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Notes to Accounts of Caplin Point Laboratories Ltd.
Mar 31, 2025
m) Provisions, Contingent Liabilities and Contingent Assets
A provision is recognized if, as a result of a past event, the
Company has a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow
of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future
cash flows (representing the best estimate of the expenditure
required to settle the present obligation at the balance sheet
date) at a pre-tax rate that reflects current market assessments
of the time value of money and the risks specific to the liability.
The unwinding of the discount is recognized as finance cost.
Expected future operating losses are not provided for.
A contract is considered onerous when the expected economic
benefits to be derived by the Company from the contract are lower
than the unavoidable cost of meeting its obligations under the
contract. The provision for an onerous contract is measured at the
present value of the lower of the expected cost of terminating the
contract and the expected net cost of continuing with the contract.
Before such a provision is made, the Company recognizes any
impairment loss on the assets associated with that contract.
Contingent liabilities and contingent assets are not recognized
in the financial statements. Contingent liabilities are disclosed
in the financial statements unless the possibility of any outflow
in settlement is remote. Contingent assets are disclosed in the
financial statements where an inflow of economic benefit is
probable.
n) Revenue Recognition
Revenue from contracts with customers is recognized when
control of the goods or services are transferred to the customer at
an amount that reflects the consideration to which the Company
expects to be entitled in exchange for those goods or services.
Revenue is recognized only to the extent that it is highly probable
a significant reversal will not occur.
i) Sale of Goods
Revenue from the sale of goods is recognized when delivery has
taken place, control of the goods has been transferred to the
customer, and there are no longer any unfulfilled obligations.
The customer obtains control of the goods when the significant
risks and reward of products sold are transferred according to
the specific delivery terms agreed upon with the customer.
Revenue towards satisfaction of a performance obligation
is measured at the transaction price (net of variable
consideration) allocated to that performance obligation,
received or receivable, after deduction of any discounts, price
concessions, volume rebates and any taxes or duties collected
on behalf of the government such as goods and services tax,
etc. Accumulated experience is used to estimate the provision
for such discounts, price concessions and rebates.
In determining the transaction price, the Company considers
the effects of variable consideration, the existence of significant
financing components, noncash consideration, and consideration
payable to the customer (if any). The Company estimates variable
consideration at contract inception until it is highly probable that a
significant revenue reversal in the amount of cumulative revenue
recognised will not occur when the associated uncertainty with
the variable consideration is subsequently resolved.
ii) Service Income
Revenue from services rendered is recognized in the statement
of profit or loss as the underlying services are performed. Upfront
payments received under these arrangements are recognized
as revenue upon satisfaction of performance obligations.
iii) Interest and Dividend Income
Interest income from a financial asset is recognized when it is
probable that the economic benefits will flow to the Company
and the amount of income can be measured reliably. Interest
income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable,
which is the rate that exactly discounts estimated future cash
receipts through the expected life of the financial asset to that
asset''s net carrying amount on initial recognition.
Dividend income is recognized when right to receive is
established (provided that it is probable that the economic
benefits will flow to the Company and the amount of income
can be measured reliably).
o) Export Incentive
Export incentives comprise of Duty draw back and RODTEP
(Remission of Duties or Taxes on Export Products Scheme) scrips.
Duty drawback and RODTEP is recognised as income when
the right to receive credit as per the terms of the scheme is
established in respect of the exports entitled for this benefit
made and where there is no significant uncertainty regarding
the ultimate collection of the relevant export proceeds. RODTEP
scrips are freely transferable and can be utilised for the payment
of customs duty.
p) Employee Benefits
i) Short term employee benefits
Short term employee benefits that are expected to be settled
wholly within 12 months after the end of the period in which
the employees render the related service are recognized as
an expense at the undiscounted amount in the statement
of profit and loss of the year in which the related service is
rendered.
Accumulated compensated absences, which are expected
to be availed or encashed within 12 months from the end
of the year are treated as short-term employee benefits. The
obligation towards the same is measured at the expected cost
of accumulating compensated absences as the additional
amount expected to be paid is as a result of the unused
entitlement as at the year end.
ii) Post-Employment Benefits:
? Defined contribution plans
Employee benefits in the form of contribution to Provident
Fund managed by Government Authorities, Employees
State Insurance Corporation and Labour Welfare Fund are
considered as defined contribution plans and the same
are charged to the statement of profit and loss for the year
in which the employee renders the related service.
? Defined benefit plans
A defined benefit plan is a post-employment benefit plan
other than a defined contribution plan.
? Gratuity
The Company''s gratuity benefit scheme is a defined
benefit plan. The Company''s net obligation in respect
of defined benefit plan is calculated by estimating the
amount of future benefit that employees have earned in
the current and prior periods, discounting that amount
and deducting the fair value of any plan assets. Obligation
under the gratuity scheme is covered under a Scheme of
Life Insurance Corporation of India (LIC) and contributions
in respect of such scheme are recognized in the statement
of profit or loss.
The calculation of defined benefit obligation is performed
annually by a qualified actuary using the projected unit
credit method.
Remeasurement of the net defined benefit liability, which
comprise actuarial gains and losses, the return on plan
assets (excluding interest) and the effect of the asset
ceiling (if any, excluding interest), are recognized in
OCI. The Company determines the net interest expense
(income) on the net defined benefit liability (asset) for
the period by applying the discount rate used to measure
the defined benefit obligation at the beginning of the
annual period to the then-net defined benefit liability
(asset), taking into account any changes in the net defined
benefit liability (asset) during the period as a result of
contributions and benefit payments. Net interest expense
and other expenses related to defined benefit plans are
recognized in the statement of profit or loss.
When the benefits of a plan are changed or when a plan
is curtailed, the resulting change in benefit that relates to
past service or the gain or loss on curtailment is recognized
immediately in Statement of Profit and Loss. The Company
recognizes gains and losses on the settlement of a defined
benefit plan when the settlement occurs.
? Compensated absences:
Accumulated compensated absences, which are
expected to be availed or en-cashed beyond 12 months
from the end of the year are treated as other long term
employee benefits. The Company''s liability is actuarially
determined (using the Projected Unit Credit method)
at the end of each year. Actuarial losses/gains are
recognized in the statement of profit and loss in the year
in which they arise.
q) Share based Payments
The Company operates Employee Stock Option Plans (ESOP''s) for
its employees and for the employees of its Subsidiaries.
ESOP''s: The grant date fair value of options, using Black Scholes
model granted to the Company''s employees is recognized
as an employee expense and those granted to the Subsidiary
Company employees are recognized under âInvestment made in
Subsidiaryâ for the value of shares of Grant after reducing the
Exercise price, with a corresponding increase in equity, over the
period that the employees become unconditionally entitled to
the options. The expense is recorded for each separately vesting
portion of the award as if the award was, in substance, multiple
awards. The increase in equity recognized in connection with
share based payment transaction is presented as a separate
component in equity under âEmployee Stock Options Outstanding
Reserveâ. The amount recognized as an expense / Investment
made in Subsidiary, is adjusted to reflect the actual number of
stock options that vest.
The cumulative expense recognized for equity-settled
transactions at each reporting date until the vesting date reflects
the extent to which the vesting period has expired and Company''s
best estimate of the number of equity instruments that will
ultimately vest. In case of forfeiture/lapse of stock option, which
is not vested/not exercised, the amortized portion is reversed by
credit to employee compensation expense / Investment made in
Subsidiary, as appropriate.
r) Taxation
Tax expense comprises current income tax and deferred income
tax and includes any adjustments related to past periods in
current and / or deferred tax adjustments that may become
necessary due to certain developments or reviews during the
relevant period.
i) Current Tax
Current income tax is measured at the amount expected to
be recovered from or paid to the taxation authorities. The
tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted, at the
reporting date.
Current tax assets and current tax liabilities are offset when
there is a legally enforceable right to set off the recognized
amounts and there is an intention to settle the asset and the
liability on a net basis.
ii) Deferred Tax
Deferred income tax is recognized using the balance sheet
approach. Deferred income tax assets and liabilities are
recognized for deductible and taxable temporary differences
arising between the tax base of assets and liabilities and their
carrying amount.
Deferred income tax liabilities are recognized for all taxable
temporary differences. Deferred income tax assets are
recognized to the extent that it is probable that taxable profit
will be available against which the deductible temporary
differences and the carry forward of unused tax credits and
unused tax losses can be utilized.
The carrying amount of deferred income tax assets is reviewed
at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available
to allow all or part of the deferred income tax asset to be
utilized.
Deferred tax is measured at the tax rates that are expected to
apply to the period when the asset is realized or the liability
is settled, based on the laws that have been enacted or
substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally
enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they
intend to settle current tax liabilities and assets on a net basis
or their tax assets and liabilities will be released simultaneously.
s) Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
Diluted earnings per share are computed by dividing the profit after
tax as adjusted for dividend, interest and other charges to expense
or income (net of any attributable taxes) relating to the dilutive
potential equity shares, by the weighted average number of equity
shares considered for deriving basic earnings per share and the
weighted average number of equity shares which could have been
issued on conversion of all dilutive potential equity shares.
t) Operating Segments
Operating segments are reported in the manner consistent
with the internal reporting to the chief operating decision
maker (CODM). An operating segment is a component of the
Company that engages in business activities from which it may
earn revenues and incur expenses, including revenues and
expenses that relate to transactions with any of the Company''s
other components, and for which discrete financial information is
available. All operating segments'' operating results are reviewed
regularly by the Company''s board of directors to make decisions
about resources to be allocated to the segments and assess their
performance.
The Company is engaged in the sole activity of carrying on the
business of âPharmaceutical Formulationsâ and therefore, has
only one reportable segment in accordance with Ind AS 108
âOperating Segmentsâ. Hence no separate segment reporting is
applicable to the company.
u) Dividends to Shareholders
The Company recognises Final dividend to the shareholders as a
liability in the period in which the dividends are approved by the
shareholders. Any Interim Dividend paid is recognised based on
the approval by the Board of Directors.
v) Recent Accounting Pronouncements
On May 9, 2025, MCA notifies the amendments to Ind AS
21 - Effects of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on assessing
currency exchangeability and estimating exchange rates when
currencies are not readily exchangeable. The amendments are
effective for annual periods beginning on or after April 1, 2025.
The Company is currently assessing the probable impact of these
amendments on its financial statements.
(i) The title deeds of immovable properties included in Property, Plant & Equipment are held in the name of the Company, except for a land and building
for '' 17.38 Crs purchased by the Company during the financial year 2020-21 through e-auction from Punjab National Bank under the SARFAESI Act,
2002 and rules thereof, for which the transfer of title is in progress.
(ii) In respect of immovable properties taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements
are in the name of the Company.
(iii) Gross Block for 31st March 2025 includes '' 7.24 Crs (PY: '' 6.76 Crs) of government grant in the nature of waiver of duty on purchase of plant and
machinery & lab equipment. Accumulated Depreciation for Plant & Machinery as at 31st March 2025 includes '' 4.77 Crs (PY: '' 4.06 Crs) on such
government grant.
(i) The title deeds of immovable properties included in Property, Plant & Equipment are held in the name of the Company, except for a land and
building for '' 17.38 Crs purchased by the Company during the financial year 2020-21 through e-auction from Punjab National Bank under the
SARFAESI Act, 2002 and rules thereof, for which the transfer of title is in progress.In respect of immovable properties taken on lease and disclosed
as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company
(ii) Gross Block for 31st March 2024 includes '' 6.76 Crores (PY: '' 4.86 Crores) of government grant in the nature of waiver of duty on purchase of
plant and machinery & lab equipment. Accumulated Depreciation for Plant & Machinery as at 31st March 2024 includes '' 4.06 Crores (PY: '' 3.06
Crores) on such government grant.
b) Terms, rights and restrictions attached to the Equity Shares
The Company has only one class of equity shares having a par value of '' 2/- per share. Each holder of equity share is entitled to one Vote
per Share.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in
case of interim dividend
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
NOTE 39: BALANCES WITH SCHEDULED BANKS IN DEPOSIT ACCOUNTS INCLUDES:
(a) Bank Deposit Accounts under Note no: 11 for the current year include '' 0.24 Crores (as at 31.03.2024''13.30 Crores) earmarked as lien towards
Margin for Letter of Credit and Bank Guarantee.
NOTE 40: EMPLOYEE BENEFITS
(i) Defined Contribution Plan:
Contributions to defined contribution scheme as employees'' state insurance, labour welfare fund, etc are charged as expense based on the amount
of contribution required to be made as and when services are rendered by the employees. Company''s provident fund contributions is made to a
Government administered fund and charged as expense to the Statement of Profit and Loss. The contributions payable to these plans are at the
rates specified in the rules of the schemes.
The Company recognized '' 2.51 Crores (Previous year '' 2.15 Crores) towards provident and pension fund contributions, '' 0.20 Crores (previous
year '' 0.21 Crores) towards ESI in the Statement of Profit and Loss. [Refer Note - 29 & 34 (i)]
(ii) Defined Benefit Plan:
a. Gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides a lump sum
payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days
salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes contributions to Life
Insurance Corporation of India (LIC). The Company accounts for the liability for gratuity benefits payable in the future based on actuarial valuation
b. Compensated Absences
The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at
each Balance Sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused
entitlement that has accumulated at the Balance Sheet date.
The Company is exposed to various risks in providing the above gratuity benefit which are as follows.
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the
ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
(iii) Employee Stock Option Scheme
Valuation of Stock Options
The fair value of services received in return for stock options granted to employees is measured by reference to the fair value of stock options
granted. The fair value of stock options granted under the Caplin Point Employee Stock Option Plan 2015, 2017 & 2021 has been measured using
the Black-Scholes-Merton model at the date of the grant.
The Black-Scholes-Merton model includes assumptions regarding expected volatility, expected terms and risk free interest rates. In respect of par
value options granted, the expected term of an option (or âoption lifeâ) is estimated based on the vesting term and contractual term, as well as the
expected exercise behavior of the employees receiving the option.
In respect of fair market value options granted, the option life is estimated based on the simplified method. Expected volatility of the option is based
on historical volatility, during a period equivalent to the option life, of the observed market prices of the Company''s publicly traded equity shares.
Risk-free interest rates are based on the government securities yield in effect at the time of the grant. These assumptions reflect management''s best
estimates, but these assumptions involve inherent market uncertainties based on market conditions generally outside of the Company''s control.
As a result, if other assumptions had been used in the current period, stock-based compensation expense could have been materially impacted.
Further, if management uses different assumptions in future periods, stock based compensation expense could be materially impacted in future years.
The estimated fair value of stock options is recognized in the standalone income statement on a straight-line basis over the requisite service period
for each separately vesting portion of the award as if the award was, in substance, multiple awards.â
The Fair Value of Options granted during the year ended 31st March, 2025 and the Significant Assumptions used to arrive at those Fair values are
as follows:
risk limits and to monitor risks and adherence to limits. risk management policies and systems are reviewed periodically to reflect changes in
market condition and the Company''s activities. The Company through its training, standards and procedures, aims to maintain a disciplined and
constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews
the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight
role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which
are reported to the audit committee.
i. Credit Risk:
Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk is managed through
credit approvals, establishing credit limits and continuously monitoring the credit worthiness of the customers to which the Company grants
credit terms in the normal course of business.
Trade Receivables
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the
customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to
which the Company grants the credit terms in the normal course of business.
Expected credit loss assessment
The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g
timeliness of payments, available information, etc) and applying experienced credit judgement.
Exposures to the customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected
credit losses, if any. Historical trends of impairment of trade receivables reflects no credit losses. Given that the macroecomic indicators affecting
customers of the Company have not undergone any substantial change, the Company expects the historical trend of âno credit lossâ to continue.
No allowance for impairment in respect of trade and other receivables was provided during the year and immediate preceding year.
Cash and cash equivalents
As at the year end, the Company held cash and cash equivalents of '' 99.64 Crores (31.03.2024''80.64 Crores). The cash and cash equivalents
are held with banks with good credit rating.
Other Bank balances
As at the year end, the Company held other Bank balance of '' 115.07 Crores (31.03.2024''135.14 Crores). The balances are held with banks
with good credit rating.
Investment in mutual funds, Corporate Bond, Debentures and Commercial Paper
As at the year end, the Company held Investment in Mutual Fund '' 96.45 Crores (31.03.2024 ''35.99 Crores), Corporate Bonds of '' 2 Crores
(31.03.2024''7.22 Crores), Debentures '' 380.87 crores (31.03.2024''269.40 Crores) and Commercial Paper '' Nil Crores (31.03.2024: '' 9.16
Crores). The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good
credit rating. The Company does not expect any losses from non - performance by these counter-parties.
Other Financial Assets
As at the year end, the Company held Inter Corporate Deposits/Bank Deposits of '' 105 Crores (31.03.2024''51.01 Crores) under Investments.
ii. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations with its financial liabilities that are settled by
delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet
its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Company''s reputation.
The company was sanctioned working capital limits to the extent of '' 57.60 crores on the basis of security of Land and Factory building and
Current Assets by various Banks. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual
funds which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets with a view
to maintain financial flexibility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Sensitivity analysis
A reasonable strengthening (weakening) of the Indian Rupee against US dollars as at March 31 would have affected the measurement of
financial instruments denominated in US dollars and affected equity and profit or loss by the amount shown below. This analysis assumes that
all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
1% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the Company would result in increase / decrease
in the profit before taxes by approximately '' 1.78 Crores for the year ended March 31, 2025 ('' 1.48 Crores for the year ended March 31, 2024)
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes
in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/ borrowings
are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing
borrowings will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
As on 31 March 2025 and 31 March 2024, the Company has not availed any long term borrowings. Further, the Company has not availed any
fund based working capital lines.
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, change in interest rates at the
reporting date would not affect profit or loss.
Commodity rate risk
The Company''s operating activity involve purchase of Active Pharmaceutical Ingredients (API) and other direct materials, whose prices are
exposed to the risk of fluctuation over short period of time. The commodity price risk exposure is evaluated and managed through procurement
and other related operating policies. As on 31 March 2025 and 31 March 2024, the Company had not entered into any material derivative
contracts to hedge exposure to fluctuations in commodity prices.
NOTE 51: ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013
(i) The Company did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 during the financial year.
(ii) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for
holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(iii) The Company does not have any borrowings from banks or financial institutions against security of its current assets.
(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(v) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013
read with the Companies (Restriction on number of layers) Rules, 2017.
(vi) No Scheme of Arrangements has been approved by the competent Authority in terms of sections 230 to 237 of the Companies Act 2013,during the year
(vii) Utilisation of borrowed funds and share premium
I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with
the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate
Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries
(viii) The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as
income during the year (previous year) in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961
(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.
(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
NOTE 52: DISCLOSURE AS PER REGULATION 34(3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
The Company has given Loan to Caplin Steriles Ltd (Subsidiary Company) amounting to '' 245.80 Crs (PY: '' 262 Crs) as at 31st March 2025. (The
maximum amount of loan outstanding during the year is '' 267.70 Crs (PY: '' 262 Crs)) for its Capex purposes. The terms of such transaction have been
recorded in writing.
NOTE 53: NOTE ON SOCIAL SECURITY CODE 2020
The Code on Social Security 2020 (âthe Code'') relating to employee benefits, during the employment and post-employment, has received Presidential
assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released
draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for
quantifying the financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate impact in the financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
NOTE 54: Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.
The accompanying notes are an integral part of the standalone financial statements.
As per our report of even date attached
For Brahmayya & Co For and on behalf of the Board of Directors of Caplin Point Laboratories Limited;
Chartered Accountants CIN: L24231TN1990PLC019053
Firm Registration No : 000511S
N. Sri Krishna C.C. Paarthipan Dr.Sridhar Ganesan
Partner Chairman Managing Director
ICAI Membership No. 026575 DIN:01218784 DIN:06819026
Muralidharan D Venkatram G
Chief Financial Officer General Counsel & Company Secretary
M. No. A23989
Place : Chennai Place : Chennai
Date : May 15, 2025 Date : May 15, 2025
Mar 31, 2024
(i) The title deeds of immovable properties included in fixed assets are held in the name of the Company, except for a land and building for '' 17.38 Crores purchased by the Company during the financial year 2020-21 through e-auction from Punjab National Bank under the SARFAESI Act, 2002 and rules thereof, for which the transfer of title is in progress. In respect of immovable properties taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company.
(ii) Gross Block as at March 31, 2024 includes '' 6.76 Crores (PY: '' 4.86 Crores) of government grant in the nature of waiver of duty on purchase of plant and machinery & lab equipments. Accumulated Depreciation for Plant & Machinery as at March 31, 2024 includes '' 4.06 Crores (PY: '' 3.06 Crores) on such government grant.
(i) The title deeds of immovable properties included in fixed assets are held in the name of the Company, except for a land and building for '' 17.38 Crores purchased by the Company during the financial year 2020-21 through e-auction from Punjab National Bank under the SARFAESI Act, 2002 and rules thereof, for which the transfer of title is in progress. In respect of immovable properties taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company.
(ii) Gross Block as at March 31, 2023 includes '' 4.86 Crores (PY: '' 4.86 Crores) of government grant in the nature of waiver of duty on purchase of plant and machinery & lab equipments. Accumulated Depreciation for Plant & Machinery as at March 31, 2023 includes '' 3.06 Crores (PY: '' 2.19 Crores) on such government grant.
(i) Unsecured loan to Related party consists of Loan to Subsidiary Company amounting to '' 262 Crores (March 31, 2023: '' 156 Crores) towards Capex projects.
(ii) Interest rate for the loan is currently 10.5% p.a. ( SBI''s one year MCLR 2% Risk premium), payable with monthly rests, from the date of first disbursement.
(iii) The Principal is repayable over a period of 5 years after completion of the moratorium period.
b) Rights, preference & restrictions attached to shares Equity Shares
The Company has only one class of equity shares having a par value of '' 2/- per share. Each holder of equity share is entitled to one Vote per Share.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
a) Capital Reserve
The Capital Reserve has been created on restructuring of the Capital of the Company under a scheme of amalgamation.
b) Securities Premium
Securities Premium account has been created on issue of shares under employee stock option scheme.
c) General Reserve
The General Reserve is created by time to time transfer of profits from retained earnings for appropriation purposes. As the General Reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the statement of profit and loss.
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. This has been relied upon by the auditors.
NOTE 36: BALANCES WITH SCHEDULED BANKS IN DEPOSIT ACCOUNTS INCLUDES:
(a) Bank Deposit Accounts under Note no: 11 for the current year include '' 13.30 Crores (as at 31.03.2023''4.68 Crores) earmarked as lien towards Margin for Letter of Credit and Bank Guarantee.
NOTE 37: EMPLOYEE BENEFITS(i) Defined Contribution Plan:
Contributions to defined contributions schemes as employees'' state insurance, labour welfare fund, etc are charged as expense based on the amount of contribution required to be made as and when services are rendered by the employees. Company''s provident fund contributions is made to a Government administered fund and charged as expense to the Statement of Profit and Loss. The contributions payable to these plans are at the rates specified in the rules of the schemes.
The Company recognized '' 2.15 Crores (PY '' 1.94 Crores) towards provident and pension fund contributions, '' 0.21 Crores (PY '' 0.22 Crores) towards ESI in the Statement of Profit and Loss. (Refer Note 28 & 40)
(ii) Defined Benefit Plan:a. Gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes contributions to Life Insurance Corporation of India (LIC). The Company accounts for the liability for gratuity benefits payable in the future based on actuarial valuation.
The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the Balance Sheet date.
The Company is exposed to various risks in providing the above gratuity benefit which are as follows.
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
Longevity risk: The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of plan participants during their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.
Sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
* Remuneration includes Basic salary, House Rent Allowance, Special Allowance, Leave Travel Assistance, Medical Reimbursement, contribution to Provident Fund and such other perquisites, payable to Key Management Personnel, as per Company Policy except Provision for contribution to gratuity fund, leave encashment on retirement and other defined benefits which are made based on actuarial valuation on an overall Company basis.
** Remuneration to Dr. Sridhar Ganesan includes Perquisites value of stock option amounting to '' 0.37 Cr (PY: '' 0.30 Cr) pertaining to allotment of
6.000 (PY: 4,000) equity shares under ESOP scheme during the year.
*** Remuneration to Mr. D Muralidharan includes Perquisites value of stock option amounting to '' 0.36 Cr (PY: '' 0.61 Cr) pertaining to allotment of
6.000 (PY: 9,000) equity shares under ESOP scheme during the year.
NOTE 45: FINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTS - FAIR VALUE AND RISK MANAGEMENTA. Accounting classification and fair values:
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
B. Measurement of fair values:
Valuation techniques and significant unobservable inputs:
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used:
The Company has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
The Company''s board of directors have overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors has established the risk management framework. The Company''s risk management policies are established to set appropriate risk limits and to monitor risks and adherence to limits. risk management policies and systems are reviewed periodically to reflect changes in market condition and the Company''s activities. The Company through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of the customers to which the Company grants credit terms in the normal course of business.
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants the credit terms in the normal course of business.
Expected credit loss assessment
The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g timeliness of payments, available information, etc) and applying experienced credit judgement.
Exposures to the customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses, if any. Historical trends of impairment of trade receivables reflects no credit losses. Given that the macroecomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of âno credit lossâ to continue.
No allowance for impairment in respect of trade and other receivables was provided during the year and immediate preceding year.
Cash and cash equivalents
As at the year end, the Company held cash and cash equivalents of '' 80.64 Crores (31.03.2023''122.02 Crores). The cash and cash equivalents are held with banks with good credit rating.
Other Bank balances
As at the year end, the Company held other Bank balance of '' 135.14 Crores (31.03.2023''149.36 Crores). The balances are held with banks with good credit rating.
Investment in mutual funds, Corporate Bond, Debentures, Commercial Paper and Term Deposits (Intercoporate & Banks).
As at the year end, the Company held Investment in Mutual Fund '' 35.99 Crores (31.03.2023''20.27 Crores), Corporate Bonds of '' 7.22 Crores (31.03.2023''22.07 Crores), Debentures '' 269.40 Crores (31.03.2023''185.13 Crores) and Commercial Paper '' 9.16 Crores (31.03.2023: Nil). The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from non - performance by these counter-parties.
As at the year end, the Company held Inter Corporate Deposits/Bank Deposits of '' 51.01 Crores (31.03.2023''51.01 Crores) under Investments.
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.
The company was sanctioned working capital limits to the extent of '' 50 crores on the basis of security of Land and Factory building and Current Assets by various Banks. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets with a view to maintain financial flexibility.
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivable and payable. We are exposed to market risk primarily related to foreign exchange rate risk as the Company''s product is exported to various countries and a certain portion of its export is sourced through import. Thus our exposure to market risk is a function of revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs. The Company does not use any derivative to manage market risk since certain degree of a natural hedge available in the form of foriegn currency realised from exports are paid against imports.
Currency risk
The Company is exposed to currency risk on account of its export and import of pharmaceuticals and import of raw material, capital goods,etc . The functional currency of the Company is Indian Rupee, where as majority of its export and imports are settled through USD ($).
Sensitivity analysis
A reasonable strengthening (weakening) of the Indian Rupee against US dollars as at March 31 would have affected the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by the amount shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
1% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the Company would result in increase / decrease in the profit before taxes by approximately '' 1.48 Crore for the year ended March 31, 2024 ('' 1.01 Crores for the year ended March 31, 2023).
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/ borrowings
are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
As on March 31, 2024 and March 31, 2023, the Company has not availed any long term borrowings. Further, the Company has not availed any fund based working capital lines.
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, change in interest rates at the reporting date would not affect profit or loss.
Commodity rate risk
The Company''s operating activity involve purchase of Active Pharmaceutical Ingredients (API) and other direct materials, whose prices are exposed to the risk of fluctuation over short period of time. The commodity price risk exposure is evaluated and managed through procurement and other related operating policies. As on March 31, 2024 and March 31, 2023, the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on the capital as well as the level of dividends to ordinary shareholders.
As on date the Company has no borrowings.
The company is engaged in manufacture of pharmaceuticals formulations which is the only business segment determined in accordance with the IndAS 108, âOperating segmentsâ. Hence there are no reportable business segments to be disclosed as required by the said standard.
NOTE 50: ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III TO THE COMPANIES ACT, 2013
(i) The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
(ii) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(iii) The Company does not have any borrowings from banks or financial institutions against security of its current assets.
(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(v) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
(vi) No Scheme of Arrangements has been approved by the competent Authority in terms of sections 230 to 237 of the Companies Act 2013,during the year.
(vii) Utilisation of borrowed funds and share premium
I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
(viii) The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as income during the year (previous year) in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.
(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
NOTE 51: DISCLOSURE AS PER REGULATION 34(3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
The Company has given Loan to Caplin Steriles Ltd (Subsidiary Company) amounting to '' 262 Crores as at March 31, 2024. (The maximum amount of loan outstanding during the year is '' 262 Crores) for its Capex purposes. The terms of such transaction have been recorded in writing.
NOTE 52: NOTE ON SOCIAL SECURITY CODE 2020
The Code on Social Security 2020 (âthe Code'') relating to employee benefits, during the employment and post-employment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released
draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
NOTE 53: Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.
Mar 31, 2023
(i) The title deeds of immovable properties included in fixed assets are held in the name of the Company, except for a land and building for '' 17.38 Crores purchased by the Company during the financial year 2020-21 through e-auction from Punjab National Bank under the SARFAESI Act, 2002 and rules thereof, for which the transfer of title is in progress. In respect of immovable properties taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company.
(ii) Gross Block for 31st March 2023 includes '' 4.86 Crores (PY: '' 4.86 Crores) of government grant in the nature of waiver of duty on purchase of plant and machinery & lab equipment. Accumulated Depreciation for Plant & Machinery as at 31st March 2023 includes '' 3.06 Crores (PY: '' 2.19 Crores) on such government grant.
(i) The title deeds of immovable properties included in fixed assets are held in the name of the Company, except for one property (land and factory building) for '' 17.38 Crores purchased by the Company during the financial year 2020-21 through e-auction from Punjab National Bank under the SARFAESI Act, 2002 and rules thereof, for which the transfer of title is in progress. In respect of immovable properties taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company.
(ii) Gross Block for 31st March 2022 includes '' 4.86 Crores (PY: '' 4.86 Crores) of government grant in the nature of waiver of duty on purchase of plant and machinery & lab equipments. Accumulated Depreciation for Plant & Machinery as at 31st March 2022 includes '' 2.19 Crores (PY: '' 1.37 Crores) on such government grant.
(i) The Shares of Company''s Subsidiary entity in Colombia namely Caplin Point laboratories Colombia, SAS has been transferred to the Company''s wholly owned subsidiary Caplin Point Far East Limited on 28th March 2023
(ii) The ESOP''s issued by the Company to the employees of its subsidiary amounting to '' 1.39 Cr (PY: '' 4.50 Cr) is considered as part of its cost of investment.
(iii) The Company''s Associate entity in China namely Hainan Jointown Caplinpoint Pharmaceutical Company Limited has since been liquidated and the amount invested by the Company in this joint venture has been received in full in FY 22-23.
b) Rights, preference & restrictions attached to shares Equity Shares
The Company has only one class of equity shares having a par value of '' 2/- per share. Each holder of equity share is entitled to one Vote per Share.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
a) Capital Reserve
The Capital Reserve has been created on restructuring of the Capital of the Company under a scheme of amalgamation.
b) Securities Premium
Securities Premium account has been created on issue of shares under employee stock option scheme.
c) General Reserve
The General Reserve is created by time to time transfer of profits from retained earnings for appropriation purposes. As the General Reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the statement of profit and loss.
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. This has been relied upon by the auditors.
NOTE 36: BALANCES WITH SCHEDULED BANKS IN DEPOSIT ACCOUNTS INCLUDES:
(a) Bank Deposit Accounts under Note no: 11 for the current year include '' 4.68 Crores (as at 31.03.2022''0.02 Crores) earmarked as lien towards Margin for Letter of Credit and Bank Guarantee .
NOTE 37: EMPLOYEE BENEFITS(i) Defined Contribution Plan:
Contributions to defined contributions schemes as employees'' state insurance, labour welfare fund, etc are charged as expense based on the amount of contribution required to be made as and when services are rendered by the employees. Company''s provident fund contributions is made to a Government administered fund and charged as expense to the Statement of Profit and Loss. The contributions payable to these plans are at the rates specified in the rules of the schemes.
The Company recognized '' 1.94 Crores (Previous year '' 1.70 Crores ) towards provident and pension fund contributions, '' 0.22 Crores (previous year '' 0.18 Crores) towards ESI in the Statement of Profit and Loss. (refer Note-28 & 40)
(ii) Defined Benefit Plan:a. Gratuity
The Company has an obligation towrads gratuity, a defined benefit retirement plan covering eligible employees. The plan provides a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes contributions to Life Insurance Corporation of India (LIC). The Company accounts for the liability for gratuity benefits payable in the future based on acturial valuation
The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the Balance Sheet date.
The Company is exposed to various risks in providing the above gratuity benefit which are as follows.
Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
Investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
Longevity risk: The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of plan participants during their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.
Sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
There was no change in the methods of assumptions used in preparing the sensitivity analysis from prior years.
FINANCIAL INSTRUMENTS:NOTE 45: FINANCIAL INSTRUMENTS - FAIR VALUE AND RISK MANAGEMENT A. Accounting classification and fair values:
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
The Company''s board of directors have overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors has established the risk management framework. The Company''s risk management policies are established to set appropriate risk limits and to monitor risks and adherence to limits. risk management policies and systems are reviewed periodically to reflect changes in market condition and the Company''s activities. The Company through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of the customers to which the Company grants credit terms in the normal course of business.
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants the credit terms in the normal course of business.
Expected credit loss assessment
The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g timeliness of payments, available information, etc) and applying experienced credit judgement.
Exposures to the customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses, if any. Historical trends of impairment of trade receivables reflects no credit losses. Given that the macroecomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of âno credit lossâ to continue.
No allowance for impairment in respect trade and other receivables was provided during the year and immediate preceding year.
Cash and cash equivalents
As at the year end, the Company held cash and cash equivalents of '' 122.02 Crores (31.03.2022''81.01 Crores). The cash and cash equivalents are held with banks with good credit rating.
Other Bank balances
As at the year end, the Company held other Bank balance of '' 149.36 Crores (31.03.2022''235.07 Crores). The balances are held with banks with good credit rating.
Investment in mutual funds & Corporate Bonds
As at the year end, the Company held Investment in Mutual Fund & Corporate Bonds of '' 227.47 Crores (31.03.2022''86.98 Crores).The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from non - performance by these counter-parties.
Other financial asset
As at the year end, the Company held Inter Corporate Deposits/Bank Deposits of '' 51.01 Crores (31.03.2022''142.50 Crores) under other financial asset.
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.
The company was sanctioned working capital limits to the extent of '' 57.6 crores on the basis of security of Land and Factory building and Current Assets by various Banks. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets with a view to maintain financial flexibility.
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivable and payable. We are exposed to market risk primarily related to foreign exchange rate risk as the Comapny''s product is exported to various countries and a certain portion of its export is sourced thorough import. Thus our exposure to market risk is a function of revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs. The Company does not use any derivative to manage market risk since certain degree of a natural hedge available in the form of foregin currency realised from exports are paid against imports.
Currency risk
The Company is exposed to currency risk on account of its export and import of pharmaceuticals and import of raw material, capital goods,etc. The functional currency of the Company is Indian Rupee, where as majority of its export and imports are settled through USD($).
Sensitivity analysis
A reasonable strengthening (weakening) of the Indian Rupee against US dollars as at March 31 would have affected the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by the amount shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
1% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the Company would result in increase / decrease in the profit before taxes by approximately '' 1.01 Crore for the year ended March 31, 2023 ('' 0.56 Crores for the year ended March 31, 2022)
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/ borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
As on 31 March 2023 and 31 March 2022, the Company has not availed any long term borrowings except for loans on certain vehicles in previous year on fixed rate basis.Further, the Company has not availed any fund based working capital lines.
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, change in interest rates at the reporting date would not affect profit or loss.
Commodity rate risk
The Company''s operating activity involve purchase of Active Pharmaceutical Ingredients (API) and other direct materials, whose prices are exposed to the risk of fluctuation over short period of time. The commodity price risk exposure is evaluated and managed through procurement and other related operating policies. As on 31 March 2023, 31 March 2022, the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on the capital as well as the level of dividends to ordinary shareholders.
As on date the Company has no borrowings.
The company is engaged in manufacture of pharmaceuticals formulations which is the only business segment determined in accordance with the IndAS 108, âOperating segmentâ. Hence there are no reportable business segments to be disclosed as required by the said standard.
(i) The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
(ii) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(iii) The Company does not have any borrowings from banks or financial institutions against security of its current assets.
(iv) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(v) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
(vi) No Scheme of Arrangements has been approved by the competent Authority in terms of sections 230 to 237 of the Companies Act 2013,during the year
(vii) Utilisation of borrowed funds and share premium
I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries
(viii) The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as income during the year (previous year) in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.
(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
NOTE 51: DISCLOSURE AS PER REGULATION 34(3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
The Company has given Loan to Caplin Steriles Ltd (Subsidiary Company) amounting to '' 156 Crs as at 31st March 2023. (The maximum amount of loan outstanding during the year is '' 156 Crs) for its Capex purposes. The terms of such transaction have been recorded in writing.
NOTE 52: NOTE ON SOCIAL SECURITY CODE 2020
The Code on Social Security 2020 (âthe Code'') relating to employee benefits, during the employment and post-employment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
NOTE 53: Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. The accompanying notes are an integral part of the standalone financial statements.
Mar 31, 2022
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. This has been relied upon by the auditors.
NOTE 37: BALANCES WiTH SCHEDULED BANKS iN DEPOSiT ACCOUNTS iNCLUDES:
(a) Bank Deposit Accounts under Note no: 11 for the current year include '' 0.02 Crores (as at 31.03.2021''0.36 Crores) earmarked as lien towards Margin for Letter of Credit and Bank Guarantee .
NOTE 38: EMPLOYEE BENEFiTS(i) Defined Contribution Plan:
Contributions to defined contributions schemes as employees'' state insurance, labour welfare fund, etc are charged as expense based on the amount of contribution required to be made as and when services are rendered by the employees. Company''s provident fund contributions is made to a Government administered fund and charged as expense to the Statement of Profit and Loss. The contributions payable to these plans are at the rates specified in the rules of the schemes.
The Company recognized '' 1.70 Crores (Previous year '' 1.48 Crores ) towards provident and pension fund contributions in the Statement of Profit and Loss.
(ii) Defined Benefit Plan:a. Gratuity
The Company has an obligation towrads gratuity, a defined benefit retirement plan covering eligible employees. The plan provides a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service. Vesting occurs upon completion of five years of service. The Company makes annual contributions to Life Insurance Corporation of India (LIC). The Company accounts for the liability for gratuity benefits payable in the future based on acturial valuation
The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the Balance Sheet date.
The Company is exposed to various risks in providing the above gratuity benefit which are as follows.
interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).
investment Risk: The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.
Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
Longevity risk: The present value of the defined benefit obligation is calculated by reference to the best estimate of the mortality of plan participants during their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.
Sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
FINANCIAL INSTRUMENTS:NOTE 46: FINANCIAL INSTRUMENTS - FAIR VALUE AND RISK MANAGEMENT A. Accounting classification and fair values:
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
The Company''s board of directors have overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors has established the risk management framework. The Company''s risk management policies are established to set appropriate risk limits and to monitor risks and adherence to limits. risk management policies and systems are reviewed periodically to reflect changes in market condition and the Company''s activities. The Company through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of the customers to which the Company grants credit terms in the normal course of business.
Expected credit loss assessment
The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g timeliness of payments, available information, etc) and applying experienced credit judgement.
Exposures to the customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses, if any. Historical trends of impairment of trade receivables reflects no credit losses. Given that the macroecomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of âno credit lossâ to continue.
No allowance for impairment in respect of trade and other receivables was provided during the year and immediate preceding year.
Cash and cash equivalents
As at the year end, the Company held cash and cash equivalents of '' 81.01 Crores (31.03.2021''148.82 Crores). The cash and cash equivalents are held with banks with good credit rating.
Other Bank balances
As at the year end, the Company held other Bank balance of '' 235.07 Crores (31.03.2021''196.67 Crores). The balances are held with banks with good credit rating.
Investment in mutual funds
As at the year end, the Company held Investment in Mutual Fund of '' 51.97 Crores (31.03.2021''10.54 Crores).The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from non - performance by these counter-parties.
Other financial asset
As at the year end, the Company held Inter Corporate Deposits/Bank Deposits of '' 143.58 Crores (31.03.2021''21.24 Crores) under other financial asset.
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.
The Company has not availed any fund based working capital facilities from banks and financial institutions. The Company has obtained nonfund based working capital lines from banks. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets with a view to maintain financial flexibility.
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted.
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivable and payable. We are exposed to market risk primarily related to foreign exchange rate risk as the Comapny''s product is exported to variuos countries and a certain portion of its export is sourced thorough import. Thus our exposure to market risk is a function of revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs. The Company does not use any derivative to manage market risk since certain degree of a natural hedge is available in the form of foregin currency realised from exports are paid against imports.
Currency risk
The Company is exposed to currency risk on account of its exoprt and import of pharmaceuticals and import of raw material, capital goods,etc . The functional currency of the Company is Indian Rupee, where as majority of its export and imports are settled through USD($).
Sensitivity analysis
A reasonable strengthening (weakening) of the Indian Rupee against US dollars as at March 31 would have affected the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by the amount shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
1% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the Company would result in increase / decrease in the profit before taxes by approximately '' 0.56 Crore for the year ended March 31, 2022 ('' 1.23 Crores for the year ended March 31, 2021)
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/ borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
As on 31 March 2022 and 31 March 2021, the Company has not availed any long term borrowings except for loans on certain vehicles in previous year on fixed rate basis.Further, the Company has not availed any fund based working capital lines.
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, change in interest rates at the reporting date would not affect profit or loss.
Commodity rate risk
The Company''s operating activity involve purchase of Active Pharmaceutical Ingredients (API) and other direct materials, whose prices are exposed to the risk of fluctuation over short period of time. The commodity price risk exposure is evaluated and managed through procurement and other related operating policies. As on 31 March 2022, 31 March 2021, the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.
Risk due to outbreak of COVID 19 pandemic
The Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables, inventories and investments. In developing the assumptions relating to the possible future uncertainities in the global economic conditions because of this pandemic, the Company has used internal and external sources of information and based on the current estimates arrived at using the said assumptions, the Company expects to recover the carrying amount of receivables, inventories and investments. As the outbreak continues to evolve, the company will continue to closely monitor any material changes to future economic conditions.
The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on the capital as well as the level of dividends to ordinary shareholders. As on date the Company has no borrowings.
The company is engaged in manufacture of pharmaceuticals formulations which is the only business segment determined in accordance with the IndAS 108, âOperating segmentâ. Hence there are no reportable business segments to be disclosed as required by the said standard.
NOTE 50: DiSCLOSURE OF TRANSACTiON WiTH STRUCK OFF COMPANiES
The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.
NOTE 51: ADDiTiONAL REGuLATORY Information REQuIRED BY SCHEDuLE iii TO THE COMPANiES ACT, 2013
(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.
(ii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.
(iii) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.
(iv) Utilisation of borrowed funds and share premium
I The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
II The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries
(v) The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered or disclosed as income during the year (previous year) in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961
(vi) The Company has not traded or invested in crypto currency or virtual currency during the year.
(vii) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.
(viii) No Scheme of Arrangements have been approved by the Competent Authority in terms of Sections 230 to 237 of the Companies Act,2013,during the year
NOTE 52: DiSCLOSURE AS PER REGULATiON 34(3) OF THE SEBi (LiSTiNG OBLiGATiONS AND DiSCLOSURE REQUiREMENTS) REGULATiONS, 2015
The Company has given Loan to Caplin Steriles Ltd (Subsidiary Company) amounting to '' 39.75 Crs as at 31st March 2022. (The maximum amount of loan outstanding during the year is '' 39.75 Crs) for its Capex purposes. The terms of such transaction have been recorded in writing.
NOTE 53: NOTE ON SOciAL SEcURiTY cODE 2020
The Code on Social Security 2020 (âthe Code'') relating to employee benefits, during the employment and post-employment, has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date from which the changes are applicable is yet to be notified and rules for quantifying the financial impact are also not yet issued. The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
NOTE 54: PREViOUS YEARâS FiGURES HAVE BEEN Regrouped / REcLASSIFIED WHEREVER NEcESSARY TO cORRESPOND WiTH THE cURRENT YEARâS cLASSiFicATiON / DiScLOSURE.
The accompanying notes are an integral part of the standalone financial statements.
Mar 31, 2018
NOTE 1 DESCRIPTION OF THE COMPANY AND SIGNIFICANT ACCOUNTING POLICIES
IA. Company Overview:
Caplin Point Laboratories Limited (âCaplin Pointâ or âthe Companyâ) incorporated in 1990, headquartered and having its registered office in Chennai, Tamil Nadu, India. The Company is into the business of pharmaceuticals - producing, developing and marketing wide range of generic formulations and branded products and exporting to overseas market. The Companyâs principal research and development facilities are located in Tamil Nadu, India; its principal manufacturing facilities are located in Puducherry and Tamil Nadu, India. The Companyâs shares listed on the Bombay Stock Exchange and the National Stock Exchange in India.
b) Rights, preference & restrictions attached to shares Equity Shares
The Company has only one class of equity shares having a par value of RS.2/- per share. Each holder of equity share is entitled to one Vote per Share.
The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(i) (a) The Scheme consists of 3,75,000 equity shares of RS.2/- each (ie 75,000 equity shares of RS.10/- each as on 1 April, 2016) of whicRs.80,250 shares of RS.2/- each granted (ie 16050 shares of RS.10 each) as on 1st April 2016.
(b) During the year ended 31st MarcRs.2017, 26,750 shares of RS.2/- each, from the above said 80,250 shares were allotted.
(c) During the year ended 31st MarcRs.2018, further 26,750 shares of RS.2/- each, from the above said 80250 shares were allotted, and 2,94,000 shares has been further granted.
(ii) The Scheme consists of 5,00,000 equity shares RS.2/- each of whicRs.76,500 granted during the year.
f) No shares have been allotted without payment being received in cash or by way of bonus shares during the period of five years immediately preceding the balance sheet date
Nature of Reserve
a) Capital Reserve
The Capital Reserve has been created on restructuring of the Capital of the Company under a scheme of amalgamation.
b) Securities Premium
Securities Premium account has been created on issue of shares under employee stock option scheme.
c) General Reserve
The General Reserve is created by time to time transfer of profits from retained earnings for appropriation purposes. As the General Reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the statement of profit and loss.
i) Foreign Currency Term Loan availed is secured by first charge on the plant & machinery of the Companyâs unit at Gummidipoondi
ii) Obligations under Hire purchase are secured against relevant fixed assets obtained under Hire Purchase Finance Terms of Repayments
a) Secured Loans from Banks are repayable in equal monthly instalment.
b) Vehicle loans from Banks and other financial institutions are repayable in equal monthly instalments.
c) The rate of interest on vehicle loans vary between 10% to 12% per annum.
NOTE 2 DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from Vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to amount unpaid as at the Financial Year end together with Interest Paid / Payable under this Act have not been provided.
NOTE 3 BALANCES WITH SCHEDULED BANKS IN DEPOSIT ACCOUNTS INCLUDES:
(a) Bank Deposit Accounts under Note no: 9 for the current year include RS. 485.68 lakhs earmarked as lien towards Margin for Letter of Credit and Bank Guarantee (as at 31.03.2017 RS.1280.91 lakhs, as at 1.04. 2016 RS.81.09 lakhs).
NOTE 4 BALANCE WITH NON SCHEDULED BANKS
Details of balances kept with non-scheduled banks as on balance sheet dates and the maximum balances kept with non-scheduled banks during the Financial Year are as follows:
NOTE 5
The Company had revalued the land, where the factory/office building is situated, during the period ended June 30, 2008 to the extent of RS.439.36 Lakhs and the gain on the revaluation of land to the extent of RS.373.38 Lakhs was credited to the Revaluation Reserve and such gain available in revaluation reserve acount has been transferred to Retained earnings account.
NOTE 6 EMPLOYEE BENEFITS (i) Defined Contribution Plan:
The Company makes monthly contribution for qualifying employees towards provident / retirement fund administered and managed by the Government of India under defined contribution plans .
The Company recognized RS.159.72 lakhs (previous year RS.132.20 lakhs ) towards provident and pension fund contributions in the Statement of Profit and Loss.
(ii) Defined Benefit Plan:
The Company makes contributions to the group gratuity scheme administered by the LIC, a funded defined benefit plan for qualifying employees.
The following table sets out the status of the gratuity plan and reconciliation of opening and closing balances of the present value of defined benefit obligation.
NOTE 7 OPERATING LEASES
Operating lease commitments - Company as lessee
Operating leases are mainly in the nature of lease of office premises with no restrictions and are renewable / cancellable at the option of either of the parties.
There are no sub-leases. There are no restrictions imposed by lease arrangements. The aggregate amount of operating lease payments (includes R&D unit) recognised in the Statement of Profit and Loss is RS.114.85 Lakhs (Previous Financial Year RS.118.48 Lakhs).
The Company has entered into long term leasing arrangements for land which are in the nature of finance lease. These arrangements do not involve any material recurring payments.
NOTE 8 EARNINGS IN FOREIGN EXCHANGE (ON ACCRUAL BASIS)
FOB Value of Exports - RS.40,990.23 Lakhs. (Previous Financial year - RS.32,561.26 Lakhs)
NOTE 9 AMOUNT DUE TO INVESTOR EDUCATION AND PROTECTION FUND
The due amount of RS. 8.71 lakhs were duly credited to investor education and protection fund during the year and there is no outstanding due in this regard as of end of the Financial Year.
NOTE 10 RELATED PARTY DISCLOSURES, AS REQUIRED BY INDIAN ACCOUNTING STANDARD 24 (IND AS 24) ARE GIVEN BELOW.
(a) Related parties and nature of relationship
(b) Key managerial personnel
Dr. Sridhar Ganesan - Managing Director from 28.03.2015
Dr. B. Philip Ashok Karunakaran - Whole Time Director from 07.08.2017
Mr. M Jayapal - Whole Time Director retired on 28.03.2018
Mr. D.P.Mishra - Whole Time Director upto 30.04.2016
Mr. D Muralidharan - Chief Financial Officer from 19-02-2016
Mr. Vinod Kumar S - Company Secretary from 13-04-2015
* Provision for contribution to gratuity fund, leave encashment on retirement and other defined benefits which are made based on acturial valuation on an overall Company basis are not included in remuneration to key management personnel.
(i) Includes stock compensation expense of RS.54.25 Lakhs and RS.54.25 Lakhs for the year ended MarcRs.31, 2018 and For year ended MarcRs.31, 2017, respectively.
(ii) Mr. Dr. B. Philip Ashok Karunakaran has been appointed as Whole-time Director w.e.f. 07.08.2017
(iii) Mr. M Jayapal, Whole Time Director retired on 28.03.2018
(iv) Mr. D. P. Mishra stepped down from the position of Whole-time Director w.e.f. 01.05.2016 and continues to be a Non Executive, Non independent Director.
NOTE 11
Total Share Capital of Argus Salud Pharma LLP is RS. 99.10 Lakhs (RS. 99.10 Lakhs) out of whicRs.99.90% of shares is held by the Company and 0.10% is held by May India Property Private Limited and their profit sharing ratio is 99.90% and 0.10% respectively (Previous year 99.90% and 0.10% respectively).
NOTE 12 FINANCIAL INSTRUMENTS:
Financial Instruments - Fair value and risk management
A. Accounting classification and fair values:
Carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy, are presented below. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
B. Measurement of fair values:
Valuation techniques and significant unobservable inputs:
The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used:
C. Financial risk management:
The Company has exposure to the following risks arising from financial instruments:
- Credit risk;
- Liquidity risk; and
- Market risk
The Companyâs board of directors has overall responsibility for the establishment and oversight of the Companyâs risk management framework. The board of directors has established the risk management framework. The Companyâs risk management policies are established to set appropriate risk limits and to monitor risks and adherence to limits. Risk management policies and systems are reviewed periodically to reflect changes in market condition and the Companyâs activities. The Company through its training, standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees how management monitors compliance with the Companyâs risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
i. Credit Risk:
Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Companyâs receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of the customers to which the Company grants credit terms in the normal course of business.
Trade Receivables
The Companyâs exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants the credit terms in the normal course of business.
Expected credit loss assessment
The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g timelines of payments, available information, etc) and applying experienced credit judgement.
Exposures to the customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses, if any. Historical trends of impairment of trade receivables reflects no credit losses. Given that the macroecomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of âno credit lossâ to continue.
No allowance for impairment in respect trade and other receivables was provided during the year and immediate preceding year.
Cash and cash equivalents
As at the year end, the Company held cash and cash equivalents of RS.1139.31 lakhs (31.03.2017 RS.2695.74 lakhs, 1.04.2016 RS.1528.28 lakhs). The cash and cash equivalents are held with banks with good credit rating.
Other Bank balances
Other bank balances are held with bank with good credit rating.
Investment in mutual funds
The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties that have a good credit rating. The Company does not expect any losses from non - performance by these counter-parties.
Other financial asset
Other financial assets are neither past due nor impaired.
ii. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations with its financial liabilities that are settled by delivering cash or another financial asset. The Companyâs approach to managing liquidity is to ensure that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Companyâs reputation.
The Company has not availed any fund based working capital facilities from banks and financial institutions. The Company has obtained non-fund based working capital lines from banks. The Company invests its surplus funds in bank fixed deposit and liquid and liquid plus schemes of mutual funds which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets with a view to maintain financial flexibility.
iii) Market Risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Companyâs income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivable and payable. We are exposed to market risk primarily related to foreign exchange rate risk as the Comapnyâs product is exported to variuos countries and a certain portion of its export is sourced thorough import. Thus our exposure to market risk is a function of revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs. The Company does not use any derivative to manage market risk since certain degree of a natural hedge available in the form of foregin currency realised from exports are paid against imports.
Currency risk
The Company is exposed to currency risk on account of its exoprt and import of pharmaceuticals and import of raw material, capital goods,etc . The functional currency of the Company is Indian Rupee, where as majority of its export and imports are settled through USD($).
Exposure to Currency risk
Following is the currency profile of non-derivative finnacial assets and financial liabilities
Sensitivity analysis
A reasonable strengthening /weakening of the Indian Rupee against US dollars as at MarcRs.31 would affect the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by the amount shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
10% appreciation / depreciation of the respective foreign currencies with respect to functional currency of the Company would result in decrease / increase in the profit before taxes by approximately RS.785.72 Lakhs for the year ended MarcRs.31, 2018 (RS.358.98 Lakhs for the year ended MarcRs.31, 2017)
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/ borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates.
Exposure to interest rate risk
As on 31 MarcRs.2018 and 31 MarcRs.2017, the Company has not availed any long term borrowings except for loans on certain vehicles on fixed rate basis. Further, the Company has not availed any fund based working capital lines.
Fair value sensitivity analysis for fixed rate instruments
The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, change in interest rates at the reporting date would not affect profit or loss.
Commodity rate risk
The Companyâs operating activity involve purchase of Active Pharmaceutical Ingredients (API) and other direct materials, whose prices are exposed to the risk of fluctuation over short period of time. The commodity price risk exposure is evaluated and managed through procurement and other related operating policies. As on 31 MarcRs.2018, 31 MarcRs.2017, 1 April 2016, the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.
NOTE 13 CAPITAL MANAGEMENT
The Companyâs policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on the capital as well as the level of dividends to ordinary shareholders.
As on date the Company has no borrowings except for certain vehicle loans.
NOTE 14 FIRST TIME ADOPTION TO IND AS Transition to Ind AS:
For the purposes of reporting as set out in Note 1B(a), the Company has transitioned basis of accounting from Indian generally accepted accounting principles [âIGAAPâ] to Ind AS. The accounting policies set out in Note 1B have been applied in preparing the financial statements for the year ended 31 MarcRs.2018, the comparative information presented in these financial statements for the year ended 31 MarcRs.2017 and in preparation of an opening Ind AS balance sheet as at 1 April 2016.
In preparing opening Ind AS balance sheet, the Company has adjusted amounts reported in financial statements prepared in accordance with IGAAP On transition, the Company did not revise estimates previously made under IGAAP except where required by Ind AS.
C. Reconciliation of statement of Cash Flows
There were no material differences between the Statement of Cash Flows presented under Ind AS and under IGAAP Notes to the reconciliation:
1. Proposed Dividend
Under previous GAAP, proposed dividend are recognised in the period to which they relate, irrespective of when they are declared. Under Ind AS, proposed dividend is recognised as a liability in the period in which it is declared by the Company (usually when approved by shareholders in a general meeting) or paid.
2. Fair valuation of mutual fund investment
Under previous GAAP, mutual fund investments were carried at cost and only mark to market losses were recognised in Statement of Profit and Loss. Under Ind AS, mutual fund investments are fair valued at the period end and resulting mark to market loss or gain is transferred to Statement of Profit and Loss.
3. Lease rent straight lining impact
Lease rentals straight-lined under previous GAAP, to the extent linked to inflation are (created)/reversed under Ind AS 17.
4. Fair valuation of non-current security deposits
Under previous GAAP, security deposits are carried at their book values. Under Ind AS, non-cancellable deposits (other than statutory in nature) are required to be measured at their fair values at inception using an appropriate discounting rate.
5. Fair value of Gratuity Asset
Fair value impact of Gratuity Asset under Ind AS has been accounted for.
6. Deferred Tax impact
Deferred tax impact on account of Ind AS transition as discussed above has been accounted under deferred tax.
NOTE 15
The Company operates in one segment only viz., pharmaceutical formulations.
NOTE 16
Previous yearâs figures have been regrouped / reclassified wherever necessary to correspond with the current yearâs classification / disclosure.
Mar 31, 2017
NOTE 1. CONTINGENT LIABILITIES (to the extent not provided for)
a) Outstanding Bank Guarantee given to the Customs department and otRs,ers H300 Lakhs (Previous Financial Year - RS,20.00 Lakhs)
b) Outstanding Letters of Credit: RS,106.67 lakhs (Previous Financial Year - RS,11.73 lakhs)
NOTE 2. DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from Vendors regarding their status under the Micro, Small and Medium Enterprises Development Act 2006 and hence disclosure relating to amount unpaid as at the Financial Year end together with Interest Paid / Payable under this Act have not been given.
NOTE 3. Balances with Scheduled banks in deposit accounts includes:
(a) Bank Deposit Accounts under Note no: 16 for the current year include RS,1280.91 lakhs earmarked as lien towards Margin for Letter of Credit and Bank Guarantee. (Previous Financial Year RS,81.09 Lakhs)
(b) Retention deposit under lien towards pre shipment credit - RS,144.09 Lakhs (Previous Financial Year - RS,134.67 Lakhs)
The Company had revalued the land, where the factory/office building is situated, during the period ended June 30, 2008 to the extent of RS,439.36 Lakhs and the gain on the revaluation of land to the extent of RS,373.38 Lakhs was credited to the Revaluation Reserve.
NOTE 4
The following table sets out the status of the gratuity plan as required under AS15 and reconciliation of opening and closing balances of the present value of defined benefit obligation;
The estimates of future salary increases are considered in actuarial valuation taking in to account inflation, seniority, promotion and other relevant facts such as supply and demand factors in the employment market.
NOTE 5. OPERATING LEASES
The Company has entered into cancellable lease agreements for office facilities. Lease Payments (includes R&D facilities) recognized in the Statement of Profit & Loss for the Financial Year RS,118.48 Lakhs. (Previous Financial Year RS,66.46 Lakhs). The company has not entered into any non cancellable operating and finance leases.
Details of forward contract outstanding on account of hedging as at the end of the Financial Year: Nil (Previous Financial Year: Nil)
(i) 9 Months Period and Financial Year ended March 31, 2016, includes RS,4 lakhs pertaining to FY 2014-15.
FOB Value of Exports - RS,32561.26 Lakhs. (Previous Financial Year - RS,21,580.53 Lakhs)
Dividend payment in foreign currency paid during the Financial Year RS,2.72 Lakhs -( Previous Financial Year RS,8.35 Lakhs).
(i) Diluted Earnings per share for the 9 months period and Financial Year ended March 31, 2016 on the basis of the sub divided face value of equity shares of H2/- each is H6/-.
NOTE 6. AMOUNT DUE TO INVESTOR EDUCATION AND PROTECTION FUND
There are no amounts due and outstanding to be credited to investor education and protection fund as of end of the Financial Year.
(b) Key managerial personnel
Dr. Sridhar Ganesan - Managing Director from 28.03.2015
Mr. M Jayapal - Whole Time Director from 28.03.2015
Mr. D.P.Mishra - Whole Time Director up to 30.04.2016
Mr. Hariharaponnambalam. P - Chief Financial Officer from 06-05-2015 up to 18-02-2016
Mr. D Muralidharan - Chief Financial Officer from 19-02-2016
Mr. Vinod Kumar S - Company Secretary from 13-04-2015
(i). Includes stock compensation expense of RS,54.25 Lakhs and RS,9.05 Lakhs for the year ended March 31, 2017 and for the 9 Months Period and Financial Year ended March 31, 2016, respectively.
(ii). Mr.D.PMishra stepped down from the position of Whole-time Director w.e.f. 01.05.2016 and continues to be a Director.
(iii). Mr. Harihara Ponnambalam Resigned w.e.f. 18.02.2016.
NOTE 7.
Total Share Capital of Argus Salud Pharma LLP is RS,99.10 Lakhs (RS,99.10 Lakhs) out of which 99.90% of shares is held by the Company and 0.10% is held by May India Property Private Limited and their profit sharing ratio is 99.90% and 0.10% respectively (Previous year 99.90% and 0.10% respectively).
NOTE 8.
The Company operates in one segment only viz., pharmaceutical formulations.
The amount of dividends proposed to be distributed to equity shareholders for the Year is RS,1133.65 lakhs i.e RS,1.50 paise per equity share of RS,2/-each.
NOTE 9.
On account of creation of additional capacity in CP I factory at Suthukeny, Puducherry during the year and by shifting of resources from CP III factory, Baddi, Himachal Pradesh to CP I factory, the Company ceases to carry out manufacturing activities at CP III factory.
NOTE 10.
Figures for the current financial year are for the 12 months ended March 31, 2017 as against the 9 months period for the previous financial year ended March 31, 2016 and hence figures are not comparable.
NOTE 11.
Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.
Mar 31, 2016
NOTE 1. CAPITAL COMMITMENT
The estimated amount of unexecuted capital contracts (net of advances
and deposits) - Rs. 307.67 Lakhs (Previous Year - Rs. 358.73 Lakhs)
NOTE 29 CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)
a) Outstanding Bank Guarantee given to the Customs department and
others Rs.20.00 Lakhs (Previous Year - Rs. 76.82 Lakhs)
b) Outstanding Letters of Credit: Rs.11.73 lakhs (Previous Year - Rs.
287.97 lakhs)
NOTE 2. DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from Vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act,
2006 and hence disclosure relating to amount unpaid as at the 9 Months
Period and Financial Year end together with Interest Paid / Payable
under this Act have not been given.
NOTE 3. BALANCES WITH SCHEDULED BANKS IN DEPOSIT ACCOUNTS INCLUDES:
(a) Other Bank balances for the current year include Rs.81.09 lakhs
earmarked as lien towards Margin for letter of Credit and Bank
Guarantee. (Pr. Yr. Rs. 107.66 Lakhs)
(b) Retention deposit under lien towards pre shipment credit - Rs.
134.67 Lakhs (Previous year - Rs. 126.40 Lakhs)
NOTE 4.
The Company had revalued the land, where the factory/office building is
situated, during the period ended June 30, 2008 to the extent of Rs.
439.36 Lakhs and the gain on the revaluation of land to the extent of
Rs. 373.38 Lakhs was credited to the Revaluation Reserve.
NOTE 5. OPERATING LEASES
The Company has entered into cancellable lease agreements for office
facilities. Lease Payments recognised in the Statement of Profit & Loss
for the 9 Months Period and Financial Year Rs. 64.19 Lakhs. (Previous
year Rs.109.24 Lakhs). The company has not entered into any non
cancellable operating and finance leases.
NOTE 6.
Total Share Capital of Argus Salud Pharma LLP is Rs. 99.10 Lakhs (Rs.
99.10 Lakhs) out of which 99.9% of shares is held by the Company and
0.10% is held by May India Property Private Limited and their profit
sharing ratio is 99.90% and 0.10% respectively. (Previous year 99.90%
and 0.10% respectively).
NOTE 7. EARNINGS IN FOREIGN EXCHANGE (ON ACCRUAL BASIS)
FOB Value of Exports - Rs. 21580.53 Lakhs. (Previous Year - Rs.
22016.90 Lakhs)
NOTE 8. AMOUNT DUE TO INVESTOR EDUCATION AND PROTECTION FUND
There are no amounts due and outstanding to be credited to investor
education and protection fund as of end of the 9 Months Period and
Financial Year,
NOTE 9.
The Company''s factory unit at Baddi in Himachal Pradesh is entitled for
exemption under section 80IC of the Income Tax Act and also from
Central Excise and Salt Act from the date of commencement of production
(24-09-2005).
NOTE 10
The Company operates in one segment only viz., pharmaceuticals
formulations.
NOTE 11.
During the previous year ended June 30, 2015 depreciation of Rs.48.87
(net of deferred tax impact) had been adjusted to the opening balance
of surplus in the Statement of profit and loss as at July 1, 2014, with
corresponding adjustment to net book value of fixed assets, in
accordance with the transitional provisions of Schedule II of the Act.
NOTE 12.
Figures for the current financial year are for the 9 months period
ended 31st March 2016 as against the 12 months period for the previous
financial year ended 30th June 2015 and hence figures are not
comparable.
NOTE 13.
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Jun 30, 2015
NOTE 1 CAPITAL COMMITMENT
The estimated amount of unexecuted capital contracts (net of advances
and deposits)  Rs.358.73 Lakhs (Previous Year  Rs.1239.93 Lakhs)
NOTE 2 CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)
a) Outstanding Bank Guarantee given to the Customs department and
others Rs.76.82 Lakhs (Previous Year - Rs.36.56 Lakhs)
b) Outstanding Letters of Credit: Rs.287.97 lakhs (Previous Year Â
Rs.438.29 lakhs)
NOTE 3 DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES
The Company has not received information from Vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid as at the year end
together with Interest Paid / Payable under this Act have not been
given.
NOTE 4 BALANCES WITH SCHEDULED BANKS IN DEPOSIT ACCOUNTS INCLUDES:
(a) Other Bank balances for the current year include Rs.107.66 lakhs
earmarked as lien towards Margin for letter of Credit and Bank
Guarantee.( Pr. Yr. Rs.107.66 Lakhs)
(b) Retention deposit under lien towards pre shipment credit Â
Rs.126.40 Lakhs (Previous year  Rs.62.16 Lakhs)
NOTE 5 BALANCE WITH NON SCHEDULED BANKS
Details of balances kept with non-scheduled banks as on balance sheet
dates and the maximum balances kept with non-scheduled banks during the
year are as follows:
NOTE 6
The Company had revalued the land, where the factory/office building is
situated, during the period ended June 30, 2008 to the extent of
Rs.439.36 Lakhs and the gain on the revaluation of land to the extent
of Rs.373.38 Lakhs was credited to the Revaluation Reserve.
NOTE 7 EMPLOYEE BENEFITS
The following table sets out the status of the gratuity plan as
required under AS15 and reconciliation of opening and closing balances
of the present value of defined benefit obligation;
NOTE 8 OPERATING LEASES
The Company has entered into cancellable lease agreements for office
facilities. Lease Payments recognised in the Statement of Profit & Loss
for the year Rs.109.24 Lakhs. (Previous year Rs.93.38 Lakhs). The
company has not entered into any non cancellable operating and finance
leases.
NOTE 9
Total Share Capital of Argus Salud Pharma LLP is Rs.99.10 Lakhs (Rs.10
Lakhs) out of which 99.9% of shares is held by the Company and 0.10% is
held by May India Property Private Limited and their profit sharing
ratio is 99.9% and 0.10% respectively.(Previous year 99% and 1%
respectively).
NOTE 10 EARNINGS IN FOREIGN EXCHANGE (ON ACCRUAL BASIS)
FOB Value of Exports  Rs.22016.90 Lakhs. (Previous Year  Rs.15101.57
Lakhs)
NOTE 11 AMOUNT DUE TO INVESTOR EDUCATION AND PROTECTION FUND
There are no amounts due and outstanding to be credited to investor
education and protection fund as of end of the year.
NOTE 12 DISCLOSURE IN ACCORDANCE WITH THE ACCOUNTING STANDARD 18 Â
"RELATED PARTY DISCLOSURES" ISSUED BY THE INSTITUTE OF CHARTERED
ACCOUNTANTS OF INDIA.
(a) Related parties and nature of relationship
Mr. Vivek Siddharth, Â Relative of Chairman
Argus Salud Pharma LLP Â Related Entity
(b) Key management personnel
Dr. Sridhar Ganesan  Managing Director from 28.03.2015 (Whole Time
Director from 25.08.2014)
Mr. M Jayapal  Whole Time Director from 28.03.2015 (Managing Director
till 27.03.2015)
Mr. D.P.Mishra  Whole Time Director
Mr. S. Mohanraj  Chief Financial Officer & Company Secretary upto
13.02.2015
Mr.Harihara Ponnambalam P Â Chief Financial Officer from 06.05.2015
Mr. Vinod Kumar S Â Company Secretary from 13.04.2015
NOTE 13
The Company's factory unit at Baddi in Himachal Pradesh is entitled for
exemption under section 80IC of the Income Tax Act and also from
Central Excise and Salt Act from the date of commencement of production
(24-09-2005).
NOTE 14
The Company operates in one segment only viz., Pharmaceuticals
formulations.
NOTE 15
With effect from April 1, 2014, pursuant to the requirement of
Companies Act, 2013(the 'Act'), the company has revised the useful life
of its fixed assets, as specified in Schedule II of the Act, based on
technical evaluation. As a result of this change,the depreciation
charge is higher by Rs.127.11 lakhs for the year ended June 30, 2015.
In respect of assets whose useful life is already exhausted as on July
1, 2014, depreciation impact on such assets has been adjusted in the
Reserves and Surplus in accordance with the requirements of Schedule II
of the Act
NOTE 16
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Jun 30, 2014
1. Rights, preference & restrictions attached to shares Equity Shares
The Company has only one class of equity shares having a par value of
10/- per share. Each shareholder is eligible for one Vote per Share.
The Dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting
except in the case of interim Dividend
In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company, after distribution of all
preferential amounts, in proportion to their shareholding
I) Packing Credit and Other short term borrowings are secured by first
charge on Buildings of the Company and hypothecation of Stock in Trade,
Receivables, lien on deposits of the Company with the Bank. In addition
to the above, the loans are also secured by second charge on Plant and
Machineries of the Company, present & future in addition to the
personal guarantee by the promoter and few shareholders of the Company.
2. Capital Commitment
The estimated amount of unexecuted capital contracts (net of advances
and deposits) - Rs. 1239.93 Lakhs (Previous Year - Rs 1964.85 Lakhs)
3. Contingent Liabilities
a) Outstanding Bank Guarantee given to the Customs department and
others Rs. 36.56 Lakhs (Previous Year - Rs. 21.05 Lakhs)
b) Outstanding Letters of Credit: Rs.438.29 lakhs (Previous Year - Nil)
4. Dues to Micro, Small and Medium Enterprises
The Company has not received information from Vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid as at the year end
together with Interest Paid / Payable under this Act have not been
given.
5. Balances with Scheduled banks in deposit accounts includes:
(a) Other Bank balances for the current year include Rs. 107.66 lakhs
earmarked as lien towards Margin for letter of Credit and Bank
Guarantee. (Pr.Yr. Rs. 100 Lakhs)
(b) Retention deposit under lien towards pre shipment credit - Rs.
62.16 Lakhs (Previous year - Rs. 127.20 Lakhs)
6. Amount Due to Investor Education and Protection fund
There are no amounts due and outstanding to be credited to investor
education and protection fund.
7. Disclosure In accordance with the Accounting Standard 18 - "Related
Party Disclosures" Issued by the Institute of Chartered Accountants of
India as identified by the company and relied upon by the auditors.
(a) Related parties and nature of relationship
Mr. Vivek Siddharth, - Relative of Chairman
Argus Salud Pharma LLP - Related Entity
(b) Key management personnel
Mr. M. Jayapal - Managing Director
Mr. D. P. Mishra - Whole Tine Director
Mr. Vivek Siddharth, - Chief Operating Officer
Mr. S. Mohanraj - Chief Financial Officer & Company Secretary
Jun 30, 2013
1 Capital Commitment
The estimated amount o! unexecuted capita! contracts (net of advances
and deposits) Ks. 1964.85 I akhs (Previous Year ~ Ks. 2Hl«.t.2 I.aklis)
2 Contingent Liabilities
a ) Outstanding Bank Guarantee given io the Customs department and
others Rs. 2!.05 lakhs (Previous Year Rs. 21.55 lakhs)
b) Outstanding Letters of Credit: Nil (Previous Year Rs.1S9.9l lakhs) c
) Disputed statutory dues:
3 Dues to Micro, Small and Medium Enterprises the Companv has not
received information from Vendors regarding their status under the
Micro, Small and Medium Pnterprises Development Act 200o ,md hence
disclosure relating to amount unpaid as at the vear end together with
Interest Paid / Payable under this Act have not been given
4) Balances with Scheduled banks in deposit accounts includes:
(a) Other Hank balances tor the current vear include Rs. IttO lakhs
earmarked as lien towards Margin tor letter of
Credit and Bank Guarantee. (Previous Year Rs.92.70 lakhs) (c) Retention
deposit under lien Inwards pre shipment credit Rs. 127,211 lakhs
(Previous year Rs. 1 (22.95 I .akhs).
5 The Companv had revalued the land, where the factory/office building
is situated, during the period ended 30th lune 200H to the extent oi
Rs. 4».3h l.akhs and the gain on the revaluation of land to the evlent
of Rs, 373.38 ( akhs was credited to the Revaluation Reserve.
6 Operating Leases
The Company has entered into cancellable lease agreements for office
facilities. Lease Payments recognised in the Profit and Loss Account
for the year Rs. 56.78 Lakhs. (Previous Year Rs. 46.19 Lakhs). The
Company has not entered into any non cancellable operating and finance
leases.
7 Earnings in Foreign Exchange (On Accrual basis)
FOB Value of Exports Rs in Lakhs. 108 46.63 (Previous Year Rs. in Lakhs
8973.82)
8 The Company''s factory unit at; BaUrfi in Himachal Pradesh is
entitled for exemption under section 801C of the Income Tax Act and
also from Central Excise an
9 The Company operates in one segment only viz., pharmaceutical
formulations.
10 Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Jun 30, 2012
A) Rights, preference & restrictions attached to shares Equity Shares
The Company has only one class of equity shares having a par value of
Rs. 10/- per share. Each shareholder is eligible for one Vote per
Share.
The Dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting
except in the case of interim Dividend
In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company, after distribution of all
preferential amounts, in proportion of their shareholding
1. Capital Commitment
The estimated amount of unexecuted capital contracts (net of advances
and deposits) - Rs. 2818.62 Lakhs (Previous Year - Rs. 1282.84 Lakhs)
2. Contingent Liabilities
(a) Outstanding Bank Guarantee given to the Customs department and
others Rs. 21.55 Lakhs (Previous Year - Rs. 8.35 Lakhs)
(b) Outstanding Letters of Credit Rs. 189.91 Lakhs (Previous Year -
63.62 Lakhs)
(c) Disputed statutory dues:
3. Dues to Micro, Small and Medium Enterprises
The Company has not received information from Vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid as at the year end
together with Interest Paid / Payable under this Act have not been
given.
4. Balances with Scheduled banks in deposit accounts includes:
(a) Deposits under lien towards Bank Guarantee - Rs in Lakhs. 3.35-
(Previous Year - 3.48)
(b) Margin on Letters of Credits outstanding - Rs. In Lakhs 89.35
(Previous Year 121.67)
(c) Retention deposit under lien towards pre shipment credit - Rs. In
Lakhs 1122.95 (Previous year - 1056.56).
5. The Company had revalued the land, where the factory/office
building is situated, during the period ended 30"' June 2008 to the
extent of Rs in Lakhs. 439.36 and the gain on the revaluation of land
to the extent of Rs.in Lakhs 373.38 was credited to the Revaluation
Reserve.
6. Total Share Capital of Argus Salud Pharma LLP is Rs. 10.00 Lakhs
out of which 99% of shares is eld by the Company and 1% is held by May
India Property Private Limited
7. Earnings in Foreign Exchange (On Accrual basis)
FOB Value of Exports - Rs in Lakhs. 8973.82 (Previous Year - Rs. in
Lakhs - 6952.99)
8. Amount Due to Investor Education and Protection fund
There are no amounts due and outstanding to be credited to investor
education and protection fund.
9. Disclosure in accordance with the Accounting Standard 18 -
"Related Party Disclosures" issued by the Institute of Chartered
Accountants of India as identified by the company and relied upon by
the auditors.
(a) Related parties and nature of relationship
- Mr. Vivek Siddharth, relative of Chairman - Argus Salud Pharma LLP
- Related Entity
(b) Key management personnel
- Mr. M Jayapal - Managing Director - Mr. D. P. Mishra - Whole Time
Director
10. The Company's factory unit at Baddi in Himachal Pradesh is
entitled for exemption under section 80IC of the Income Tax Act and
also from Central Excise and Salt Act from the date of commencement of
production (24-09-2005).
11. The Company operates in one segment only viz., pharmaceutical
formulations.
12. The Revised Schedule VI has become effective from 1stApril 2011,
for the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in theiinancial
statements. Previous year's figures have been regrouped / reclassified
wherever necessary to correspond with the current year's classification
/ disclosure.
Jun 30, 2011
1. Capital Commitment
The estimated amount of unexecuted capital contracts (net of advances
and deposits) - Rs.1282.84 lacs (Previous Year- Rs.192.27 lacs)
2. Contingent Liabilities
(a) Outstanding Bank Guarantee given to the Customs department and
others Rs.835,000 /- (Previous Year - Rs.919,000/-)
(b) Outstanding Letters of Credit Rs. 6,362,000/- (Previous Year -
3,975,697/-)
3. Secured Loans
The Working capital facility of Packing Credit and Bills Discounting is
secured by hypothecation of stocK in trade, receivables, and lien on
deposits of the company with the Bank. The facility is also secured by
first charge on the Corporate Office Building and Factory Buildings of
the company and also personally guaranteed by the promoter, a Director
and few shareholders of the Company.
4. Dues to Micro, Small and Medium Enterprises
The Company has not received information from Vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid as at the year end
together with Interest Paid / Payable under this Act have not been
given.
5. Balances with Scheduled banks in deposit accounts includes:
(a) Deposits under lien towards Bank Guarantee - Rs.348,586/- (Previous
Year - Rs. 344,527/-)
(b) Margin on Letters of Credits outstanding - Rs.12,167,034/-
(Previous Year Rs. 6,125,741/-)
(c) Retention deposit under lien towards pre shipment credit -
Rs.105,656,397/- (Previous year - Rs. 91,136,230/-).
6. The Company had revalued the land, where the factory/office
building is situated, during the period ended 30th June 2008 to the
extent of Rs. 43,935,500/- and the gain on the revaluation of land to
the extent of Rs. 37,337,799/- was credited to the Revaluation Reserve.
7. Balances of debtors, loans, advances and deposits, including items
which are subject to confirmation, have, in the opinion of the
management, a value on realization in the ordinary course of business
at least equal to the amount at which they are stated and creditors are
stated at the value which they are liable to be paid.
8. Employee Benefits
The following table sets out the status of the gratuity plan as
required under AS15 and reconciliation of opening and closing balances
of the present value of defined benefit obligation;
The above defined obligation liability as at the Balance Sheet date is
wholly funded by the company
The estimates of future salary increases are considered in actuarial
valuation taking in to account inflation, seniority, promotion and
other relevant facts such as supply and demand factors in the
employment market.
9. Operating Leases
The company has entered into cancelable lease agreements for office
facilities, office and residential premises of employees. Lease
payments recognized in the Profit & Loss Account for the year - Rs.
4,141,039/-(Previous Year - Rs. 3,722,054/-). The Company has not
entered into any non cancelable operating leases and finance leases.
10.Amount Due to Investor Education and Protection fund
There are no amounts due and outstanding to be credited to investor
education and protection fund. 23. Proposed Dividend
Dividend Proposed by the Board of Directors is provided in the books of
accounts pending approval at the Annual General Meeting.
11. The Company's factory unit at Baddi in Himachal Pradesh is entitled
for exemption under section 80IC of the Income Tax Act and also from
Central Excise and Salt Act from the date of commencement of production
(24-09-2005).
12.The Company operates in one segment only viz., pharmaceutical
formulations.
13. Previous year figures have been regrouped wherever necessary to
conform to current year's classification
Jun 30, 2010
1. Capital Commitment
The estimated amount of unexecuted capita! contracts (net of advances
and deposits) - Rs. 191.27 lakhs-(Previous Year- Rs.161.97 lakhs)
2 Contingent Liabilities
(a) Outstanding Bank Guarantee given to the Customs department and
others Rs.919,000 /- (Previous Year - Rs.3,784,865/-)
(b) Outstanding Letters of Credit Rs. 3,975,697/- (Previous Year - Nil)
(c) There is an income tax demand to the extent of Rs.5,708,773/-
towards tax for the assess- ment year 1995-96. The Company has filed an
appeal against the assessment order of Commissioner of Income Tax
(Appeals) on the points of dispute with the income Tax Appel- late
Tribunal which is pending.
(d) For the Assessment Year 2002-03 the loss was assessed by Assistant
Commissioner of Income Tax as Rs.Nil, while the company has incurred a
loss of Rs.190.93 lakhs. The Company has filed an appeal with the
Commissioner of Income Tax (Appeais) against the Assessment Order of
the Assistant Commissioner of Income tax which is pending.
(e) For the Assessment Year 2001-02, of erstwhile May India
Laboratories Pvt Ltd (since merged with this Company), orders were
received from Assistant Commissioner of income Tax with demands
amounting to Rs.11.01 lakhs. The Company has filed an appeal with the
Commis- sioner of Income Tax (Appeals) against the Assessment Order of
the Assistant Commis- sioner of Income tax which is pending,
(f) For the Assessment Year 2002-03, of erstwhile May India
Laboratories Pvt Ltd (since merged with this Company), orders were
received from Assistant Commissioner of Income Tax with demands
amounting to Rs.25.96 lakhs. The Company has filed an appeal with the
Commis- sioner of Income Tax (Appeals) against the Assessment Order of
the Assistant Commis- sioner of Income tax which is pending.
(g) For the Assessment Year 2004-05, of erstwhile May India
Laboratories Pvt Ltd (since merged with this Company), orders were
received from Assistant Commissioner of Income Tax with demands
amounting to Rs.7.61 lakhs. The Company has filed an appeal with the
Commis- sioner of Income Tax (Appeals) against the Assessment Order of
the Assistant Commis- sioner of Income tax which is pending.
(h) In the Order from the Joint Commissioner of Central Excise,
Puducherry in the order dated 28-04-2009 forthe period from 08-01-2005
to 31-07-2005, an amount of Rs. 4.54 lakhs has been ascertained as
interest on the excise duty paid on physician samples. The Company has
preferred an appeal before the Commissioner of Appeals, Central Excise,
Chennai which is pending.
(i) Excise Duty receivable includes Excise Duty Rebate claim of Rs.
2,272,402/- pending with the Department of Central Excise with regard
to the operations of erstwhile May (India) Labo- ratories Private
Limited, the Company amalgamated with this Company with effect from 1st
April 2006. The Company has filed all the evidences to the Department
of Central Excise
3. Secured Loans
The Working capital facility of Packing Credit and Bills Discounting is
secured by hypothecation of stock in trade, receivables, and lien on
deposits of the company with the Bank. The facility is also secured by
first charge on the Corporate Office Building and Factory Buildings of
the company and also personally guaranteed by the promoter, a Director
and few shareholders of the Company.
4. Dues to Micro, Small and Medium Enterprises
The Company has not received information from Vendors regarding their
status under the Micro, Small and Medium Enterprises Development Act
2006 and hence disclosure relating to amount unpaid as at the year end
together with Interest Paid / Payable under this Act have not been
given.
5. Balances with Scheduled banks in deposit accounts includes:
(a) Deposits under lien towards Bank Guarantee - Rs.344,527/- (Previous
Year - Rs. 991,065/-)
(b) Margin on Letters of Credits outstanding Rs.6,125,741/- (Previous
Year Rs.8,036,457/-)
(c) Retention deposit under lien towards pre shipment credit - Rs
91,136,230/- (Previous year - Rs. 74,640,855/-).
6. The Company had revalued the land, where the factory/office
building is situated, during the period ended 30th June 2008 to the
extent of Rs. 43,935,500/- and the gain on the revaluation of land to
the extent of Rs. 37,337,799/- was credited to the Revaluation Reserve.
7. Balances of debtors, loans, advances and deposits, including items
which are subject to confirmation, have, in the opinion of the
management, a value on realization in the ordinary course of business
at least equal to the amount at which they are stated and creditors are
stated at the value which they are liable to be paid.
8. Operating Leases
The company has entered into cancelable lease agreements for office
facilities, office and residential premises of employees. Lease
payments recognized in the Profit & Loss Account for the year - Rs.
3,722,054/- (Previous Year - Rs.3,789,090/-). The Company has not
entered into any non cancelable operating leases and finance leases.
9 Amount Due to Investor Education and Protection fund
There are no amounts due and outstanding to be credited to investor
education and protection fund.
10. Proposed Divided
Dividend Proposed by the Board of Directors is provided in the books of
accounts pending approval attheAnnual General Meeting.
11. Disclosure in accordance with the Accounting Standard 18 -
"Related Party Disclosures" issued by the Institute of Chartered
Accountants of India as identified by the company and relied upon by
the auditors.
(a) Related parties and nature of relationship Mr. C C Paarthipan,
Chairman
Mr. Vivek Siddharth, relative of Chairman Mrs. Krishnapriya Mishra ,
relative of a Director Argus Salud Pharma LLP - Related Entity
(b) Key management personnel
Mr. M Jayapal - Managing Director
Mr. K Kanmani Portko - Whole Time Director **
** From 1st Jan 09 to 6th Aug 2009
12. Due to Disturbances and damages by mob to plant and stock at our
Puducherry Unit, it has not been functioning since January 2008.
Arising out of the closure of the unit at Puducherry, all the workers
and management staffs have been settled. However, a section of the
management staff have raised dispute with the labour department and the
conciliation proceedings are in progress. The Company has since
started restructuring its manufacturing operations at Puducherry and
has recommenced its operations, subsequent to the closure of the
financial year in a phased manner.
13. The Companys factory unit at Baddi in Himachal Pradesh is
availing exemption under section 80IC of the Income Tax Act and also
from Central Excise and Salt Act from the date of commencement of
production (24-09-2005).
14. The Company operates in one segment only viz., pharmaceutical
formulations.
15. Previous year figures have been regrouped wherever necessary to
conform to current years classi- fication
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
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