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Notes to Accounts of Divi's Laboratories Ltd.

Mar 31, 2015

I. OTHER EXPLANATORY INFORMATION

1. CORPORATE INFORMATION :

Divi's Laboratories Limited (the Company or Divi's) is a manufacturer of Active Pharmaceutical Ingredients and Intermediates having headquarters at Hyderabad, India. The major portion of its turnover is on account of export of its products to European and American countries. The Company's main manufacturing and research and development facilities are located in the States of Andhra Pradesh and Telangana, India. The Equity Shares of the Company are listed in The Bombay Stock Exchange Limited, Mumbai and The National Stock Exchange, Mumbai.

2. Previous year figures have been regrouped/ recast/ rearranged wherever necessary to conform to current year classification.

3. CHANGE IN ACCOUNTING ESTIMATES :

As per the requirements of the Companies Act, 2013 ("the Act") effective from 1st April, 2014, the useful lives of fixed assets of the Company have been revised to the useful lives specified in Part-C of Schedule II of the Act. Consequently, depreciation for the year is higher by Rs.1564 lakhs and depreciation of Rs. 1583.67 Lakhs on account of assets whose useful life is already exhausted as on 1st April, 2014 has been charged off to Statement of Profit and Loss.

4. CONTINGENT LIABILITIES AND COMMITMENTS :

(Rs. in Lakhs) Particulars 2014-15 2013-14

A. CONTINGENT LIABILITIES

(i) On account of Letter of Credit and Guarantees issued by the bankers. 7493.16 5435.30

(ii) Claims against the Company not acknowledged as debts in respect of : Central Excise 400.82 354.66

Customs 154.47 32.91

Service Tax 69.96 57.09

Income Tax 172.25 2200.32

Sales Tax 10.30 -

Note : It is not practicable for the company to estimate the timings of cash flows, if any, in respect of the above pending resolution of the respective proceedings.

B. COMMITMENTS

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) 2862.36 2056.62

(ii) On account of bonds and / or legal agreements executed with Central Excise/

Customs authorities/ Development Commissioners 11950.00 11950.00

5. In the opinion of Board, assets other than Fixed Assets and non-current investments have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated and provision for all known liabilities have been made.

6. Excise duty on sales for the year has been disclosed as reduction from turnover. Excise duty relating to the difference between closing stock and opening stock has been included in Note No. 24 " Change in Inventory of Finished Goods, Stock-in-Trade and Work-in-Progress".

7. DERIVATIVE INSTRUMENTS :

The details of net foreign currency exposures that are not hedged by any derivative instruments or otherwise are as under :

8. DUES OF MICRO AND SMALL ENTERPRISES :

The information as required to be disclosed under Schedule III of the Act, w.r.t. Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006(Act) is as given below and the information mentioned at Note No. 7- Trade Payables w.r.t. dues of Micro and Small Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors :

9. ADVANCES TO SUBSIDIARIES :

a. The Company had undertaken to provide financial assistance to its wholly owned subsidiaries Viz., Divi's Laboratories (USA) Inc., and Divi's Laboratories Europe AG by way of Interest free loans with no specific repayment schedule before 1.04.2014. In respect of loan to Divi's Laboratories Europe AG, the same is subordinated to other creditors to the extent of CHF 50.00 Lakhs equivalent to Rs.3231.25 Lakhs (Previous year CHF 45.00 Lakhs equivalent to Rs. 3046.05 Lakhs.)

b. Information pursuant to Clause 32 of Listing Agreement with Stock Exchanges w.r.t. Loans and Advances in the nature of interest free loans to wholly owned Subsidiaries is as given below :

c. In respect of above loans to subsidiaries, Management is confident to achieve profitability and continued development of current and new sales bases and the introduction of new profitable products in its current markets. Based on improved market at subsidiaries, the management is confident to achieve good progress on turnover and profitability of these subsidiaries. As per the projections/ cash in-flows submitted by the wholly owned subsidiaries, the accumulated losses will be recovered in future. The advances will be repaid by the subsidiaries in near future. In view of the above, no provision for decline in value of investment /advances has been made in accounts for the year ended 31.03.2015.

III Defined Benefit Plans :

LEAVE ENCASHMENT (UNFUNDED) :

The present value of obligation in respect of Provision for Payment of Leave encashment is determined, based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation, recognised and charged off

The estimates of rate of escalation in salary considered in actuarial valuation, is determined after taking in to account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

10. SEGMENT REPORTING :

Segments are identified in line with AS 17 "Segment Reporting", taking into consideration the internal organisation and management structure as well as the differential risk and returns of the segment.

a. Identification of reportable segments :

(i) Business Segments :

The company is engaged in manufacturing and sale of Active Pharma Ingredients and Intermediates which is considered the Primary reportable business segment.

(ii) Geographical Segments :

Revenue is segregated into two segments namely India (Sales to customers with in India) and other countries (Sales to customers outside India) on the basis of geographical location of customers for the purpose of reporting geographical segments.

b. In accordance with Accounting Standard 17 - Segment Reporting, segment information has been provided in the Consolidated Financial Statements of the Company and therefore no separate disclosure on segment information is given in these standalone financial statements.

11. DISCLOSURE OF RELATED PARTIES/RELATED PARTY TRANSACTIONS PURSUANT TO ACCOUNTING STANDARD (AS) 18 "RELATED PARTY DISCLOSURES" :

(i) Names of Key Management Personnel with whom transactions were carried out during the year :

1. Dr. Murali. K. Divi 3. Mr. D. Madhusudana Rao

2. Mr. N.V. Ramana 4. Mr. Kiran S. Divi

(ii) Names of Relatives of Key Management Personnel with whom transactions were carried out during the year :

1. Mrs. D. Swarna Latha 8. Mrs. A. Shanti Chandra

2. Mrs. M. Nilima 9. Mrs. N. Nirmala Kumari

3. Mr. D. Babu Rajendra Prasad 10. Mrs. N. Chandrika Ramana

4. Mr. D. Radha Krishna Rao 11. Mr. N.V.Anirudh

5. Mr.D. Sri Ramachandra Rao 12. Miss. N. Monisha

6. Mrs. D. Raja Kumari 13. Mr. N. Prashanth

7. Mr. D. Satyasayee Babu 14. Mrs. L. Vijaya Lakshmi

(iii) List of Related Parties over which Control exists and status of transactions entered during the year :

12. LEASES :

The Company has operating lease for office premise, which is renewable on a periodical basis and cancellable at its option. Rental expenses for operating lease recognised in Statement of Profit and Loss for the year is Rs.73.49 Lakhs (Previous Year Rs. 65.53 Lakhs).The future minimum lease payments are as given below : (Rs in iakhs)


Mar 31, 2014

1. CORPORATE INFORMATION :

Divi''s Laboratories Limited (the Company or Divi''s) is a manufacturer of Active Pharmaceutical Ingredients and Intermediates having headquarters at Hyderabad, India. The major portion of its turnover is on account of export of its products to European and American countries. The Company''s main manufacturing and research and development facilities are located in the State of Andhra Pradesh, India. The Equity Shares of the Company are listed in The Bombay Stock Exchange Limited, Mumbai and The National Stock Exchange, Mumbai.

2. Previous year figures have been regrouped/ recast/ rearranged wherever necessary to conform to current year classification.

3. CONTINGENT LIABILITIES AND COMMITMENTS :

(Rs. in Lakhs)

Particulars 2013-14 2012-13

A. CONTINGENT LIABILITIES

(i) On account of Letter of Credit and Guarantees issued by the bankers 5435.30 3878.06

(ii) Demands being disputed / contested by the Company 2644.98 2681.39

B. COMMITMENTS

(i) Estimated amount of contracts remaining to be executed on

capital account and not provided for (Net of advances) 2056.62 3663.91

(ii) On account of bonds and / or legal agreements executed with Central

Excise/ Customs authorities/ Development Commissioners 11950.00 11950.00

4. In the opinion of Board, assets other than Fixed Assets and non-current investments have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated and provision for all known liabilities have been made.

5. Excise duty on sales for the year has been disclosed as reduction from turnover. Excise duty relating to the difference between closing stock and opening stock has been included in Note No. 24 " Change in Inventory of Finished Goods, Stock-in-Trade and Work-in-Progress".

7. DUES OF MICRO AND SMALL ENTERPRISES :

The information as required to be disclosed under Schedule VI of the Companies Act, 1956 w.r.t. Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006(Act) is as given below and the information mentioned at Note No. 7 - Trade Payables w.r.t. dues of Micro and Small Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors :

8. ADVANCES TO SUBSIDIARIES :

a. The Company has undertaken to provide financial assistance to its wholly owned subsidiaries Viz., Divis Laboratories (USA) Inc., and Divi''s Laboratories Europe AG by way of loans with no specific repayment schedule. In respect of loan to Divi''s Laboratories Europe AG, the same is subordinated to other creditors to the extent of CHF 45.00 lakhs equivalent to Rs.3046.05 lakhs (Previous year CHF 45.00 lakhs equivalent to Rs. 2569.95 Lakhs.)

b. Information pursuant to Clause 32 of Listing Agreement with Stock Exchanges w.r.t. Loans and Advances in the nature of interest free loans to wholly owned Subsidiaries is as given below :

c. In respect of above loans to subsidiaries, Management is confident to achieve profitability and continued development of current and new sales bases and the introduction of new profitable products in its current markets. Based on improved market at subsidiaries, the management is confident to achieve good progress on turnover and profitability of these subsidiaries. As per the projections/ cash in-flows submitted by the wholly owned subsidiaries, the accumulated losses will be recovered in future. The advances will be repaid by the subsidiaries in near future. In view of the above, no provision for decline in value of investment / advances has been made in accounts for the year ended 31.03.2014 as the decline is temporary in nature.

III.Defined Benefit Plans :

LEAVE ENCASHMENT (UNFUNDED) :

The present value of obligation in respect of Provision for Payment of Leave encashment is determined, based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation, recognised and charged off during the year are as under :

The estimates of rate of escalation in salary considered in actuarial valuation, is determined after taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

11. SEGMENT REPORTING :

Segments are identified in line with AS 17 "Segment Reporting", taking into consideration the internal organisation and management structure as well as the differential risk and returns of the segment.

a. Identification of reportable segments :

(i) Business Segments :

The company is engaged in manufacturing and sale of Active Pharma Ingredients and Intermediates which is considered the Primary reportable business segment.

(ii) Geographical Segments :

Revenue is segregated into two segments namely India (Sales to customers with in India) and other countries (Sales to customers outside India) on the basis of geographical location of customers for the purpose of reporting geographical segments.

b. In accordance with Accounting Standard 17 - Segment Reporting, segment information has been provided in the Consolidated Financial Statements of the Company and therefore no separate disclosure on segment information is given in these standalone financial statements.

12. DISCLOSURE OF RELATED PARTIES/RELATED PARTY TRANSACTIONS PURSUANT TO ACCOUNTING STANDARD (AS) 18 "RELATED PARTY DISCLOSURES":

(i) Names of Key Management Personnel with whom transactions were carried out during the year :

1. Dr. Murali. K. Divi

2. Mr. N.V. Ramana

3. Mr. D. Madhusudana Rao

4. Mr. Kiran S. Divi

(ii) Names of Relatives of Key Management Personnel with whom transactions were carried out during the year :

1. Mrs. D. Swarna Latha

2. Mrs. M. Nilima

3. Mr. D. Babu Rajendra Prasad

4. Mr. D. Radha Krishna Rao

5. Mrs. D. Raja Kumari

6. Mr. D. Satyasayee Babu

7. Mrs. A. Shanti Chandra

8. Mrs. N. Nirmala Kumari

9. Mrs. N. Chandrika Ramana

10. Mr. N.V.Anirudh

11. Miss. N. Monisha

12. Mr. N. Prashanth

13. Mrs. L. Vijaya Lakshmi

25. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively 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 Company has satisfied the conditions stipulated in the circular and hence is entitled to exemption. Necessary information relating to the subsidiaries has been included in Consolidated Financial Statements.


Mar 31, 2013

1. CORPORATE INFORMATION :

Divi''s Laboratories Limited (the Company or Divi''s) is a manufacturer of Active Pharmaceutical Ingredients and Intermediates having headquarters at Hyderabad, India. The major portion of its turnover is on account of export of its products to European and American countries. The Company''s main manufacturing and research and development facilities are located in the State of Andhra Pradesh, India. The Equity Shares of the Company are listed in The Bombay Stock Exchange Limited, Mumbai and The National Stock Exchange, Mumbai.

2. Previous year figures have been regrouped/ recast/ rearranged wherever necessary to conform to current year classification.

3. CONTINGENT LIABILITIES AND COMMITMENTS :

(Rs. in Lakhs)

Particulars 2012-13 2011-12

A. CONTINGENT LIABILITIES

(i) On account of Letter of Credit and Guarantees issued by the bankers. 3878.06 4721.40

(ii) Demands being disputed / contested by the Company 2681.39 621.20

B. COMMITMENTS

(i) Estimated amount of contracts remaining to be executed on capital 3663.91 9553.05 account and not provided for (Net of advances)

(ii) On account of bonds and / or legal agreements executed with 11950.00 11950.00 Central Excise/ Customs authorities/ Development Commissioners

(iii) Derivative related commitments - 3069.39

4. In the opinion of Board, assets other than Fixed Assets and non-current investments have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated and provision for all known liabilities have been made.

5. Excise duty on sales for the year has been disclosed as reduction from turnover. Excise duty relating to the difference between closing stock and opening stock has been included in Note No. 26 " Change in Inventory of Finished Goods, Stock- in-Trade and Work-in-Progress".

6. EMPLOYEE STOCK OPTION SCHEME :

In respect of Options granted to employees during the year 2005-06 under the Employees Stock Option Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the accounting value of Options, determined based on market price of the share on the day of the grant of the Option, is accounted as Deferred Employee Compensation Costs and the same is being amortised on straight line basis over the vesting period (2006-07 to 2009-10) of Stock Options.

7. DERIVATIVE INSTRUMENTS :

a. The Company uses foreign exchange forward contracts and options to hedge its foreign currency exposures relating to the underlying transactions and firm commitments, to reduce the foreign exchange fluctuation risk or cost to the Company. The Company does not use these derivative instruments for trading and speculative purposes.

d. The losses on account of Exchange difference on Foreign Currency Forward Contracts and Options have been fully provided for in the books of accounts and the outstanding provision for loss at the year end is Rs. Nil (Previous year Rs. 707.41 Lakhs).

8. DUES OF MICRO AND SMALL ENTERPRISES :

The information as required to be disclosed under Schedule VI of the Companies Act, 1956 w.r.t. Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006(Act) is as given below and the information mentioned at Note No.5 - Other Long-term Liabilities and Note No. 8 - Trade Payables w.r.t. dues of Micro and Small Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors :

9. ADVANCES TO SUBSIDIARIES :

a. The Company has undertaken to provide financial assistance to its wholly owned subsidiaries Viz., Divis Laboratories (USA) Inc., and Divi''s Laboratories Europe AG by way of loans with no specific repayment schedule. In respect of loan to Divi''s Laboratories Europe AG, the same is subordinated to other creditors to the extent of CHF 45,00,000 equivalent to Rs.2569.95 lakhs (Previous year CHF 45.00 lakhs equivalent to Rs. 2538.00 Lakhs.)

c. In respect of above loans to subsidiaries, Management is confident to achieve profitability and continued development of current and new sales bases and the introduction of new profitable products in its current markets. Based on improved market at subsidiaries, the management is confident to achieve good progress on turnover and profitability of these subsidiaries. As per the projections/ cash in-flows submitted by the wholly owned subsidiaries, the accumulated losses will be recovered in future. The advances will be repaid by the subsidiaries in near future. In view of the above, no provision for decline in value of investment /advances has been made in accounts for the year ended 31.03.2013 as the decline is temporary in nature.

10. SEGMENT REPORTING :

Segments are identified in line with AS 17 "Segment Reporting", taking into consideration the internal organisation and management structure as well as the differential risk and returns of the segment.

a. Identification of reportable segments :

(i) Business Segments :

The company is engaged in manufacturing and sale of Active Pharma Ingredients and Intermediates which is considered the Primary reportable business segment.

(ii) Geographical Segments :

Revenue is segregated into two segments namely India (Sales to customers with in India) and other countries (Sales to customers outside India) on the basis of geographical location of customers for the purpose of reporting geographical segments.

b. In accordance with Accounting Standard 17 - Segment Reporting, segment information has been provided in the Consolidated Financial Statements of the Company and therefore no separate disclosure on segment information is given in these standalone financial statements.

11. DISCLOSURE OF RELATED PARTIES/RELATED PARTY TRANSACTIONS PURSUANT TO ACCOUNTING STANDARD (AS) 18 "RELATED PARTY DISCLOSURES" :

(i) Names of Key Management Personnel with whom transactions were carried out during the year :

1. Dr. Murali. K. Divi

2. Mr. N.V. Ramana

3. Mr. D. Madhusudana Rao

4. Mr. Kiran S. Divi

(ii) Names of Relatives of Key Management Personnel with whom transactions were carried out during the year :

1. Mr. N. Laxmana Rao

2. Mr. Mallikarjuna Rao Divi

3. Mrs. Nilima Motaparti

12. The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively 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 Company has satisfied the conditions stipulated in the circular and hence is entitled to exemption. Necessary information relating to the subsidiaries has been included in Consolidated Financial Statements.


Mar 31, 2012

1. CORPORATE INFORMATION :

Divi's Laboratories Limited (the Company or Divi's) is a India based manufacturer of Active Pharmaceutical Ingredients and Intermediates having headquarters at Hyderabad, India. The major portion of its turnover is on account of export of products to European and American countries. The Company's main manufacturing and research and development facilities are located in the State of Andhra Pradesh, India. The Equity Shares of the Company are listed in The Bombay Stock Exchange Limited, Mumbai and The National Stock Exchange, Mumbai.

2. PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS :

During the year ended 31st March 2012, the Revised Schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. Adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However , it has significant impact on presentation and disclosures made in the financial statements. The company has also reclassified the previous year figures in accordance with the requirements applicable in the current year.

3. CONTINGENT LIABILITIES AND COMMITMENTS :

(Rs. in Lakhs)

2011-12 2010-11

A. CONTINGENT LIABILITIES

(i) On account of Letters of Credit and Guarantees issued by the bankers. 4721.40 3510.49

(ii) Demands being disputed / contested by the Company 621.20 1768.86

B. COMMITMENTS

(i) Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of advances) 9553.05 5501.22

(ii) On account of bonds and / or legal agreements executed with Central Excise / Customs authorities/ Development Commissioners 11950.00 10750.00

(iii) Derivative related commitments 3069.39 8037.00

4. In the opinion of Board, assets other than Fixed Assets and non-current investments have a value on realization in the ordinary course of business atleast equal to the amount at which they are stated and provision for all known liabilities have been made.

5. Excise duty on sales for the year has been disclosed as reduction from turnover. Excise duty relating to the difference between closing stock and opening stock has been included in Note No. 26 " Change in Inventory of Finished Goods, Work-in-Progress and Stock-in-Trade".

6. EMPLOYEE STOCK OPTION SCHEME :

In respect of Options granted to employees during the year 2005-06 under the Employees Stock Option Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the accounting value of Options, determined based on market price of the share on the day of the grant of the Option, is accounted as Deferred Employee Compensation Costs and the same is being amortised on straight line basis over the vesting period (2006-07 to 2009-10) of Stock Options.

7. DERIVATIVE INSTRUMENTS :

a. The Company uses foreign exchange forward contracts and options to hedge its foreign currency exposures relating to the underlying transactions and firm commitments, to reduce the foreign exchange fluctuation risk or cost to the Company. The Company does not use these derivative instruments for trading and speculative purposes.

d. The losses on account of Exchange difference on Foreign Currency Forward Contracts and Options have been fully provided for in the books of accounts and the outstanding provision for loss at the year end is Rs 707.41 Lakhs (Previous year Rs.893.78 Lakhs).

8. DUES OF MICRO AND SMALL ENTERPRISES :

The information as required to be disclosed under Schedule VI of the Companies Act, 1956 w.r.t. Micro and Small Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (Act) is as given below and the information mentioned at Note No 5 - Other Long-term Liabilities and Note No. 8 - Trade Payables w.r.t. dues of Micro and Small Enterprises, has been determined to the extent such parties have been identified on the basis of information available with the Company and relied on by the auditors :

9. Land admeasuring 29.30 acres acquired under deeds of assignment and under possession of the company at Chippada village, Bheemunipatnam Mandal, Visakhapatnam Dist. is yet to be registered in the name of the company.

LEAVE ENCASHMENT (UNFUNDED) :

The present value of obligation in respect of Provision for Payment Leave encashment is determined, based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation, recognised and charged off during the year are as under:

The estimates of rate of escalation in salary considered in actuarial valuation, is determined after taking in to account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

10.SEGMENTAL REPORTING :

(i) As the Company's business for the year consists of one reportable business segment of manufacturing and sale of Active Pharma Ingredients and Intermediates and consists of major revenue on account of exports out of India, no separate disclosures pertaining to attributable Revenues, Profits, Assets, Liabilities and Capital Employed are given.

11.TRANSACTIONS WITH RELATED PARTIES :

a) The List of Related Parties with whom transactions have taken place and nature of relationship is :

i) KEY MANAGEMENT PERSONNEL :

1. Dr. Murali K. Divi

2. Mr. N.V Ramana

3. Dr. P. Gundu Rao

4. Mr. D. Madhusudana Rao

5. Mr. Kiran S. Divi

ii) RELATIVES OF KEY MANAGEMENT PERSONNEL :

1. Mr. N. Lakshmana Rao

2. Mr. Mallikarjuna Rao Divi

3. Mrs. Nilima Motaparti

(iii) SUBSIDIARIES :

1. Divis Laboratories (USA) Inc

2. Divi's Laboratories Europe AG

12. LEASES :

The Company has operating lease for office premise, which is renewable on a periodical basis and cancellable at its option. Rental expenses for operating lease recognised in Profit and Loss account for the year is Rs.56.70 Lakhs (Previous Year Rs.54.00 Lakhs).

13.The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated 8th February 2011 and 21st February 2011 respectively 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 Company has satisfied the conditions stipulated in the circular and hence is entitled to exemption. Necessary information relating to the subsidiaries has been included in Consolidated Financial Statements.

 
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