Mar 31, 2018
Note:
The Company has invested in, given advances and has accrued interest receivable from Bliss GVS International Pte Ltd aggregating Rs.3,777.94 Lakhs. This entity have in turn invested in other subsidiaries in Africa (âstep down subsidariesâ). This subsidiary has a negative net worth at March 31, 2018 of Rs.1,192.67 lakhs on a standalone basis and Rs.3,287.44 Lakhs on a consolidated basis. Management believes that the erosion of net worth is temporary in nature and hence does not believe that any provision is required to be made in respect of these investments/loans at March 31, 2018.
Note:
e) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital.
f) The Company has only one class of Equity Shares having a par value of Rs. 1/- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, in proportion to the number of equity shares held by them.
g) There are no shares reserved for issue under options and contracts/ arrangements/ commitments.
h) The Board of Directors in their meeting held on May 17, 2018 proposed a dividend of Rs. 1/- per share. (Previous Year- Rs. 0.60/- per share)
1. The current maturities of Term Loan in Foreign Currency of Rs. Nil (As on 31.03.02017-Nil, As on 1.04.2016-Rs.1,665.50 Lakhs) is disclosed in other current liabilities. The loan is secured against 51% shares of Bliss GVS Healthcare Ltd and 100% shares of Bliss GVS Clinic Healthcare Pte Ltd, pari passu charge on current and fixed assets of the Company and the Companyâs fixed deposits with First Rand Bank. The loan is repayable from December 2013 in 12 Quarterly instalments.
2. Term Loans from bank
a) Includes loan for Plot no 12 of Nil (As at 31.03.02017- Nil, As at 1.04.2016-Rs. 612.53 Lakhs) including current maturities of Rs.Nil (As at 31.03.02017- Nil,As at 1.04.2016-Rs.128.64 Lakhs ) for Companyâs Palghar Land and is secured by the said Land and building thereon, along with the Property of Companyâs Research and Development Centre and Plant and Machinery at R&D Centre which is repayable from December 2013 in 75 equal monthly instalments.
b) Includes Loan of Rs. 542.30 Lakhs (As at 31.03.02017- Rs. 690.18 Lakhs, As at 1.04.2016- Rs. 846.52 Lakhs)including current maturities of Rs.152.06 Lakhs (As at 31.03.02017-Rs.146.34 Lakhs, As at 1.04.2016- Rs.146.34 Lakhs) for Plot no 1,2,3 and adjacent open space for new plant is secured by Land and Building at Plot 1,2,3 which is repayable in 44 Monthly equal instalments as on 31.03.2018 @ 10.8% Linked to 1 Year MCLR.
c) Includes Loan of of Nil Lakhs (As at 31.03.02017- Rs. 702.62 Lakhs, As at 1.04.2016- Nil) including current maturities of Rs.409.37 Lakhs (As at 31.03.02017- Nil, As at 1.04.2016- Nil) R&D Lab is secured by all the assets of the Company which is repayable in 48 equal monthly instalments.
d) Included loan of Rs.100 Lakhs taken for Proposed Palghar (East) Plant is an exclusive charge on proposed plant, pari pasu charge on all immovable and movable fixed assets of the Company, which is payable @ Libor 2.9% and in 90 monthly instalment out of which 18 months is moratorium period).
3. Other Loans from Banks
a) Includes Loan of Rs. 79.48 Lakhs (As at 31.03.02017- Nil, As at 1.04.2016- Nil) including current maturities of Rs.15.06 Lakhs (As at 31.03.02017- Nil, As at 1.04.2016- Nil) for Audi Car which is secured by the car @ 8.25% (Linked 364 days T Bill) and is repayable in 53 equal monthly instalments as on 31.03.2018.
i) Includes Foreign Bill Discounting Limits with Federal bank which are secured against the Foreign Debtors.
ii) Includes cash credit secured by Inventory and books Debts of the Company. It also includes packing credit limit which is also secured by inventory and Books Debts of the Company.
iii) Includes Demand loan from Banks secured against Fixed deposits with Federal bank.
iv) Unsecured Loan represents demand loan taken from Director Mrs. Shruti Vishal Rao.
Fair value hierarchy
The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. The company doesnât have investment in equity instruments that have quoted price.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments in the level 2 category for the company include forward exchange contract derivatives.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this level. Instruments in level 3 category for the company include unquoted equity shares.
Fair value for assets measured at amortised cost:
During the years mentioned above, there have been no transfers amongst the levels of hierarchy.
The carrying amounts of trade receivables, cash and cash equivalents, and other bank balances, current loans, other current financial assets, current borrowings, trade payables and other financial liabilities are considered to be approximately equal to the fair value.
The fair values disclosed above are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.
Valuation process
The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant data available. Also, the Company internally evaluates the valuation process and obtains independent price validation for certain instruments wherever necessary.
1. Financial risk management:
The company is exposed to credit risk, liquidity risk and Market risk.
A. Credit risk management
Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortised cost.
Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed.
The company is exposed to credit risk from loans to group companies, bank balances, security deposits, investments measured at amortised cost, trade receivables and other current financial assets.
The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual limits are set accordingly. Investments at amortised Cost are strategic investments in associated lines of business activity, the company closely monitors the performance of these Companies.
Bank deposits are placed with reputed banks / financial institutions. Hence, there is no significant credit risk on such fixed deposits.
Loans and other deposits are mostly placed with group companies and government authorities hence the risk of credit loss is negligible. Loans to group companies are reassessed at every reporting dates. The loans are extended for genuine business activities.
Trade Receivable: The Company trades with recognized and credit worthy third parties. It is the Companyâs policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Companyâs exposure to bad debts is not significant. Also the company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Also credit risk in some of cases are mitigated by letter of credit/Advances from the customer.
The history of trade receivables shows a negligible allowance for bad and doubtful debts.
B. Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and other financial liabilities.
Liquidity risk management
The company manages its liquidity risk by regularly monitoring its rolling cash flow forecasts. The companyâs operations provide a natural liquidity of receivables against payments due to creditors. Borrowings are managed through credit facilities agreed with the Banks, internal accruals and realisation of liquid assets. In the event of cash shortfalls, the company approaches the lenders for a suitable term extension.
C. Interest rate risk
Interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.
The exposure of the Companyâs borrowings to the interest rate risk at the end of the reporting period is mentioned below:
D. Market risk:
Foreign currency risk
The Company is exposed to foreign exchange risk arising from foreign currency receivables and payables. The foreign currency exposures are to USD, Euro.
Foreign currency risk management
Considering the time duration of exposures, the company believes that there will be no significant impact on account of fluctuation in exchange rates.
Financial and Derivative Instrument
The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as at 31st March 2018 are Euro 1.00 Lakhs (As at March 2017 NIL; As at 1.04.2016- P.Y. USD 24.50 Lakhs & EURO 3.00 Lakhs) with INR as cross currency.
E. Price risk management:
The company holds investments in equity for strategic management purposes and classified in the balance sheet at amortised cost. The company evaluates the performance of its investments on a periodic basis. Also, the investments have been placed for a long term objective and any deterioration for a temporary period is not taken into account while evaluating the performance of its investments.
F. Capital risk management:-
For the purpose of Companyâs capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Companyâs capital management is to maximise shareholders value. The Company manages its 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 total borrowing divided by total capital (equity plus net debt). Total borrowing are non-current and current borrowing. Equity comprises all components including other comprehensive income.
2. Investments in subsidiaries, associates and joint ventures:
Bliss GVS Pharma Ltd (âBGPLâ or âCompanyâ) has controlling interest, directly or through subsidiaries, step down subsidiaries in the following entities during the year ended March 31, 2018.
3. Employee Benefits:
Gratuity:
The Company has covered its gratuity liability by a Group Gratuity Plan issued by Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service subject to maximum of Rs. 20 Lakhs (Previous year Rs. 10 Lakhs).
Note:- The Gratuity fund is entirely invested in group gratuity policy with the Life insurance corporation of India. The information on the allocation of the funds into major asset classes and the expected return on each class is not readily available.
Leave encashment Disclosure:
The accumulated balance of leave encashment (unfunded) provided in the books as at March 31, 2018 is Rs. 17.77 Lakhs (Previous Year -Rs. 29.54 Lakhs) determined on the basis of the basic salary for outstanding leaves as on 31.03.2018.
4. Related Party Disclosures:
(a) As per Indian Accounting Standard 24, the disclosure of transactions with the related parties are given below:
Ind AS 24 - Related Party Disclosure
(A) Parties where control exists
Subsidiaries and Step down Subsidiaries
1 Bliss Indasi Lifescience Pvt Ltd (Subsidiary upto 30.06.2017)
2 Bliss Gvs International Pte Ltd
3 Bliss Gvs Clinic Healthcare Pte Ltd
4 Kremoint Pharma Pvt Ltd
5 Bliss Gvs Healthcare Ltd (Step-down Subsidiary upto 15.03.2018)
6 Lifeon Labs Pvt Ltd (Subsidiary upto 30.06.2017)
7 Shree SalesPack Pvt Ltd (Subsidiary upto 30.06.2017)
8 Greenlife Bliss Healthcare Limited
9 Asterisk Lifesciences Ltd
10 Asterisk Lifesciences GH Ltd
11 Eipii Exports Pvt Ltd
12 Eco Rich Cosmetics Pvt Ltd
(Step down Subsidiary acquired on 01.02.2018)
(B) Other related party relationships where transaction have taken place during the year
Enterprises over which key managerial personnel exercise significant influence
1 Lozen Pharma Pvt Ltd
2 Kanji Forex Pvt Ltd
Key Management Personnel
1 Mr. S. N. Kamath -Managing Director
2 Dr. Vibha G. Sharma -Whole Time Director
3 Mrs. Shruti V. Rao -Whole Time Director
4 Ms. Aditi Bhatt- Company secretary(upto19.01.2018)
5 Mrs. Sushama Yadav- Company secretary
6 Mr. Vipul B. Thakkar- Chief Financial Officer
Relatives of Key Management Personnel
1 Mr. Gagan Harsh Sharma-Relative of Director
2 Mr. Arjun Gautam Ashra- Relative of Director
3 Mr. Vishal Vijay Rao- Relative of Director
4 Mrs. Mamta Gautam Ashra- Relative of Director
5.Leases:
The significant leasing arrangements are in respect of godown, warehouses, guest house etc. taken on lease. The arrangements range between 11 months to 5 years and are generally renewable by mutual consent or on mutually agreeable terms. The minimum lease payments under non-cancellable operating leases are summarized below:
6. Earnings per share:
Earnings Per Share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. Numbers used for calculating basic and diluted earning per share are as stated below:
7. Segment Disclosure:
Operating segment are components of the Group whose operating results are regularly reviewed by the Chief Operating Decision Maker [CODM] to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available.
Pharmaceuticals is identified as single operating segment for the purpose of making decision on allocation of resources and assessing its performance.
This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This information has been relied upon by the Auditors.
8. Investment Property:
Investment property comprises of lands at Palghar of Maharashtra and Haveri District of Karnataka and is held for the purpose of capital appreciation & not let out on rent, company carries out periodic valuation of the same.
There is âNilâ rental Income from the Investment property.
Valuation is done during the financial year 17-18 so it is assumed to be consistent till the end of the year and will be done on a yearly basis.
9. Explanation of transition to Ind AS:
These financial statements are the first financial statements of the Company under Ind AS. The date of transition to Ind AS is April 1, 2016. The transition is carried out from Indian GAAP (previous GAAP) to Ind AS, notified under Section 133 of the Companies Act, 2013 [Companies (Indian Accounting Standards) Rules, 2015] and other relevant provisions of the Act. The Company has applied exceptions and exemptions in accordance with Ind AS 101 âFirst-time Adoption of Indian Accounting Standardsâ.
Optional exemptions availed:
1. Investment in subsidiaries, associates and joint ventures:
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its investments in subsidiaries, associates and joint ventures as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition.
Accordingly, the company has elected to measure all of its investments in subsidiaries, associates and joint ventures at their previous GAAP carrying value.
2. Deemed Cost:
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind AS 38 Intangible Assets and investment property covered by Ind AS 40 Investment Properties.
Accordingly, the company has elected to measure all of its property, plant and equipment, intangible assets and investment property at their previous GAAP carrying value.
3. Designation of previously recognised financial instruments :
The Company has classified investment in equity instruments at fair value through other comprehensive income and financial liability of derivative instruments at fair value through profit or loss.
Mandatory exceptions applied:
1. Estimates:
An entityâs estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at 1st April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP except where Ind AS required a different basis for estimates as compared to the previous GAAP
2. De-recognition of financial assets and liabilities:
Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entityâs choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.
The company has applied the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.
3. Classification and measurement of financial assets and liablities:
Ind AS 101 requires an entity to assess classification and measurement of financial assets (investment in debt instruments) and financial liabilities on the basis of the facts and circumstances that exist at the date of transition to Ind AS.
4. Impairment of financial assets :
The Company has applied impairment requirements of Ind AS 109 prospectively to financial instruments the Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Companyâs past history of collections, customerâs credit-worthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.
(A) Proposed dividend including dividend distribution tax:
Under Ind AS, dividend payable and dividend distribution tax is recognised as a liability in the period in which it is declared and approved by the shareholders. Under previous GAAP, dividend payable and dividend distribution tax was recorded as a liability in the period to which it relates. This difference has resulted in increase in equity under Ind AS by Rs. 618.16 Lakhs as at April 01, 2016.
(B) Derivative financial instruments:
Under Ind AS, derivative financial instruments are measured at fair value. Under previous GAAP, in case of forward contracts covered under AS 11, difference between forward rate and spot rate was recognised in profit or loss over the term of contract. This difference has resulted in increase of equity under Ind AS by Rs. 48.30 Lakhs as at April 01, 2016 and decrease in profit by Rs. 48.30 for the year ended March 2017.
(C) Financial Guarantee:
Guarantee in relation to loan to subsidiaries are provided for no compensation the fair value are accounted as contribution and recognised as part of investment and the amount pertaining to the same is classified as non-current financial liability and amortised over loan tenure. . This difference has resulted in increase of equity under Ind AS by Rs. 7.99 Lakhs as at March 31, 2017 (Rs. 7.40 Lakhs as at April 01, 2016) and increase in profit by Rs. 0.59 Lakhs for the year ended March 2017.
(D) Deposits and Advances at amortised cost:
Under Ind AS, long-term deposits are carried at amortised cost. Under previous GAAP, the deposits and advances were carried at their historical cost.
(E) Remeasurement of gratuity recognised in other comprehensive income:
Under Ind AS, the actuarial gains and losses form part of Remeasurement of the net defined benefit liability / asset and are recognised in other comprehensive income. Under previous GAAP, actuarial gains and losses were recognised in statement of profit and loss. There is no impact on the total equity but profit has increased by Rs.13.62 Lakhs for the year ended March 2017 as a result of this adjustment.
(F) Foreign currency translation on long term monetary item:
Under Ind AS, foreign currency fluctuation on long term loan are recognised in profit and loss account. Under previous GAAP foreign currency fluctuation on long term loan are recognised in foreign currency translation reserve on long term monetary item. There is no impact on the total equity but profit has decreased by Rs. 338.26 Lakhs for the year ended March 2017 as a result of this adjustment.
(G) Investment Property:
Under the previous GAAP, certain investment properties were presented as part of property, plant and equipment. Under Ind AS, investment properties are required to be separately presented on the face of the balance sheet. There is no impact on the total equity or profit as a result of this adjustment.
10. During the year the Company has incurred CSR Expenses of Rs. 190.00 Lakhs (Rs.137.65 Lakhs) which represented donations/ contributions to Charitable Trust which are engaged in the CSR activities eligible under section 135 of the Companies Act as specified in Schedule VII.
11. Impairment of financial assets:
Debtors outstanding are classified among regions as debtors of Africa, India and Global excluding Africa for last 5 year on quarterly basis into buckets on the basis of due dates as follows: 0-90 days; 90-180days; 180-365 days;>365days and than proportion of amount in each bucket to total debtors is worked out. Average of entire 5 year of each bucket than two years avg of the 5 year average is calculated. Probability of debtors in each bucket shifting to next bucket is calculated. Average of all the probability of all 5 year is calculated and multiplied to the total debtors of that region. Likewise expected credit loss is worked out for all three regions mentioned above and aggregate of all three is recognised as expected credit loss in profit and loss account.
12. The standalone financial statements were authorised for issue in accordance with resolution passed by the Board of Directors on May 17, 2018.
13. The figures as on the transition date and previous year have been rearranged and regrouped wherever necessary and/or practicable to make them comparable with those of the current year.
Mar 31, 2017
Notes :
1 Includes cash credit of Rs, 669.00 Lakhs (Previous year Rs, 1,848.36 Lakhs) secured by Inventory and books Debts of the Company. It also includes packing credit Limit of Rs, 1,000.00 Lakhs (Previous year Nil) which is also secured by inventory and Books Debts of the Company.
2 Includes Demand loan of Rs, 989.58 Lakhs (Previous year Rs, 707.71 Lakhs) secured against Fixed deposits with Federal bank.
3 Unsecured Loan includes demand loan of Rs, 765.00 lakhs (Previous year Rs, 1,165.00 Lakhs) taken from Director Mrs. Shruti Vishal Rao.
The Company has invested in, given advances and has accrued interest receivable from Bliss GVS International Pte Ltd and Bliss GVS Clinic Healthcare Ltd ("the Singapore subsidiaries") aggregating Rs, 10,596.77 lakhs. These entities have in turn invested in other subsidiaries in Africa ("step down subsidiaries"). Both these subsidiaries have a negative net worth at March 31, 2017 of Rs, 1,989.62 Lakhs on a standalone basis. And on a consolidated basis one of the subsidiaries has a negative net worth of Rs, 29.30 Lakhs. Management believes that the erosion of net worth is temporary in nature and hence does not believe that any provision is required to be made in respect of these investments/loans at March 31, 2017.
Leave encashment Disclosure:-
The accumulated balance of leave encashment (unfunded) provided in the books as at March 31, 2017 is Rs, 19.08 Lakhs (Previous Year - Rs, 11.78 Lakhs) determined on actuarial basis using projected unit credit method.
3. Related Party Disclosures :
As per Accounting Standard 18, the disclosure of transactions with the related parties are given below:-
AS 18 - RELATED PARTY DISCLOSURE
(A) Parties where control exists
Subsidiaries and Step down Subsidiaries
1 Bliss Indasi Lifescience Pvt. Ltd.
2 Bliss GVS International Pte. Ltd.
3 Bliss GVS Clinic Health Care Pte. Ltd.
4 Kremoint Pharma Pvt. Ltd.
5 Bliss GVS Healthcare Ltd.
6 Shree Salespack Pvt. Ltd.
7 Lifeon Labs Pvt. Ltd.
8 Greenlife Bliss Healthcare Limited
9 Asterisk Lifesciences Ltd.
10 Asterisk Lifesciences GH Ltd.
11 Eipii Exports Pvt. Ltd.
(B) Other related party relationships where transactions have taken place during the year
Enterprises over which key managerial personnel exercise significant influence
12 Lozen Pharma Pvt. Ltd.
13 Kanji Forex Pvt. Ltd.
Key Management Personnel
1 Mr. S. N. Kamath -Managing Director
2 Dr. Vibha G. Sharma - Whole Time Director
3 Mrs. Shruti V. Rao - Whole Time Director
4 Ms. Aditi Bhatt - Company Secretary
5 Mr. Vipul B. Thakkar - Chief Financial Officer
Relatives of Key Management Personnel
1 Mr. Gagan Harsh Sharma - Relative of Director
2 Mr. Arjun Gautam Ashra - Relative of Director
3 Mr. Vishal Vijay Rao - Relative of Director
4 Mrs. Mamta Gautam Ashra - Relative of Director
This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This information has been relied upon by the Auditors.
4. During the year the Company has incurred CSR Expenses of Rs, 137.65 Lakhs (Previous Year Rs, 66.90 Lakhs) which represented donations/ contributions to Charitable Trust which are engaged in the CSR activities eligible under section 135 of the Companies Act as specified in Schedule VII.
5. Quantitative Details are given in Annexure - I.
6. Previous year figures are regrouped/rearranged/reclassified wherever necessary to conform with current years classification.
Mar 31, 2016
Notes:
1 Includes cash credit of Rs, 1848.36 lakhs (Previous year Rs, 1980.62 Lakhs) bearing interest @ base rate 1.99% secured by creating 1st pari passu charge on current assets of the Company and second pari passu charge on fixed assets and is repayable on demand.
2 Includes Demand loan of Rs, 701.71 Lakhs (Previous year Rs, 857.00 Lakhs) secured against Fixed deposits with Federal bank.
3 Unsecured Loan includes demand loan of Rs, 1165.00 Lakhs (Previous year - Nil) taken from Director Mrs. Shruti Vishal Rao bearing interest @ 10% p.a.
The Company has invested in and given advances to Bliss GVS International Pte Ltd and Bliss GVS Clinic Healthcare Ltd ("the Singapore subsidiaries") aggregating Rs, 9,648.12 lakhs. These entities have in turn invested in other subsidiaries in Africa ("step down subsidiaires"). All these subsidiaries have a negative net worth at March 31, 2016 of Rs, 1,827.73 lakhs on a consolidated basis. Management believes that the erosion of net worth is temporary in nature and hence does not believe that any provision is required to be made in respect of these investments/loans at March 31, 2016.
4. Investment in subsidiaries and step down subsidiaries:
During the year, the Company has invested in 51.51% shares of M/s Shree Salespack Pvt Ltd which is involved in the manufacturing of packing material. And also our Subsidiary M/s Asterisk Life sciences Limited, in UK has formed its100% subsidiary known as Asterisk Life sciences GH Limited in Ghana.
During the year our Subsidiary in Singapore namely M/s Bliss GVS Clinic Healthcare Pte Ltd has sold its shares held in its Step down Subsidiary M/s Surgimed Pharma Limited"
5. Employee Benefits :
Gratuity:-
The Company has covered its gratuity liability by a Group Gratuity Plan issued by Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service subject to maximum of Rs, 10 lakhs.
Leave encashment Disclosure:-
The accumulated balance of leave encashment (unfunded) provided in the books as at March 31, 2016 is Rs, 11.78 Lakhs (Previous Year - Nil) determined on actuarial basis using projected unit credit method.
6. Related Party Disclosures :
As per Accounting Standard 18, the disclosure of transactions with the related parties are given below:-
(A) Parties where control exists Subsidiaries and Step down Subsidiaries
1 Bliss Indasi Life science Pvt Ltd
2 Bliss GVS International Pte Ltd
3 Bliss GVS Clinics Health Care Pte Ltd
4 Kremoint Pharma Pvt Ltd
5 Bliss GVS Healthcare Ltd
6 Surgimed Pharma Limited
7 Lifeon Labs Pvt Ltd
8 Greenlife Bliss Healthcare Limited
9 Asterisk Life sciences Ltd
10 Asterisk Life sciences GH Ltd
11 Eipii Exports Pvt Ltd
12 Shree Salespack Pvt Ltd
(B) Other related party relationships where transactions have taken place during the year Enterprises over which key managerial personnel exercise significant influence
1 Lozen Pharma Pvt Ltd
2 Kanji Forex Pvt Ltd
Key Management Personnel
1 Mr. S. N. Kamath -Managing Director
2 Dr. Vibha G. Sharma -Whole Time Director
3 Mrs. Shruti V. Rao -Whole Time Director
4 Ms. Aditi Bhatt- Company Secretary
5 Mr. Vipul B. Thakkar- Chief Financial Officer
7. Financial & Derivative Instruments:
The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on March 31, 2016 were to the tune of USD 24.50 lakhs (P.Y. USD 24.50 lakhs) & EURO 3.00 lakhs (P.Y. EURO 2.00 lakhs) with INR as cross currency.
8. Segment Disclosure:
The Company operations constitute a single reportable business segment i.e. Pharmaceuticals.
9. Research & Development:
Disclosure of Revenue and Capital Expenditure incurred at R&D Center recognized by DSIR
This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This information has been relied upon by the Auditors.
10. CSR Expenses:
During the year the Company has incurred CSR Expenses of Rs. 66.90 lakhs which represented donations/ contributions to Charitable Trust which are engaged in the CSR activities eligible under section 135 of the Companies Act as specified in Schedule VII.
11. Quantitative Details are given in Annexure - I.
12. Previous year figures are regrouped/rearranged/reclassified wherever necessary to Conform with current years classification.
Mar 31, 2015
1. The rights, preferences and restrictions attaching to each class of
shares including restrictions on the distribution of dividends and the
repayment of capital
The Company has only one class of Equity Shares having a par value of
Rs. 1/- per share. Each Shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting,
except in case of interim dividend. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive any
of the remaining assets of the Company, in proportion to the number of
equity shares held by them. The Board of Directors in their meeting
held on 29th May 2015 proposed a dividend of Rs. 0.50/- per share. (
Previous Year- Rs. 0.50/- per share)
There are no shares reserved for issue under options and contracts/
arrangements/ commitments.
2. Contingent Liabilities:
(Rs. in Lacs)
Sr. No Particulars As At As At
31.03.2015 31.03.2014
a. Estimated amount of contract remaining
to be executed on capital account and
not provided for. 149.47 337.56
b. Bank Guarantees issued to Excise
Department. 36.72 14.31
Bank Guarantees issued to Sales Tax
Department 580.00 400.00
Bank Guarantees issued for tenders 0.58 Nil
c. Corporate Guarantee given to Bank for
loan taken by Subsidiary 3217.15 4000.52
3.Employee Benefits:
Retirement benefits to employees include gratuity, a defined benefit.
Gratuity is payable as per the applicable law subject to maximum of Rs.
10 lacs/-. The liability is funded by a Group Gratuity Plan of the Life
Insurance Corporation of India.
4. Related Party Disclosures
Disclosures as required by the Accounting Standard - 18 on ''Related
Parties Disclosures'' issued by the Institute of Chartered Accountants
of India are as follows: "
a. List of Related Parties
Subsidiaries and Step down Subsidiaries
1 Bliss Indasi Lifescience Pvt Ltd
2 Bliss Gvs International Pte Ltd
3 Bliss Gvs Clinics Health Care Pte Ltd
4 Kremoint Pharma Pvt Ltd
5 Bliss Gvs Healthcare Ltd
6 Surgimed Pharma Limited
7 Lifeon Labs Pvt Ltd
8 Greenlife Bliss Healthcare Limited
9 Asterisk Lifesciences Ltd
Key Management Personnel
1 Mr. S. N. Kamath Managing Director
2 Dr. Vibha N. Kamath Whole Time Director
3 Ms. Shruti N. Kamath Whole Time Director
4 Mr. Gagan Harsh Sharma Relative of Director
5 Mr. Arjun Ashra Relative of Director
6. Ms. Sushama Yadav Company Secretary
Companies in which key management personnel have significant interest.
5. Kanji Forex Pvt. Ltd.
b Transactions during the year and balances outstanding as on March
31,2015 with related Parties were as follows
6. Earnings per share:
Earnings Per Share is calculated by dividing the profit attributable to
the equity shareholders by the average number of equity shares
7. Financial & Derivative Instruments:
The Company has entered into Forward Exchange Contracts (being a
derivative instrument), which are not intended for trading or
speculative purpose, but are for hedge purpose, to establish the amount
of reporting currency required or available at the settlement date of
certain receivables. The sell contracts outstanding as on 31st March
2014 were to the tune of USD 24.50 lacs (PY. USD 58.00 lacs) & EURO
2.00 lacs (PY. EURO 2.75 lacs) with INR as cross currency.
8. During the year the Company has incurred CSR Expenses of Rs. 36.23
Lacs which represented donations/ contributions to Charitable Trusts
which are engaged in the CSR activities eligible under section 135 of
the Companies Act as specified in Schedule VII.
9. Quantitative Details are given in Annexure -
10. Previous year figures are regrouped/rearranged/reclassified
wherever necessary to Conform with current years classification.
Mar 31, 2014
1. Contingent Liabilities: (In Lacs)
Sr.
No Particulars Mar - 14 Mar - 13
a. Estimated amount of contract
remaining to be executed on
capital account and 337.56 Nil
not provided for.
b. Bank Guarantees issued to
Excise Department. 14.31 30.42
Bank Guarantees issued to
Sales Tax Department 400.00 Nil
c. Disputed Income Tax Demand Nil 183.69
d. Corporate Guarantees given to
Banks for loan taken by
Subsidiaries
4000.52 4072.76
2. Investment in subsidiaries:
During the year, the Company has subscribed to 51% equity shares of
Lifeon Labs Private Limited (Lifeon), a Company incorporated for the
purpose of manufacture of pharmaceutical formulations and thereby,
Lifeon became a subsidiary of the Company.
3. Employee Benefits:
Company has covered its gratuity liability by a Group Gratuity Plan
issued by Insurance Company. Under the plan, employee at retirement is
eligible for benefit which will be equal to 15 days salary for each
completed year of service subject to maximum of Rs.10 lacs.
Expenses recognised in the Statement of Profit and Loss for the year
ended 31st March 2014 as determined on the basis of actuarial
valuation.
4. Related Party Disclosures:
Disclosures as required by the Accounting Standard - 18 on ''Related
Parties Disclosures'' issued by the Institute of Chartered Accountants
of India are as follows:
AS 18 - RELATED PARTY DISCLOSURE a. List of Related Parties
Subsidiaries and Step down Subsidiaries
1 Bliss Indasi Lifescience Pvt Ltd
2 Bliss Gvs International Pte ltd
3 Bliss Gvs Clinic Health Care Pte Ltd
4 Kremoint Pharma Pvt ltd
5 Bliss Gvs Healthcare Ltd
6 Surgimed Pharma Limited
7 Lifeon Labs Pvt Ltd
8 Greenlife Bliss Healthcare Limited
Key Management Personnel and their relatives
1 Mr. S. N. Kamath Managing Director
2 Mr. Gautam R. Ashra Director
3 Dr. Vibha N. Kamath Whole Time Director
4 Ms. Shruti N. Kamath Whole Time Director
5 Mr. Gagan Harsh Sharma Relative of Director
6 Arjun Ashra Relative of Director
Companies in which Key Management Personnel significant influence 1 Kanji
Forex Pvt Ltd
5. Financial & Derivative Instruments:
The Company has entered into Forward Exchange Contracts (being a
derivative instrument), which are not intended for trading or
speculative purpose, but are for hedge purpose, to establish the amount
of reporting currency required or available at the settlement date of
certain receivables. The sell contracts outstanding as on 31st March
2014 were to the tune of USD 58.00 lacs (P.Y. USD 107.00 lacs) & EURO
2.75 lacs (P.Y. EURO 3.00 lacs) with INR as cross currency.
6. Note on Segment Disclosure:
The Company operates primarily in the pharmaceutical business hence has
only single reportable business segment. Further, in the opinion of the
management, there is no reportable geographical segment.
7. Note of Research & Development:
Disclosure of Revenue & Capital Expenditure incurred at R&D Centers
recognized by DSIR
There are no micro and small enterprises to which the Company owes
dues, which are outstanding for more than 45 days as at 31st March,
2014. This information as required under the Micro, Small and Medium
Enterprises Development Act, 2006 has been determined to the extent
such parties have been identified on the basis of information available
with the Company.
8. Quantitative Details are given in Annexure
9. Previous year figures are regrouped/rearranged/reclassified wherever
necessary to conform with current years classification.
Mar 31, 2013
1. Contingent Liabilities:
(Rs. in Lacs)
Sr.
No Particulars As At 31.03.2013 As At 31.03.2012
a. Estimated amount of contract
remaining to be executed Nil 1500.00
on capital account and not
provided for.
b. Bank Guarantees issued to
Excise Department. 30.42 29.21
c. Disputed Income Tax Demand 183.69 183.69
d. Corporate Guarantee given to
Bank for loan taken by 4072.76 3408.29
Subsidiary
2. Investment in subsidiaries:
a) During the year, the company has acquired 70% shares of Kremoint
Pharma Private Limited (Kremoint), a company engaged in manufacture of
pharmaceuticals for a consideration of Rs. 18.03 crores and thereby,
Kremoint became a subsidiary of the Company.
During the year, the company has formed wholly owned subsidiary company
namely Bliss GVS Clinic Healthcare Pte Limited in Singapore. The said
subsidiary has in turn acquired 51% stake in GVS Healthcare Clinics
Limited and Surgimed Pharma Limited, stepdown subsidiaries incorporated
in Kenya.
b) Share Application Money paid to Bliss GVS International Pte Ltd
amounting to Rs. 860.19 lacs was shown as part of investment in
Financial Year 2011-12. In the current year it was converted into long
term advance j and accordingly previous year figures are reclassified.
3. Employee Benefits:
Company has covered its gratuity liability by a Group Gratuity Plan
issued by an Insurance Company. Under the plan, employee at retirement
is eligible for benefit which will be equal to 15 days salary for each
completed year of service subject to maximum of Rs. 10.00 lacs.
4. Related Party Disclosures
Disclosures as required by the Accounting Standard - 18 on ''Related
Parties Disclosures'' issued by the Institute of Chartered Accountants
of India are as follows: "
AS 5 - RELATED PARTY DISCLOSURE
a. List of Related Parties
Associate Companies/ Entities
1 Kanji Pitamber Forex Pvt Ltd.
2 Kanji Forex Pvt. Ltd.
3 Kanji Pitamber & Co.
4 Genteel Trading Co. Pvt.Ltd.
5 Monochrome Investment Pvt.Ltd.
6 Ace Investments Service (I) Ltd.
7 Prachi Graphics
8 D E Pavri
9 Florotek Bio Systems
10 Sathyashree Constructions
11 Ashtavinayak Enterprises
12 Patel Power Pvt. Ltd.
13 Sitaram Pai Memorial Trust
14 Bliss Indasi Lifescience Pvt Ltd
15 Bliss Gvs International Pte ltd
16 Bliss Gvs Clinics Health Care Pte Ltd
17 Kremoint Pharma Pvt ltd
18 Gvs Health Care Clinics Limited
19 Surgimed Pharma Limited
20 GNR Enterprises
Key management Personnel and Relatives
1 Mr. Shibroor N. Kamath Managing Director
2 Mr. Gautam R. Ashra Director
3 Dr. Vibha N. Kamath Whole Time Director
4 Ms. Shruti N. Kamath Whole Time Director
5 Mrs. Mamta G. Ashra Relative of Director
6 Mrs. Prabhavati R. Ashra Relative of Director
7 Ms. Antra G. Ashra Relative of Director
8 Mr. Gagan Harsh Sharma Relative of Director
6. Earnings per share:
Earning Per Share is calculated by dividing the profit attributable to
the equity shareholders by the average number of equity shares
outstanding during the year. Numbers used for calculating basic and
diluted earning per share are as stated below:
7. Financial & Derivative Instruments:
The Company has entered into Forward Exchange Contracts (being a
derivative instrument), which are not intended for trading or
speculative purpose, but are for hedge purpose, to establish the amount
of reporting currency required or available at the settlement date of
certain receivables. The sell contracts outstanding as on 31st March
2013 were to the tune of USD 107.00 lacs (P.Y. USD 189.00 lacs) & EURO
3.00 lacs (P.Y. EURO 33.50 lacs) with INR as cross currency.
The foreign currency exposure, which is not hedged as at the end of the
year, is:
8. Note on Segment Disclosure:
The Company operates primarily in the pharmaceutical business hence has
only single reportable business segment. Further, in the opinion of the
management, there is no reportable geographical segment.
There are no micro and small enterprises to which the Company owes
dues, which are outstanding for more than 45 days as at 31st March,
2013. This information as required under the Micro, Small and Medium
Enterprises Development Act, 2006 has been determined to the extent
such parties have been identified on the basis of information available
with the Company. This information has been relied upon by the Auditors
9. Quantitative Details are given in Annexure -
10. Previous figures are regrouped / rearranged / reclassified verever
necessary.
Mar 31, 2012
1. Contingent Liabilities: (Rs. in Lacs)
No. Particulars As At As At
31.03.2012 31.03.2011
a. Estimated amount of contract
remaining to be executed on
capital account 1500.00 1000.00
and not provided for
b. Contingent Liability not
provided for Bank Guarantees
issued to 29.21 29.21
Excise Department.
c. Disputed Income Tax Demand 183.69 183.69
d Guarantee given to a Bank for
loan taken by subsidiary 3408.09 -
2. Employee Benefits
Company has covered its gratuity liability by a Group Gratuity Plan
issued by an Insurance Company. Under the plan, employee at retirement
is eligible for benefit which will be equal to 15 days salary for each
completed year of service subject to maximum ofRs10.00 lacs.
Expenses recognised in the Profit and Loss Account for the year ended
31st March 2011 as determined on the basis of actuarial valuation.
3. Related Party Disclosures
Disclosures as required by the Accounting Standard - 18 on 'Related
Parties Disclosures' issued by the Institute of Chartered Accountants
of India are as follows:
AS 18 - RELATED PARTY DISCLOSURE a. List of Related Parties
Associate Companies/ Entities
1 Kanji Pitamber Forex Pvt Ltd.
2 Kanji Forex Pvt. Ltd.
3 Kanji Pitamber & Co.
4 Genteel Trading Co. Pvt.Ltd.
5 Monochrome Investment Pvt.Ltd.
6 Ace Investments Service (I) Ltd.
7 Prachi Graphics
8 D E Pavri
9 Florotek Bio Systems
10 Sathyashree Constructions
11 Ashtavinayak Enterprises
12 Patel Power Pvt. Ltd.
13 Sitaram Pai Memorial Trust
14. Bliss Indasi Lifescience Pvt. Ltd.
15 Bliss GVS International Pte Ltd.
16. GNR Enterprises
There are no micro and small enterprises to which the Company owes
dues, which are outstanding for more than 45 days as at 31st March,
2012.This information as required under the Micro, Small and Medium
Enterprises Development Act, 2006 has been determined to the extent
such parties have been identified on the basis of information available
with the Company. This information has been relied upon by the Auditor.
4. During the year, the Company has subscribed 5,100 Equity Shares of
Rs10 each amounting to Rs51,000/- of M/s. Bliss Indasi Life Sciences Pvt.
Ltd and accordingly it became the subsidiary of the Company. Advance of
Rs170 lacs which was shown as advance for investment in last year has
been converted into long-term loan. During the year, additional loan
ofRs109.49 lacs is given.
5. The Revised Schedule VI has become effective from 1 April, 2011
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
6. Quantitative Details as annexed in Annexure.
Mar 31, 2011
1. Contingent Liabilities:
(Rs. In Lacs)
As At As At
No Particulars 31.03.2011 31.03.2010
a. Estimated amount of contract
remaining to be executed on capital
account and not provided for 1000.00 1500.00
b. Contingent Liability not provided
for Bank Guarantees issued to
Excise Department. 29.21 38.55
c. Disputed Income Tax Demmand 183.69 183.69
2. Employee Benefits
Company has covered its gratuity liability by a Group Gratuity Plan
issued by an Insurance Company. Under the plan, employee at retirement
is eligible for benefit which will be equal to 15 days salary for each
completed year of service subject to maximum of Rs.10.00 lacs.
Expenses recognised in the Profit and Loss Account for the year ended
31st March 2011 as determined on the basis of actuarial valuation.
3. Taxation:-
Deferred tax:
The deferred tax during the year for timing difference is accounted
using tax rates that have been enacted or substantially enacted; the
net difference arising thereon is debited to Profit and Loss Account.
4. Related Party Disclosures
Related Party Disclosures Disclosures as required by the Accounting
Standard - 18 on Related Parties Disclosures issued by the Institute
of Chartered Accountants of India are as follows:
AS 18 - RELATED PARTY DISCLOSURE
a. List of Related Parties
Associate Companies Entities
1 Kanji Pitamber Forex Pvt Ltd.
2 Kanji Forex Pvt. Ltd.
3 Kanji Pitamber & Co.
4 Genteel Trading Co. Pvt.Ltd.
5 Monochrome Investment Pvt.Ltd.
6 Ace Investments Service (I) Ltd.
7 Prachi Graphics
8 D E Pavri
9 Florotek Bio Systems
10 Sathyashree Constructions
11 Ashtavinayak Enterprises
12 Patel Power Pvt. Ltd.
Key Management Personnel and Relatives
1 Mr. Govind.G.Desai Chairman
2 Mr. Shibroor N. Kamath Managing Director
3 Mr. Gautam R. Ashra Director
4 Mr. Mahendra N. Thakkar Director
5 Mr. Yogendra N. Thakkar Director
6 Mr. Satej M. Katekar Director
7 Dr. Vibha N. Kamath Whole Time Director
8 Ms. Shruti N. Kamath Whole Time Director
9 Mrs. Mamta G. Ashra Relative of Director
10 Mr. Gagan Harsh Sharma Relative of Director
5. Financial & Derivative Instruments:
The Company has entered into Forward Exchange Contracts (being a
derivative instrument), which are not intended for trading or
speculative purpose, but are for hedge purpose, to establish the amount
of reporting currency required or available at the settlement date of
certain receivables. The sell contracts outstanding as on 31st March
2011 were to the tune of USD 1,23,62,449 (P.Y. USD 19,00,000)& EURO
65,000 (P.Y. EURO 3,75,000) with INR as cross currency.
6. Note on Segment Disclosure
The Company operates primarily in the pharmaceutical business hence has
only single reportable business segment. Further, in the opinion of the
management, there is no reportable geographical segment.
7. During the year Company has paid an advance of Rs.170.00 lacs
towards the Joint Venture in M/s. Bliss Indasi Life Sciences Pvt. Ltd.
however, no shares have been issued as of 31st March, 2011
8. Previous year figures have been regrouped, reclassified and
rearranged wherever necessary.
Mar 31, 2010
1. Contingent Liabilities:(Rs. In Lacs)
As At As At
No Particulars 31.03.2010 31.03.2009
a. Estimated amount of contract remaining
to be executed on capital account and
not provided for 1500.00 1500.00
b. Contingent Liability not provided for
Bank Guarantees issued to Excise
Department. 38.55 39.53
c. Disputed Income Tax Demand 183.69 Nil
2. Employee Benefits
Company has covered its gratuity liability by a Group Gratuity Plan
issued by a Insurance Company. Under the plan, employee at retirement
is eligible for benefit which will be equal to 15 days salary for each
completed year of service.
Expenses recognized in the Profit and Loss Account for the year ended
31st March 2010 as determined on the basis of actuarial valuation.
3. Taxation:-
Deferred tax:
The deferred tax during the year for timing difference is accounted
using tax rates that have been enacted or substantially enacted, the
net difference arising thereon is debited to Profit and Loss Account.
4. Related Party Disclosures
Disclosures as required by the Accounting Standard -18 on Related
Parties Disclosures issued by the Institute of Chartered Accountants
of India are as follows:"
AS 18 - RELATED PARTY DISCLOSURE
a. List of Related Parties
Associate Companies Entities
1 Kanji Pitamber Forex Pvt. Ltd.
2 Kanji Forex Pvt Ltd.
3 Genteel Trading Co. Pvt. Ltd.
4 Monochrome Investment Pvt. Ltd.
5 TVS Infrastructure Ltd.
6 Goodwill Cultivator Pvt. Ltd.
7 Bajaj Hindustan Sugar & Industries Ltd.
8 Bombay Gymkhana Ltd.
9 Florotek Bio Systems
10 Sathyashree Constructions
11 Ashtavinayak Enterprises
12 Patel Power Pvt. Ltd.
Key Management Personnel and Relatives
1 Mr.Govind.G.Desai Chairman
2 Mr.Shibroor N. Kamath Managing Director
3 Mr.Gautam R. Ashra Director
4 Mr.Mahendra N. Thakkar Director
5 Mr.Satej M. Katekar Director
6 Dr.Vibha N. Kamath Whole Time Director
7 Ms.Shruti N. Kamath Whole Time Director
8 Mrs.Mamta G. Ashra Relative of Director
5. Financial & Derivative Instruments:
The Company has entered into Forward Exchange Contracts (being a
derivative instrument), which are not intended for trading or
speculative purpose, but are for hedge purpose, to establish the amount
of reporting currency required or available at the settlement date of
certain receivables. The sell contracts outstanding as on 31st March
2010 were to the tune of USD 19,00,000 (P.Y. USD 49,00,000) & EURO
3,75,000 (P.Y. EURO Nil) with INR as cross currency.
6. Note on Segment Disclosure
The Company operates primarily in the pharmaceutical business hence has
only single reportable business segment. Further, in the opinion of the
management, there is no reportable geographical segment.
7. Previous year figures have been regrouped, reclassified and
rearranged wherever necessary.