As on As on
31st March 2011 31st March 2010
1. Contingent Liabilities not
provided for in respect of:
a) Counter guarantees given for
subsidiary companies 69,251.05 13,492.41
b) Disputed Income Tax matters in appeal 165.39 694.94
c) Estimated amount of contracts
remaining to be executed on 823.00 459.00
capital account not provided for
(Net of Advances)
6. The Term loan facilities sanctioned by the Banks and Institutions
are secured by first charge on immovable and movable properties and
second charge on current assets, both present and future under the
Security Trustee Arrangement.
The working capital facilities sanctioned by the banks and Institutions
are secured by first charge on current assets and second charge on
immovable and movable properties, both present and future, under the
Security Trustee Arrangement.
7. In absence of any intimation received from vendors regarding the
status of their registration under Micro, Small and Medium Enterprises
Development Act 2006 the Company is unable to comply with the
disclosure required to be made under the said Act.
9. a) The Company has issued Foreign Currency Convertible Bonds (FCCB)
on 27th December 2005 amounting to USD 50 million.
Out of the outstanding Bonds of USD 11.83 million as on 1st April,
2010, during the year, 906 Bonds amounting to USD 9.06 million were
converted in fully paid-up equity shares and 277 Bonds amounting to USD
2.77 million were redeemed at a redemption value of Rs. 145.735,
resulting in the outstanding at the end of the year to NIL.
b) During the year, the Company has allotted 857,341 Equity Shares of
Rs.10/- each @ Rs. 483.28 (including share premium of Rs. 473.28) on
conversion of the above 906 Foreign Currency Convertible Bonds.
Consequently, the paid-up equity share capital of the Company stands
increased to Rs. 2,354.52 Lacs.
c) Expenses for FCCBs conversion and redemption premium aggregating to
Rs.696.84 Lacs are debited to Securities Premium Account.
10. As required by Accounting Standard – AS 18 Related Party
Disclosures issued by The Institute of Chartered Accountants of India,
the disclosures are as follows:
a) Subsidiary Companies
i) Bilcare Singapore Pte Ltd.
ii) Bilcare GmbH
iii) Bilcare Inc
iv) Bilcare Farmacseutica Embalagem E Pesquisas Ltda
v) Bilcare (UK) Ltd
vi) Bilcare GCS (Europe) Ltd
vii) Bilcare SA
viii) Bilcare Technologies Singapore Pte. Ltd.
ix) Bilcare Technologies Italia Srl.
x) Bilcare Mauritius Ltd.
xi) Bilcare Research AG
xii) Bilcare Germany Management GmbH
xiii) Bilcare Germany GmbH & Co.KG
xiv) Films Germany Holding GmbH
xv) Bilcare Agency GmbH
xvi) Bilcare Research Srl
xvii) Bilcare Fucine Srl
xviii) Bilcare Research Inc
xix) Bilcare Research GmbH
xx) Bilcare Staufen GmbH
xxi) Caprihans India Limited
b) 50% Joint Venture in International Labs LLC.
c) Key Management Personnel
i) Mr. Mohan H. Bhandari (Managing Director)
ii) Dr. Praful R. Naik (Executive Director)
iii) Mr. Chandra Prakash Jaggi (Director)
11. The Company is engaged in packaging research solutions which as per
Accounting Standard – AS 17 is considered the only reportable business
segment by the Management in the light of the dominant source and
nature of risks and returns, location of its production facilities and
assets of the group and relied upon by the Auditors. As per AS 17 all
reportable information as regards segment revenue, segment results,
carrying amount of segment assets, segment liabilities, total cost of
acquisition of segment assets and depreciation are fairly disclosed in
the financial statements.
12. a) The Ministry of Corporate Affairs, Government of India vide
General Circular No. 2/2011 dated 8th Feb 2011 has granted a general
exemption under Section 211 of the Companies Act, 1956 from disclosure
of quantitative details in the Profit & Loss Account under paras
3(i)(a) and 3(ii)(a) of Part II, Schedule VI to the Companies Act,
b) The Ministry of Corporate Affairs, Government of India vide General
Circular No. 2/2011 dated 8th Feb 2011 has granted a general exemption
from compliance with section 212 of the Companies Act, 1956. Necessary
information relating to the subsidiaries has been included in the
Consolidated Financial Statements.
15. Financial Instruments
a) Financial contracts entered into by the company and outstanding as
on 31st March 2011 –
i) For hedging Currency and Interest Rate Related Risks: NIL (Previous
ii) For hedging commodity related risks: NIL.
b) Foreign currency exposure (Net) that are not hedged by forward
contract as on 31st March 2011 amount to Rs.17,560.08 Lacs. (Previous
Year Rs.12,250.82 Lacs)
16. Balance in Non Scheduled Bank includes balance with Rajgurunagar
Sahakari Bank Ltd. Maximum Balance during the year Rs.22.55 Lacs
(Previous Year Rs.21.52 Lacs).
The Company''s leasing arrangements are mainly in respect of residential
/ office premises and plant & machinery. The aggregate lease rentals
payable are charged as Rent under Overheads under Schedule 16 except
Lease rental accrued based on the terms of contract are credited to
Profit and Loss Account and included in Other Income under Schedule
18. Foreign currency transactions on revenue accounts
a) Transactions denominated in foreign currencies are recorded at the
exchange rate prevailing at the time of the transaction.
b) Monetary items denominated in foreign currencies at the year end and
not covered by forward exchange contracts are translated at year end
rates and those covered by forward exchange contracts are translated at
the rate of forward exchange contract.
c) The company had exercised the option given in the Notification dated
31st March 2009 issued by the Central Government to amend the AS-11
The Effects of Changes in Foreign Exchange Rates… in the F. Y.
2008-09. The amount of unrealized exchange fluctuation on long term
monetary items under the said option was parked under the Foreign
Currency Monetary Items Translation Difference Account (FCMITDA). The
balance outstanding to the debit of FCMITDA Rs.541.22 Lacs is being
amortised in the current year and now stands at NIL. Effect of
exercising this option is understatement of Profit for the year to the
extent of Rs.541.22 Lacs.
d) The loss or gain due to fluctuation of exchange rate on revenue
items is charged to Profit and Loss Account other than on the long term
funds utilized for acquisition of fixed assets in India.
20. Sundry Creditors etc. include Acceptances of Rs.2,944.90 Lacs
(Previous Year Rs.2,172.90 Lacs).
21. Trial run income and expenses are directly capitalized to the
22. Figures for the previous year have been regrouped / reclassified
wherever necessary to confirm with the current years classification.
23. There are no amounts due and outstanding to be credited to
Investor''s Education and Protection Fund.
24. All figures are in Rupees Lacs, rounded off to two decimal places.