Mar 31, 2018
1. CAPITAL MANAGEMENT
For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s capital management is to maximize shareholder value. The Company manages it''s capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. The Company monitors capital using gearing ratio, which is net debt (i.e., total debt less cash) divided by total equity.
2. EMPLOYEE BENEFIT OBLIGATIONS
(a) Defined Contribution plans
Provident Fund: Contribution towards provident fund for employees is made to the regulatory authorities, where the Company has no further obligations. Such benefits are classified as defined contribution schemes as the Company does not carry any further obligations, apart from the contributions made on a monthly basis.
(b) Defined Benefit plans
Gratuity: The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan") covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment. The Company''s liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted from the gross obligation.
3. OPERATING LEASE
The Company has entered into operating leases in respect of office / factory premises, factory god owns and others which are mostly cancellable by giving appropriate notices as per respective agreements. However, there are certain non-cancellable lease/s which have an average life of between three and ten years. During the year, the lease expense recorded in the Statement of Profit and Loss is '' 116.85 lacs (31-Mar-17: '' 112.26 lacs).
4. 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. Further, the geographical information of revenues from external customers and non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets has not been presented as such segmentation is not compiled by the Company.
5. RELATED PARTY DISCLOSURES
Related Party Disclosures as required by Indian Accounting Standard 24 (Ind AS 24 ) are given below:
Subsidiaries
Ultimate holding Company Bilcare Limited
Wholly owned subsidiary Bilcare GCS Limited, UK
Bilcare GCS Inc., USA
Bilcare Packaging Ltd., Mauritius (for part of the F.Y.) Bilcare Technologies Singapore Pte. Ltd., Singapore
Step down subsidiaries Bilcare Technologies Italia Srl. , Italy
Wholly owned subsidiary Bilcare Mauritius Ltd., Mauritius
Step down subsidiaries Bilcare Research Swiss I AG
Bilcare Research Swiss II AG Bilcare Research Holding AG Bilcare Research AG Bilcare Germany Management GmbH Bilcare Research Singapore Pte.Ltd.
Bilcare Research Inc
Bilcare Research SRL
Bilcare Agency GmbH
Bilcare Research (Shanghai) Co., Ltd.
Films Germany Holding GmbH Bilcare Research GmbH Bilcare Research PPI Holding GmbH Bilcare Research PPI GmbH & Co. KG Bilcare Research SFS Holding GmbH Bilcare Research SFS GmbH & Co. KG BIL Leasing Verwaltungs GmbH & Co Caprihans India Limited
Key Management Personnel Mohan H. Bhandari (Chairman & Managing Director)
Anil Tikekar (Company Secretary & CFO)
Relatives of Key Management Personnel Ankita J. Kariya
Nutan M. Bhandari Kiran H. Bhandari Prakash H. Bhandari
# The Director/s have issued personal guarantee for these loans.
* a) The Company is in the negotiation of restructuring these loans and hence these have been disclosed as Non- Current Borrowings.
b) In view of the on- going discussions for restructuring, the Company has not provided interest on these loans which have been classified by the respective banks as Non-Performing Assets (NPA), from the date of such classification.
c) Bank accounts including NPA accounts, restructured loan accounts are based on actual confirmations received and Management Representation in case where no confirmation was received.
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 â Rs.. (1,978.40) lacs
b) Advances & deposits - Rs. 333.17 lacs
c) Excess claim of credit in duties & taxes â 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 à 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 à 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 à 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 Ã
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 RatesÃ
" 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 à AS 18 ÃRelated Party
Disclosuresà 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 Ã
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 ÃThe
Effects of Changes in Foreign Exchange RatesÃ
à in the previous year.
The amount of unrealized exchange fluctuation on long term monetary
items under the said option was parked under the ÃForeign Currency
Monetary Items Translation Difference Account (FCMITDA)Ã. 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.