise stated.


Mar 31, 2014

CONTINGENT LIABILITIES

i) Claims against the Company, not acknowledged as debts: Corporate guarantees given 147,140.47 105,151.84

ii) Estimated amount of contracts remaining to be executed on capital - - account not provided for (net of advances)

iii) Interest on Bank Loans (NPA Accounts) has been charged 4,237.97 at 10% p.a. being average base rate of lending.

The contingent liability for unprovided Interest on account of difference between the Sanctioned Rate of Interest and the Base Rate, which is subject to negotiation with individual banks as a part of the Restructuring undertaken by the Company.

iv) The Commissioner of Income Tax (Central), Pune has filed a Writ Petition in the honourable High Court of Judicature at Mumbai against Income Tax Settlement Commission (ITSC) & the Company. The Writ Petition is filed challenging the order of the ITSC u/s 245D(4) passed on 14th October 2013 in favour of the Company allowing the Company''s claim of certain expenditure. Thus, the Company may have a possible obligation based on the outcome of the Writ petition which is currently not possible to estimate.

NOTE - 1

DUES TO MICRO AND SMALL ENTERPRISES

Trade payables include Rs. 44.33 lacs (31 March 2013 : Rs. 63.77 lacs) payable to Micro and Small enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). No amount is overdue for payment to such undertakings.

DEFERRAL / CAPITALISATION OF EXCHANGE DIFFERENCES

The Ministry of Corporate Affairs (MCA) has issued the amendment dated 29 December 2011 to AS-11 The Effects of Changes in Foreign Exchange Rates, to allow companies deferral / capitalization of exchange differences arising on long term foreign currency monetary items. In accordance with the amendment, the Company has deferred the exchange loss arising on long term foreign currency loans amounting to Rs. NIL (31 March 2013 : Rs. NIL). As the Company does not have any other long term foreign currency monetary item, the same is reflected in the "Foreign Currency Monetary Items Translation Difference Account (FCMITDA)". During the year, the Company has written off the carried forward balance of Rs. 823.10 lacs ( 31 March 2013: Rs. 658.86 lacs) from this account, making it NIL.

NOTE - 2

MANAGERIAL REMUNERATION

According to Section 198, 269 read with Schedule XIII of the Companies Act 1956, the remuneration that could be paid to the Execu- tive Directors in case of inadequacy of Profits u/s 349 & 350 of the Companies Act is maximum up to Rs. 2.00 lacs per month, however, the remuneration paid to the Executive Directors during the financial year is NIL. The excess remuneration of Rs. 11.26 lacs of the previous financial year, calculated as per expert opinion, is recovered from the Executive Directors during the current financial year.

NOTE - 3

SEGMENT INFORMATION

The Company is engaged in pharma packaging research solutions which is considered the only reporting business segment for disclosure in the financial statements by the management in the light of the dominant source and nature of risks and returns, location of its production facilities and assets of the group and relied upon by the auditors as per accounting standard AS-17.

NOTE - 4

EXCEPTIONAL ITEMS

During the year the company has parted with its Joint Venture in USA. The profit on sale of this investment amounting to Rs. 3,748.75 lacs has been recognized as an exceptional item in the Profit & Loss Account.

NOTE - 5

EXTRAORDINARY ITEMS

The Company has written off absolute and non-moving inventory to the extent of Rs. NIL (31 March 2013 : Rs. 2,312.46 lacs). NOTE - 44

The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively read with General Circular No. 08/2014 dated 4th April 2014 has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Com- pany has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Financial Statements.

NOTE - 6

PREVIOUS YEAR FIGURES

Figures for the previous year have been regrouped / reclassified wherever necessary to confirm with the current year''s classification.

NOTE - 7

The financial statements are presented in Rs. Lacs and decimal thereof except for per share information or as otherwise stated.


Mar 31, 2013

NOTE - 1

DUES TO MICRO AND SMALL ENTERPRISES

Trade payables inclue Rs..63.77 lacs (31 March 2012 : Rs..23.80 lacs) payable to Micro and Small enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006). No amount is overdue for payment to such undertakings.

NOTE - 2

DEFERRAL / CAPITALISATION OF EXCHANGE DIFFERENCES

The Ministry of Corporate Affairs (MCA) has issued the amendment dated 29 December 2011 to AS-11 The Effects of Changes in Foreign Exchange Rates, to allow companies deferral / capitalization of exchange differences arising on long term foreign currency monetary items. In accordance with the amendment, the Company has deferred the exchange loss arising on long term foreign currency loans amounting to Rs..NIL (31 March 2012 : Rs..1,481.96 Lacs). As the Company does not have any other long term foreign currency monetary item, the same is reflected in the "Foreign Currency Monetary Items Translation Difference Account (FCMITDA)". During the year, the Company has written off Rs..658.86 lacs from this account.

NOTE - 3

MANAGERIAL REMUNERATION

According to Section 198, 269 read with Schedule XIII of the Companies Act 1956, the remuneration that can be paid to the Direc- tors in case of inadequacy of Profits u/s 349 & 350 of the Companies Act is maximum upto Rs. 2.00 Lacs per month, however, the remuneration paid to the Executive Directors during the Financial Year is Rs. 428.36 lacs for which application is being made by the Company to the Central Government for granting approval of the excess remuneration.

NOTE - 4

RELATED PARTY DISCLOSURES

Disclosure as required by Accounting Standard (AS) - 18 "Related party disclosures" as prescribed u/s. 211 (3C) of the Companies Act, 1956.

i) Names of related parties and related party relationship Related parties where control exists

Ultimate holding Company Bilcare Limited

Holding Company Bilcare Singapore Pte. Ltd.

Subsidiaries Bilcare GmbH

Bilcare Inc

Bilcare Farmacseutica Embalagem E Pesquisas Ltda

Bilcare Switzerland SA

Bilcare (UK) Ltd

Bilcare GCS (Europe) Ltd

Bilcare Technologies Singapore Pte. Ltd.

Bilcare Technologies Italia Srl. Holding Company Bilcare Mauritius Ltd.

Subsidiaries Bilcare Research AG

Bilcare Germany Management GmbH

Bilcare Germany GmbH & Co KG

Films Germany Holding GmbH

Bilcare Agency GmbH

Bilcare Research Srl.

Bilcare Fucine Srl.

Bilcare Research Inc

Bilcare Research GmbH

Caprihans India Limited

Bilcare International

B A Technologies Limited

Related parties - Joint venture 50% holding in International Labs LLC. USA

Key Management Personnel Mr. Mohan H. Bhandari (Managing Director)

Dr. Praful R. Naik (Executive Director)

NOTE - 5

SEGMENT INFORMATION

The Company is engaged in pharma packaging research solutions which is considered the only reporting business segment for- disclosure in the financial statements by the management in the light of the dominant source and nature of risks and returns, location of its production facilities and assets of the group and relied upon by the auditors as per accounting standard AS 17.

NOTE - 6 EXTRAORDINARY ITEMS

During the year, the Company has written off absolute and non-moving inventory to the extent of Rs. 2,312.46 lacs.

NOTE - 7

PREVIOUS YEAR FIGURES

Figures for the previous year have been regrouped / reclassified wherever necessary to confirm with the current year''s classifica- tion.

NOTE - 8

The financial statements are presented in Rs. Lacs and decimal thereof except for per share information or as otherwise stated.


Mar 31, 2012

NOTE - 1

CONTINGENT LIABILITIES

i) Claims against the Company, not acknowledged as debts: Corporate guarantees given 61,954.55 69,251.05

Disputed income tax matters in appeal – 165.39 (Liability u/s.153 of the Income Tax Act, 1961 may accrue on account of the Search, amount not crystalised)

ii) Estimated amount of contracts remaining 2,086.95 823.00 to be executed on capital account not provided for (net of advances)

NOTE - 2

DUES TO MICRO AND SMALL ENTERPRISES

There are no amounts that need to be disclosed pertaining to Micro and Small enterprises under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) As at 31 March 2012, no supplier has intimated the Company about its status as Micro or Small enterprises or its registration with the appropriate authority under MSMED Act, 2006.

NOTE - 3

SEGMENT INFORMATION

The Company is engaged in pharma packaging research solutions which is considered the only reporting business segment for disclosure in the financial statements by the management in the light of the dominant source and nature of risks and returns, location of its production facilities and assets of the group and relied upon by the auditors as per accounting standard AS-17.

NOTE - 4

DEFERRAL / CAPITALISATION OF EXCHANGE DIFFERENCES

The Ministry of Corporate Affairs (MCA) has issued the amendment dated 29 December 2011 to AS-11 The Effects of Changes in Foreign Exchange Rates, to allow companies deferral / capitalization of exchange differences arising on long term foreign currency monetary items. In accordance with the amendment, the Company has deferred the exchange loss arising on long term foreign currency loans amounting to Rs..1,481.96 lacs (31 March 2011 : NIL). As the Company does not have any other long term foreign currency monetary item, the same is reflected in the "Foreign Currency Monetary Items Translation Difference Account (FCMITDA)"

NOTE - 5

PREVIOUS YEAR FIGURES

Till the year ended 31 March 2011, the Company was using pre-revised Schedule VI to the Companies Act, 1956 for preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company. The Company has re-classified the previous year figures to conform to this year's classification. Except accounting for dividend on investments in subsidiaries, the adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.

NOTE - 6

The financial statements are presented in Rs.. Lacs and decimal thereof except for per share information or as otherwise stated.


Mar 31, 2011

Rs. Lacs

As on As on 31st March 2011 31st March 2010

1. Contingent Liabilities not provided for in respect of:

a) Counter guarantees given for subsidiary companies 69,251.05 13,492.41

b) Disputed Income Tax matters in appeal 165.39 694.94

c) Estimated amount of contracts remaining to be executed on 823.00 459.00 capital account not provided for (Net of Advances)

6. The Term loan facilities sanctioned by the Banks and Institutions are secured by first charge on immovable and movable properties and second charge on current assets, both present and future under the Security Trustee Arrangement.

The working capital facilities sanctioned by the banks and Institutions are secured by first charge on current assets and second charge on immovable and movable properties, both present and future, under the Security Trustee Arrangement.

7. In absence of any intimation received from vendors regarding the status of their registration under "Micro, Small and Medium Enterprises Development Act 2006" the Company is unable to comply with the disclosure required to be made under the said Act.

9. a) The Company has issued Foreign Currency Convertible Bonds (FCCB) on 27th December 2005 amounting to USD 50 million.

Out of the outstanding Bonds of USD 11.83 million as on 1st April, 2010, during the year, 906 Bonds amounting to USD 9.06 million were converted in fully paid-up equity shares and 277 Bonds amounting to USD 2.77 million were redeemed at a redemption value of Rs. 145.735, resulting in the outstanding at the end of the year to NIL.

b) During the year, the Company has allotted 857,341 Equity Shares of Rs.10/- each @ Rs. 483.28 (including share premium of Rs. 473.28) on conversion of the above 906 Foreign Currency Convertible Bonds.

Consequently, the paid-up equity share capital of the Company stands increased to Rs. 2,354.52 Lacs.

c) Expenses for FCCBs conversion and redemption premium aggregating to Rs.696.84 Lacs are debited to Securities Premium Account.

10. As required by Accounting Standard – AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India, the disclosures are as follows:

a) Subsidiary Companies

i) Bilcare Singapore Pte Ltd.

ii) Bilcare GmbH

iii) Bilcare Inc

iv) Bilcare Farmacseutica Embalagem E Pesquisas Ltda

v) Bilcare (UK) Ltd

vi) Bilcare GCS (Europe) Ltd

vii) Bilcare SA

viii) Bilcare Technologies Singapore Pte. Ltd.

ix) Bilcare Technologies Italia Srl.

x) Bilcare Mauritius Ltd.

xi) Bilcare Research AG

xii) Bilcare Germany Management GmbH

xiii) Bilcare Germany GmbH & Co.KG

xiv) Films Germany Holding GmbH

xv) Bilcare Agency GmbH

xvi) Bilcare Research Srl

xvii) Bilcare Fucine Srl

xviii) Bilcare Research Inc

xix) Bilcare Research GmbH

xx) Bilcare Staufen GmbH

xxi) Caprihans India Limited

b) 50% Joint Venture in International Labs LLC.

c) Key Management Personnel

i) Mr. Mohan H. Bhandari (Managing Director)

ii) Dr. Praful R. Naik (Executive Director)

iii) Mr. Chandra Prakash Jaggi (Director)

11. The Company is engaged in packaging research solutions which as per Accounting Standard – AS 17 is considered the only reportable business segment by the Management in the light of the dominant source and nature of risks and returns, location of its production facilities and assets of the group and relied upon by the Auditors. As per AS 17 all reportable information as regards segment revenue, segment results, carrying amount of segment assets, segment liabilities, total cost of acquisition of segment assets and depreciation are fairly disclosed in the financial statements.

12. a) The Ministry of Corporate Affairs, Government of India vide General Circular No. 2/2011 dated 8th Feb 2011 has granted a general exemption under Section 211 of the Companies Act, 1956 from disclosure of quantitative details in the Profit & Loss Account under paras 3(i)(a) and 3(ii)(a) of Part II, Schedule VI to the Companies Act, 1956.

b) The Ministry of Corporate Affairs, Government of India vide General Circular No. 2/2011 dated 8th Feb 2011 has granted a general exemption from compliance with section 212 of the Companies Act, 1956. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

15. Financial Instruments

a) Financial contracts entered into by the company and outstanding as on 31st March 2011 –

i) For hedging Currency and Interest Rate Related Risks: NIL (Previous Year NIL).

ii) For hedging commodity related risks: NIL.

b) Foreign currency exposure (Net) that are not hedged by forward contract as on 31st March 2011 amount to Rs.17,560.08 Lacs. (Previous Year Rs.12,250.82 Lacs)

16. Balance in Non Scheduled Bank includes balance with Rajgurunagar Sahakari Bank Ltd. Maximum Balance during the year Rs.22.55 Lacs (Previous Year Rs.21.52 Lacs).

17. Leases

The Company's leasing arrangements are mainly in respect of residential / office premises and plant & machinery. The aggregate lease rentals payable are charged as Rent under "Overheads" under Schedule 16 except otherwise treated.

Lease rental accrued based on the terms of contract are credited to Profit and Loss Account and included in "Other Income" under Schedule 12.

18. Foreign currency transactions on revenue accounts

a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing at the time of the transaction.

b) Monetary items denominated in foreign currencies at the year end and not covered by forward exchange contracts are translated at year end rates and those covered by forward exchange contracts are translated at the rate of forward exchange contract.

c) The company had exercised the option given in the Notification dated 31st March 2009 issued by the Central Government to amend the AS-11 "The Effects of Changes in Foreign Exchange Rates…" in the F. Y. 2008-09. The amount of unrealized exchange fluctuation on long term monetary items under the said option was parked under the "Foreign Currency Monetary Items Translation Difference Account (FCMITDA)". The balance outstanding to the debit of FCMITDA Rs.541.22 Lacs is being amortised in the current year and now stands at NIL. Effect of exercising this option is understatement of Profit for the year to the extent of Rs.541.22 Lacs.

d) The loss or gain due to fluctuation of exchange rate on revenue items is charged to Profit and Loss Account other than on the long term funds utilized for acquisition of fixed assets in India.

20. Sundry Creditors etc. include Acceptances of Rs.2,944.90 Lacs (Previous Year Rs.2,172.90 Lacs).

21. Trial run income and expenses are directly capitalized to the respective assets.

22. Figures for the previous year have been regrouped / reclassified wherever necessary to confirm with the current years classification.

23. There are no amounts due and outstanding to be credited to Investor's Education and Protection Fund.

24. All figures are in Rupees Lacs, rounded off to two decimal places.


Mar 31, 2010

As on 31st As on 31st March 2010 March 2009 Rs. Lacs Rs. Lacs

1. Contingent Liabilities not provided for in respect of:

a) Counter guarantees given for subsidiary company 13,492.41 22,927.50

b) Disputed Income Tax matters in appeal 694.94 22.10

c) Estimated amount of contracts remaining to be executed 459.00 1,580.20 on capital account not provided for (Net of Advances)



2. The Term loan facilities sanctioned by the Banks and Institutions are secured by first charge on immovable and movable properties and second charge on current assets, both present and future under the Security Trustee Arrangement.

The working capital facilities sanctioned by the banks and Institutions are secured by first charge on current assets and second charge on immovable and movable properties, both present and future, under the Security Trustee Arrangement.

3. In absence of any intimation received from vendors regarding the status of their registration under "Micro, Small and Medium Enterprises Development Act 2006" the Company is unable to comply with the disclosure required to be made under the said Act.

4. a) The Company has issued Foreign Currency Convertible Bonds (FCCB) on 27th December 2005 amounting to USD 50 million.

No interest is payable on the Bonds. The Company will redeem each Bond (unless previously converted, redeemed or cancelled), at 145.270% of its principal amount on the Maturity Date which is 22nd December 2010. The outstanding Bonds of USD 11.83 million are convertible into fully paid equity shares at any time prior to close of business on 22nd November 2010 or will be redeemed as above.

The Bonds will be converted with a fixed rate of exchange of Rs. 45.7325 = USD 1.00 on conversion. The Conversion Price was reset to Rs.704/- as per the offering circular dated 16th December 2005. The price is further reset to Rs. 483.28. There is an option for the Company to redeem the Bonds in whole but not in part at any time on or after 21st December 2007 and prior to 22nd December 2010 subject to certain conditions.

In the opinion of the Management the above mentioned Convertible Bonds issued upon terms and conditions set out in the offering circular dated 16th December 2005, would be outside the purview of Section 117(C) of the Companies Act, 1956 as regards creation of Debenture Redemption Reserve.

b) During the year, the Company has alloted:

i) GDRs with 2,986,341 underlying Equity Shares of Rs.10/- each at Rs.515/- per share (including share premium of Rs.505/-) to Deutsche Bank Trustee Company Americas as the Depository.

ii) 2,493,484 Equity Shares of Rs.10/- each @ Rs.483.28 (including share premium of Rs.473.28) on conversion of 2,635 Foreign Currency Convertible Bonds.

Consequently, the paid-up equity share capital of the Company stands increased to Rs.2,268.79 lacs.

c) Expenses for increase in Authorized Share Capital, GDR issue and FCCBs conversion aggregating to Rs.97.41 lacs are debited to Securities Premium Account.

11. As required by Accounting Standard – AS 18 “Related Party Disclosures” issued by the Institute of Chartered Accountants of India are as follows:

a) Subsidiary Companies

i) Bilcare Singapore Pte Ltd.

ii) Bilcare GmbH; subsidiary of Bilcare Singapore Pte Ltd.;

iii) Bilcare Inc, subsidiary of Bilcare Singapore Pte Ltd.;

iv) Bilcare Farmacseutica Embalagem E Pesquisas Ltda, subsidiary of Bilcare Singapore Pte Ltd.;

v) Bilcare (UK) Ltd., subsidiary of Bilcare Singapore Pte Ltd.;

vi) Bilcare GCS (Europe) Ltd. subsidiary of Bilcare (UK) Ltd.

vii) Bilcare SA, subsidiary of Bilcare Singapore Pte Ltd.;

viii) Bilcare Technologies Singapore Pte. Ltd., subsidiary of Bilcare Singapore Pte Ltd.; and

ix) Bilcare Technologies Italia Srl., subsidiary of Bilcare Technologies Singapore Pte. Ltd.

b) The company is a 50% Joint Venture partner with MeadWestvaco Corp in International Labs, LLC.

c) Key Management Personnel

i) Mr. Mohan H. Bhandari (Managing Director) ii) Mr. Chandra Prakash Jaggi (Executive Director) iii) Dr. Praful R. Naik (Executive Director)

5. The Company is engaged in pharma packaging research solutions which as per Accounting Standard - AS 17 is considered the only reportable business segment by the Management in the light of the dominant source and nature of risks and returns, ocation of its production facilities and assets of the group and relied upon by the Auditors. As per AS 17 all reportable nformation as regards segment revenue, segment results, carrying amount of segment assets, segment liabilities, total cost of acquisition of segment assets and depreciation are fairly disclosed in the financial statements.

6. The Department of Company Affairs, Government of India vide its order No. 47/452/2010-CL-III issued under Section 212 (8) of the Companies Act, 1956 has exempted the Company from attaching a copy of Accounts of its subsidiaries for the financial year ended 31st March 2010. The disclosures as per the terms of above order have been provided.

7. Financial Instruments –

a) Financial contracts entered into by the company and outstanding as on 31st March 2010 - i) For hedging Currency and Interest Rate Related Risks: NIL (Previous Year NIL). ii) For hedging commodity related risks: NIL.

b) Foreign currency exposure (Net) that are not hedged by forward contract as on 31st March 2010 amount to Rs.12,250.82 Lacs. (Previous Year Rs.23,440.85 Lacs)

8. Balance in Non Scheduled Bank includes balance with Rajgurunagar Sahakari Bank Ltd. Maximum Balance during the year Rs.21.52 Lacs (Previous Year Rs.33.15 Lacs).

9. Foreign currency transactions on revenue accounts

a) Transactions denominated in foreign currencies are recorded at the exchange rate prevailing at the time of the transaction.

b) Monetary items denominated in foreign currencies at the year end and not covered by forward exchange contracts are translated at year end rates and those covered by forward exchange contracts are translated at the rate of forward exchange contract.

c) The company had exercised the option given in the Notification dated 31st March 2009 issued by the Centra Government to amend the AS-11 “The Effects of Changes in Foreign Exchange Rates…” in the previous year. The amount of unrealized exchange fluctuation on long term monetary items under the said option was parked under the “Foreign Currency Monetary Items Translation Difference Account (FCMITDA)”. The balance outstanding to the debit of FCMITDA Rs.541.22 Lacs will be amortised in the next year. Effect of exercising this option is understatement of Profit for the year to the extent of Rs.1,172.34 Lacs.

d) The loss or gain due to fluctuation of exchange rate on revenue items is charged to Profit and loss account other than on the long term funds utilized for acquisition of fixed assets in India.

10. Sundry Creditors etc. include Acceptances of Rs.2,172.90 Lacs (Previous Year Rs.1,473.25 Lacs).

11. Trial run income and expenses are directly capitalized to the respective assets.

12. Figures for the previous year have been regrouped / reclassified wherever necessary to confirm with the current years classification.

13. There are no amounts due and outstanding to be credited to Investors Education and Protection Fund.

14. All figures are in Rupees Lacs, rounded off to two decimal places.

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