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SENSEX NIFTY India | Notes to Account > Pharmaceuticals > Notes to Account from DIL - BSE: 506414, NSE: N.A


BSE: 506414|ISIN: INE225B01013|SECTOR: Pharmaceuticals
May 25, 16:00
129.9 (5%)
DIL is not listed on NSE
Mar 15
Notes to Accounts Year End : Mar '16

(1) The Company has invested an aggregate of Rs.188.51 Lakhs in VasKo Glider s.r.o. Czechoslovakia, a joint venture. Out of the above, Rs.1.96 Lakhs (Czech Koruna 1 Lakh) is towards basic capital and Rs.186.55 Lakhs (Czech Koruna 95.24 Lakhs) is towards voluntary additional contribution to capital. VasKo Glider is involved in manufacture of wheelchairs based on Levitation Movement Technology, acquired from the joint venture partner under the technology transfer agreement with effect from March 18, 2005 and the patent of which is registered in Czechoslovakia in the name of the joint venture partner. The joint venture partner has applied for registration of patent in various countries and the same has been registered in USA, India and Australia.

The proportionate share in the assets, liabilities, income and expenditure of the above joint venture is based on accounts prepared as per local laws as amended and issued by the Ministry of Finance of the Czech Republic, governing financial statement for business and translated by the Management as per Indian GAAP, is as follows:-

Note 2 - During the current year, Company has received a notice from the private equity investor/shareholder in Company''s subsidiary, Fermenta Biotech Limited (“Fermenta”). In this notice, investor has notified the Company that it proposes to exercise its “Drag Along Right” with respect to the shares of Fermenta asking DIL either to acquire shares of Fermenta from the investor or drag along DIL to sell the shares of Fermenta held by investor and DIL to a third party, pursuant to the Shareholders'' Agreement dated December 10, 2010 entered into by the Company, Fermenta and investor. The Company has been advised that such claim is not legally tenable and the management has concluded that there is no obligation on the Company with reference to the aforesaid alleged notice from the investor. Accordingly, no impact has been considered in the financial statement.

Note 3 - During the previous year, Company has entered into an agreement with other investors to invest additional amount in the operations of Health & Wellness India Private Limited (H&W) & Zela Wellness Private Limited (Zela) (associate companies) and also agreed to merge the operations of these two associates into one single entity. Pursuant to this agreement the outstanding Loans and advances, of Rs.309.86 Lakhs with H&W & Rs.25 Lakhs with Zela given by the Company has been converted into share application money. Post the completion of merger operations and shareholding alignment, the Company will own 50.94% stake in the combined operations. In addition to the above, during the previous year the Company has invested Rs.100 Lakhs towards additional share subscription money,

During the current year, Company has entered into supplementary agreement with other investors in Zela Wellness Private Limited (Zela) to convert the said additional share subscription money of Rs.150 Lakhs invested in Zela Wellness Private Limited (Zela) into 0.001% Non Cumulative Compulsory Convertible Preference shares. On consolidation/merging of operations of Health & Wellness India Private Limited (H&W) & Zela Wellness Private Limited (Zela) into resultant unified entity, the said preference shares of Zela Wellness Private Limited (Zela) to be converted in to equity shares of resultant unified Company. Post completion of unification of operations and conversion of preference shares into equity shares of the unified entity and on shareholding alignment, the Company will own 53.67% stake in the combined entity.

NOTE 4 - Previous year''s figures have been regrouped/reclassified wherever necessary to conform with current year''s classification.

Source : Dion Global Solutions Limited
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