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Union Budget 2017-18
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Notes to Accounts of Bilcare Ltd.

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.

 
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