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Notes to Accounts of Dr. Agarwal's Eye Hospital Ltd.

Mar 31, 2017

1 CORPORATE INFORMATION

Dr. Agarwal’s Eye Hospital Limited (‘the Company’) was incorporated on April 22, 1994 and is primarily engaged in providing eye care and related services. As at March 31, 2017, the Company is operating in 23 locations in India. Dr. Agarwal’s Health Care Limited is the holding Company as at March 31, 2017.

2. SHARE CAPITAL

(Refer Notes (i) to (iv) below)

(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period :

(ii) Terms / rights attached to Equity Shares :

The Company has only one class of equity shares having a par value of Rs.10. Each holder is entitled to one vote per equity share. Dividends are paid in Indian Rupees. Dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders at the Annual General Meeting except in case of interim dividend. Repayment of capital will be in accordance with the terms of the Articles of Association and in proportion to the number of equity shares held.

The Board of Directors, at their meeting held on May 23, 2017, have proposed a final dividend of Rs.1.50 per equity share, aggregating to Rs.70.50 lakhs, for the year ended March 31, 2017. The dividend proposed by the Board of Directors is subject to the approval of shareholders at the ensuing Annual General Meeting.

(iii) Shares held by Dr. Agarwal’s Health Care Limited (Holding Company)

(i) During the year ended March 31, 2015, pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company had fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be Nil as on April 1, 2014, and had adjusted an amount of Rs.23.69 lakhs against the Surplus balance in the Statement of Profit and Loss under Reserves and Surplus. Further, during the previous year ended March 31, 2016, the Company had adjusted the deferred tax amount of Rs.7.69 lakhs arising on account of the above depreciation as a prior period adjustment to Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

Notes:

(i) The details of Security provided against the Term Loans are as follows:

- Extension of first charge on the entire Property, Plant and Equipment of the Company and first charge on the assets to be created out of the Term Loan.

- Extension of equitable mortagage on a property owned by Orbit International. - Extension of first charge on the entire Fixed assets of the company and first charge on the assets to be created out of the Term Loan.

- Pledge of 1,350,000 Shares of the Company held by Dr. Agarwal’s Health Care Limited. - Corporate Guarantee provided by Dr. Agarwal’s Health Care Limited and Orbit International.

- Personal Guarantees of Dr. Amar Agarwal, Dr. Athiya Agarwal, Dr. Adil Agarwal, Dr. Anosh Agarwal, Dr. Ashar Agarwal, Dr. Ashwin Agarwal, being the promoter and relatives of the promoter.

(ii) The loans are secured by hypothecation of respective vehicles financed by the Banks.

(iii) The loans are secured by hypothecation of surgical equipments.

(ii) The Cash credit facility availed by the Company as at March 31, 2017 is secured by the following:

- Hypothecation of all the current assets of the Company.

- Extension of equitable mortagage on a property owned by Orbit International.

- Pledge of 1,350,000 shares of the Company held by Dr. Agarwal’s Health Care Limited.

- Corporate Guarantee provided by Dr. Agarwal’s Health Care Limited and Orbit International.

- Personal Guarantees of Dr. Amar Agarwal, Dr. Athiya Agarwal, Dr. Adil Agarwal, Dr. Anosh Agarwal, Dr. Ashar Agarwal, Dr. Ashwin Agarwal, being the promoter and relatives of the promoter.

3. Capital Commitments

(a) (i) The estimated amount of contracts remaining to be executed on Capital Account, net of advances and not provided for is Rs.17.96 lakhs (Previous Year Rs.Nil).

(ii) Other commitments - Rs.Nil (Previous Year Rs.Nil)

4. Provision for Contingencies

The Company is carrying a provision for contingencies towards various claims against the Company not acknowledged as debts (Refer Note 30). The details are as follows:

Note:

Whilst the provision as at March 31, 2017 is considered as short term in nature, the actual outflow with regard to said matters depends on the exhaustion of remedies available under the law based on various developments. No recoveries are expected against the provision.

5. Foreign Currency Transactions

(a) Earnings in Foreign Currency (on Accrual Basis) - Rs.6.53 lakhs (Previous Year - Rs.Nil lakhs).

(b) Expenditure in Foreign Currency (on Accrual Basis):

6. Un-Hedged Foreign Currency Exposures as at the Balance Sheet date

The Company does not use any derivative instruments to hedge its foreign currency exposures. Details of unhedged foreign currency exposure are given below:

7. Corporate Social Responsibility

During the year, the Company incurred an aggregate amount of Rs.5.70 lakhs towards corporate social responsibility in compliance of Section 135 of the Companies Act 2013 read with relevant schedule and rules made thereunder. The details of the CSR spend are given below:

(i) Gross amount required to be spent by the Company during the year: Rs.5.70 Lakhs

(ii) Amount spent by the Company during the year on:

8. Employee Benefits

(a) The Company makes Provident Fund and Pension Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.124.76 lakhs (Previous Year - Rs.121.81 lakhs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(b) Compensated Absences

The Key Assumptions used in the computation of provision for long term compensated absences are as given below:

Gratuity

The Company has a funded gratuity scheme for covering its gratuity obligation. The gratuity liability has been recognised based on the actuarial valuation done as at the year end using the Projected Unit Credit method as given below:

Notes:

(i) The expected return on plan assets is as furnished by Life Insurance Corporation of India (LIC). The actual return on plan assets as furnished by LIC is Rs.13.42 lakhs.

(ii) The entire Plan Assets are managed by LIC, the Insurer. The details with respect to the composition of investments in the fair value of Plan Assets have not been disclosed in the absence of the necessary information.

(iii) The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

(iv) Discount rate is based on the prevailing market yields of Indian Government Bonds as at the Balance Sheet date for the estimated term of the obligation.

(v) The expected contribution to be made in the next financial year is Rs.48.41 lakhs.

(vi) Experience Adjustments*

9. Segment Reporting

The Company is primarily engaged in the business of providing “Eye Care related sales and services”. All the activities of the Company revolve around the main business. As such there are no separate reportable segments as per AS-17 “Segmental Reporting”. Further, the Company does not have any separate geographic segment other than India. Accordingly, the figures appearing in these financial statements relate to “Eye Care related sales and services” segment.

10. Operating Lease

The Company has entered into non-cancellable operating lease agreements primarily for Hospitals and related retail outlets for Pharmacy and Optical sales. The lease period ranges for a period of 3 to 12 years. An amount of Rs.1,593.36 lakhs (Previous Year - Rs.1,456.96 lakhs) has been debited to the Statement of Profit and Loss towards lease rentals and other charges for the current year.

11. Disclosure of Specified Bank Notes (SBNs)

The disclosure in respect of the Ministry of Corporate Affairs’ notification dated March 30, 2017 with regard to Specified Bank Notes (SBNs) is as under:

12. Previous Year’s Figures

Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year’s classification / disclosure.

13. Approval of Financial Statements

The Board of Directors of the Company has reviewed the realisable value of all the current assets and has confirmed that the value of such assets in the ordinary course of business will not be less that the value at which these are recognized in the financial statements. In addition, the Board has also confirmed the carrying value of the non-current assets in the financial statements. The Board, duly taking into account all the relevant disclosures made, has approved these financial statements in its meeting held on May 23, 2017.


Mar 31, 2016

(ii) Terms / rights attached to Equity Shares :

The Company has only one class of equity shares having a par value of Rs. 10. Each holder is entitled to one vote per equity share. Dividends are paid in Indian Rupees. Dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders at the Annual General Meeting except in case of interim dividend. Repayment of capital will be in accordance with the terms of the Articles of Association and in proportion to the number of equity shares held.

During the year ended March 31, 2016, the amount of dividend recognized as distributions to equity shareholders is Rs. 0.80 per equity share (Previous Year Rs. 1.20 per equity share).

(i) During the previous year ended March 31, 2015, pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company had fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be Nil as on April 1, 2014, and had adjusted an amount of Rs. 23.69 lakhs against the Surplus balance in the Statement of Profit and Loss under Reserves and Surplus. Further, during the current year, the Company has adjusted the deferred tax amount of Rs. 7.69 lakhs arising on account of the above depreciation as a prior period adjustment to Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

(ii) Dividend is proposed to be distributed out of the profits available including the balance brought forward as at April 1, 2015.

Notes:

(i) The details of Security provided against the Term Loans are as follows:

- Extension of first charge on the entire Fixed assets of the Company and first charge on the assets to be created out of the Term Loan.

- Extension of equitable mortagage on a property owned by Orbit International.

- Pledge of 1,350,000 Shares of the Company held by Dr. Agarwal''s Health Care Limited.

- Corporate Guarantee provided by Dr. Agarwal''s Health Care Limited and Orbit International.

- Personal Guarantees of Dr. Amar Agarwal, Dr. Athiya Agarwal, Dr. Adil Agarwal, Dr. Anosh Agarwal, Dr. Ashar Agarwal, Dr. Ashwin Agarwal, being the promoter and relatives of the promoter.

(ii) The loans are secured by hypothecation of respective vehicles financed by the Banks.

(iii) The loans are secured by hypothecation of surgical equipments.

(ii) The Cash credit facility availed by the Company as at March 31, 2016 is secured by the following:

- Hypothecation of all the current assets of the Company.

- Extension of equitable mortagage on a property owned by Orbit International.

- Pledge of 1,350,000 shares of the Company held by Dr. Agarwal''s Health Care Limited.

- Corporate Guarantee provided by Dr. Agarwal''s Health Care Limited and Orbit International.

- Personal Guarantees of Dr. Amar Agarwal, Dr. Athiya Agarwal, Dr. Adil Agarwal, Dr. Anosh Agarwal, Dr. Ashar Agarwal, Dr. Ashwin Agarwal, being the promoter and relatives of the promoter.

(iii) Represents management consultancy income earned by the Company on rendering various consultancy services such as human resources, technical know-how, guidance in respect of procurements of machineries / consumables, development of Standard Operating Procedures and protocols, access to key employees, other administrative, Commercial and IT support, etc. provided to Dr. Agarwal''s Health Care Limited, the holding company, by the Company in accordance with the agreement. Refer Note 38(b).

*Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management.

1. Capital Commitments

(a) (i) The estimated amount of contracts remaining to be executed on Capital Account, net of advances and not provided for is Rs. Nil (Previous Year Rs.211 Lakhs).

(ii) Other commitments - Rs. Nil (Previous Year Rs. Nil)

(i) Based on Professional Advice / Management''s assessment of all the above claims, the Company expects a favourable decision in respect of the above claims and hence no specific provision has been considered for the above claims. However, a general provision for Rs.9.62 lakhs has been made towards “Provision for Contingencies”. Refer Note 29.

(ii) The amounts shown above represent the best possible estimates arrived at on the basis of the available information. The uncertainties and possible reimbursement are dependent on the outcome of the various legal proceedings which have been initiated by the Company or the Claimants, as the case may be and, therefore, cannot be predicted accurately.

2. Foreign Currency Transactions

(a) Earnings in Foreign Currency (on Accrual Basis) - Rs. Nil (Previous Year - Rs. Nil lakhs).

3. The Company has incurred Rs. Nil (Previous Year - Rs.160 lakhs) as contribution towards Scientific Research-Eye Rep&rch Centre.

4. Corporate Social Responsibility

During the year, the Company incurred an aggregate amount of Rs.lakhs towards corporate social responsibility in compliance of Section 135 of the Companies Act 2013 read with relevant schedule and rules made there under. The details of the CSR spend are given below:

(i) Gross amount required to be spent by the Company during the year: Rs.9 Lakhs

5. Employee Benefits

(a) The Company makes Provident Fund and Pension Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.121.81 lakhs (Previous Year - Rs.90.41 lakhs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

(i) The expected return on plan assets is as furnished by Life Insurance Corporation of India (LIC). The actual return on plan assets as furnished by LIC is Rs.13.56 lakhs.

(ii) The entire Plan Assets are managed by LIC, the Insurer. The details with respect to the composition of investments in the fair value of Plan Assets have not been disclosed in the absence of the necessary information.

(iii) The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

(iv) Discount rate is based on the prevailing market yields of Indian Government Bonds as at the Balance Sheet date for the estimated term of the obligation.

(v) The expected contribution to be made in the next financial year is Rs.27.22 lakhs.

(vi) Experience Adjustments*

*Experience adjustments related to prior years have been disclosed based on the information to the extent available.

6. Segment Reporting

The Company has identified business segment as its primary segment and geographic segment as its secondary segment. Effective July 1, 2015, consequent to the change in the business oversight monitoring, the Management''s assessment of risks and rewards from the business operations has changed during the current year. The Management has brought all its operations under the single umbrella of “Eye Care related Sales and Services” and looks at the entire business as a single segment. Accordingly, the amounts appearing in the financial statements relate to this single primary business segment of “Eye Care related sales and services”.

(i) The Company accounts for costs incurred by / on behalf of the Related Parties based on the actual invoices / debit notes raised and accruals as confirmed by such related parties. The Related Parties have confirmed to the Management that as at March 31, 2016 and March 31, 2015, there are no further amounts payable to / receivable from them, other than as disclosed above. The Company incurs certain costs on behalf of other companies in the group. These costs have been allocated / recovered from the group companies on a basis mutually agreed to with the group companies.

(ii) Dr. Agarwal''s Health Care Limited has provided Corporate Guarantees amounting to Rs.3,555 lakhs to SBI for the loans taken by the Company. Further, 1,350,000 Equity Shares held by Dr. Agarwal''s Health Care Limited in the Company has been pledged as one of the collateral securities with SBI, for the loans taken by the Company to the extent of Rs.3,555 lakhs.

(iii) The Company has provided comfort letter to HDFC Bank in respect of the Equipment Loans and Cash Credit facility availed by the Dr. Agarwal''s Health Care Limited, the Holding Company.

(iv) Represents remuneration of Rs.3 lakhs per month, all inclusive by way of salary, allowances and perquisites paid to the Key Managerial Personnel, who has been appointed as the whole time director of the Company.

(v) Also Refer Note 5(i) and Note 7(ii).

7. Operating Lease

The Company has entered in to non-cancellable operating lease agreements primarily for Hospitals and related retail outlets for Pharmacy and Optical sales. The lease period ranges for a period of 3 to 12 years. An amount of Rs.1,605.58 lakhs (Previous Year Rs.1,459.33 lakhs) has been debited to the Statement of Profit and Loss towards lease rentals and other charges for the current year.

8. Previous Year’s Figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

9. Approval of Financial Statements

The Board of Directors of the Company has reviewed the realizable value of all the current assets and has confirmed that the value of such assets in the ordinary course of business will not be less that the value at which these are recognized in the financial statements. In addition, the Board has also confirmed the carrying value of the non-current assets in the financial statements. The Board, duly taking into account all the relevant disclosures made, has approved these financial statements in its meeting held on May 19, 2016.


Mar 31, 2015

1) Corporate Information:

Dr. Agarwal's Eye Hospital Limited ('the Company') was incorporated on April 22, 1994 under the provisions of Companies Act, 1956. The Company is primarily engaged in running, owning and managing eye care hospitals, Opticals, Pharmacy along with various other objectives like rendering hospital services in all branches of medical sciences both in India, carrying out medical research activities, etc. As at March 31, 2015, the Company is operating with 21 branches and one main hospital in India.

As on March 31, 2015, Dr.Agarwal's Health Care Limited is holding 71.75% of the Company's Equity share capital and has the ability to control its operating and financial policies.

2. Earnings in Foreign currency towards Consultancy Services during the year amounts to Rs.140.82 Lacs (P.Y. Rs.23.36 Lacs)

3. The information required to be disclosed under the Micro, Small and Medium Enterprises Development (MSMED) Act 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. There has been no overdues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

4. Deferred Tax Asset has been recognized for the current year for Rs.48.59 Lacs and pertaining to prior years for Rs. 215.28 Lacs as there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized. .

5. Impairment of Assets

As per the assessment conducted by the Company as at March 31,2015, there are no indications that the relevant assets have suffered an impairment loss. (P.Y. Rs.1.94 Lacs)

6. The CIF value of Import of Equipment during the year is Rs.299.00 Lacs. (P.Y. Rs.Nil)

7. Disclosure in respect of Leases pursuant to Accounting Standard (AS 19) "Leases":

The Company has taken various commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry. The Lease rental expense incurred in respect of operating leases is Rs.1,459.33 lacs. (P.Y. Rs.1,378.82 lacs)

8. Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances is Rs.211.00 Lacs. (P.Y. Rs.57.88 Lacs)

9. The Company has incurred Rs.160.00 Lacs as contribution towards Scientific Research of Eye Research Centre during the year (P.Y. Rs.240.08 Lacs)

10. Employee Benefits

a) The Company makes Provident Fund and Pension Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.90.41 Lacs (Previous Year - Rs.88.18 Lacs) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Notes:

1) The expected return on plan assets is as furnished by Life Insurance Corporation of India (LIC).

2) The entire Plan Assets are managed by LIC, the Insurer. The details with respect to the composition of investments in the fair value of Plan Assets have not been disclosed in the absence of the necessary information.

3) The estimate of future salary increase takes into account inflation, seniority, promotion and other relevant factors.

4) Discount rate is based on the prevailing market yields of Indian Government Bonds as at the Balance Sheet date for the estimated term of the obligation.

11. Related Party Disclosures

A) Related parties and their relationship

1. Holding Company

- Dr.Agarwal's Health Care Limited.

2. Enterprises in which Individuals referred below in 3 have significant influence

- Orbit International

- Orbit Health Care Services Limited, Mauritius

- Dr.Agarwal's Eye Institute

3. Key Management Personnel

- Dr.Amar Agarwal - Chairman and Managing Director

- Dr.Athiya Agarwal - Director

- Dr.Adil Agarwal - Director

- Dr.Anosh Agarwal - Director

- Mr. S. Ramanujam - Company Secretary

- Mr. R. Sabesan - Chief Financial Officer

- Related Party relationships are as identified by the Management and relied upon by the Auditors.

12. Un-Hedged Foreign Currency Exposure as at the Balance Sheet date

The Company does not use any derivative instruments to hedge its foreign currency exposures. Further, the Company has unhedged foreign currency receivable exposure of Rs.77.31 Lacs as at March 31, 2015. (Rs.53.98 Lacs as at March 31,2014)

13. Previous year figures have been recast / restated to conform to the classification of the current year.


Mar 31, 2014

1) Corporate Information:

Dr. Agarwal''s Eye Hospital Limited (''the Company'') was incorporated on April 22, 1994 under the provisions of Companies Act, 1956. The Company is primarily engaged in running, owning and managing eye care hospitals, Opticals, Pharmacy along with various other objectives like rendering hospitality services in all branches of medical sciences both in India and abroad, carrying out medical research activities, etc. As at March 31,2014, the Company is operating with 22 branches and one main hospital in Tamilnadu.

As on March 31, 2014, Dr.Agarwal''s Health Care Limited owned 71.75% of the Company''s Equity share capital and has the ability to control its operating and financial policies.

2. Expenditure incurred in foreign currency during the year is Rs. Nil (P.Y. Rs.14.10 Lacs).

3. Earnings in Foreign currency towards Consultancy Services and other Surgeries during the year amounts to Rs.23.36 Lacs (P.Y. Rs.178.46 Lacs)

4. The information required to be disclosed 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. There has been no overdues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

5. Deferred Tax Asset has not been recognized as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

6. Impairment of Assets

On a review as required by AS 28, the amount of Impairment loss charged to Profit & Loss A/c during the F.Y.2013-14 is Rs. 1.94 Lacs (P.Y. Rs. 2.38 Lacs)

7. Intangible Assets

As per AS 26, 1/10th of Goodwill amounting to Rs.23.61 Lacs has been amortized during the year. (P.Y.Rs.22.86 Lacs)

8. The CIF value of Imports during the year is Rs. Nil. (P.Y. Nil)

9. Disclosure in respect of Leases pursuant to Accounting Standard (AS 19) "Leases":

The Company has taken various commercial premises under cancellable operating leases. These lease agreements are normally renewed on expiry. The Lease rental expense incurred in respect of operating leases is Rs. 1378.82 lacs. (P.Y. Rs. 1323.60 lacs)

10. Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances is Rs.57.88 Lacs. (P.Y. Rs.20.57 Lacs)

11. The Company has incurred Rs.239.68 Lacs as contribution towards Scientific Research of Eye Research Centre during the year (P.Y. Rs. 200.41Lacs)

12. The overdue Trade Receivables and Advance Recoverable from others as on 31/03/2014 amounts to Rs. 1.84 Crore and Rs.80.34 Lakhs respectively. The Company is in the process of obtaining confirmation of these dues and also taking steps for recovering the same.

13. Segment reporting made in accordance with Accounting Standard AS 17 with business as the primary segment

14. Related Party Disclosures

A) Related parties and their relationship

1. Holding Company

Dr.Agarwal''s Health Care Limited.

2. Group Companies with whom the company has transactions

Orbit International

Orbit Health Care Services Limited, Mauritius

Dr.Agarwal''s Eye Institute

Dr.Agarwal''s Opticals Limited

3. Key Management Personnel

Dr.Amar Agarwal

Dr.Athiya Agarwal

Dr.Adil Agarwal

Dr.Anosh Agarwal

* Related Party relationships are as identified by the Management and relied upon by the Auditors.

15. Contingent Liabilities (Rs. in Lacs)

Particulars As at March 31, 2014 As at March 31, 2013

Claims against the Company not acknowledged as debt Nil Nil

Income Tax demands 83.46 67.34

Indirect Tax demands 30.59 Nil

16. Un-Hedged Foreign Currency Exposure as at the Balance Sheet date

The Company does not use any derivative instruments to hedge its foreign currency exposures. Further, the Company does not have unhedged foreign currency balances as at March 31, 2014 and March 31, 2013.

17. Previous year figures have been recasted/restated to conform to the classification of the current year.


Mar 31, 2013

1. Expenditure incurred in foreign currency towards Foreign travel, Subscription for magazines, Membership fees during the year amounts to Rs.14,09,719/- (P.Y. Rs. 4,16,735/-).

2. Earnings in Foreign currency towards Consultancy Services and other Surgeries during the year amounts to Rs. 1,78,46,233/- (P.Y. Rs. 1,48,43,470/-)

3. The CIF value of Machinery imported during the year is Rs.Nil /- (RY. Rs. 1,73,47,762/-).

4. The information required to be disclosed 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. There has been no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

5. Deferred Tax Asset has not been recognized as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

6. Impairment of Assets

On a review as required by AS 28, the amount of Impairment loss charged to Profit & Loss A/c during the F.Y.2012 -13 is Rs.2,37,575/- (P.Y Rs. 1,91,380/-)

7. Intangible Assets

As per AS 26, 1/10th of Goodwill amounting to Rs.22,85,992/- has been amortized during the year. (P.YRs.22,83,328/-)

8. Claims against the Company not acknowledged as debt is Rs. Nil.

9. Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for Net of Advances is Rs. 20,57,214/- (P.Y Rs. Nil /-)

10. The Company has incurred Rs.2,00,40,946/- as contribution towards Scientific Research of Eye Research Centre during the year (Previous Year : Rs. Nil)

11. Related Party Disclosures

A) Related parties and their relationship

1. Holding Company

- Dr.Agarwal''s Health Care Limited.

2. Group Companies with whom the Company has transactions

- Orbit International

- Dr.Agarwal''s Eye Institute

- Senses Pharmaceuticals Limited

- Dr.Agarwal''s Opticals Limited

3. Key Management Personnel 3> Dr.Amar Agarwal

- Dr. Athiya Agarwal <$> Dr. Adil Agarwal

12. Previous year figures have been recasted/restated to conform to the classification of the current year.


Mar 31, 2012

1) Expenditure incurred in foreign currency towards Foreign travel, Subscription for magazines, Membership fees during the year amounts to Rs.4,16,735/- (P.Y. Rs. 34,81,750/-)

2) Earnings in Foreign currency towards Consultancy Services and other Surgeries during the year amounts to Rs.1,48,43,470/- (P.Y. Rs. 11,87,013/-)

3) The CIF value of Machinery imported during the year is Rs.1,73,47,762/- (P.Y. Rs.34,27,734/-).

4) Total number of Managing and Whole-time Directors is Four. Remuneration drawn for the F.Y.2011 - 12 is Rs.1,14,50,000/- (P.Y Rs.1,21,00,000/-).

5) The information required to be disclosed 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. There has been no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

6) Deferred Tax Asset has not been recognized as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

7) Impairment of Assets

On a review as required by AS 28, the amount of Impairment loss charged to Profit & Loss A/c during the F.Y.2011 -12 is Rs. 1,91,380/- (P.Y Rs.36,02,939/-)

8) Intangible Assets

As per AS 26, 1/10th of Goodwill amounting to Rs.22,83,328/- has been amortized during the year. (P.Y.Rs.22,83,328/-)

9) Claims against the Company not acknowledged as debt is Rs. Nil

10. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous year figures have been recasted/ restated to confirm to the classification of the current year.


Mar 31, 2010

1. Previous year figures have been regrouped wherever necessary.

2. Expenditure incurred in foreign currency towards foreign travel, subscription for magazines, membership fees, repairs & maintenance, consumables and advertisement during the year amounts to Rs.25,71,653/ - (P.Y. Rs.34,45,200/- ).

3. The CIF value of Machineries imported during the year is Rs.1,34,22,286 /- (P.Y. Rs.1,16,54,691/-).

4. Total number of Managing and Whole-time Directors is Three.

Remuneration drawn Rs. 78,75,000/- (Minimum remuneration)

Since the remuneration is within the limits and in accordance with Schedule XIII, computation of remuneration under sec. 198 and sec 349 of Companies Act, 1956 has not been given.

5. The information required to be disclosed 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. There has been no over dues to parties on account of principal amount and / or interest and accordingly no additional disclosures have been made.

6. Deferred Tax Asset has not been recognized as there is no reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

7. Impairment of Assets

During the year on a review as required by AS 28, the amount of Impairment loss charged to Profit & Loss A/c is Rs.30,13,536/- 10. Intangible Assets

As per AS 26, 1/10th of Goodwill amounting to Rs.21,85,412/- has been amortized during the year.

8. Due to change in accounting policy, the improvements made to Leasehold Buildings during the year amounting to Rs.1,91,39,316/- has been capitalized. Till last year, such expenses were charged to Profit & Loss A/c as Interior Decoration Expenses.

9. Claims against the company not acknowledged as debt is Rs. Nil.

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