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Notes to Accounts of Lotus Eye Hospital and Institute Ltd.

Mar 31, 2015

1. Nature of Operations :

The company was incorporated as "Kalavani Health Centre Pvt Ltd" on 14.03.1997. The name of the company was changed to " Lotus Eye Care Hospital Pvt Ltd on 23.01.2001 and later on the company was converted into Public Limited Company on 16.10.2007 and subsequently the name was changed to "Lotus Eye Hospital and Institute Limited" on 12.4.2013 and the Company is mainly in the field of ophthalmology (Eye) and its related operation. The Company has seven centre's at Peelamedu, R.S. Puram, Mettupalayam, Tirupur, Salem, Cochin and Mulanthurthy. The Company's Equity shares are Listed on 03.08.2008 with Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd, Mumbai .

2. Trades Payable

a. The company has initiated the process of obtaining confirmation from suppliers who have registered under the "Micro, Small and Medium Enterprises Act, 2006". Since relevant information is not readily available, no disclosures have been made in the financial statements. Based on the information available with the company and in the considered view of the management and relied upon by the auditors, impact of interest, if that may be payable under the provisions of the act is not expected to be material.

3. Exceptional Items

1. The Company has sold its Generator & Refregirator during the Year.

2. The Income from Sales is reflected as Exceptional Item in Consolidated Statement of Profit and Loss.

4. Contingent Liabilities and Commitments as on the closing date

(Rs. in lacs)

Sl. Particulars As at As at No. 31.03.2015 31.03.2014

1. Contingent Liabilities

a. On account of Pending Litigations Sales Tax Matters 1.89 - (along with Interest & Penalty if any)

Total 1.89 -

4. Related party disclosure :

List of related parties as identified by the management are as under

(I) Name of related parties and description of relationship

a. Key Management Personnel : 1. Dr. S.K.Sundaramoorthy

5. Ms. Sangeetha Sundaramoorthy

b. Other related parties : Lotus Vision Research Trust

(II) Related party transaction in 2014-15

The Company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exists that need to be disclosed. Following transactions were carried out with the related parties. (Rs. in lacs)

6. Disclosure regarding lease transactions :

a. Lease rent paid to Dr.S.K.Sundaramoorthy for leasing medical equipments to the company 19.92 Lacs.

b. Lease rent paid to Lotus Vision Research Trust for leasing medical equipments to the company 9.60 Lacs.

7. No dividend is recommended for the financial year 2014-15.

8. Amount of contribution to employees provident fund during the year is 25.47 Lacs (previous year Rs.17.18 Lacs)

9. The company has not entered into any derivative transactions during the year under report.

10. Confirmations of balance are yet to be obtained from few parties.

11. Segment Reporting :

Based on the guiding principles given in accounting standard on the Segment Reporting (AS-17) issued by the ICAI, there is only one Reportable segment namely Eye Care and related activities. As the Company's business activity is interrelated, the disclosure requirement of AS-17 in this regard does not arise.

12. During the year there is no impairment of assets as certified by the management.

13. Provision for all known liabilities including depreciation is neither inadequate nor more than what is necessary except compensated leave salary.

14. Employees Benefits - The Company has provided for employee benefits as per Accounting Standard 15 in respect of defined benefit plan (Gratuity)

Description of the company's defined benefit plan : The Company operates a defined benefit plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service as provided in the Payment of Gratuity Act, 1972. The terms of the benefit's are common for all the employees of the Company.


Mar 31, 2014

NOTE NO: 1

A) NATURE OF OPERATIONS

The Company was incorporated as "Kalaivani Health Centre Pvt. Ltd." on 14.03.1997. The name of the Company was changed to "Lotus Eye Care Hospital Pvt. Ltd. on 23.01.2001 and later on the Company was converted into Public Limited Company on 16.10.2007 and subsequently the name was changed to "Lotus Eye Hospital and Institute Limited" on 12.04.2013 and Hospital operations mainly in the ophthalmology (Eye) field and its related operation. The Company has seven center''s at Peelamedu, R.S.Puram, Mettupalayam, Tirupur, Salem-I & II and Cochin. The Companies Equity Shares are listed on 03.08.2008 with Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd, Mumbai.

2. Figures have been rounded off to the nearest thousands and previous year''s figures have been regrouped, reclassified wherever necessary to confirm to current years classification.

3. Related party disclosure :

List of related parties as identified by the management are as under

(I) Name of related parties and description of relationship

a. Key Management Personnel : 1. Dr. S.K.Sundaramoorthy

2. Ms. Sangeetha Sundaramoorthy

b. Other related parties : Lotus Vision Research Trust

(II) Related party transaction in 2013-14

The Company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exists that need to be disclosed. Following transactions were carried out with the related parties.

4. Disclosure regarding lease transactions :

a. Lease rent paid to Dr.S.K.Sundaramoorthy for leasing medical equipments to the company Rs. 19.92 Lakhs

b. Lease rent paid to Lotus Vision Research Trust for leasing medical equipments to the company Rs. 9.60 Lakhs.

5. No dividend is recommended for the financial year 2013-14.

6. Amount of contribution to employees provident fund during the year is Rs. 17.18 Lakhs (previous year Rs. 16.35 Lakhs)

7. The company has not entered into any derivative transactions during the year under report.

8. Confirmations of balance are yet to be obtained from few parties.

9. Segment Reporting :

Based on the guiding principles given in accounting standard on the Segment Reporting (AS-17) issued by the ICAI, there is only one Reportable segment namely Eye Care and related activities. As the Company''s business activity is interrelated, the disclosure requirement of AS-17 in this regard does not arise.

10. During the year there is no impairment of assets as certified by the management.

11. There is no contingent liability as on 31.03.2014

12. Provision for all known liabilities including depreciation is neither inadequate nor more than what is necessary except compensated leave salary.

13. Expenditure on Foreign exchange During the year 2013-14 - Nil i) CIF value of imports

a. Capital goods NIL

b. Consumable and spares NIL ii) Earnings in foreign currency NIL iii) Expenditure in foreign currency - Travel & others NIL iv) Dividend paid in foreign currency NIL

14. Employees Benefits - The Company has provided for employee benefits as per Accounting Standard 15 in respect of defined benefit plan (Gratuity) Description of the company''s defined benefit plan : The Company operates a defined benefit plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service as provided in the Payment of Gratuity Act, 1972. The terms of the benefit''s are common for all the employees of the Company.


Mar 31, 2013

1. Related party disclosure : List of related parties as identified by the management are as under

(I) Name of related parties and description of relationship

a. Key Management Personnel :

1. Dr. S.K.Sundaramoorthy

2. Ms. Sangeetha Sundaramoorthy

b. Other related parties : Lotus Vision Research Trust

(II).Related party transaction in 2012-13 The company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exists that need to be disclosed. Following transactions were carried out with the related parties.

2. Disclosure regarding lease transactions : a. Lease rent paid to Dr.S.K.Sundaramoorthy for leasing medical equipments to the company 19.92 Lakhs. b. Lease rent paid to Lotus Vision Research Trust for leasing medical equipments to the company 9.60 Lakhs.

3. No dividend is recommended for the financial year 2012-13.

4. Amount of contribution to employees provident fund during the year is 16.35 Lakhs (previous year 14.50 Lakhs).

5. The company has not entered into any derivative transactions during the year under report.

6. Confirmations of balance are yet to be obtained from few parties.

7. Segment Reporting : Based on the guiding principles given in accounting standard on the Segment Reporting (AS 17) issued by the ICAI, there is only one Reportable segment namely Eye Care and related activities. As the company''s business activity is interrelated, the disclosure requirement of AS-17 in this regard does not arise.

8. During the year there is no impairment of assets as certified by the management.

9. There is no contingent liability as on 31.03.2013.

10. Provision for all known liabilities including depreciation is neither inadequate nor more than what is necessary except compensated leave salary.

11. Employees Benefits - The Company has provided for employee benefits as per Accounting Standard 15 in respect of defined benefit plan (Gratuity) Description of the company''s defined benefit plan :

The Company operates a defined benefit plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service as provided in the Payment of Gratuity Act, 1972. The terms of the benefit are common for all the employees of the company.

a) Defined benefit plan: Note: 01.The salary escalation considered in actuarial valuation takes on account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.


Mar 31, 2012

COMPANY OVERVIEW:

Lotus Eye Care Hospital Limited is providing health care services as a single speciality hospital catering eye care services which is spread over Tamil Nadu and Kerala.

1. During the year ended 31.03.2012, the revised schedule VI notified under the Companies Act 1956, has become applicable to the company, for preparation and presentation of its financial statements. The adop tion of revised schedule VI does not impact recognition and measurement principles followed for prepa ration of financial statements. The company has also reclassified the previous year figure in accordance with the requirement applicable in the current year.

2. Sundry balance written back during the year amounting to Rs.. 3.70 Lakhs and credited to the profit and loss account.

3. Related party disclosure :

List of related parties as identified by the management as under (I) Name of related parties and description of relationship

a. Key Management Personnel : 1. Dr.S.K.Sundaramoorthy

2. Ms.Sangeetha Sundaramoorthy

b. Other related parties : Lotus Vision Research Trust

(II).Related party transaction in 2011-12

The company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exists that need to be disclosed. Following transactions were carried out with related parties.

Advance paid to one of the key management personnel Dr.S.K.Sundaramoorthy amounting to Rs..68.05 lakhs for purchase of land at Avinashi road, Coimbatore was returned during the year.

Remuneration paid to Managing / Whole time Director during the year 2011-12

Remuneration Rs..18.00 Lakhs

House Rent Rs.. 2.62 Lakhs

4. Disclosure regarding lease transactions :

a. Lease rent paid to Dr.S.K.Sundaramoorthy for leasing medical equipments to the company Rs..19.92 Lakhs

b. Lease rent paid to Lotus vision research trust for leasing medical equipments to the company Rs..9.60 Lakhs.

5. No dividend is recommended for the financial year 2011-12.

6. Leave encashment benefits have been provided as per the rules of the company and on actuarial valuation. No separate fund has been created. Amount charged to profit and loss account during the year is Rs..4.55 Lakhs.

7. Amount of contribution to employees provident fund during the year is Rs..14.50 Lakhs (previous year Rs..7.21 Lakhs)-

8. The company has not entered into any derivative transactions during the year under report.

9. Confirmations of balance are yet to be obtained from few parties.

10. Segment Reporting :

Based on the guiding principle given in accounting standard on the Segment Reporting (AS 17) issued by the ICAI, there is only one Reportable segment namely Eye care and related activities. As the company's business activity is interrelated, the disclosure requirement of AS-17 in this regard does not arise.

11. During the year there is no impairment of assets as certified by the management.

12. There is no contingent liability as on 31.03.2012

13. Provision for all known liabilities including depreciation is neither inadequate nor more than what is necessary.

14. Out of Public issue an amount of Rs..210 Lakhs paid towards advance for purchase of land at Karur project was returned by the party amounting to Rs..50 lakhs and the same amount has been deposited in the form of fixed deposit in Indian Overseas Bank Coimbatore.

15. During the year advance paid amounting to Rs..35 lakhs out of public issue for purchase of land at Salem project. The same amount was received back by the company in subsequent months due to non execution of agreement.

16. Events occurring after balance sheet date :

The company received the notice under section 7 A of the Employees Provident Fund and Miscellaneous Provisions Act 1952, from the Assistant Commissioner of Provident Fund, Coimbatore for Rs..8.10 Lakhs as Provident Fund liability and the same has been provided and paid.

17. Employees Benefits - The Company has provided for employee benefits as per Accounting Standard 15 in respect of defined benefit plan (Gratuity)

Description of the company's defined benefit plan : The Company operates a defined benefit plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service as provided in the Payment of Gratuity Act, 1972. The terms of the benefit are common for all the employees of the company.

Note: 01.The salary escalation considered in actuarial valuation takes on account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

1. The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realized in the ordinary course of business.

a) The company has not given any guarantee on behalf of the directors or other officers

b) i) a) Amounts due at the end of the year from Private companies in which one of the directors is a director is Rs..Nil (Previous year Rs.. Nil)

b) Amounts due at the end of the year from the trust in which one of the directors is a trustee is Rs..Nil (Previous year Rs..Nil)

ii) Maximum amount due from Dr.S.K.Sundaramoorthy at any time during the year is Rs..Nil

iii) Maximum amount due from Lotus Vision Research Trust at any time during the year Rs..Nil.


Mar 31, 2010

1. Share Capital:

I. Share Capital:

a) Before amalgamation 211000 Equity shares of Rs.100 each consists of initial subscription to memorandum and subsequent allotments to the promoters.

b) 497900 Equity shares of Rs.100 each issued on 03.08.2007 pursuant to High Court Order dated 09.07.2007 approving the scheme of amalgamation of Dr. S.K.S. Eye Care Centre Private Limited with Lotus Eye Care Hospital Limited

c) 345233 Equity shares of Rs.100 each were allotted as bonus shares on 28.08.2007 by capitalization of general reserve.

d) The face value of equity shares was split from Rs.100 per share to Rs.10 per share on 03.09.2007. Due to this the total number of shares consists of 10541330 shares of Rs.10 each.

e) 255000 Equity shares of Rs.10 each were allotted to M/s.Bennett and Coleman Company Limited on 22.01.2008 on preferential allotment with a premium of Rs.40 per share.

f) 10000000 equity shares of Rs. 10 each allotted on 03.07.2008 through Initial Public Offer (IPO) with a premium of Rs.28 per share.

II). Securities Premium Account:

The premium collected on above issue of equity shares amounting to Rs. 2800 Lakhs and also of the preferential allotment of Rs. 102 Lakhs has been credited to Securities Premium Account during the financial year 2008-09.

a). Temporary investments of Rs.77.24 lacs in the form of fixed deposit with Indian Overseas Bank, Coimbatore and the balance of Rs. 12.47 lacs current account with the same bank.

b). Out of Public Issue, Refund amounting to Rs.0.26 Lacs has been kept in a separate bank account (Axis Bank Ltd, Coimbatore).

c). Advance paid out of Public issue for purchase of land at Salem project was returned by one of the party amounting to Rs.250 Lacs and the same was utilized for repayment of Term loan availed from Indian Overseas Bank Ganapathy Branch, Coimbatore to the extent of Rs.250 Lacs.

d). Funds deployed includes equipment cost Rs. 187.60 lacs not envisaged in offer document.

2) Figures have been rounded off to the nearest rupee and previous years figures have been regrouped wherever necessary.

3) Provision for all liabilities including depreciation is neither inadequate nor more than what is necessary except Remuneration to whole time director which is not provided in accounts.

4) The opinion of the Board is that the current assets, loans and advances will fetch the amounts stated if realized in the ordinary course of business.

a) The company has not given any guarantee on behalf of the directors or other officers

b) i) a) Amounts due at the end of the year from Private companies in which one of the directors is a director is Rs. Nil (Previous year Rs. Nil)

b) Amounts due at the end of the year from the trust in which one of the directors is a trustee is Rs.Nil (Previous year Rs.10.01 lacs)

ii) Maximum amount due from Dr.S.K.Sundaramoorthy at any time during the year is Rs 11.75 lacs

iii) Maximum amount due from Lotus Vision Research Trust at any time during the year Rs. 10.01 lacs.

5) No dividend is recommended for the financial year 2009-10

6) Remuneration paid to Managing / Whole time Director during the year 2009-10.

Remuneration Rs. 19.73 Lacs

House Rent Rs. 2.12 Lacs

7) The company has initiated the process of obtaining confirmation from suppliers who have registered themselves under the "Micro, Small and Medium Enterprises Act, 2006. Since the relevant information is not readily available, no disclosures have been made in these financial statements. Based on the information available with the company and in the considered view of the management and relied upon by the auditors, impact of interest, if that may be payable under the provisions of the act is not expected to be material.

8) Due to certain practical difficulties relating to this specific industry and items are largely small value, quantitative particulars in respect of operations and inventories have not been furnished as per the requirement of schedule VI to the Companies Act, 1956.

9) Expenditure on Foreign Exchange during the year Rs. 7.28 lacs. i) CIF value of imports

a. Capital goods Rs 6.32 Lacs

b. Consumable and Spares Rs. 5.59 Lacs

ii) Earnings in Foreign Currency Rs. Nil

iii) Expenditure in Foreign Currency - Travel & Others Rs 0.37 Lacs

iv) Dividend paid in Foreign Currency Rs. Nil

10) Security particulars of secured loans:

The term loans availed from the Indian Overseas Bank , ICICI Bank Ltd, HDFC Bank Ltd, ABN Amro Bank and Citicorp Finance Ltd are primarily Secured by:

a. Charge on the immovable properties of the company situated at 770/12, Avinashi Road, Civil Aerodrome Post, Coimbatore -14 and 155B, East Periasamy Road, Near Chinthamani, R.S.Puram, Coimbatore - 641 002.

b. Charge on the movable fixed assets including medical equipments has been assigned to respective bankers who funded the particular movable assets.

c. The working capital facility availed from the Indian Overseas Bank is primarily secured by hypothecation of Stocks and Book debts.

d. The loan availed from the Indian Overseas Bank is collaterally secured by the land at SF No.89/lA to 89/1F at Pattanam Village belonging to Dr.S.K.Sundaramoorthy.

e. The Term loans and Working capital facility availed from the Indian Overseas Bank are further guaranteed by the personal guarantees of the Chairman and Managing Director and other Promoter directors of the Company,

11) Contingent liability as on 31.03.2010

During the year a claim against the company by the patient for Rs.0.28 Lacs which is not acknowledged as debt. However based on Information available with the company and legal advice received, management believes that this case will not adversely effect the financial statement.

12) During the year there is no impairment of assets as certified by the management.

13) Deferred Tax:

i. Deferred tax has been provided in accordance with Accounting Standard -22 accounting for taxes on income

ii The break-up details of deferred tax assets/liabilities for the current year is as under:( Rs. In lacs)

14) Disclosure regarding lease transactions:

i. Lease rent paid to Dr.S.K.Sundaramoorthy for leasing medical equipments to the company Rs.19.92 Lacs ii. Lease rent paid to Lotus Vision Research Trust for leasing medical equipments to the company Rs.9.60 Lacs

15) Segment Reporting:

Based on the guiding principles given in accounting standard on the Segment Reporting (AS 17) issued by the ICAI, there is only one Reportable segment namely Eye Care and related activities. As the Companys business activity is interrelated, the disclosure requirement of AS-17 in this regard does not arise.

16) Specific debts identified as irrecoverable and doubtful are written off during the year Rs. 15.07 lacs classified as miscellaneous expenses.

17) Insurance claim receivable accounted during the previous year 2008-2009 amounting to Rs.37.13.lacs has not been admitted by the insurance company. Hence the said amount has been charged to Profit and Loss account during the financial year 2009-10.

18) Related party disclosure:

List of related parties as identified by the management are as under

(I). Names of related parties and description of relationship

a. Key Management Personnel : 1. Dr.S.K.Sundaramoorthy

: 2. Ms.Sangeetha Sundaramoorthy

b. Other related parties : Lotus Vision Research Trust

(II) Related Party Transactions in 2009-10

The company has identified all related parties and details of transactions are given below. No provision for doubtful debts or advances is required to be made and no amounts have been written off or written back during the year in respect of debts due from or to related parties. There are no other related parties where control exists that need to be disclosed. Following transactions were carried out with the related parties.

19) Employees Benefits - The Company has provided for employee benefits as per Accounting Standard 15 in respect of defined benefit plan (Gratuity)

Description of the companys defined benefit plan: The Company operates a defined benefit plan for payment of post employment benefits in the form of gratuity. Benefits under the plan are based on pay and years of service and are vested on completion of five years of service as provided in the Payment of Gratuity Act, 1972. The terms of the benefit are common for all the employees of the company.

20) Leave encashment benefits have been provided as per the rules of the company and on actuarial Valuation. No separate fund has been created. Amount charged to Profit and Loss Account during the year is Rs. 1.47 Lacs.

21) Personnel cost includes Managing / Whole time Director Remuneration of Rs. 19.73 Lacs.

22) Amount of contribution to Employees Provident Fund during the year is Rs.1,91 Lacs. (Previous year Rs.1.94 lacs)

23) The company has not entered into any derivative transactions during the year under report.

24) Confirmation of balance are yet to be obtained from parties.

25) The caution deposit collected from the employees and doctors who are in service amounting to Rs.15.65 Lakhs is remaining to be deposited with scheduled bank office as required under section 417 of the Companies Act, 1956.

 
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