Mar 31, 2014
1.1 The said Investor as on the date of conversion that is 13th August,
2012 did not exercise the option for the conversion hence the initial
amount received has been forfeited.
1.2 Provision for Premium Payable made from General Reserve of Rs. NIL
during the current period and Rs. 778.44 Million of Previous Year.
1.3 Income Tax Provision provided from 2004-2005 (AY 2005-06) to
2009-10 (AY 2010-11) of Rs. NIL for current period and Rs. 320 million made
during previous year.
1.4 The Term Loans taken from EXIM Bank, Mumbai is Secured by :
(a) Exclusive first charge by way of equitable mortgage of company''s
land and building situated at Khasra No.821/2, Village Dharawara,
Depalpur Tehsil, Indore
(b) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/2, Village Dharawara,
Depalpur Tehsil, Indore
(c) Pledge of equity shares of the company by a director of the
company.
(d) Personal Guarantee of two directors of the company.
1.5 The Term Loan taken from IDBI Bank is Secured by :
(a) First charge by way of equitable mortgage over company''s land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(b) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Personal Guarantee of one of the director of the company.
1.6 Vehicle Loan is Secured by hypothecation against related vehicle of
the company.
1.7 Terms of Repayment of Secured Term Loans from Banks and others are
given below:
1.8 The working capital loans taken from Bank of Baroda are secured by
:
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company''s land and building situated at
Khasra No. 821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore. (ii)
Hypothecation of Plant and Machinery installed in the aforesaid factory
premises situated at Khasra No. 821/1,Village Dharavara, Tehsil
Depalpur, Indore and at Khasra No. 285/1/2, Village Gari Pipliya,
Manglia, Indore
(c) Personal Guarantee of two directors of the company.
1.9 The working capital loans taken from IDBI Bank are secured by :
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) Second charge by way of equitable mortgage over company''s land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(d) Personal Guarantee of one of the director of the company.
1.10 The working capital loan taken from State Bank of India is secured
by :
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company''s land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of one of the director of the company.
1.11 The working capital loan taken from Punjab National Bank is secured
by :
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company''s land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of two directors of the Company.
1.12 The working capital loan taken from Allahabad Bank is secured by :
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company''s land and building situated at
Khasra No.821/1, 364/1,813/2/1,823/1,823/3 Village Dharavara, Tehsil
Depalpur, Indore and at Khasra No.285/1/2,
1/4,1/5,285/3,286/3,286/4,285/2/1 Village Gari Pipliya, Manglia, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore (c) Personal Guarantee of two directors of the
Company.
1.13 Amount overdue as on 31st March, 2014 on account of Principal Rs.
537.97 million & Interest Rs. 29.68 million the outstanding is according
to the Debt Restructuring Scheme proposed for the Company. Refer Note
No. 41 B.2 The company does not have significant influence in any of
the above companies as defined under AS18 "Related Party Disclosure"
and AS23 "Accounting for Investment in Associates in consolidated
financial statements" and as such, all above companies are neither
related party nor associate companies within the meaning of above
accounting standards. Consequently consolidation of accounts has not
been done for the above companies. Refer Note No. 36F.
1.14 The company is duly applying, wherever applicable, to the
competent authority for getting extension with respect to the overdue
export proceeds in accordance with the provisions of the Foreign
Exchange Management Act, 1999 and Foreign Exchange Management (Export
of goods and services) Regulations, 2000.
1.15 Trade Receivables are net of Bill discounting facilities availed
by the Company. Bill discounting facility is availed from SICOM for
which following is offered as securities:
1) Land Bearing Survey No.285/2/2 admeasuring 51109 sq.ft. bearing
Patwari Halka No.26,New No.24 at Village Gram Pipalya, Tehsil Sanwer,
Indore along with R & D block i.e. Ground plus two storied building
thereon approximately 18000 sq.ft situated in the Registration District
and sub-District of Indore.
2) Land bearing Survey Nos 823/2,823/4 & 823/6 at village Dharawara,
Tehsil Depalpur, Indore.
3) Plant & Machinery comprising of R&D equipment,etc at the R&D block
situate on land bearing Survey No.285/2/2 admeasuring 51109 sq.ft
bearing Patwari Halka No.26,New No.24 at Village Gram Pipalya, Tehsil
Sanwer, District Indore.
2. Balances with non-scheduled bank
There is no balance in current period (previous year Nil) with
non-scheduled bank.
3. Balance Confirmation of Parties
Debtors, Loans & Advances, Creditors and Bills Payable are subject to
confirmation by the parties. The company has issued confirmation
letters to such parties and differences if any shall be reconciled in
the current Period.
4. Current Assets and Liabilities
In opinion of the Board, the provisions for known liabilities are
adequate and current assets in the ordinary course of business have a
value at least equal to the amount at which they are stated.
31. Regrouping of Figures
The figures of previous year have been regrouped / reclassified
wherever necessary to confirm to the current period''s presentation.
5. Related Party Disclosure : As per Accounting Standard -18
A. Name of Related Parties and Description of Relationship
Name Country Relationship
Plazma Laboratories Pvt. Ltd. India Significant influence of Director
Plethico Laboratories Pvt. Ltd. India Significant influence of
Directors / Relatives
Plethico Products India Significant influence of Directors / Relatives
Wiscon Pharmaceuticals Pvt. Ltd India Significant influence of
Directors / Relatives
Rezcom Realty Pvt Ltd India Significant influence of Directors
Passion Indulge Pvt. Ltd. India Significant influence of Directors
Plethico Global Holdings BV Netherland Wholly owned subsidiary
Plethico International Ltd. UAE Wholly owned subsidiary
Plethico US Holdings KFT Hungary Wholly owned subsidiary (step-down)
Natrol INC USA Wholly owned subsidiary (step-down)
Natrol Global FZ-LLC UAE Wholly owned subsidiary (step-down)
B. Key Managerial Personnel
Name Designation
Mr. Shashikant A. Patel Chaiman Cum Managing Director
Mr. Chirag S. Patel Whole Time Director and CEO
Mrs. Gauravi Parikh Exceutive Director
Mr. Aditya Moona VP - International Marketing & Business
Mr. Anil K Mohta Chief Techincal Officer
Mr. A. K. Rungta Associates VP- Operations
Mr. Kamal Anand VP- CPD
Mr. John Philip Roy VP - International Sales
Mr. Mangesh Joshi VP - Human Resource
The above parties are not treated as Related Parties due to following
reasons:
1) The Company or any of its Key Management Personnel ("KMP") do not
have any representation on the Board of Directors / Governing Board of
any of the aforesaid enterprises
2) The Company or any of its KMP do not even remotely control the
appointment and / or constitution of the Board of Directors / Governing
Board of any of the aforesaid enterprises
3) The Company do not have any dependence information from any of the
aforesaid enterprises
4) The Company has not employed any of its representative or KMP as
employee or KMP in any of the aforesaid enterprises
5) The Company or any of its KMP or employees are not involved in the
day to day operations or in making policy decisions of any of the
aforesaid enterprises
6) The Company has never undertaken any material transactions with any
of the aforesaid enterprises
6. Disclosure on Lease as per Accounting Standard 19 on "Accounting
for Lease":
"The company has entered into operating lease agreement for office
premises, Guest house, warehouse and vehicle renewable on periodic
basis and is cancelable. The rental expenses for operating lease are
amounting to Rs.28.07 million (Previous year Rs.21.77 million) have been
recognized in the P&L account."
7. Employee Benefit
The company has an Employees'' Gratuity Fund managed by Life Insurance
Corporation of India. As required by AS-15, the status of the present
value of the obligations under the gratuity plan at the end of the
period was Rs. 32.19 Million (Previous year Rs. 31.12 Million)whereas fair
value of plan assets at the end of the period was of Rs. 38.92 Million
(Previous year Rs. 35.00 Million). The total benefit of Rs. 4.31 Million
(Previous year Rs. 2.67 Million) has been paid during the period. The
return on plan assets during the period was Rs. 3.11 Million (Previous
year Rs. 3.02 Million), however there was no excess / short amount over
estimated return on plan assets.
8. For Winding up
The Company had issued Foreign Currency Convertible Bonds (FCCB) on
22nd October, 2007 which was due for repayment on 23rd October, 2012 or
alternatively, the same was required to be converted into equity shares
of the Company. Since the Company had proposed the restructuring of the
FCCB to the Bond holders, it had applied to the Reserve Bank of India
through Authorized Dealer for seeking approval for elongation of the
maturity period of the FCCBs on 22nd October, 2012 and accordingly the
Reserve Bank of India granted the approval for elongation of maturity
period of the FCCB up to 23rd April, 2013. The Company had applied to
Reserve Bank of India vide its letter dated 18th April, 2013, seeking
approval for elongation of the maturity period of the FCCB by a period
of twelve months . Reserve Bank of India vide its letter dated 15th
January, 2014, extended the maturity till 23rd April, 2014. Since the
company was unable to obtain the approval of all the bondholders with
the restructuring proposal, the Company had again applied for seeking
approval for elongation of the maturity period of the FCCB by a period
of twelve months through letter dated 22nd April, 2014 which is pending
for disposal by the Reserve Bank of India.
The Company had on various occasions requested the Trustees viz.
Citibank, in writing, to perform various duties under offering
circular. However, the Trustee was negligent in performance of its
duties under the said offering circular and did not comply with the
requisition made by the company which included circulating the proposal
for restructuring to all the bondholders and calling for the meeting of
all the bondholders to discuss the same and also furnishing of details
of all the bondholders and the details of the beneficial holders of the
bonds. In the meantime, disputes had arisen between the Company,
Trustee and Bond holders and pursuant to which the Company had filed a
suit for damages against Trustees for USD 150 Million and a suit for
damages against one of the purported Bond holder for USD 250 Million at
District Court, Indore Madhya Pradesh. In consequence thereof, the
Trustees had filed a winding up Petition against the Company which is
pending for admission. The company has disputed the amount claimed by
the Trustee on various grounds and responded to the demands made by the
Trustee in this behalf.
The liability of the Company for payments towards principal and
maturity premium of the FCCBs would depend upon the outcome of the
aforesaid suit filed by the Company and also on the outcome of the
winding up petition that has been filed against the company. The
winding up petition filed against the Company and the suits filed by
the Company against the Trustee and the Bondholder are pending
disposal. In spite of the above the financial statements are prepared
on going concern basis.
9. Corporate Debt Restructuring
The Lead Bank of the Company has proposed admission of the Company to
Corporate Debt Restructuring ("CDR") forum on 29th March, 2014 for
providing debt restructuring scheme. The proposed debt restructuring
scheme is pending approval of CDR Empowered Group for admission to the
CDR forum.
10. Income Tax: (in Contingent Liabilities)
(*) Relates to the demand raised by the Income Tax Department, Indore,
for the assessment year 2005-06 to 2011-12, including penal interest
and penalties. The Company has preferred appeals before the
Commissioner of Income Tax (Appeals), against the said demand. Appeals
preferred by the Company are pending for disposal.
in Million
AS AT AS AT
Particulars 31.03.2014 31.12.2012
11. CONTINGENT LIABILITIES NOT
PROVIDED FOR
i Pending Bank Guarantee - 0.16
ii Corporate Guarantee against third
party Loan 448.40 2,150.00
iii Pending Letter of Credit 440.11 111.70
iv Estimated amount of contract remaining
unexecuted on capital account 2.66 -
v Interest on FCCB not provided for the
overdue period 629.24 81.81
12. Deferred Tax Liabilities
The deferred tax liability of Rs. 4,38 million for the period ended 31st
March, 2014 has been debited to the profit & loss account.
in Million
Year end Deferred tax Liability comprises
Excess of Book W.D.V Over Tax W.D.V. 4.38 8.40
13. The current accounting period is for a period of 15 Months. The
same is in conformity with the amendment of the Companies Act 2013.
Hence the financial year of the Company has changed from
January-December to April-March.
Dec 31, 2012
1.1 Subscribed and paid up share capital including 2,91,09,060 Equity
Shares (Previous year 2,91,09,060) Equity Shares of Rs. 10 each
allotted as fully paid bonus shares by way of capitalisation of General
Reserve and Share Premium.
2.1 The said Investor as on the date of conversion that is 13th August,
2012 did not exercise the option for the conversion hence the initial
amount received has been forfeited.
2.2 Provision for Premium Payable made from General Reserve of Rs.
403.49 Million during the current year and Rs. 374.94 Million of
Previous Year.
2.3 Income Tax Provision provided from 2004-2005 (AY 2005-06) to
2009-10 (AY 2010-11) of Rs. 320.00 Million
3.1 The corporate term loan of Punjab National Bank is secured by:
(a) Pledge of company''s equity shares held by one of the Director
(b) Personal Guarantee of one of the Director of the company.
3.2 The term loans taken from EXIM Bank, Mumbai is secured by:
(i) Exclusive first charge by way of equitable mortgage of company''s
land and building situated at Khasra No.821/2, Village Dharawara,
Depalpur Tehsil, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/2, Village Dharawara,
Depalpur Tehsil, Indore
(iii) Pledge of equity shares of the company by a director of the
company
(iv) Personal Guarantee of two directors of the company.
3.3 The Term loan of IDBI Bank is secured by:
(a) First charge by way of equitable mortgage over company''s land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(b) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Personal Guarantee of one of the director of the company.
3.4 Vehicle Loan is secured by hypothecation against related vehicle of
the company.
3.5 Provision of Rs. 403.45 Million (Previous year Rs. 540.02 Million)
has been made during the year on account of premium payable on
redemption of FCCB in terms of the Offering Circular dated 18th
October, 2007, which has been charged to the General Reserve Account.
The Company has outstanding bonds at face value of USD 75 Million. Till
date neither bonds have been converted nor redeemed or cancelled. The
term of the bonds are 0% coupon, premium 7.7% YTM, Reset conversion
price is Rs. 484/-. The said FCCB had fallen due on 23rd October, 2012
and the company is seeking approval of restructuring of said FCCBs from
Bondholders and concern authorities. RBI has approved extension of
maturity period in respect of said FCCB up to 23rd April, 2013.
4.1 The working capital loans taken from Bank of Baroda are secured by:
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by:
(i) Equitable mortgage of company''s land and building situated at
Khasra No. 821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of two directors of the company.
4.2 The working capital loans taken from IDBI Bank are secured by:
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) Second charge by way of equitable mortgage over company''s land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(d) Personal Guarantee of one of the director of the company.
4.3 The working capital loan taken from State Bank of India is secured
by:
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by:
(i) Equitable mortgage of company''s land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of one of the director of the company.
4.4 The working capital loan taken from Punjab National Bank is secured
by:
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by:
(i) Equitable mortgage of company''s land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of two directors of the company.
4.5 The working capital loan taken from Allahabad Bank is secured by:
(a) Hypothecation of company''s entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by:
(i) Equitable mortgage of company''s land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of one of the director of the company.
5.1 There is no amount due and outstanding to be credited to Investor
Education and Protection Fund
5.2 Inter Corporate deposit against Pledge of company''s equity shares
held by one of the Directors.
6.1 The company does not have significant influence in any of the
above companies as defined under AS18 "Related Party Disclosure" and
AS23 "Accounting for Investment in Associates in consolidated financial
statements" and as such, all above companies are neither related party
nor associate companies within the meaning of above accounting
standards. Consequently consolidation of accounts has not been done for
the above companies.
7.1 The company is duly applying to the competent authority for
getting extension with respect to the overdue export proceeds in
accordance with the provisions of the Foreign Exchange Management Act,
1999 and Foreign Exchange Management (Export of Goods and Services)
Regulations, 2000.
8. EXTRA ORDINARY ITEM
The Foreign Exchange loss of Rs. 141.75 million (Previous year loss of
Rs. 630.00 Million) arising out of revaluation in respect of
outstanding FCCB of USD 75.00 Million as on 31st December,2012 has been
recongnised and debited to the Profit and Loss Account of the year as
an Extra Ordinary item.
9. EARNING PER SHARE
Basic and Diluted Earning per share (''EPS'') computed in accordance with
Accounting standard ( AS ) 20 "Earning per Share"
10. BALANCES WITH NON-SCHEDULED BANK
There is no balance in current year (previous year Rs. Nil) with
non-scheduled bank.
11. BALANCE CONFIRMATION OF PARTIES
Debtors, Loans & Advances, Creditors and Bills Payable are subject to
confirmation by the parties. The company has issued confirmation
letters to such parties and differences if any shall be reconciled in
the current Year.
12. CURRENT ASSETS AND LIABILITIES
In opinion of the Board, the provisions for known liabilities are
adequate and current assets in the ordinary course of business have a
value at least equal to the amount at which they are stated.
13. REGROUPING OF FIGURES
The figures of previous year have been regrouped / reclassified
wherever necessary to conform to the current year''s presentation.
14. DISCLOSURE TO MSME ACT.
The company is obtaining confirmation from suppliers regarding the
registration under the MSME Act "Micro Small and Medium Enterprises
Development Act 2006", which came into effect from 2nd October, 2006.
The suppliers are not registered wherever the confirmations are
received and in other cases, the company is not aware of their
registration status and hence information relating to outstanding
balance or interest due is not disclosed as it is not determinable.
15. DISCLOSURE ON LEASE AS PER ACCOUNTING STANDARD 19 ON "ACCOUNTING
FOR LEASE"
The company has entered into operating lease agreement for office
premises, Guest house, warehouse and vehicle renewable on periodic
basis and is cancelable. The rental expenses for operating lease are
amounting to Rs. 21.77 Million (Previous year Rs. .21.86) have been
recognized in the P&L account.
16. DISCLOSURE REGARDING DERIVATIVE INSTRUMENTS AND UNHEDGED CURRENCY
EXPOSURE
There were no foreign exchange derivatives or forward contracts
outstanding as on 31st December,2012. The year end foreign currency
exposures that have not been hedged by a forward cover or derivative
instrument or otherwise are given below
17. EMPLOYEE BENEFIT
The company has an Employees'' Gratuity Fund managed by Life Insurance
Corporation of India. As required by AS-15, the status of the present
value of the obligations under the gratuity plan at the end of the year
was Rs. 31.12 Million whereas fair value of plan assets at the end of
the year was of Rs. 35.00 Million. The total benefit of Rs. 2.67
Million has been paid during the year. The return on plan assets during
the year was Rs. 3.02 Million; however there was no excess / short
amount over estimated return on plan assets.
18 DEFERRED TAX LIABILITIES
The deferred tax liability of Rs. 8.40 Million for the year ended 31st
December, 2012 has been debited to the profit & loss account.
Dec 31, 2011
1. Contingent Liabilities not provided for :
(Rs. in Millions)
Particulars 31.12.2011 31.12.2010
i Pending Bank Guarantee 17.92 0.00
ii Corporate Guarantee against 2150.00 125.00
third party loan
iii Pending Letter of Credit 69.97 97.12
iv Estimated amount of contract
remaining unexecuted on capital
account and not provided for
(Advance given Rs. 1.26 million)
(Previous Year Rs. 1.03 million). 3.76 2.10
2. The working capital loans taken from Bank of Baroda are secured by
:
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company's land and building situated at
Khasra No. 821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore.
(c) Personal Guarantee of two directors of the company.
3. The working capital loans taken from IDBI Bank are secured by :
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) Second charge by way of equitable mortgage over company's land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(d) Personal Guarantee of one of the directors of the company.
5. The working capital loan taken from State Bank of India is secured
by :
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company's land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore.
(c) Personal Guarantee of a director of the company.
4. The working capital loan taken from Punjab National Bank is secured
by:
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis.
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company's land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore.
(c) Personal Guarantee of two directors of the company.
5. The working capital loan taken from Allahabad Bank is secured by :
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company's land and building situated at
Khasra No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at
Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore.
(c) Personal Guarantee of a director of the company.
6. The corporate term loan of Punjab National Bank is secured by (a)
Pledge of company's equity shares held by one of the Directors.
(b) Personal Guarantee of one of the Directors of the company
7. The term loans taken from EXIM Bank, Mumbai is secured by
(i) Exclusive first charge by way of equitable mortgage of company's
land and building situated at Khasra No.821/2, Village Dharawara,
Depalpur Tehsil, Indore (ii) Hypothecation of Plant and Machinery
installed in the aforesaid factory premises situated at Khasra No.
821/2, Village Dharawara, Depalpur Tehsil, Indore.
(iii) Pledge of equity shares of the company by a director of the
company.
(iv) Personal Guarantee of two directors of the company.
8. The Term loan of IDBI Bank is secured by
(a) First charge by way of equitable mortgage over company's land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(b) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Personal Guarantee of one of the directors of the company.
9. VehicleHouse Loans are secured by hypothecation of related Vehicle
House Property.
10. Term Loan repayable within one year is Rs. 409.21 million (Previous
year Rs. 488.00 million).
11. The Foreign Exchange loss of Rs. 630.00 million (previous year gain
of Rs. 136.88 Million) arising out of revaluation in respect of
outstanding FCCB of USD 75 Million as on 31.12.2011 has been recognized
and credited to the Profit and Loss Account of the year as an Extra
Ordinary Item.
12. Provision of Rs. 540.02 Mn. (previous year Rs. 268.93 Mn.) has been
made during the year on account of premium payable on redemption of
FCCB in terms of the Offering Circular dated 18.10.2007, which has been
charged to the Share Premium Account Rs. 165.07 Mn. and Profit & Loss
Account Rs. 374.95 Mn. The Company currently has outstanding bonds at
face value of USD 75 million. Till date no bonds have been converted
nor redeemed or cancelled. The term of the bonds are: 0% coupon,7.7%
YTM, Reset conversion price is Rs. 484/- and maturity date is
October'2012.
13. The company holds 100% equity of Plethico Global Holding BV,
Netherlands who in turn holds directly or indirectly 100% equity of
Natrol INC, USA, Natrol Global, UAE and Plethico US Holding KFT,
Hungary. Therefore, such companies are step down subsidiaries of our
company. The company also holds 100% equity of Plethico International
Ltd. UAE setting up medicated lozenges and solid dosage formulation
manufacturing unit in UAE.
14. The company does not have significant influence in any of the above
companies as defined under AS18 "Related Party Disclosure" and AS23
"Accounting for Investment in Associates in consolidated financial
statements" and as such, all above companies are neither related party
nor associate companies within the meaning of above accounting
standards. Consequently consolidation of accounts has not been done for
the above companies.
15. There is no Loan & advances outstanding from firms/companies in
which director(s) are interested as a Partner or Director.
16. The company is duly applying to the competent authority for getting
extension with respect to the overdue export proceeds in accordance
with the provisions of the Foreign Exchange Management Act, 1999 and
Foreign Exchange Management (Export of goods and services) Regulations,
2000.
17. Basic and Diluted Earning per share ('EPS') computed in accordance
with Accounting standard ( AS ) 20 "Earning per Share"
18. Balance with a non-scheduled bank comprises balance of Rs. 0.00
million (Previous Year Rs. 0.01 Million) in current account with Karur
Vysya Bank Ltd.
19. Debtors, Loans & Advances, Creditors and Bills Payable are subject
to confirmation by the parties. The company has issued confirmation
letters to such parties and differences if any shall be reconciled in
the current Year.
20. In opinion of the Board, the provisions for known liabilities are
adequate and current assets in the ordinary course of business have a
value at least equal to the amount at which they are stated.
21. The figures of previous year have been regrouped / reclassified
wherever necessary to conform to the current year's presentation.
22. Computation of Net Profit under Section 349 read with Section 309
(5) and Section 198 of the Companies Act, 1956:
23. The company is obtaining confirmation from suppliers regarding the
registration under the MSME Act "Micro Small and Medium Enterprises
Development Act 2006", which came into effect from 2nd Oct, 2006. The
suppliers are not registered wherever the confirmations are received
and in other cases, the company is not aware of their registration
status and hence information relating to outstanding balance or
interest due is not disclosed as it is not determinable.
24. Additional Information pursuant to provisions of Para 3, 4c of
Part II of Schedule VI to the Companies Act, 1956.
25. Segment Information for the year ended 31st December, 2011
Information about Primary Business segment. The company is Exclusively
in the healthcare business segments Information about Secondary
Geographical segments.
B Key Managerial Personnel
1. Shashikant .A. Patel Chairman cum Managing Director
2. Chirag.S. Patel Whole Time Director and CEO
3. Gauravi.K.Parikh Executive Director
4. Sanjay Pai Chief Finance Officer
5. Anil K Mohta Chief Technical Officer
6. John Philip Roy VP - International Sales
7. Mangesh Joshi GM - HR
No amount have been written off/provided for or written back during the
year in respect of debt due from or to related party.
26. Amount Receivable from Managerial Staff Rs. Nil (Max Balance Rs. Nil)
27. Disclosure on Lease as per Accounting Standard 19 on " Accounting
for lease": The company has entered into operating lease agreement for
office premises, Guest house, warehouse and vehicle renewable on
periodic basis and is cancelable. The rental expenses for operating
lease are amounting to Rs. 21.86 Mn. (Previous year Rs.21.95 Mn.) have been
recognized in the P&L account.
28. The company has an Employees' Gratuity Fund managed by Life
Insurance Corporation of India. As required by AS-15, the status of
the present value of the obligations under the gratuity plan at the end
of the year was Rs. 279.72 Mn. whereas fair value of plan assets at the
end of the year was of Rs. 274.90 Mn. The total benefit of Rs.5.43 Mn. has
been paid during the year. The return on plan assets during the year
was Rs. 2.04 Mn., however there was no excess/short amount over estimated
return on plan assets.
Dec 31, 2010
1. Contingent Liabilities not provided for :
(Amount in Millions)
Particulars 31.12.2010 31.12.2009
I Pending Bank Guarantee 0.00 19.71
ii Corporate Guarantee against third
party loan 125.00 125.00
iii Pending Letter of Credit 97.12 74.65
iv Estimated amount of contract remaining
unexecuted on capital account and not
provided for (Advance given Rs.1.03
million) (Previous Year Rs. 1.34 million). 2.10 2.60
2. The working capital loans taken from Bank of Baroda are secured by
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by:
(i) Equitable mortgage of company's land and building situated at
Khasra No. 821/1, Village - Dharavara, Tehsil - Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of two directors of the company.
3. The working capital loans taken from IDBI Bank are secured by
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) Second charge by way of equitable mortgage over company's land and
building situated at Khasra No.285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(d) Personal Guarantee of one of the directors of the company.
4. The working capital loan taken from State Bank of India is secured
by
(a) Hypothecation of company's entire stocks and book debts on first
pari passu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company's land and building situated at
Khasra No.821/1, Village - Dharavara, Tehsil - Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore.
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of a director of the company.
5. The working capital loan taken from Punjab National Bank is secured
by
(a) Hypothecation of company's entire stocks and book debts on first
paripassu charge basis
(b) On first pari passu charge basis by :
(i) Equitable mortgage of company's land and building situated at
Khasra No.821/1, Village - Dharavara, Tehsil - Depalpur, Indore and at
Khasra No.285/1/2, Village Gari Pipliya, Manglia, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/1, Village Dharavara,
Tehsil Depalpur, Indore and at Khasra No. 285/1/2, Village Gari
Pipliya, Manglia, Indore
(c) Personal Guarantee of two directors of the company.
6. The corporate term loan of Punjab National Bank is secured by
(a) Pledge of company's equity shares held by one of the Directors
(b) Personal Guarantee of one of the Directors of the company.
7. Corporate Loan taken from State Bank of India is secured by
(i) pledge of equity shares of the company held by one of the directors
of the company
(ii) Personal Guarantee of one of the directors of the company.
8. The term loans taken from EXIM Bank, Mumbai is secured by
(i) exclusive first charge by way of equitable mortgage of company's
land and building situated at Khasra No.821/2, Village Dharawara,
Depalpur Tehsil, Indore
(ii) Hypothecation of Plant and Machinery installed in the aforesaid
factory premises situated at Khasra No. 821/2, Village Dharawara,
Depalpur Tehsil, Indore
(iii) pledge of equity shares of the company by a director of the
company
(iv) Personal Guarantee of two directors of the company.
9. The Term loan of IDBI Bank is secured by
(a) First charge by way of equitable mortgage over company's land and
building situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(b) Hypothecation of Plant and Machinery installed in the factory
premises situated at Khasra No. 285/1/1, Village Gari Pipliya, Manglia,
Indore
(c) Personal Guarantee of one of the directors of the company.
10. Vehicle House Loans are secured by hypothecation of related
Vehicle House Property.
11. Term Loan repayable within one year is Rs. 488.00 million
(Previous year Rs. 280.28 million)
12. The Foreign Exchange Gain of Rs.136.88 million (previous year gain
of Rs. 163.50 Million) arising out of revaluation in respect of
outstanding FCCB of USD 75 Million as on 31.12.2010 has been recognized
and credited to the Profit and Loss Account of the year as an Extra
Ordinary Item.
13. Provision of Rs.268.93 million (previous year Rs. 285.99 Million.)
has been made during the year on account of premium payable on
redemption of FCCB in terms of the Offering Circular dated 18.10.2007,
which has been charged to the Share Premium Account. The Company
currently has outstanding bonds at face value of USD 75 million. Till
date no bonds have been converted nor redeemed or cancelled. The term
of the bonds are: 0% coupon,7.7% YTM, Reset conversion price is
Rs.484/- and maturity date is October, 2012.
14. The company holds 100% equity of Plethico Global Holding BV,
Netherlands who in turn holds directly or indirectly 100% equity of
Natrol INC, USA, Natrol Global, UAE and Plethico US Holding KFT,
Hungary. Therefore, such companies are step down subsidiaries of our
company. The company also holds 100% equity of Plethico International
Ltd. UAE setting up medicated lozenges and solid dosage formulation
manufacturing unit in UAE.
15. The company does not have significant influence in any of the
above companies as defined under AS18 "Related Party Disclosure" and
AS23 "Accounting for Investment in Associates in consolidated financial
statements" and as such, all above companies are neither related party
nor associate companies within the meaning of above accounting
standards. Consequently consolidation of accounts has not been done for
the above companies.
16. There is no amount outstanding or due from firms/companies in
which director(s) are interested as a Partner or Director.
17. The company is duly applying to the competent authority for
getting extension with respect to the overdue export proceeds in
accordance with the provisions of the Foreign Exchange Management Act,
1999 and Foreign Exchange Management (Export of goods and services)
Regulations, 2000.
18. During the year under review, the company was subject to search
and seizure operations by the Income Ta x department (Investigation).
During the course of the search, certain documents and articles were
seized from different locations and statements of company's various
executives including Chairman and Managing Directors were recorded.
Pursuant to the ongoing proceedings, the final tax liability has not
been determined hence provision made during the year for the tax
liability is subject to final assessment.
19. Balance with a non-scheduled bank comprises balance of Rs.0.01
million (Previous Year 1.42 Million) in current account with Karur
Vysya Bank Ltd.
20. Debtors, Loans & Advances, Creditors and Bills Payable are subject
to confirmation by the parties. The company has issued confirmation
letters to such parties and differences if any, shall be reconciled in
the current Year.
21. In opinion of the Board, the provisions for known liabilities are
adequate and current assets in the ordinary course of business have a
value at least equal to the amount at which they are stated.
22. The figures of previous year have been regrouped / reclassified
wherever necessary to conform to the current year's presentation.
23. The company is obtaining confirmation from suppliers regarding the
registration under the MSME Act "Micro Small and Medium Enterprises
Development Act 2006", which came into effect from Oct 2,2006. The
suppliers are not registered wherever the confirmations are received
and in other cases, the company is not aware of their registration
status and hence information relating to outstanding balance or
interest due is not disclosed as it is not determinable.
24. Additional Information pursuant to provisions of Para 3, 4c of
Part II of Schedule VI to the Companies Act, 1956.
25. Segment Information for the year ended 31st December, 2 010
Information about Primary Business segment. The company is Exclusively
in the health care business segments Information about Secondary
Geograp
26. Amount Receivable from Managerial Staff Rs. Nil (Max Balance Rs
Nil)
27. Disclosure on Lease as per Accounting Standard 19 on " Accounting
for lease ":The company has entered into operating lease agreement for
office premises, Guest house, warehouse and vehicle renewable on
periodic basis and is cancelable. The rental expenses for operating
lease are amounting to Rs.21.95 million (Previous year Rs.20.67
million) have been recognized in the P&L account.
28. The company has an Employees' Gratuity Fund managed by Life
Insurance Corporation of India. As required by AS-15, the status of the
present value of the obligations under the gratuity plan at the end of
the year was Rs.28.99 million whereas fair value of plan assets at the
end of the year was of Rs.33.14 million. The total benefit of Rs.0.85
million has been paid during the year. The return on plan assets during
the year was Rs.2.05 million; however there was no excess / short
amount over estimated return on plan assets.
29. The deferred tax liability of Rs. 10.54 million for the year
ended Dec. 31,2010 has been debited to the profit & loss account.
Dec 31, 2009
(Amount in Millions
31.12.2009 31.12.2008
i Pending Bank Guarantee 19.71 0.330
ii Corporate Guarantee against third
party loan 125.00 56.00
iii Pending Letter of Credit 74.65 44.33
iv Estimated amount of contract
remaining unexecuted on 2.60 7.83
capital account and not provided
for (Advance given Rs.1.34 million)
(Previous Year Rs.3.58 million).
2 The working capital loans taken from Bank of Baroda are secured by
(a) Hypothecation of companys entire stocks and book debts on first
pari passu charge basis (b) On first pari passu charge basis by (i)
Equitable mortgage of companys land and building situated at Khasra
No. 821/1, Village Dharavara,Tehsil Depalpur, Indore and at Khasra No.
285/1/2, Village Gari Pipliya, Manglia, Indore. (ii) Hypothecation of
Plant and Machinery installed in the aforesaid factory premises
situated at Khasra No. 821/1, Village Dharavara,Tehsil Depalpur, Indore
and at Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore (c)
Personal Guarantee of two directors of the company.
3 The working capital loans taken from State Bank of Indore are secured
by (a) Hypothecation of companys entire stocks and book debts on first
pari passu charge basis (b) First and exclusive charge by way of
equitable mortgage over companys land and building situated at Khasra
No.285/1/1, Village Gari Pipliya, Manglia, Indore (c) Hypothecation of
Plant and Machinery installed in thefactory premises situated at Khasra
No. 285/1 /I, Village Gari Pipliya, Manglia, Indore (d) Personal
Guarantee of two directors of the company.
4 The working capital loan taken from State Bank of India is secured by
(a) Hypothecation of companys entire stocks and book debts on first
pari passu charge basis (b) On first pari passu charge basis by (i)
Equitable mortgage of companys land and building situated at Khasra
No.821/1, Village Dharavara, Tehsil Depalpur, Indore and at Khasra No.
285/1/2, Village Gari Pipliya, Manglia, Indore. (ii) Hypothecation of
Plant and Machinery installed in theaforesaid factory premises situated
at Khasra No. 821/1, Village Dharavara,Tehsil Depalpur, Indore and at
Khasra No. 285/1/2, Village Gari Pipliya, Manglia, Indore (c) Personal
Guarantee of a director of the company.
5 The working capital loan taken from HSBC Bank is secured by (i)
pledge of equity shares of the company by a director of the company
(ii) Personal Guarantee of two directors of the company.
6 The non-funded Limit sanctioned by Bank of India is secured by (i)
pledge of equity shares of the company by a director of the company
(ii) second pari passu charge over the current assets and fixed assets
other than those specifically charged to other lenders (iii) Personal
Guarantee of two directors of the company.
7 The term loan taken from State Bank of Indore, Industrial Finance
Branch, Indore is secured on first charge basis by (i) Equitable
mortgage of companys land and building situated at Khasra No.285/1/1,
Village Gari Pipliya, Manglia Indore (ii) Hypothecation of Plant and
Machinery installed in the aforesaid factory premises situated at
Khasra No. 285/1/1, Village Gari Pipliya, Manglia, Indore (iii)
Personal Guarantee of two directors of the company.
8 Corporate Loan taken from State Bankof India is secured by (i) pledge
of equity shares of the company by a director of the company (ii)
Personal Guarantee of a director of the company.
9The term loan taken from EXIM Bank, Mumbai is secured by (i)
exclusive first charge by way of equitable mortgage of companys land
and building situated at Khasra No.821/2, Village Dharawara,
DepalpurTehsil, Indore (ii) Hypothecation of Plant and Machinery
installed in the aforesaid factory premises situated at Khasra No.
821/2, Village Dharawara, DepalpurTehsil, Indore (iii) pledge of equity
shares of the company by a director of the company (iv) Personal
Guarantee of two directors of the company.
10 Term loan taken from Karur Vysya Bank is secured by (i) pledge of
equity shares of the company by a director of the company (ii) Personal
Guarantee of a director of the company.
11 Term loan taken from Allahabad Bank is secured by (i) pledge of
equity shares of the company by a director of the company (ii)
subservient charge on working capital securities.
12 Vehicle House Loans are secured by hypothecation of related
Vehicle House Property.
13 Term Loan repayable within one year is Rs. 280.28 million (Previous
year Rs.708.90 million)
14 The Foreign Exchange Gain of Rs.163.50 million (previous year loss
of Rs.682.50 Million.) arising out of revaluation in respect of
outstanding FCCB of USD 75 Million as on 31.12.2009 has been recognized
and credited to the Profit and Loss Account oftheyear as an Extra
Ordinary Item.
15 Provision of Rs.285.99 million (previous year Rs.343.35 Million.)
has been made during the year on account of premium payable on
redemption of FCCB in terms of the Offering Circular dated 18.10.2007,
which has been charged to the Share Premium Account. The Company
currently has outstanding bonds at face value of USD 75 million. Till
date no bonds have been converted nor redeemed or cancelled. The term
of the bonds are: 0% coupon,7.7% YTM, Reset conversion price is
Rs.484/-and maturity date is October2012.
16 The company holds 100% equity of Plethico Global Holding BV,
Netherlands who in turn holds directly or indirectly
100% equity of Natrol INC, USA, Natrol Global, UAE and Plethico US
Holding KFT, Hungary. Therefore, such companies are step down
subsidiaries of our company. The company also holds 100% equity of
Plethico International Ltd. UAE setting up medicated lozenges and solid
dosageformulation manufacturing unit in UAE.
"The company does not have significant influence in ANY the above
companies as defined under AS 18" Related Party Disclosure" and AS 23 "
Accounting for Investment in Associates in consolidated financial
statements" and as such, all above companies are neither related party
nor associate companies within the meaning of above accounting
standards. Consequently consolidation of accounts has not been
doneforthe above companies. 19 There is no amount outstanding or due
from firms/companies in which director(s) are interested as a Partner
or Director
17 The company is duly applying to the competent authority for getting
extension with respect to the overdue export proceeds in accordance
with the provisions of the Foreign Exchange Management Act, 1999 and
Foreign Exchange Management (Export of goods and services) Regulations,
2000.
18 Balance with a non-scheduled bank comprises balance of Rs.1.42
million (Previous Year 1.40 Million) in current account with KarurVysya
Bank Ltd..
19 Debtors, Loans & Advances, Creditors and Bills Payable are subject
to confirmation by the parties. The company has issued confirmation
letters to such parties and differences if any, shall be reconciled in
the current Year.
20 In opinion of the Board, the provisions for known liabilities are
adequate and current assets in the ordinary course of business have a
value at least equal to the amount at which they are stated.
21 The figures of previous year have been regrouped / reclassified
wherever necessary to conform to the current years presentation.
22 The company is obtaining confirmation from suppliers regarding the
registration under the MSME Act "Micro Small and Medium Enterprises
Development Act 2006", which came into effect from Oct 2,2006.The
suppliers are not registered wherever the confirmations are received
and in other cases, the company is not aware of their registration
status and hence information relating to outstanding balance or
interest due is not disclosed as it is not determinable.
23 RELATED PARTY DISCLOSURE: AS PER ACCOUNTING STANDARD -18.
A Name of related parties and description of relationship
Sr.
No. Name Country Relationship
1 Plazma Laboratories
Pvt. Ltd. India Significant influence of
Director
2 Plethico Laboratories
Pvt. Ltd. India Significant influence of
Directors/Relatives
3 Plethico Products India Significant influence of
Directors /Relatives
4 Wiscon Pharmaceuticals
Pvt. Ltd India Significant influence of
Directors / Relatives
5 Plethico Global
Holdings BV Netherlands Wholly owned subsidiary
6 Plethico International
Ltd. UAE Wholly owned subsidiary -Mm
7 Plethico US Holdings
KFT Hungary Wholly owned subsidiary
(step-down)
8 Natrol INC USA Wholly owned subsidiary
(step-down)
9 Natrol Global FZ-LLC UAE Wholly owned subsidiary
(step-down)
B Key Managerial Personnel
1. Shashikant .A. Patel Chairman cum Managing Director
2. Chirag.S. Patel Whole Time Director and CEO
3. Gauravi.K.Parikh Executive Director
4. Rajiv Bedi President
5. HemantModi Chief Operating Officer
6. SanjayPai Chief Finance Officer
24 Amount Receivable from Managerial Staff Rs. Nil (Max Balance Rs Nil)
25 Disclosure on Lease as per Accounting Standard 19 on" Accounting for
lease":
The company has entered into operating lease agreement for office
premises, Guest house, warehouse and vehicle renewable on periodic
basis and is cancelable.The rental expenses for operating lease are
amounting to Rs.20.67 million (PreviousyearRs.20.57 million) have been
recognized in the profit and loss account.
26 There were no foreign exchange derivative or forward contracts
outstanding as on 31.12.2009. The year end foreign currency exposures
that have not been hedged by a forward cover or derivative instrument
or otherwise are given below:
27 The company has an Employees Gratuity Fund managed by Life
Insurance Corporation of India. As required by AS-15, the status of the
present value of the obligations under the gratuity plan at the end of
the year was Rs.21.39 million whereas fair value of plan assets at the
end of the year was of Rs.22.52 million. The total benefit of Rs.0.83
million has been paid during the year. The return on plan assets during
the year was Rs.1.79 million; however there was no excess / short
amount over estimated return on plan assets.
28 The deferred tax liability of Rs. 1.19 million forthe year ended 31
"Dec, 2009 has been debited to the profit & loss account.