Carol Info Services

(All amounts in thousands of Indian Rs unless otherwise stated)
 
 1.  BACKGROUND
 
 Carol Info Services Limited (‘CISL'' or ‘the Company'') is a subsidiary
 of Khorakiwala Holdings and Investments Private Limited. The Company is
 engaged in service segment. The primary activities are contract
 manufacturing and renting of immovable property. The Company provides
 contract manufacturing service for nutraceutical and milk based
 products.  Contract manufacturing in India is growing rapidly catering
 to both domestic and international pharmaceutical companies.  The
 Company''s plant in Lalru, Punjab is well placed to meet this need. It
 is operating near to capacity and will continue to do so in the
 foreseeable future.
 
 The Company is also engaged in renting of immovable property activity.
 
 2. Segment information
 
 Primary Segments
 
 The Company is operating in contract manufacturing and renting of
 immovable property segment. All activities are of services nature.
 Management is of the opinion that all the activities undertaken by the
 Company involve the same amount of risks.
 
 3. Related party disclosures
 
 (a) Parties where control exists Holding company: Khorakiwala Holdings
 and Investments Private Limited Fellow Subsidiary: Wockhardt Limited
 Enterprise that directly or indirectly through one or more
 intermediaries control or are controlled by the company:
 
 Vinton Healthcare Limited
 
 Individuals having direct or indirect control over the Company: H. F.
 Khorakiwala
 
 Relative of individual having direct or indirect control over the
 Company: Ms. Zahabiya Khorakiwala
 
 Enterprises over which Individuals having direct or indirect control
 over the Company, have significant infuence:
 
 Palanpur Holdings and Investments Private Limited
 
 Wockhardt Hospitals Limited
 
 Merind Limited
 
 Sharanya Chemicals & Pharmaceuticals Private Limited
 
 Holmdene Constructions
 
 Key Managerial Personnel: G. B. Parulkar
 
 (b) Related party relationships where transactions have taken place
 during the year Holding company: Khorakiwala Holdings and Investments
 Private Limited Fellow Subsidiary enterprises: Wockhardt Limited
 
 Enterprises over which Individuals having direct or indirect control
 over the Company, have significant infuence:
 
 Palanpur Holdings and Investments Private Limited
 
 Wockhardt Hospitals Limited
 
 Merind Limited
 
 Sharanya Chemicals & Pharmaceuticals Private Limited
 
 Holmdene Constructions
 
 Enterprise that directly or indirectly through one or more
 intermediaries control or are controlled by the company:
 
 Vinton Healthcare Limited
 
 (B) Defined contribution plan –
 
 Amount recognised as an expense and included in the Schedule 18 –
 “Contribution to provident and other funds” of profit and Loss Account
 Rs 1,396 thousand (Previous Year – Rs 1,113 thousand).
 
 4.  Exceptional items of previous year comprises of profit on sale of
 commercial premises amounting to Rs 652,634 thousand, loss on
 relinquishment of tenancy rights Rs 12,647 thousand and interest cost of
 Rs 60,980 thousand payable on early closure of loan.
 
 5.  CONTINGENT LIABILITIES
 
 Demands for Rs 14,316 thousand (Previous Year – Rs 14,316 thousand) have
 been raised by Sales Tax Authorities. The Company has fled appeals
 against the said demand.
 
 6.  Rs 33,357 thousand paid on completion of income tax proceedings of
 earlier years.
 
 7.  PRIOR YEAR COMPARATIVES
 
 Prior year fgures have been re-classified wherever necessary to conform
 with current year''s presentation.