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Notes to Accounts of Kerala Ayurveda Ltd.
Mar 31, 2025
The Company''s financial risk management is an integral pan of how to plan and execute its business strategy The Company''s financial risk
management policy is set by the Boat''d. The Company''s business activities expose it to a variety of financial risks, namely liquidity risk, market lisks
and credit risk I he key nsk.s and mitigating action* arc also placed before the Board of Directors of the Company I he Company''s risk management
policies are established to identify and analyse the risks faced by the Company, to set appropriate nsk limits and controls and to monitor risks and
adherence to limits. Risk management policies and systems ate reviewed regularly to reflect changes in market conditions ami the Company''s
activities.
Market risk is the nsk of loss of future earning*, fair values or future cash flows that may result from 311 adverse cliangc in the price of a financial
instiiiment Hie value of a financial instrument may change ns a result of changes in tin interest rates, foreign currency exchange nites. equity prices
and other market changes that affect market risk sensitive instruments Market risk is attributable to all market risk sensitive financial instruments
including investments and deposits, receivables, payables and loans.
The Company manages the risk through the Finance department tluil provides assurance that the Company''s financial nsk activities 3rc governed by
appropriate policies and procedures and that financial risks arc identified, measured anil managed in accordance with the Companyâs policies and risk
objectives. The Finance department activities arc designed to:
-protect the Company''s financial results and position ftum financial risks
-maintain market risks within acceptable parameters, while optimising returns; and
protect the Company''s financial investments, while maximising returns
The Finance depaitment provides funding fin the Company''s operations, In addition to guidelines and exposure limits, a system of authorities and
extensive independent reporting covers all major areas of activity.
I A) MANAGEMENT OF LIQUIDITY RISK
Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities. Companyâs approach to
managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses A material and
sustained shortfall in cash (low could undermine the Company''s credit rating and impair investor confidence.
The Company maintained a cautious funding strategy, with a positive cash balance tor major part of the year ended 31 Match. 2025 and throughout
the period ended 31 March, 2024 This was the result of existing business model of the Company and funding arrangement from the investing
partner*.
The Company''s board of directors regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational
needs. Any short term surplus easli generated by the operating entities, over and above the amount required for working capital management and other
operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested in liquid mutual funds/fixed
deposits while ensuring sufficient liquidity to meet ils liabilities
Exposure to liquidity risk
The following arc the contractual maturities of financial liabilities ui the reporting date The amounts arc gross and undiscounted, and include
estimated interest payments and exclude the impact of netting agreement*
Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations.
Trade receivables:
The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Credit risk is managed through credit
approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the
normal course of business.
Other financial assets:
The Company maintains exposure in cash and cash equivalents, term deposits with banks. Loans, Security deposits and other financial assets The
Company has concentrated its mam activities with 3 limited number of counter-parties (bank) which have secure credit ratings, to reduce Hits risk.
Individual risk limits arc set for each counter-party based on financial position, credit rating and past experience Credit limits and concentration of
exposures are actively monitored by the Companyâs Finance department
The Company''s size and operations result in it being exposed to the following market risks thru arise from its use of financial instruments:
⢠Foreign currency risk;
â¢pnceiisk: and
The above risks may affect the Company''s income and expenses, or the value of its Financial instruments The objective of the Company''s
management of market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company''s exposure to. and
management of. these risks is explained below
The Company is exposed to foreign exchange risk arising from various currency exposures on account of sale and procurement of goods and services,
primarily with respect to US Dollar
The Company''s management regular review the aurency risk. However at this stage the Company has not entered into any forward exchange
contracts or other arrangement* to cover this risk as the risk is not material
Mil Interest Rate Risk:
Interest rale risk i% the risk that the fair value or future cash flows of a financial instrument will fluctuate In-cause of changes in market interest rates.
The Company''s exposure to market risk fbt changes in interest rates relates to variable rate borrow ings from financial institutions The Company''s
fixed rate borrowings from arc carried at amortised cost and arc not subject to interest rate risk since neither the carrying amount nor the future cash
flow will fluctuate because of a change in market interest rates
(III) Pricing Risk:
There is no material impact of pricing nsk on the financial statements and the operations ol the Company
Financial Instrument by category
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction
between w illing parties.The carrying amount Financial Assets and Liabilities is a reasonable approximation ol'' fair value.
The following methods and assumptions were used to estimate the fair values
1 Fair value of trade receivables, cash, loans, other financial assets, trade payables and other financial liabilities, approximate their carrying amounts
largely due to short term maturities of these instruments.
2 Financial instruments with fixed and variable interest rales are evaluated by the Company based on parameters such as interest rates and individual
credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected kisses ol these receivables. Accordingly,
fair value of such instruments is not materially different from their carrying amounts.
17ic fair values ol security deposits were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair
values in the fair value hierarchy due to the inclusion of unobservable inputs including counter patty credit nsk.
Foi the purpose of the Company** capital management, CBpn.il includes issued equity capital, and all other equity reserves attributable to the equity
holders of the Company. The primary objective of the Company''s capital management is to maximize the shareholder value
The Company manages its capital structutv and makes adjustments in light of changes in economic conditions, business strategies and future
commitments To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to
shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The
Company includes within net debt, borrowings less cash and cash equivalents
In accordance with Ind AS - Iy Employee Bene fils, specified under Section 133 or the Companies Act. 2013 the folio win)? disclosure* are made:
â¢12.1 The Company recognised ?! 19.90 lacs
contribution* payable to these plans by the Company are at rates specified in the rules of the schemes.
42.2 Defined benefit plans:
The Company has an funded gratuity plan for qualifying employees. The benefit payable is calculated as per the Payment of Gratuity Act. 1 â>72 The
benefit vests upon completion of live years ol continuous service and once vested, it is payable to employees on retirement or on termination ol
employment. In ease of death while in service, the gratuity is payable iirespective of vesting.
Actuarial gains and losses in respect of defined benefit plans arc recognised in the financial statements through other comprehensive income.
Interest risk
A decrease in the bond interest rate will increase the plan liability.
Longevity risk
The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and
ailer their employment. An increase in die life expectancy of the plan participants will increase the plan''s liability.
Salary risk
Ilic present value of the defined benefit plan liability i< calculated by reference to the future salaries of plan participants. As such, an increase in the
salary of the plan participants will increase the plan''s liability.
I he following table set out the unfunded status of the defined benefit schemes and the amount recognised in financial statements
Note 43: Disclosures required under Ind AS 8 for correction of prior period errors.
In accordance with Ind AS 8 Accounting Policies. Changes in Accounting Estimates and Errors, the Company has
retrospectively restated its Balance Sheet as at March 31. 2024 and April I. 2023 (beginning of the preceding period) to
rectify errors identified during the period.
43.1 Nature of prior period errors
(a) Lease accounting
In most cases, the Company''s lease arrangements arc cancellable within a short notice period As these arrangements are not
enforceable beyond that period, no Right-ol-Use (ROU) asset or lease liability was recognised. However, during the period
2022-23. the Company entered into certain agreements containing non-canccllable periods, which required lease accounting
in accordance with the applicable standards. This requirement was inadvertently overlooked in the previous period and has
now been corrected in the current period. Related security deposits have also been adjusted to their fair value, with the
resulting difference recognised as part of the ROU asset.
fb) Deferred product expenditure and accounting for patents
The Company had previously capitalised certain deferred product development expenditures that did not meet the
recognition criteria under Ind AS 38. As a result of adopting an incorrect accounting treatment, these amounts were
capitalised and later written off through the profit and loss account. In the current year, the accounting treatment has been
corrected, and the amounts have been restated to reflect the appropriate treatment. These balances have been written off
retrospectively as a prior period error.
Further, in relation to patents, the Company had erroneously continued to capitalise borrowing costs even alter the
completion of development activities. The excess amounts so capitalised have been written off retrospectively, and the
related amortisation has been recomputed accordingly.
(c) Inventories
Amounts previously recorded as inventory for a training project were determined in the prior period to be obsolete or no
longer usable. Upon review, these amounts also did not meet the recognition criteria for classification as inventor)'' under Ind
AS. Consequently, they have been written down retrospectively to reflect their recoverable value.
(d) Loan to Subsidiaries
Foreign exchange restatement for foreign currency denominated loans was not appropriately accounted for m prior periods
in accordance with Ind AS 21. In addition, impairment testing of these loans was not performed during those periods as
required by the applicable standards These omissions have been corrected retrospectively in the current reporting period.
(c) Investments
Previously, investments in certain non-operating entities were not subjected to impairment testing. These investments have
now been reassessed, and impairment testing has been performed. Based on the results, the impaired portion has been
written down, and the carrying amount has been revised to reflect its fair value in accordance with the requirements of Ind
AS 109.
(0 Trade Receivables
In prior periods, foreign exchange revaluation for receivables denominated in foreign currencies was not performed. This
omission has been corrected in the current period, with receivables now adjusted to reflect the appropriate foreign exchange
restatement. In addition, the Expected Credit Loss (ECL) provision, which had not been recognised earlier, has been
reassessed and recorded retrospectively.
Lease Liability in a Sale and Leaseback - Amendments In Ind AS 116
The amendment .specifies the requirements that a seller-lessee uses m measuring the lease liability arising in a sale and leaseback
transaction to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use asset it retains
The amendment is effective for annual reporting periods beginning on or after April 01. 2024 and must be applied retrospectively to sale
and leaseback transactions entered into after the date of initial application oflnd AS 116.
The amendment has no impact on the standalone financial statements.
b. The company has not traded or invested in Crypto currency or Virtual Currency during the period (previous year - Nil)
c. The company has not received any funds from any person entities, for the purpose of directly or indirectly lending/ investing.'' providing
guarantee/ security to a another person1'' entity, by or on behalf of the person/ entity from whom such amount is received during the
period (previous year ⢠Nil)
d. The company hus nut advanced/ loaned/ invested funds to any person entity for the purpose of directly or indirectly lending investing/
providing guarantee security to a third person/ entity, by or on behalf of the company in contravention of the Act
c. flic company docs not have any borrowings which arc not utilised for the purposes specified
*''⢠The Company has taken loans from banks Financial Institutions i FI) on the basis of security of current assets like inventories. The
periodic returns or statements of current assets tiled by the C ompany with banks or financial institutions arc in agreement with the books
of accounts.
Note 48 : Disclosure pursuant to section 186 of the Companies Act, 2013
The details of loans, guarantees and investments undei Section 186 of the Companies Act. 2013 read with the Companies (Meetings of
Hoard and its Powers) Rules. 2014 arc as follows:
a. The Company has not revalued its Properly, Plant and Equipment (including Right-of-Use Assets) ''Intangible Assets during the year
(previous yeat - Nil)
b. The company is not holding benanti property under the Benantt Transactions (Prohibition) Act, l C>SS (45 of 1988)
c. The company is not wilfiil defaulters under guidelines on wilful defaulters issued by the Reserve Bank of India
d. The company has no relationship and transactions with struck off companies
c. Tthc company has not made any delay in registration of Charges during the period.
f. The company has complied with the number of layers prescribed under section 2(87) of the companies Act 2013
g. The company has not entered in scheme of arrangement under section 230 to 237 of Companies Act 2013 during the period
h There are no transactions not recorded in the books of accounts, which arc disclosed during the Income tax assessment-''search survey
Note 52 : Impact on Code on Social Security. 2020
The Indian Parliament lias approved the Code on Social Security. 2020 which would impact the contributions by die Company towards
Provident Fund and Gratuity. The Ministry of Labour an
will assess the impact and its evaluation once the subject rules arc notified and will give appropriate impact in its financial statements in
the period in which, the Code becomes effective and the related rules to determine the financial impact are published.
Note 53 : Reclassification note
Previous periodâs figures have been re-grouped / re-classified, lo the extent necessary, to conform to current period''s classifications (in
addition to restatement done as per Note no. ; 3). All the numbers have been rounded off to nearest lacs.
As per our audit report of even date For and on behalf of the Board of Directors
For G. Joseph & Associates KERALA AYURVEDA LIMITED
Chartered Accountants
Firm Regn. No. 00631 OS
Raphael Sharon Dr. Anil Kumar I''tknrsh Singh
Partner Director Director
M.No. 233286 DIN: 00226353 DIN: 9244896
VivekSundar KT George Priyanka Cangwar
Date: 26th May 2025 CEO CFO Company Secretary
Place: Athuni Mem No. - FI2378
Mar 31, 2024
h. Provisions
A provision is recognized if, because 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. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the liability. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, considering the risks and uncertainties surrounding the obligation.
i. Cash and cash equivalents
Cash and cash equivalent comprise cash at banks and on hand (including imprest) and short-term deposits with maturity of three months or less, which are subject to an insignificant risk of changes in value. Balances held as margin money which are under lien against bank guarantee are classified as bank balances other than cash and cash equivalents.
j. Income tax
Income tax expense represents the sum of the tax currently payable and deferred tax. Current and deferred tax are recognized in profit or loss except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.
i. Current Income Tax
Current Income tax is measured based on the estimated taxable profit for the year and is calculated using applicable tax rates and tax laws that have been enacted or substantively enacted.
ii. Deferred Tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available in future to allow the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted.
iii. Minimum Alternate Tax
In accordance with the prevalent tax laws, Minimum Alternative Tax (âMATâ) paid over and above the normal income tax in any year is eligible for carry forward and set-off against normal income tax liability.
k. Revenue recognition
Revenue from sale of products is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.
Revenue from service is recognised over a period of time as and when the services are rendered in accordance with the specific terms of contract with the customer.
Other Operating Revenue
Other Operating Revenue comprise of Income from ancillary activities incidental to the operations of the Company and is recognised when the right to receive the income is established as per the terms of the contract.
Revenue includes sale of cultivated plants. The entity has biological assets and agricultural produce is harvested from biological asset which are bearer biological assets and consumable biological assets.
l. Rent Deposit
As rent deposits do not meet the criteria of amortized cost, are measured at Fair value and classified as fair value through other comprehensive income.
m. Properties taken on lease
Properties taken on lease by the Company are operating leases as the lease terms do not transfer substantially all risks and rewards incidental to ownership of such properties to the Company. Operating lease payments are recognised in profit or loss on a straight-line basis over the lease term unless another systematic basis is more representative of the time pattern of the userâs benefit, or the lease payments are structured to increase in line with expected general inflation to compensate for the lessorâs expected inflationary cost increases. Interest free lease deposits are remeasured at amortised cost by the effective interest rate method. The difference between the transaction value of the deposit and amortised cost is regarded as prepaid rent and recognised as expense uniformly over the lease period.
n. Capital Work in Progress
Project expenditure incurred as part of Development is capitalised under Capital Work in Progress as the costs can be reliably measured, future economic benefits are probable, the product is technically feasible, and the Company has the intent and the resources to complete the project. Development assets are amortised based on the estimated useful life, as appropriate.
o. Other income
Other income consists of interest income on funds invested. Interest income is recognised as it accrues in the statement of profit and loss, using the effective interest rate method on time proportion basis.
p. Employee benefits
i. Short-term benefits:
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave and other short-term benefits in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.
r. Foreign Currency transactions
Transactions in currencies other than the Companyâs functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date and recognised in profit or loss in the period in which they arise.
s. Critical accounting judgments and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions about the reported amounts of assets and liabilities, and, income and expenses that are not readily apparent from other sources. Such judgments, estimates and associated assumptions are evaluated based on historical experience and various other factors, including estimation of effects of uncertain future events, which are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future period.
3. Fair Value Measurement
Set out below, is a comparison by class of the carrying amounts and fair value of the Companyâs financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:
B. Measurement of fair values
The fair value of liquid mutual funds and long-term equity investment is based on quoted price. Fair values of certain non-current investment are valued based on discounted cash flow/book value/EBlTDA multiple approach.
C. Financial risk management
The Company has exposure to the following risks arising from financial instruments:
⢠Credit risk;
⢠Liquidity risk; and
⢠Market risk
i. Risk management framework
The Risk Management Committee of the Board is entrusted with the responsibility to assist the Board in overseeing and approving the Companyâs risk management framework. The Company has a comprehensive risk management policy relating to the risks that the Company faces under various categories like strategic, operational, reputational and other risks and these have been identified and suitable mitigation measures have also been formulated. The Risk Management Committee reviews the key risks and the mitigation measures periodically. The Audit Committee has additional oversight in the area of financial risks and control.
ii. Credit risk
Credit risk is the risk that counter-party will not meet its obligations leading to a financial loss. The Company is exposed to credit risk arising from its operating (primarily trade receivables) and financing activities including deposits placed with banks, financial institutions and other corporate deposits. The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of financial assets. Financial assets are classified into performing, under-performing and
non-performing. All financial assets are initially considered performing and evaluated periodically for expected credit loss. A default on a financial asset is when there is a significant increase in the credit risk which is evaluated based on the business environment. The assets are written off when the company is certain about the non-recovery.
iii. Liquidity Risk
Liquidity risk is the risk that the Company may encounter difficulty in meeting its obligations. The Company monitors rolling forecast of its liquidity position based on expected cash flows. The Company''s approach is to ensure that it has sufficient liquidity or borrowing headroom to meet its obligations at all point in time. The Company has sufficient short-term fund-based lines, which provides healthy liquidity, and these carry highest credit quality rating from reputed credit rating agency.
36 Segment results: The company is primarily engaged in Ayurvedic services and products. Accordingly there is no separate reportable segment in accordance with AS 17-Segment reporting prescribed under the Companies (Accounting Standards) Rules 2006.
37 Previous year figures have been re grouped / re-classified wherever necessary to correspond with the current year classification/Disclosure.
In terms of our report attached. For and on behalf of the Board of Directors
For Maharaj Rajan & Mathew KERALA AYURVEDA LIMITED,
Chartered Accountants FRN:001932S
Mathew Joseph , B Com, FCA Ramesh Vangal
Proprietor Chairman
MEM NO 022658
Place : Athani Jyothi Gulecha George KT
Date : 29th May 2024 Company Secretary CFO
Mar 31, 2023
h. Provisions
A provision is recognized if, because 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. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the liability, The amount recognized as a provision is the best estimate of the
consideration required to settle the present obligation at reporting date, considering the risks and uncertainties surrounding the obligation,
f. Cash and cash equivalents
Cash and cash equivalent comprise cash at banks and on hand {including imprest) and shortterm deposits with maturity of three months or less, which are subject to an insignificant risk of changes in value. Balances held as margin money which are under lien against bank guarantee are classified as bank balances other than cash and cash equivalents.
j. Income tax
Income tax expense represents the sum of the tax currently payable and deferred tax. Current and deferred tax are recognized in profit or loss except when they relate to items that are recognized In other comprehensive income or directly in equity, in which case the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively.
i. Current Income Tax
Current Income tax is measured based on the estimated taxable profit for the year and is calculated using applicable tax rates and tax laws that have been enacted or substantively enacted.
ii. Deferred Tax
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences, Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available in future to allow the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted.
UL Minimum Alternate Tax
In accordance with the prevalent tax laws, Minimum Alternative Tax (âMATâ) paid over and above the normal income tax In any year is eligible tor carry forward and set-off against normal income tax liability.
k. Revenue recognition
Revenue from sale of products is recognised at the point in time when control of the asset is transferred to the customer, generally on delivery of the product.
Revenue from service is recognised over a period of time as and when the services are rendered in accordance with the specific terms of contract with the customer.
Other Operating Revenue
Other Operating Revenue comprise of Income from ancillary activities incidental to the operations of the Company and is recognised when the right to receive the income is established as per the terms of the contract.
Revenue includes sale of cultivated plants. The entity has biological assets and agricultural produce is harvested from biological asset which are bearer biological assets and consumable biological assets.
L. Rent Deposit
As rent deposits do not meet the criteria of amortized cost, are measured at Fair value and classified as fair value through other comprehensive income,
iff* Properties taken on lease
Properties taken on lease by the Company are operating leases as the lease terms do not transfer substantially all risks and rewards incidental to ownership of such properties to the Company. Operating lease payments are recognised in profit or loss on a straight-line basis over the [ease term unless another systematic basis is more representative of the time pattern of the user''s benefit or the lease payments are structured to increase in line with expected general inflation to compensate for the lessor''s expected inflationary cost increases. Interest free lease deposits are remeasured at amortised cost by the effective interest rate method- The difference between the transaction value Of the deposit and amortised cost t& regarded as prepaid rent and recognised as expense uniformly over the lease period.
n. Capital Work in Progress
Project expenditure incurred as part of Development is capitalised under Capital Work in Progress as the costs can he reliably measured, future economic benefits are probable, the product i$ technically feasible and the Company has the Intent and the resources to complete the project. Development assets are amortised based on the estimated useful life, as appropriate,
o. Other income
Other income consists of interest income on funds invested- Interest income is recognised as it accrues in the statement of profit and loss, using the effective interest rate method on time proportion basis.
p. Employee benefits
i. Short-term benefits:
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave and other short-term benefits In the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service,
if. Other Long- Term bene/t fs:
Post-employment benefit plans are classified into defined benefits plans and defined contribution plans as under:
Gratuity
The Company has an obligation towards gratuity as per actuarial valuation.
Provident fund
Payments to defined contribution plans are recognised as expense when employees have rendered service entitling them to the contributions,
q. Finance Costs
Finance costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the tost of that asset. Qualifying assets are assets that necessarily take a substantial period of time to get ready for theinntended use or sale, AU other borrowing costs are charged to revenue,
r. Foreign Currency transactions
Transactions in currencies other than the Company''s functional currency {foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end
of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date and recognised in profit or loss in the period in which they arise,
* Critical accounting judgments and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions about the reported amounts of assets and liabilities, and, income and expenses that are not readily apparent from other sources. Such judgments, estimates and associated assumptions are evaluated based on historical experience and various other factors, including estimation of effects of uncertain future events, which are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
B. Measurement of f|lr values
The fair value of liquid mutual funds and long-term equity investment is based on quoted price. Fair values of certain non-current investment are valued based on discounted cash flow/book value/EDI IT A multiple approach,
C. Financial risk management
The Company has exposure to the following risks arising from financial instruments:
¦ Credit risk;
¦ Liquidity risk; and
¦ Market risk
i. Risk management framework
The Risk Management Committee of the Board is entrusted with the responsibility to assist the Board in overseeing and approving the Company''s risk management framewurk, The Company has a comprehensive risk management policy relating to Lhe risks that the Company faces under various categories like strategic, operational, reputational and other risks and these have been identified and suitable mitigation measures have also been formulated. The Risk Management Committee reviews the key risks and the mitigation measures perm die ally. The Audit Committee has additional oversight in the area of financial risks and control,
ii. Credit risk
Credit risk is the risk that counter party will not meet its obligations leading to a financial Loss. The Company is exposed to credit risk arising from its operating (primarily trade receivables} and financing activities including deposits placed with banks, financial institutions and other corporate deposits, The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of financial assets. Financial assets are classified into performing, under-performing and non-performing. All financial assets are initially considered performing and evaluated periodically for expected credit loss. A default on a financial asset is when the re is a significant increase Iff the credit risk which is evaluated based on the business environment. The assets are written off when the company is certain about the non-recovery,
iil.Liquidity Risk
Liquidity risk is the risk that the Company may encounter difficulty in meeting its obligations. The Company monitors rolling forecast of its liquidity position on the basis of expected cash flows. The Company''s approach is to ensure that it has sufficient liquidity or borrowing headroom to meet its obligations at all point in time. The Company has sufficient short-term fund based lines, which provides healthy liquidity and these carry highest credit quality rating from reputed credit ratine agency.
I he following additional information luthei tn-aii what is already disclosed elsewheie! is dsclosed in hms of SinenffcneKS dated March 14, 2011 hi Schedule III to the Companies Ad 2fl1 J with effect fin nit id day of April,
2Q2T :-
fa) During the year The Company ha; no transaction with Comoan*; struck off udder section 14& of Companies Act AOli or sec 5tCl of Companies Act.iybO.
fb) The title In respect of self-constructed buildings and title deeds of atl otiiei Immovable properties are held In the name of the company
(c i fbiThe Company has not revalued its property, ffant and Equipment duiing the year.
There *s no proceeding initiated or pending against the Company dunng the year for holding any benami property under the Benami
(d) Transactions I Prohibition) Act, IMS and rutef.made thereunder.
(e) The Company is riot <5ecLared wilful defaults'' by any bank or financial Institution or any other lenders.
Thereno transact lun that has nut been recorded In the boosts of accounts and surrejicEered or disclosed as income during the (f> year in the I9K asses-smenls wilder |he in«wne tj* Aa, 1%i,
(g) There >s no scheme of arrangements has been approved during the year by the Competent Authority in temis of Sections 230 bo 137
of the Companies Act. 2fll J.
The Cnmpany has Imi rowings from banks nr financial Institutions on the hasls of security of c.mrent assets end quaiterly returns ni sta tenants of r. ument assets filed by the Cwmpamy with banks vr F: n ant ial insti tutions are nol in agreement with (lie hooks of
(t) The Company has not traded- or invested m Crypin currency or Viriuat Currency during the financial year.
The Company has nut advanced or loaned or invested funds (either borrowed lords or share premium or any other sources or kind Ol lurid!I to any other persun(s) (n entiiyfiesf, including leveign evililies wiih the uadersianding (whether recorded in writing ov U) otherwise! that the IntrrmnJinry ^lotl ; (Intcrmrd^riesl
i;i directly or Indnectty lend or Invest inothei persons ur entities kfcfitEfted many imannei whatsoevei by or on liehair ut the Company itHliinate 3tmeticiai1es)
in! Provide any gua''antee, security or We like to or on behalf of the Ultimate 9enefidaries:
I he Company has not necei^d any funds from any other person(sl or entityiies). including foreign entities i Intermediaries! with the fkj understanding (whether recorded in writing or ocherwlsel that the Company shatt :
ft! 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 I or
iii \ Provide any guar outer, seeurily nr (fie like to or m hehslf of the CUt imote (kruyfic iaries;
(L) The Company does not have any chaiges or sausracticfi which is yet to be leglsbeied with the Registrar of Companies iftOEi beyend the stacutuiy period.
Mar 31, 2018
Notes to Account
|
Kerala Ayurveda Limited Note 5: Property, plant and equipment |
Amount in " |
|||||||||
|
At Cost |
Land Building |
Plant & Machinery |
Electrical Fittings |
Furniture & Fixtures |
Office Computer & Equipments Accessories |
Vehicles |
Misc. Fixed Assets |
Total |
WebDev, Capital work Expenditure in progress |
|
|
Gross Block as at 1st April 2016 |
11,15,44,126 4,65,88,298 |
3,82,53,977 |
49,11,231 |
2,89,96,759 |
98,86,347 |
88,05,141 |
24,24,181 |
24,94,436 |
25,39,04,497 |
5,30,33,881 |
|
Other acquisition |
2,57,740 22,79,113 |
9,91,080 |
92,490 |
8,46,448 |
8,64,820 |
1,06,285 |
15,69,805 |
- |
70,07,781 |
10,27,979 78,09,555 |
|
Disposal |
- |
15,525 |
5,850 |
18,000 |
- |
- |
- |
- |
39,375 |
- |
|
Gross Block as at 31st March 2017 |
11,18,01,866 4,88,67,411 |
3,92,29,532 |
49,97,871 |
2,98,25,207 |
1,07,51,167 |
89,11,426 |
39,93,986 |
24,94,436 |
26,08,72,903 |
10.27,979 6,08,43,436 |
|
Other acquisition |
- 7,86,542 |
2,57,394 |
1,82,174 |
7,06,365 |
22,33,416 |
8,09,677 |
35,330 |
- |
50,10,897 |
- 2,56,15,807 |
|
Disposal |
- |
- |
64,872 |
15,000 |
10,450 |
16,125 |
15,348 |
- |
1,21,795 |
- |
|
Gross Block as at 31st March 2018 |
11,18,01,866 4,96,83,953 |
3,94,86,926 |
51,15,173 |
3,05,16,572 |
1,29,74,133 |
97,04,978 |
40,13,968 |
24,94,436 |
26,57,62,004 |
10,27,979 8,64,59,243 |
|
Depreciation & Impairment |
||||||||||
|
Balance as at 1st April 2016 |
⢠2,10,07,631 |
2,63,45,689 |
37,88,232 |
2,12,96,915 |
90,30,428 |
82,92,331 |
13,71,542 |
1,44,226 |
9,12,77,194 |
⢠|
|
Depreciation charge for the year |
- 11,33,754 |
13,69,787 |
2,61,625 |
17,66,364 |
4,26,985 |
2,38,020 |
2,65,565 |
- |
54,62,100 |
1,77,830 |
|
Disposal |
- |
6,928 |
5,558 |
17,770 |
- |
- |
- |
- |
30,256 |
- |
|
Balance as at 31st March 2017 |
⢠2,21,41,385 |
2,77,08,549 |
40,44,299 |
2,30,45,509 |
94,57,613 |
85,30,352 |
16,37,107 |
1,44,226 |
9,67,09,038 |
1,77,830 |
|
Depreciation charge for the year |
- 10,51,996 |
13,59,728 |
1,21,871 |
10,10,382 |
6,96,011 |
2,18,406 |
4,11,078 |
- |
48,69,474 |
1,87,488 |
|
Disposal |
- |
- |
37,531 |
15,000 |
10,450 |
15,319 |
- |
- |
78,299 |
- |
|
Balance as at 31st March 2018 |
⢠2,31,93,381 |
2,90,68,277 |
41,28,640 |
2,40,40,891 |
1,01,43,174 |
87,33,439 |
20,48,185 |
1,44,226 |
10,15,00,213 |
3,65,318 |
|
Carrying Value |
||||||||||
|
As at 1st April 2016 |
11,15,44,126 2,55,80,667 |
1,19,08,288 |
11,22,999 |
76,99,844 |
8,55,719 |
5,12,810 |
10,52,639 |
23,50,210 |
16,26,27,302 |
⢠530,33,881 |
|
As at 31st March 2017 |
11,18,01,866 2,67,26,027 |
1,15,20,983 |
9,53,572 |
67,79,698 |
12,93,554 |
3,81,074 |
23,56,879 |
23,50,210 |
16,41,63,864 |
8,50,149 6,08,43,436 |
|
As at 31st March 2018 |
11,18,01,866 2,64,60,572 |
1,04,18,649 |
9,86,533 |
64,75,680 |
28,30,958 |
9,71,539 |
19,65,783 |
23,50,210 |
16,42,61,792 |
6,62,661 8,64,59,243 |
|
Notes forming part of the financial statements for the year ended 31st March, 2018 |
Amount in |
|||
|
Note No. |
Particulars |
As at 31st March 2018 |
As at 31st March 2017 |
As at 1st April 2016 |
|
6 |
Non-Current Investments |
|||
|
In Subsidiary conpanies |
||||
|
(Unquoted, At cost) |
||||
|
16,65,000 equity shares of Rs 10 each in |
64,286,600 |
64,286,600 |
64,286,600 |
|
|
Ayurvedagram Heritage Wellness Centre Pvt Ltd |
||||
|
100 Common stock of no par value in Suveda Inc., USA |
5,620 |
5,620 |
5,620 |
|
|
100 Common stock of no par value in Ayu Natural |
21,516,252 |
21,516,252 |
21,516,252 |
|
|
Medicines Clinic PS., USA |
||||
|
100 Common stock of no par value in Ayurvedic |
||||
|
Academy Inc., USA |
27,242,710 |
27,242,710 |
27,242,710 |
|
|
817 Common stock of USD 1 par value in |
||||
|
CMS Katra Holdings LLC, USA |
34,853 |
34,853 |
34,853 |
|
|
6201 Shares efface value 1 Sing $ in Nutravada Pte Ltd, Singapore |
281,935 |
281,935 |
281,935 |
|
|
Non Trade |
||||
|
(Quoted, At cost) |
||||
|
550 equity shares of Rs 10 each fully paid up in |
||||
|
Canara Bank Ltd(Quoted) Market Value Rs 264.25 |
27,850 |
27,850 |
17,500 |
|
|
last Year Rs 303 per share |
||||
|
(Unquoted, At cost) |
||||
|
1 1 4 Equity Shares of Rs. 1 0OOO/- each in |
1,262,500 |
1,262,500 |
1,262,500 |
|
|
Confederation for Ayurvedic Renaisance Keralam Pvt Ltd |
||||
|
Total |
114,658,320 |
114,658,320 |
114,647,970 |
|
|
Market Value of quoted Investments |
145,338 |
166,650 |
94,975 |
|
|
Aggregate amount of unquoted investments |
114,630,470 |
114,630,470 |
114,630,470 |
|
|
7 |
Financial Assets -Loans |
|||
|
Loans to Subsidiaries |
177,497,878 |
183,401,041 |
171,402,842 |
|
|
Total |
177,497,878 |
183,401,041 |
171,402,842 |
|
|
8 |
Financial Assets- Other Financial assets |
|||
|
Bank Deposits with original maturity for more than 12 months |
3,466,819 |
3,535,073 |
3,241,887 |
|
|
Deposits with Govt. Authorities |
1,088,027 |
1,022,159 |
978,772 |
|
|
Deposits with others |
7,795,442 |
9,061,027 |
7,892,351 |
|
|
9 |
Total |
12,350,288 |
13,618,259 |
12,113,010 |
|
Income Tax Assets) Net) |
||||
|
Income Tax Advance |
3,311,583 |
3,401,578 |
3,341,412 |
|
|
MAT Credit Entitlement |
13,666,943 |
6,733,166 |
- |
|
|
Total |
16,978,526 |
10,134,744 |
3,341,412 |
|
|
10 |
Inventories |
|||
|
Finished Goods |
32,520,415 |
27,558,641 |
26,694,848 |
|
|
Goods in transit |
416,766 |
1,335,931 |
329,956 |
|
|
Furnace Oil |
230,076 |
376,419 |
116,486 |
|
|
Packing Material |
3,796,657 |
3,288,537 |
2,488,594 |
|
|
Raw Material |
11,164,228 |
7,765,617 |
6,552,292 |
|
|
Stores & Spares |
93,841 |
80,718 |
69,074 |
|
|
Work in Progress |
19,087,051 |
20,318,314 |
18,649,706 |
|
|
WIP Nurse Training Deferred |
32,321,902 |
32,321,902 |
32,383,402 |
|
|
Total |
99,630,938 |
93,046,079 |
87,284,358 |
|
|
Note No. |
Particulars |
As at 31st March 2018 |
As at 31st March 2017 |
As at 1st April 2016 |
|
11 |
Financial asset- Trade Receivables |
|||
|
Secured, considered good |
- |
- |
- |
|
|
Unsecured, considered good |
71,678,766 |
62,177,207 |
52,607,728 |
|
|
Doubtful |
- |
- |
||
|
Less: Allowance for doubtful debts |
- |
- |
||
|
Total |
71,678,766 |
62,177,207 |
52,607,728 |
|
|
12 |
Cash and cash equivalents |
|||
|
Balances with banks |
||||
|
(i) In Current accounts |
28,897,121 |
11,688,470 |
15,333,262 |
|
|
Cash on Hand |
1,715,029 |
968,148 |
439,112 |
|
|
Cheques, drafts on hand |
12,802,226 |
936,743 |
838,919 |
|
|
Total |
43,414,376 |
13,593,361 |
16,611,293 |
|
|
13 |
Other Current assets |
|||
|
Advance for Purchase |
7,006,079 |
16,046,790 |
2,083,827 |
|
|
Other Advances |
62,406,687 |
25,133,740 |
9,946,817 |
|
|
Advance to employees |
445,780 |
|||
|
Advance to Vendor |
142,100,000 |
|||
|
Prepaid expense |
500,391 |
394,708 |
515,575 |
|
|
Total |
212,458,936 |
41,575,238 |
12,546,219 |
|
|
16 |
Financial Liabilities- Borrowings) Non Current) |
|||
|
Vehicle Loan |
568,445 |
935,246 |
272,294 |
|
|
Katra Holding Pvt Ltd |
186,824,922 |
174,602,731 |
163,180,122 |
|
|
ECL FINANCE LIMITED |
200,000,000 |
- |
- |
|
|
Total |
387,393,367 |
175,537,977 |
163,452,416 |
|
|
17 |
Financial Liabilities- Provisions) Non Current) |
|||
|
Provision for Gratuity |
34,044,691 |
28,608,518 |
27,343,466 |
|
|
Total |
34,044,691 |
28,608,518 |
27,343,466 |
|
|
18 |
Other Non Current liabilities |
|||
|
Deposits Received from Business associates |
3,715,000 |
3,915,000 |
3,867,500 |
|
|
Total |
3,715,000 |
3,915,000 |
3,867,500 |
|
|
19 |
Financial Liabilities- Borrowings(Current) |
|||
|
Secured loan repayable on demand |
||||
|
Kotak Mahindra Bank-Ernakulam (CC) |
13,350,234 |
16,370,695 |
22,700,901 |
|
|
Kotak Mahindra Bank-Ernakulam (OD) |
||||
|
Kotak Mahindra Bank-Bangalore (CC) |
57,882,943 |
61,005,768 |
49,017,820 |
|
|
Kotak Mahindra Bank-Bangalore (OD) |
30,239,342 |
14,992,549 |
||
|
Kotak Mahindra Bank Short Term Loan |
20,161,370 |
20,000,000 |
20,000,000 |
|
|
(Credit Facilities from Kotak Mahindra Bank are secured Against |
||||
|
exclusive charge on entire current assets of the Company |
||||
|
both present and future , Collateral in the form of equitable mortgage of |
||||
|
land belonging to the Company in Kalloor Thekkummuri Village , Trichur |
||||
|
District and mortgage of land belonging to Chairman situated at |
||||
|
Bangalore |
||||
|
and personal guarantee of Chairman ) |
||||
|
Secured loan repayable on demand |
||||
|
ICD from Tata Global Beverages Limited |
42,500,000 |
42,500,000 |
47,500,000 |
|
|
( E M of 2 Acres and 4 Guntas of land bearing Survey no 49 of |
||||
|
Sonnapanahalli Village, Doddaballapur Taluk, Bengaluru belong to |
||||
|
Arudrama ) |
||||
|
Kotak Mahindra Bank STL |
8,343,984 |
10,833,736 |
4,472,737 |
|
|
(Secured by Lein on Fixed Deposit of Rs 28,41, 133/- held with Kotak |
||||
|
Mahindra Bank and personal guarantee of Directors) |
||||
|
Katra Holding Pvt Ltd |
136,081,741 |
178,579,241 |
196,029,241 |
|
|
Total |
308,559,613 |
344,281,988 |
339,720,700 |
|
Note No. |
Particulars |
As at 31st March 2018 |
As at 31st March 2017 |
As at 1st April 2016 |
|
20 |
Trade payables |
|||
|
Trade payables outstanding dues to Micro, small and medium |
||||
|
enterprises under MSMED Act, 2006 |
- |
2,403,989 |
3,413,549 |
|
|
Sundry Creditors- Mfgs. |
25,606,421 |
16,072,320 |
11,358,165 |
|
|
Sundry Creditors- Others |
6,465,684 |
3,615,334 |
2,177,242 |
|
|
Total |
32,072,105 |
19,687,654 |
13,535,407 |
|
|
21 |
Other Current liabilities |
|||
|
Other payables |
||||
|
Advances from Customers |
3,251,688 |
2,765,722 |
2,060,034 |
|
|
Statutory Liabilities |
||||
|
VAT Payable |
894,447 |
812,170 |
||
|
TDS Payable |
5,072,361 |
935,715 |
1,535,832 |
|
|
P F ,ESI Etc |
1,447,683 |
1,424,798 |
1,295,076 |
|
|
GST |
231,885 |
|||
|
Accrued Employee Liabilities |
||||
|
T A Payable |
1,143,772 |
917,446 |
658,755 |
|
|
Salary Payable |
9,720,578 |
10,493,855 |
6,218,015 |
|
|
Loans repayable within one year-HP Loan |
366,801 |
464,435 |
163,551 |
|
|
Rent Payable |
6,983,377 |
4,414,123 |
4,023,981 |
|
|
Other Current Liabilities |
4,876,308 |
3,789,296 |
3,008,632 |
|
|
Provision for Gratuity- current |
4,033,052 |
2,956,534 |
2,656,534 |
|
|
Total |
37,127,504 |
29,056,370 |
22,432,580 |
|
|
22 |
Provisions |
|||
|
Provision - Others: |
||||
|
Bonus Payable |
5,931,012 |
5,602,528 |
3,623,993 |
|
|
Leave Encashment Payable |
970,755 |
798,575 |
497,171 |
|
|
Provision for MAT |
6,933,779 |
6,733,166 |
- |
|
|
Total |
13,835,546 |
13,134,269 |
4,121,164 |
Note No.14
|
Particulars |
As at 31st March, 2018 |
As at 31st March, 2017 |
As at 1st April, 2016 |
|||
|
Number of shares |
Amount In Rs |
Number of shares |
Amount In Rs |
Number of shares |
Amount In Rs |
|
|
Share capital |
||||||
|
(a) Authorised Capital |
||||||
|
Equity shares of Rs 10/- each with voting rights |
12,000,000 |
120,000,000 |
12,000,000 |
120,000,000 |
12,000,000 |
120,000,000 |
|
(b) Issued Capital |
||||||
|
Equity shares of Rs 10/- each with voting rights |
10,555,670 |
105,556,700 |
10,555,670 |
105,556,700 |
10,555,670 |
105,556,700 |
|
(c) Subscribed and fully paid up |
||||||
|
Equity shares of Rs 10/- each with voting rights |
10,555,670 |
105,556,700 |
10,555,670 |
105,556,700 |
10,555,670 |
105,556,700 |
|
Total |
10,555,670 |
105,556,700 |
10,555,670 |
105,556,700 |
10,555,670 |
105,556,700 |
|
Notes: (i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period: |
||||||
|
Particulars |
Opening Balance |
Fresh issue |
Buy back |
Closing Balance |
||
|
Equity shares with voting rights Year ended 31 March, 2018 |
||||||
|
- Number of shares |
10555670 |
10,555,670 |
||||
|
-Amount (In Rs.) |
105,556,700 |
105,556,700 |
||||
|
Year ended 31 March, 2017 |
||||||
|
- Number of shares |
10,555,670 |
- |
- |
10,555,670 |
||
|
-Amount (In Rs.) |
105,556,700 |
105,556,700 |
||||
|
Year ended 31 March, 2016 |
||||||
|
- Number of shares |
10,555,670 |
10,555,670 |
||||
|
-Amount (In Rs.) |
105,556,700 |
105,556,700 |
||||
(ii) Rights, Preferences and restrictions attached to Equity Shares:
The Company has one class of equity shares, having a par value of Rs 10 each. Each shareholder is eligible for one vote per share held. In the event
of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company in proportion to their share holding.
There has been no movement in the issued, subsribed and paid up capital of the company.
(iii) Details of shares held by each shareholder holding more than 5% shares:
|
Class of shares / Name of shareholder |
As at 31st March, 2018 |
As at 31st March, 2017 |
As at 1st April, 2016 |
|||
|
Number of shares held |
% holding in that class of shares |
Number of shares held |
% holding in that class of shares |
Number of shares held |
% holding in that class of shares |
|
|
Equity shares with voting rights |
||||||
|
Katra Holdings Ltd |
6,493,435 |
61.52% |
6,493,435 |
61.52% |
6,493,435 |
61.52% |
(iv) Details of shares held by the holding company, the ultimate holding company, their subsidiaries and associates:
|
Particulars |
Equity shares with voting rights-No of Shares |
|||
|
M/s Katra Holdings Ltd, the holding company |
Opening Balance |
Fresh issue |
Buy back |
Closing Balance |
|
As at 31 March, 20M5 |
6493435 |
6493435 |
||
|
As at 31 March, 2017 |
6493435 |
6493435 |
||
|
As at 1st April 2016 |
6493435 |
6493435 |
||
Note No. 15 Other Equity
|
Particulars |
As at 31st March 2018 |
As at 31st March 2017 |
As at 1st April 2016 |
|
Capital reserve |
4541879 |
4541879 |
4541879 |
|
Share premium |
114514976 |
114514976 |
114514976 |
|
General reserve |
1798000 |
1798000 |
1798000 |
|
Retained Earnings |
(49691570) |
(78153310) |
(99964586) |
|
71163285 |
42701545 |
20890269 |
Notes forming part of the financial statements for the year ended 31st March, 2018
|
Notes |
Particulars |
For the period ended 31st March, 2018 |
For the period ended 31st March, 2017 |
|
23 |
Revenue from Operations |
||
|
(a) Sale of products |
347,509,762 |
323,288,241 |
|
|
(b) Sale of services |
90,172,970 |
72,876,614 |
|
|
Total |
437,682,732 |
396,164,855 |
|
|
(i) Sale of products comprises: Sale of Ayurvedic Medicine |
347,509,762 |
323,288,241 |
|
|
Total |
347,509,762 |
323,288,241 |
|
|
(ii) Sale of services comprises: |
|||
|
Treatment Income |
71,467,776 |
67,552,339 |
|
|
Other Service Income |
8,003,991 |
4,882,877 |
|
|
Other Operational Income |
10,701,203 |
441,398 |
|
|
Total |
90,172,970 |
72,876,614 |
|
|
24 25 |
Other Income Interest Received |
2,638,502 |
1,446,910 |
|
Total |
2,638,502 |
1,446,910 |
|
|
Cost of materials consumed Raw Material Opening stock |
7,765,617 |
6,552,292 |
|
|
Add: Purchases |
79,251,973 |
74,861,255 |
|
|
Less: Closing stock |
11,164,228 |
7,765,617 |
|
|
(A) |
75,853,362 |
73,647,930 |
|
|
Packing Material Opening Stock |
3,288,537 |
2,488,594 |
|
|
Add: Purchase |
19,928,497 |
19,474,002 |
|
|
26 27 28 |
Less: Closing Stock |
3,796,657 |
3,288,537 |
|
(B) |
19,420,376 |
18,674,059 |
|
|
Cost of material consumed(A B) |
95,273,738 |
92,321,989 |
|
|
Purchase of Stock In Trade Purchase of Medicines |
3,121,161 |
3,143,718 |
|
|
Total |
3,121,161 |
3,143,718 |
|
|
Changes in inventories of stock of F G, WIP & Stock in trade Inventories at the end of the year: Stock of FG.WIP & Stock in Trade |
52,024,233 |
49,212,887 |
|
|
52,024,233 |
49,212,887 |
||
|
Inventories at the beginning of the year: Stock of FG.WIP & Stock in Trade |
49,212,887 |
45,674,510 |
|
|
49,212,887 |
45,674,510 |
||
|
Net (increase) / decrease |
(2,811,346) |
(3,538,376) |
|
|
Employee benefits expense Salaries and wages |
110,181,475 |
96,985,028 |
|
|
Contributions to provident funds |
8,545,228 |
7,073,575 |
|
|
Staff welfare expenses |
9,545,134 |
9,325,822 |
|
|
Total |
128271837 |
113,384,425 |
|
Notes |
Particulars |
For the period ended 31st March, |
For the period ended 31st March, |
|
2018 |
2017 |
||
|
29 |
Finance costs |
||
|
(a) Interest expense on: |
|||
|
(i) Borrowings |
13,628,308 |
9,484,522 |
|
|
(ii) Others |
|||
|
- Interest on Vehicle Loans |
1,966,030 |
544,393 |
|
|
Total |
15,594,338 |
10,028,915 |
|
|
30 |
Depreciation expense |
||
|
Depreciation |
5,056,961 |
5,639,930 |
|
|
Total |
5,056,961 |
5,639,930 |
|
|
31 |
Other expenses |
||
|
Rent |
15,797,877 |
12,087,289 |
|
|
Bank Charges |
4,624,787 |
1,341,708 |
|
|
Rates and Taxes |
399,198 |
846,213 |
|
|
Legal & Professional charges |
1,408,086 |
425,343 |
|
|
Directors Sitting Fee |
560,000 |
355,000 |
|
|
Research and Development Expenses |
309,753 |
342,512 |
|
|
Travelling -Others |
1,982,698 |
2,189,561 |
|
|
Loss on sale of fixed Asset |
11,341 |
6,063 |
|
|
Bad Debts |
- |
611,983 |
|
|
Repairs & Maintenance- Others |
1,590,716 |
2,123,448 |
|
|
Vehicle Maintenance |
348,103 |
296,093 |
|
|
Insurance |
503,769 |
480,148 |
|
|
Printing & Stationery |
887,613 |
1,109,409 |
|
|
Postage & Telephone |
1,897,838 |
1,935,050 |
|
|
Secretarial Expenses |
1,608,732 |
1,478,730 |
|
|
Repairs & Maintenance Branch assets |
781,126 |
1,206,643 |
|
|
Conveyance Expenses |
2,434,545 |
1,847,029 |
|
|
Canteen Expenses |
2,308,583 |
2,196,305 |
|
|
Electricity charges (Branches/Depot) |
2,241,925 |
1,926,550 |
|
|
Other Administrative Expenses |
7,483,020 |
5,854,353 |
|
|
Internal Audit fee |
40,000 |
40,400 |
|
|
Audit fee |
125,000 |
126,250 |
|
|
Travelling -Sales Staff |
11,955,004 |
8,451,069 |
|
|
Advertisements |
353,763 |
354,941 |
|
|
Commission & Discount |
7,407,749 |
7,225,984 |
|
|
Training Expenses |
327,044 |
331,333 |
|
|
Freight Outward |
7,560,285 |
6,524,642 |
|
|
Sales promotion exp |
11,520,198 |
6,754,021 |
|
|
Other Selling & Distribution Expenses |
2,370,232 |
1,100,328 |
|
|
Fuel Consumed |
2,513,743 |
2,425,901 |
|
|
Electricity charges |
1,417,259 |
1,323,100 |
|
|
Repairs to Plant & Machinery |
931,145 |
1,103,030 |
|
|
Repairs to Building |
132,752 |
287,863 |
|
|
Job Works |
27,566,740 |
24,987,898 |
|
|
Other Manufacturing Expenses |
2,011,665 |
2,005,223 |
|
|
Cultivation Expenses |
141,807 |
276,636 |
|
|
Treatment Expenses |
7,438,702 |
7,242,030 |
|
|
Indirect Taxes |
30,814,058 |
35,095,445 |
|
|
Total |
161,806,859 |
144,315,525 |
|
|
(i) Payments to the auditors comprises (net of |
|||
|
service tax input credit, where applicable): |
|||
|
As auditors - Statutory audit |
125,000 |
126,250 |
|
|
For management services |
|||
|
Reimbursement of expenses |
35,975 |
29,600 |
|
|
Total |
160,975 |
155,850 |
Notes forming part of the financial statements for the year ended 31st March, 2018
|
Notes |
Particulars |
31st March, 2018 |
31st March, 2017 |
|
32 |
Earnings In Foreign Currency |
||
|
Export of Medicine |
5,746,691 |
4,692,236 |
|
|
Total |
5,746,691 |
4,692,236 |
|
|
Expenditure in Foreign Currency : |
|||
|
Total |
NIL |
NIL |
|
|
33 |
Managerial Remuneration |
31st March, 2018 |
31st March, 2017 |
|
To the Whole Time Director |
|||
|
Salary |
1,500,000 |
1,500,000 |
|
|
Other Allowances |
1,428,000 |
1,428,000 |
|
|
Reimbursements |
72,000 |
15,000 |
|
|
Total |
3,000,000 |
2,943,000 |
34 Related Party Disclosure under Ind Accounting Standard 24:
A. Names of related parties and nature of related party relationships
|
Description of relationship |
Names of related parties |
|
Holding Company |
Katra Holdings Ltd, Mauritius |
|
Subsidiary Companies |
Ayurvedagram Heritage Wellness Centre Pvt Ltd |
|
Suveda Inc. USA |
|
|
Ayu Natural Medicine Clinic PS, USA |
|
|
Ayurvedic Academy Inc., USA |
|
|
Nutraveda Re Ltd |
|
|
CMS Katra Holdings LLC, USA |
|
|
CMS Katra Nursing LLC, USA |
|
|
Companies where Promoter Director is having control/significant influence |
All Seasons Herbs Pvt. Ltd. |
|
KAL Ayurveda Research Foundation |
|
|
Katra Holding Pvt. Ltd. |
|
|
S R Pharmaceuticals |
|
|
Katra Phytochem India Pvt. Ltd. |
|
|
Confederation for Ayurvedic Renaisance Keralam Ltd. |
|
|
Mason & Summers Leisure Pvt. Ltd. |
|
|
Director/Key Managerial Person |
Dr K Anil Kumar, Whole time Director |
|
MrArvindAgarwal, CFO |
|
|
Ms Itti Bhargava, Company Secretary |
|
|
Mr K. Raghunadhan, Company Secretary |
|
B. Transaction with Related Parties |
Amount in Rs |
|
|
Particulars |
31st March, 2018 |
31st March, 2017 |
|
Purchase of Raw Materials |
||
|
All Season Herbs Pvt Ltd |
2,525,015 |
3,038,094 |
|
Confederation for Ayurvedic Renaisance Keralam Ltd |
258,897 |
911,239 |
|
Katra Phytochem (India) Pvt Ltd |
- |
4,774,120 |
|
Sale of Medicines & Treatments |
||
|
Ayurvedagram Heritage Wellness Centre P Ltd |
4,923,186 |
4,133,227 |
|
Confederation for Ayurvedic Renaisance Keralam Ltd |
131,063 |
0 |
|
Services Received |
||
|
Ayuvedagram Heritage Wellness Centre P Ltd |
900,624 |
536,706 |
|
S R Pharmaceuticals |
5,713,228 |
0 |
|
Mason & Summers Leisure P Ltd |
727,697 |
365,218 |
|
Services Rendered |
||
|
Ayurvedagram Heritage Wellness Centre P Ltd |
6,250,000 |
5,900,000 |
|
Ayurvedic Academy Inc |
553,974 |
- |
|
Remuneration Paid |
||
|
Dr K Anilkumar, Director |
3,000,000 |
2,943,000 |
|
Mr Arvind Agarwal, CFO |
2,893,584 |
2,877,000 |
|
Ms Itti Bhargava, Company Secretary upto 1 1/06/2016 |
- |
107,556 |
|
Mr K. Raghunadhan, Company Secretary w.e.f 18/01 /2017 |
571,308 |
116,719 |
|
Reimbursement of Expenses |
||
|
KAL Subsidiaries |
5,884,358 |
5,890,520 |
|
Katra Phytochem India Pvt Ltd |
206,345 |
32,368 |
|
Mason & Summers Leisure Pvt Ltd |
- |
13,924 |
|
Advances given |
||
|
Ayurvedagram Heritage Wellness Centre P Ltd |
17,490,000 |
- |
|
Interest on Advances |
||
|
Ayurvedagram Heritage Wellness Centre P Ltd |
1,018,000 |
- |
|
Borrowings(including loans) |
||
|
Katra Holding Pvt Ltd |
- |
50,000 |
|
Repayment of Loans |
||
|
To Katra Holding Pvt Ltd |
42,497,500 |
17,500,000 |
|
By KAL Subsidiaries in USA |
30,094,335 |
0 |
|
Balances outstanding at the end of the year |
||
|
Lending- to KAL Subsidiaries |
177,497,878 |
183,401,041 |
|
Advance to Ayurvedagram Heritage Wellness Centre P Ltd |
18,406,200 |
- |
|
Borrowings- from Katra Holding Pvt Ltd |
322,906,663 |
353,181,972 |
35. Contingent Liabilities
Particulars
I. The company has given a bank guarantee of" 500,0007- to The Registrar, Banaras Hindu University towards security deposit for setting up Kerala Ayurveda Panchakarma Center at S S Hospital under BHU
II. During the year the company received a showcause notice from Central Excise department for the financial years 2013-14, 2014-15 and 2015-16 demanding " 46.98 Lakhs towards cenvat credit reversal and service tax on commercial training. The company has preferred an appeal with Commissioner (Appeals), Aluva and the company is confident that the demand will get
|
36 |
Deferred tax assets/ (liabilities) |
|||
|
Particulars |
As at 31st March, 2017 |
Movement |
As at 31st March, 2018 |
|
|
Book/Tax depreciation difference |
(6,549,361) |
Mar 31, 2015
Mar 31, 2014
Mar 31, 2013
Mar 31, 2012
Mar 31, 2011
Mar 31, 2010
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 More Information on Kerala Ayurveda Ltd.
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