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Notes to Accounts of PTL Enterprises Ltd.
Mar 31, 2025
C. OTHER NOTES C1 Employee benefit liability
A. Defined contribution plans
Contributions are made to the Company''s employees provident fund trust/regional provident fund, employee state insurance, labour welfare fund and employee deposit linked insurance in accordance with the respective fund rules. The interest rate payable to the beneficiaries every year is being notified by the government.
The amount of contribution made by the Company to employees provident fund trust/regional provident fund is ? 432.37 Lakhs (? 459.98 Lakhs) and other funds is '' 0.39 Lakhs (?1.13 Lakhs).
a. Post employment benefit plans Gratuity
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company as per the Payment of Gratuity Act,1972.
The following table summaries the components of net benefit expense recognized in the statement of profit and loss and balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
C4 Disclosures on financial instruments
This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements.
a) Financial assets and liabilities
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities as at March 31,2025 and March 31,2024:
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below:
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using 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).
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.
There has been no transfers between level 1, level 2 and level 3 for the years ended March 31,2025 and March 31, 2024.
The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.
In the course of its business, the Company is exposed primarily to liquidity and credit risk, which may impact the fair value of its financial instruments.
The Company has a risk management policy which covers the risks associated with the financial assets and liabilities such as credit risks. The risk management policy is approved by the board of directors.
i) Market risk (equity price risk)
Equity price risk is related to the change in market reference price of the investments in equity securities.
The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as at 31st March 2025 and 31st March 2024 was ''45,780.06 Lakhs and ''50,121.13 Lakhs respectively. A 10% change in equity price as at 31st March 2025 and 31st March 2024 would result in an impact of ''4,578.00 Lakhs and ''5,012.11 Lakhs respectively.
(Note: The impact is indicated on equity before consequential tax impact, if any).
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.
Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit or loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of exposure to credit risks.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as at 31st March 2025 was ''391.23 Lakhs ( ''820.90 Lakhs as at 31st March 2024) being the total of the carrying amount of balances with banks, short term deposits with banks and other financial assets excluding equity investments.
None of the Company''s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at 31st March 2025, that defaults in payment obligations will occur.
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. 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.
|
C5 a |
Contingent liabilities and capital commitments Contingent liabilities Claims against company not acknowledged as debts ? Lakhs |
||
|
Particulars |
As at 31st March 2025 |
As at 31st March 2024 |
|
|
Income tax |
- |
2,388.29 |
|
|
Service tax* |
3.39 |
3.39 |
|
|
Claims against the Company not acknowledged as debts-others |
161.75 |
157.30 |
|
|
b |
*Service tax matter relate to taxability of lease of Medical Equipment under the service tax. Capital commitments |
||
|
Particulars |
As at 31st March 2025 |
As at 31st March 2024 |
|
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
4.73 |
15.92 |
|
C6 The Company had tax litigation cases pending with authorities for taxability of lease income received from Apollo Tyres Ltd. to be liable to be taxed under the head âIncome from Other Sources'' and not under the head âBusiness Income''. In the Finance Act 2024, Government had announced Direct Tax Vivad se Vishwas Scheme (âthe scheme''), whereby option was given to settle Income Tax litigations. Under this scheme and in order to avoid the long drawn tax litigations, the Company has applied for tax litigation resolution to resolve income tax disputes for FY 2009-10 to 2013-14, FY 2017-18 & FY 2019-20. As per the settlement order passed by Income tax department, the Company has made a payment of ?9.30 crores in accordance with the calculations specified in the scheme to settle income tax litigations related to these years.
A Company as a lessee:
i) The Company has not taken any residential /commercial premises and plant and machinery under short term leases. The Company has a long term leases for office premises.
e) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.
f) Rental expense recorded for short-term leases was Nil for the year ended 31st March 2025.
g) Future cash flows to which the company is committed (e.g. variable lease payments and leases not yet commenced): None
The Company has leased out its plant to Apollo Tyres Ltd. till the financial year ended 31st March 2030. The lease rent, which is renewable as per the lease agreement at a rate to be mutually agreed, amount to ''6,111.96 Lacs for the year, has been credited to the statement of profit and loss.
Lease income recognised in the statement of profit and loss is ''6,434.11 Lakhs (''6,434.99 Lakhs) including income from unwinding of deferred income (i.e. rental income on account of financial liabilities measured at amortised cost) of ''322.15 Lakhs (''322.03 Lakhs).
In accordance with Indian Accounting Standard (Ind AS-116) on âLeases'' disclosure of a maturity analysis of lease receivables, showing the undiscounted lease payments to be received after the reporting date:
The Board of Directors have recommended a final dividend of ''1.75 (''1.75) per share amounting to ''2,316.60 Lakhs ('' 2,316.60 Lakhs) on Equity Shares of ''1 (''1) each for the year.
Ind AS 108 âOperating Segmentâ (âInd AS 108â) establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. Based on the âmanagement approachâ as defined in Ind AS 108, Operating segments are to be reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM evaluates the Company''s performance and allocates resources on overall basis. The Company''s sole operating segment is therefore âIncome from lease of plant to Apollo Tyres Ltd.
Geographical information analyses the company''s revenue and non current assets by the Company''s country of domicile (i.e. India) and other countries. In presenting the geographical information, segment revenue has been based on the geographical location of the customers and segment assets which have been based on the geographical location of the assets. Company''s revenue is derived from domestic customer only.
Accordingly, there are no additional disclosure to be provided under Ind AS 108, other than those already provided in the financial statements.
C15 Reconciliation of liabilities from financing activities
Ind AS-7 require the entitities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirements. This does not have any impact on the financial statements, accordingly, the reconciliation is not disclosed.
C16(a) Previous period''s figures have been regrouped / reclassified wherever necessary to correspond with the current period''s classification / disclosure in order to comply with the requirements of amendments to schedule III (division II) of the Companies Act, 2013 vide MCA notification dated 24th March 2021.
C16(b) Pursuant to the Voluntary Retirement Scheme (VRS) of the company, certain employees had opted the scheme during the year. The additional expenditure incurred on this account were re-imbursed by Apollo Tyres Ltd. thereby Nil impact on the Statement of Profit & loss of the Company for the year ended 31st March 2025.
b) There are no projects which are temporarily suspended
c) There is no project in CWIP, whose completion is overdue or has exceeded its cost compared to its original plan. Other Statutory Information (to the extent applicable) - Part:1
(i) There is no Immovable Property title deeds of those are not held in the name of the Company.
(ii) The company has no investment property and accordingly its fair valuation is not required at year end.
(iii) & (iv) No revaluation of Property, Plant & Equipment (Including ROU) & Intangible assets has been carried out during
the year.
(v) The Company has not granted loans or advances in the nature of loans to promoters, directors, KMPs and the related parties, either severally or jointly with any other person, that are (a) repayable on demand; or (b) without specifying any terms or period of repayment.
(vi) The Company has no intangible asset under development and accordingly its ageing is not required at year end.
(vii) The Company neither have any Benami property, nor any proceeding has been initiated or pending against the Company for holding any Benami property.
(viii) The Company is not declared wilful defaulter by any bank or financial institution or other lender.
(ix) The Company does not have any transactions with companies struck off.
(x) The Company does not have any charges or satisfaction which is yet to be registered with Registrar Of Companies (ROC) beyond the statutory period.
(xi) The Company has not made any investments till 31-03-2025 in subisidiaries, hence compliance with number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (restriction on number of layers) Rules, 2017 is not applicable.
(xii) For ratios, refer Note C18 above.
(xiii) Compliance with approved Scheme(s) of arrangements in terms of Sec 230 - 237 of Companies Act 2013 - Not Applicable
(xiv) (A) The Company has not advanced or loaned or invested funds in any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
- 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
- provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(xiv) (B) 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:
- 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
- provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
Other Statutory Information (to the extent applicable) - Part:2
(i) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the 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.
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
The numerator and denominator used to calculate basic and diluted earnings per share
Mar 31, 2024
a. Terms / rights attached to equity shares:
The Company has only one class of equity shares having a par value of ''1 (''1) per share. Each holder of equity shares is entitled to one vote per share, where voting is held by electronic voting / ballot paper. In case of Poll, each holder of equity share is entitled to number of votes against number of shares held.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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 equity share holders.
Description of nature and purpose of each reserve:General reserve
General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purpose. General reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income.
Capital reserve
The same has been created in accordance with provisions of the Act.
Capital redemption reserve
The same has been created in accordance with provisions of the Act.
Revaluation reserve represents freehold land and building revalued during the year ended March 31, 2016 as per independent valuer report.
Retained earnings represents the profits that the Company has earned till date, less any transfer to general reserve, dividends or other distributions to shareholders etc.
Reserve for equity instruments through other comprehensive income
This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income, net of amount reclassified to retained earnings when those assets have been disposed of.
First and exclusive charge by way of equitable mortgage of land & building, charge on all other movable fixed assets and current assets. Assignment /hypothecation and escrow of lease rentals or any other receivables as per lease agreement between the company and the lessee.
C. OTHER NOTES C1 Employee benefit liability
A. Defined contribution plans
Contributions are made to the Company''s employees provident fund trust/regional provident fund, employee state insurance, labour welfare fund and employee deposit linked insurance in accordance with the respective fund rules. The interest rate payable to the beneficiaries every year is being notified by the government.
The amount of contribution made by the Company to employees provident fund trust/regional provident fund is ''459.98 Lakhs (''475.50 Lakhs) and other funds is '' 1.13 Lakhs (''1.13 Lakhs).
a. Post employment benefit plans Gratuity
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company as per the Payment of Gratuity Act,1972.
The following table summaries the components of net benefit expense recognized in the statement of profit and loss and balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
b. Other long term employee benefits Long term compensated absences
The following table summaries the components of net benefit expense recognized in the statement of profit and loss and balance sheet (net of reimbursement from Apollo Tyres Ltd.)
The Company''s capital management is intended to create value for shareholders by facilitating the meeting of longterm and short-term goals of the Company.
The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity and long-term/short-term borrowings.
Disclosures on financial instruments
This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements.
Financial assets and liabilities
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities as at March 31,2024 and March 31,2023:
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below:
Quoted prices in an active market (Level 1): This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. This category consists of quoted equity shares, quoted corporate debt instruments and mutual fund investments.
Valuation techniques with observable inputs (Level 2): This level of hierarchy includes financial assets and liabilities, measured using 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).
Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.
There has been no transfers between level 1, level 2 and level 3 for the years ended March 31,2024 and March 31, 2023.
The following table provides an analysis of fair value of financial instruments that are not measured at fair value on recurring basis, grouped into Level 1 to Level 3 categories:
The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.
In the course of its business, the Company is exposed primarily to liquidity and credit risk, which may impact the fair value of its financial instruments.
The Company has a risk management policy which covers the risks associated with the financial assets and liabilities such as credit risks. The risk management policy is approved by the board of directors.
i) Market risk (equity price risk)
Equity price risk is related to the change in market reference price of the investments in equity securities.
The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as at March 31,2024 and March 31,
2023 was '' 50,121.13 Lakhs and '' 34,374.00 Lakhs respectively. A 10% change in equity price as at March 31,
2024 and March 31,2023 would result in an impact of '' 5,012.11 Lakhs and '' 3,437.40 Lakhs respectively.
(Note: The impact is indicated on equity before consequential tax impact, if any).
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.
Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit or loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of exposure to credit risks.
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as at March 31,2024 was '' 820.90 Lakhs ('' 1,005.32 Lakhs as at March 31,2023) being the total of the carrying amount of balances with banks, short term deposits with banks and other financial assets excluding equity investments.
None of the Company''s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31,2024, that defaults in payment obligations will occur.
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. 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.
|
C5 a |
Contingent liabilities and capital commitments Contingent liabilities Claims against company not acknowledged as debts ? Lakhs |
||
|
Particulars |
As at March 31, 2024 |
As at March 31,2023 |
|
|
Income tax |
2,388.29 |
2,964.74 |
|
|
Service tax ** |
3.72 |
3.72 |
|
|
Claims against the Company not acknowledged as debts-others |
157.30 |
- |
|
|
b |
** Service tax matter relate to taxability of lease of Medical Equipment under the service tax. Capital Commitments ? Lakhs |
||
|
Particulars |
As at March 31, 2024 |
As at March 31,2023 |
|
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
15.92 |
3.13 |
|
C6 For the FY 2003-04 to 2008-09, the Hon''ble Supreme Court has held that lease income received by the Company from Apollo Tyres Ltd. Is liable to be taxed under the head âIncome from Other Sources'' and not under the head âBusiness Income'' and consequently, disallowed deduction of business expenses. The consequential impact on Company''s tax liability has already been accounted for in preceding year(s).
Further, for FY 2009-10 to 2013-14, Income-tax Department has followed similar stand, by not allowing claim of business expenses, and thereby raised a demand. Since the said demand has been raised without appreciating the additional facts submitted by the Company (since the facts in these years were different from earlier years), the Company has filed appeal before Appellate Authorities. Based upon the discussion with the Company''s tax advisors, the Company is confident of favourable decision from higher appellate/Judicial authorities. However, on prudent basis, the requisite provision for differential tax liability has substantially been accounted for in preceding year(s)/current year.
For the subsequent years i.e., from FY 2014-15 & onwards, the matter is pending before Commissioner of Income Tax (Appeal) for verification of facts and is yet to be assessed .
A Company as a lessee:
i) The Company has not taken any residential /commercial premises and plant and machinery under short term leases. The Company has a long term leases for office premises.
e) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.
f) Rental expense recorded for short-term leases was Nil for the year ended March 31,2024.
g) Future cash flows to which the company is committed (e.g. variable lease payments and leases not yet commenced): None
The Company has leased out its plant to Apollo Tyres Ltd. till the financial year ended March 31,2030. The lease rent, which is renewable as per the lease agreement at a rate to be mutually agreed, amount to Rs 6,111.96 Lacs for the year, has been credited to the statement of profit and loss.
Lease income recognised in the statement of profit and loss is '' 6,434.99 Lakhs ('' 6,434.11 Lakhs) including income from unwinding of deferred income (i.e. rental income on account of financial liabilities measured at amortised cost) of '' 322.03 Lakhs ('' 322.15 Lakhs).
The Board of Directors have recommended a final dividend of '' 1.75 ('' 1.75) per share amounting to ''2,316.60 (''2,316.60) on Equity Shares of ''1 ('' 1) each for the year.
Ind AS 108 âOperating Segmentâ (âInd AS 108â) establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. Based on the âmanagement approachâ as defined in Ind AS 108, Operating segments are to be reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM).The CODM evaluates the Company''s performance and allocates resources on overall basis. The Company''s sole operating segment is therefore âIncome from lease of plant to Apollo Tyres Limited.
Geographical information analyses the company''s revenue and non current assets by the Company''s country of domicile (i.e. India) and other countries. In presenting the geographical information, segment revenue has been based on the geographical location of the customers and segment assets which have been based on the geographical location of the assets. Company''s revenue is derived from domestic customer only.
Accordingly, there are no additional disclosure to be provided under Ind AS 108, other than those already provided in the financial statements.
Nature of CSR activities: Solid Waste Management, Livelihood for underpriviledged Women, Biodiversity Conservation, Local Initiatives etc.
C15 Reconciliation of liabilities from financing activities
Ind AS-7 require the entitities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirements. This does not have any impact on the financial statements, accordingly, the reconciliation is not disclosed.
C16 Previous period''s figures have been regrouped / reclassified wherever necessary to correspond with the current period''s classification / disclosure in order to comply with the requirements of amendments to schedule III (division II) of the Companies Act, 2013 vide MCA notification dated 24th March, 2021.
C16 (b) Pursuant to the Voluntary Retirement Scheme (VRS) of the company, certain employees had opted the scheme during the year. The additional expenditure incurred on this account were re-imbursed by Apollo Tyres Limited thereby Nil impact on the Statement of Profit & loss of the Company for the year ended March 31,2024.
b) There are no projects which are temporarily suspended
c) There is no project in CWIP, whose completion is overdue or has exceeded its cost compared to its original plan. Other Statutory Information (to the extent applicable) - Part:1
(i) There is no Immovable Property title deeds of those are not held in the name of the Company.
(ii) The company has no investment property and accordingly its fair valuation is not required at year end.
(iii) & (iv) No revaluation of Property, Plant & Equipment (Including ROU) & Intangible assets has been carried out during the year.
(v) The Company has not granted loans or advances in the nature of loans to promoters, directors, KMPs and the related parties, either severally or jointly with any other person, that are (a) Repayable on demand; or (b). without specifying any terms or period of repayment.
(vi) The Company has no intangible asset under development and accordingly its ageing is not required at year end.
(vii) The Company neither have any Benami property, nor any proceeding has been initiated or pending against the Company for holding any Benami property.
(viii) The Company is not declared wilful defaulter by any bank or financial institution or other lender.
(ix) The Company does not have any transactions with companies struck off.
(x) The Company does not have any charges or satisfaction which is yet to be registered with Registrar Of Companies (ROC) beyond the statutory period.
(xi) The Company has not made any investments till 31-03-2024 in subisidiaries, hence compliance with number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (restriction on number of layers) Rules, 2017 is not applicable
(xii) For ratios, refer Note C18 above.
(xiii) Compliance with approved Scheme(s) of arrangements in terms of Sec 230 - 237 of Companies Act 2013 - Not Applicable
(xiv) (A) The Company has not advanced or loaned or invested funds in any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
- 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
- provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(xiv) (B) 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:- 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
- provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Other Statutory Information (to the extent applicable) - Part:2
(i) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the 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).
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Mar 31, 2023
2.15 Provisions:
i) Provision is recognised (for liabilities that can be measured by using a substantial degree of estimation) when:
a) the Company has a present obligation as a result of a past events.
b) a probable outflow of resources embodying economic benefits is expected to settle the obligation; and
c) the amount of the obligation can be reliably estimated.
ii) Contingent liability is disclosed in case there is;
a) possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company: or
b) a present obligation arising from past events but is not recognised because :
(i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation: or
(ii) a reliable estimate of the amount of the obligation cannot be made.
2.16 Reimbursement of expenses:
The manufacturing and operating expenses of the Company reimbursed by M/s Apollo Tyres Limited. in terms of operating lease are deducted from the total expenses and only net expenses are taken to statement of profit and loss.
2.17 Impairment:
(i) Financial assets:
The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing components is measured at an amount equal to lifetime ECL. For all other financial assets, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in the statement of profit and loss.
(ii) Non-financial assets:
Intangible assets and property, plant and equipment:
Intangible assets and property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing,
the recoverable amount (i.e. the higher of the fair value less cost to sell and value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.
If such assets are considered to be impaired, the impairment loss to be recognized in the statement of profit and loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
2.18 Earning per share (EPS):
Basic EPS are computed by dividing the net profit or loss for the period attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earning per equity share are computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
2.19 Leases:
As a lessee
The Company has lease contracts for Office premises. The Company assesses whether a contract contains a lease at the inception of the contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (1) the contract involves the use of an identified asset, (2) the Company has substantially all of the economic benefits from the use of the asset through the period of the lease, and (3) the Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognizes a ROU asset and a corresponding lease liability for all lease arrangements under which it is a lessee, except for short-term leases and low value leases. ROU assets represent the Company''s right to use an underlying asset for the lease term and lease liabilities represent the Company''s obligation to make lease payments arising from the lease.
For short-term leases and low value leases, the Company recognizes the lease payments as an expense on a straight-line basis over the term of the lease. The lease arrangements include options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include these options when it is reasonably certain that they will be exercised.
The ROU assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.
ROU assets are depreciated from the date of commencement of the lease on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value
guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest.
For leases under which the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the date of commencement of the lease in determining the present value of lease payments. Lease liabilities are re measured with a corresponding adjustment to the related ROU asset if the Company changes its assessment as to whether it will exercise an extension or a termination option.
In the statement of financial position, lease liability is included under other financial liability and ROU assets is included in property, plant and equipment''s and the payment of principal portion of lease liabilities has been classified as financing cash flows.
As a Lessor:Leases under which the lessor assumes substantially all the risks and rewards of ownership are classified as finance leases. Lease under which the risks and rewards incidental to ownership are not transferred to lessee is classified as operating lease.Amount due from lessee under finance lease are recognized as receivables at the amount of the Company''s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company''s net investment outstanding in respect of the leases. Rental income from operating leases is recognized on a straight line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern of the users'' benefits or the payments to the lessor are structured to increase in line with expected general inflation.
2.20 Cash and cash equivalents:
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.
2A. RECENT ACCOUNTING PROUNCEMENTS
Ministry of Corporate Affairs (âMCAâ) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31,2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, as below:
Ind AS1 - Presentation of Financial Statements-
This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after April1,2023. The Company has evaluated the amendment and the impact of the amendment is insignificant in the standalone financial statements.
Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors-
This amendment has introduced a definition of âaccounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April 1,2023. The Company has evaluated the amendment and there is no impact on its standalone financial statements.
Ind AS 12 - Income Taxes-
This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and off setting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April1,2023. The Company has evaluated the amendment and there is no impact on its standalone financial statements.
The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.
b) Financial risk management
In the course of its business, the Company is exposed primarily to liquidity and credit risk, which may impact the fair value of its financial instruments.
The Company has a risk management policy which covers the risks associated with the financial assets and liabilities such as credit risks. The risk management policy is approved by the Board of Directors.
i) Market risk (equity price risk)
Equity price risk is related to the change in market reference price of the investments in equity securities.
The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as at March 31,2023 and March 31,
2022 was '' 34,374.00 Lakhs and '' 20,165.27 Lakhs respectively. A 10% change in equity price as at March 31,
2023 and March 31,2022 would result in an impact of '' 3,437.40 Lakhs and '' 2,016.53 Lakhs respectively.
(Note: The impact is indicated on equity before consequential tax impact, if any).
ii) Credit risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.
Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit or loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of exposure to credit risks.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as at March 31,2023 was '' 1,005.32 Lakhs ('' 2,178.03 Lakhs as at March 31,2022) being the total of the carrying amount of balances with banks, short term deposits with banks and other financial assets excluding equity investments.
None of the Company''s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31,2023, that defaults in payment obligations will occur.
iii) Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. 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.
b) There are no projects which are temporarily suspended
c) There is no project in CWIP, whose completion is overdue or has exceeded its cost compared to its original plan.
Other Statutory Information (to the extent applicable) - Part:1
(i) There is no Immovable Property title deeds of those are not held in the name of the Company.
(ii) The Company has no investment property and accordingly its fair valuation is not required at year end.
(iii) & (iv) No revaluation of Property, Plant & Equipment (Including ROU) & Intangible assets has been carried out during
the year.
(v) The Company has not granted loans or advances in the nature of loans to promoters, Directors, KMPs and the related parties, either severally or jointly with any other person, that are (a) Repayable on demand; or (b). without specifying any terms or period of repayment.
(vi) The Company has no intangible asset under development and accordingly its ageing is not required at year end.
(vii) The Company neither have any Benami property, nor any proceeding has been initiated or pending against the Company for holding any Benami property.
(viii) The Company is not declared wilful defaulter by any bank or financial institution or other lender.
(ix) The Company does not have any transactions with Companies struck off.
(x) The Company does not have any charges or satisfaction which is yet to be registered with Registrar Of Companies (ROC) beyond the statutory period.
(xi) The Company has not made any investments till 31-03-2023 in subisidiaries, hence compliance with number of layers prescribed under clause (87) of Section 2 of the Act read with Companies (restriction on number of layers) Rules, 2017 is not applicable
(xii) For ratios, refer Note C18 above.
(xiii) Compliance with approved Scheme(s) of arrangements in terms of Sec 230 - 237 of Companies Act 2013 - Not Applicable
(xiv) (A) The Company has not advanced or loaned or invested funds in any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:- 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 - provide any guarantee, security or the l ike to or on behalf of the ultimate beneficiaries.
(xiv) (B) 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: - 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 - provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
Other Statutory Information (to the extent applicable) - Part:2
(i) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the 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.
(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
C20 Earnings per share (EPS)
The numerator and denominator used to calculate basic and diluted earnings per share
For and on behalf of the Board of Directors
Onkar Kanwar Harish Bahadur U. S. Anand
Chairman Director Director
DIN No.00058921 DIN No.00032919 DIN No.02055913
Place: Gurugram Amarjeet Kumar Pradeep Kumar
Date : May 5, 2023 Chief Financial Officer Company Secretary
Mar 31, 2018
1. Capital Management
The Company''s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company.
The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity and long-term/short-term borrowings.
Capital of the company is equity as on 31st March, 2018 Rs.59,256.62 Lakhs (as on 31st March, 2017 Rs.55,825.03 Lakhs and as on 1st April, 2016 Rs.53,635.76 Lakhs)
2. Disclosures on financial instruments
This section gives an overview of the significance of financial instruments for the Company and provides additional information on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 2 to the financial statements.
a) Financial assets and liabilities
The following table presents the carrying amounts and fair value of each category of financial assets and liabilities as at March 31, 2018.
The short-term financial assets and liabilities are stated at amortized cost which is approximately equal to their fair value.
Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.
b) Financial risk management
In the course of its business, the Company is exposed primarily to liquidity and credit risk, which may adversely impact the fair value of its financial instruments.
The Company has a risk management policy which covers the risks associated with the financial assets and liabilities such as credit risks. The risk management policy is approved by the board of directors.
i) Market risk Equity Price risk
Equity Price Risk is related to the change in market reference price of the investments in equity securities.
The fair value of some of the Company''s investments measured at fair value through other comprehensive income exposes the Company to equity price risks. These investments are subject to changes in the market price of securities. The fair value of Company''s investment in quoted equity securities as at March 31, 2018, 2017 and April 1, 2016 was Rs. Nil and Nil, respectively. A 10% change in equity price as at March 31, 2018, 2017 and April 1, 2016 would result in an impact of Rs. Nil and Nil respectively.
(Note: The impact is indicated on equity before consequential tax impact, if any).
ii) Credit risk
Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks.
Financial instruments that are subject to concentrations of credit risk, principally consist of investments classified as fair value through profit or loss, trade receivables, loans and advances and derivative financial instruments. None of the financial instruments of the Company result in material concentrations of exposure to credit risks.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs.1,975.06 Lakhs as at March 31, 2018, Rs.1,789.99 Lakhs as at March 31, 2017, being the total of the carrying amount of balances with banks, short term deposits with banks, trade receivables, finance receivables, margin money and other financial assets excluding equity investments.
None of the Company''s cash equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other receivables, and other loans or receivables that are neither impaired nor past due, there were no indications as at March 31, 2018, that defaults in payment obligations will occur.
iii) Liquidity risk
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per
requirements. 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 table below provides details regarding the contractual maturities of financial liabilities, including estimated interest payments as at March 31, 2018:
(a) Income tax matters mainly relate to taxability of lease income as business income for which the company has already won the appeal in ITAT in earlier years.
(b) Service tax matter relate to taxability of lease of Medical Equipment under the service tax.
31(a) The Company had taken 20.78 acres of land on 90 years lease i.e. 24.05.2007 at a premium of Rs 519.50 lacs and the premium with other capitalized cost was being amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc.were debited as revenue expenditure. During the year, the company has surrendered the lease hold land and has further paid registration charges of Rs. 10.53 lakh
3(b) The Company has leased out its plant to Apollo Tires Ltd. The lease is extended for a further period of 8 years up to March 31,2030 vide agreement dated August 1,2017. The lease rent, which is renewable annually as per the lease agreement at a rate to be mutually agreed, amounting to Rs 6,000 Laces for the year, has been credited to statement of Profit & Loss.
Lease payments recognized in the statement of profit and loss for the year is Rs.6,026.42 Lakh (31st March, 2017: Rs.5,346.58 Lakh)
The total of future minimum lease payments under non-cancellable operating leases
4 Scheme of arrangement/ Demerger of Medicare and Healthcare Services Business undertaking
The scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 read with section 230 to 232 Companies Act, 2013 (the Scheme) between Company (the Demerged Company) and its wholly owned subsidiary Artemis Global Life Sciences Limited (âAGLSLâ) (formerly known as PTL Projects Limited) (the Resulting Company) and their respective shareholders and the creditors of the two companies for demerger of the Medicare and Healthcare Services Business undertaking of the Demerged Company into Resulting Company with the Appointed Date at the opening of business hours on 01st April 2016, has been sanctioned by the Humble High Court of Judicature at Kerala vide its Order dated 16th December, 2016, and the Humble National Company Law Tribunal, New Delhi vide its Order dated 1st March, 2017. Certified copies of the order of the Humble High Court of Judicature at Kerala and Humble National Company Law Tribunal, New Delhi have been filed with the Registrar of Companies at Kerala and Delhi respectively and the scheme has become effective from 8th March 2017. The scheme, being effective from the Appointed Date, provides for:
a) Issue of one (1) Equity Share of face value 2/- (Indian Rupees Two only) each in Resulting Company for every one (1) equity share of face value Rs. 2/- (Indian Rupees Two only) each in Demerged Company held by its shareholders on the record date i.e. 29th March 2017.
b) Cancellation of 5,00,000 equity shares of Rs. 2 each of Resulting Company held by the Demerged Company under the provisions of Sections 100 to 103 of the Companies Act 1956 and / or Section 66 of the Companies Act, 2013 and same has been adjusted with Revaluation Reserves. In respect of the above adjustments it is deemed that the special resolution as contemplated under Article 57 of the Article of Association of the Demerged Company and under section 100 of the Companies Act 1956 and / or Section 66 of the Companies Act, 2013 has been passed and all the procedures required under section 100 of the Companies Act, 1956 and / or Section 66 of the Companies Act, 2013 for reduction of share capital have been complied with.
c) All the assets and liabilities of the Medicare and Healthcare Services Business undertaking has been transferred as a going concern at the values appearing in the books of the Demerged Company at the opening of business hours on 01st April 2016.
d) Further, as per the scheme, the excess of book value of assets over the book value of liabilities pertaining to Medicare and Healthcare Services Business undertaking (demerged undertaking) shall be adjusted against the Revaluation Reserve of the Demerged Company. Accordingly, the following adjustments have been made in the opening reserves as at 1 April 2016.
e) As a result of the demerger, the opening balance sheet as at 1 April 2016 and the financial statements of the Company as at and for the year ended 31 March 2017, do not include the operations of the demerged undertaking.
33 Disclosure require by section 186(4) of the Companies Act'' 2013
34 The Company''s operation comprises of only one segment -Income from lease of plant to Apollo Tires Ltd and there are no other business/ geographical segments to be reported as required under In AS 108 âOperating Segmentâ.
35 As per information available with the company
a) Details of dues to Micro and Small Enterprises as per MSMED Act, 2006. During the period ended December 31, 2006, Government of India has promulgated an Act namely The Micro, Small and Medium Enterprises Development Act, 2006 which comes into force with effect from October 2, 2006. As per the Act, the Company is required to identify the Micro, Small and Medium suppliers and pay them interest on overdue beyond the specified period irrespective of the terms agreed with the suppliers. The management has confirmed that none of the suppliers have confirmed that they are registered under the provision of the Act.
Information in terms of Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
38 Govt. of Kerala, had acquired in the year ended 31st March, 2015 measuring 62.22 Ares (1.50 Acres) of land held by the company, comprised in Survey No. 369/1 of Trikkakara North Village for the Kochi Metro Rail Project (KMRP), through an agreement to sale dated 03.09.2014 for Rs 2936.28 Laces. The rate for the above piece of land was fixed in a tripartite meeting of Kochi Metro officials, District Revenue Officials and representatives of PTL Enterprises Ltd through negotiation at District Level Purchase Committee (DLPC) on 16.12.2013. The rate was fixed on the same basis at which the land acquired from a private party on the opposite side of the road. KMRP has issued D form cherubs for 80% of the compensation on 18.09.2014 amounting to Rs 2325.54 Laces after deducting TDS of Rs 23.49 Laces, however the same were not allowed to be presented by the KMRP and they have filed a complaint to Finance Department (Govt. of Kerala) to reexamine the rates fixed by DLPC. The company has filed a WRIT petition against KMRP in Kerala High court. The Kerala high court disposed off the WRIT petition filed by the company by its judgment dated 21st March 2016, directing the Govt. to examine whether any revisionary right has been reserved with the Govt. at the time of assignment of land in favor and take a decision. The Additional Chief Secretary (General Administration,) Kerala Govt. has passed its decision vide order no Ext.P19 dated 31st March2017 holding that the Govt. is having revisionary right over the land assigned to PTL Enterprises Limited and the Company is entitled to get compensation only the amount paid by it at the time of assignment. The Company has again filed a WRIT petition on 5th April 2017 challenging the order dated 31st March, 2017 of the Govt. and the court has passed an interim order directing the Govt. to deposit the amount of Rs 2325.54 Laces in Fixed Deposit earning maximum interest in a Nationalized bank/ Treasury Deposit and produce the receipt before the High Court. The Govt. has also sought time for filing counter in the WRIT petition at the end of May, 2017. In view of above since the revenue is not certain, the company has not recognized this income and related TDS.
40 "The estimates at 1st April 2016 and at 31st March, 2017 are consistent with those made for the same dates in accordance with previous GAAP (after adjustments to reflect any differences in accounting policies) apart from the following items, which, under previous GAAP did not require estimation:- Fair values of Financial Assets & Financial Liabilities- Impairment of financial assets based on expected credit loss model The estimates used by the Company to present these amounts in accordance with In AS reflect conditions as at 1st April, 2016 and 31st March, 2017."
41 The comparative financial information of the Company for the transition date opening balance sheet as at 1 April 2016 included in these In AS financial statements, are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 for the year ended 31 March 2016 have been restated to comply with In AS and in accordance with the format prescribed in MCA Circular Notification No. GSR 404(E) [F.NO.17/62/2015CLV], dated 6 April 2016.
Mar 31, 2017
1. A deferred tax asset (Net) amounting to Rs.683.34 Lacs (previous year 595.25) Lacs has been recognized in the accounts for the year in accordance with the Accounting standard "Accounting for taxes on Income" (AS 22). The deferred tax asset in respect of gratuity and leave encashment liability has been recognized during the year in view of the sustained profitability and regular tax payouts.
2. The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs 519.50 lacs and the premium with other capitalized cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc. are debited as revenue expenditure.
3. The Company has leased out its plant to Apollo Tyres Ltd. The lease is extended for a period of 8 years up to March 31,2022 vide agreement dated May 1,2012.The lease rent, which is renewable annually as per the lease agreement at a rate to be mutually agreed, amounting to Rs 5,000 Lacs for the year, has been credited to statement of Profit & Loss.
4. Scheme of arrangement/ Demerger of Medicare and Healthcare Services Business undertaking
The scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 read with section 230 to 232 Companies Act, 2013 (the Scheme) between Company (the Demerged Company) and its wholly owned subsidiary Artemis Global Life Sciences Limited (AGLSL) (formerly known as PTL Projects Limited) (the Resulting Company) and their respective shareholders and the creditors of the two companies for demerger of the Medicare and Healthcare Services Business undertaking of the Demerged Company into Resulting Company with the Appointed Date at the opening of business hours on 01st April 2016, has been sanctioned by the Honble High Court of Judicature at Kerala vide its Order dated 16th December, 2016, and the Honble National Company Law Tribunal, New Delhi vide its Order dated 1st March, 2017. Certified copies of the order of the Honble High Court of Judicature at Kerala and Honble National Company Law Tribunal, New Delhi have been filed with the Registrar of Companies at Kerala and Delhi respectively and the scheme has become effective from 8th March 2017. The scheme, being effective from the Appointed Date, provides for:
5. Issue of one (1) Equity Share of face value 2/- (Indian Rupees Two only) each in Resulting Company for every one (1) equity share of face value Rs. 2/- (Indian Rupees Two only) each in Demerged Company held by its shareholders on the record date i.e. 29th March 2017.
6. Cancellation of 5,00,000 equity shares of Rs. 2 each of Resulting Company held by the Demerged Company under the provisions of Sections 100 to 103 of the Companies Act 1956 and / or Section 66 of the Companies Act, 2013 and same has been adjusted with Revaluation Reserves. In respect of the above adjustments it is deemed that the special resolution as contemplated under Article 57 of the Article of Association of the Demerged Company and under section 100 of the Companies Act 1956 and / or Section 66 of the Companies Act, 2013 has been passed and all the procedures required under section 100 of the Companies Act, 1956 and / or Section 66 of the Companies Act, 2013 for reduction of share capital have been complied with.
7. All the assets and liabilities of the Medicare and Healthcare Services Business undertaking has been transferred as a going concern at the values appearing in the books of the Demerged Company at the opening of business hours on 01st April 2016.
8. Surplus of Rs. 15771.66 Lacs assets over liabilities pertaining to Medicare and Healthcare Services Business undertaking transferred to Resulting Company have been adjusted against the Revaluation Reserve of the Demerged Company as per the Scheme.
9. Post Scheme of arrangement/ Demerger of Subsidiary the Company''s operation comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) "Segmental Reporting" issued by The Institute of Chartered Accountants of India.
10. Sundry Creditors and Unsecured Loans are subject to confirmation.
11. As per information available with the company
12. Amount due to Micro, Medium & Small Enterprises - Nil (Previous year Nil )
13. Amount due to Labour Welfare Fund - Rs Nil (Previous year-Rs Nil )
14. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each completed year of service.
The following table summarizes the components of net benefit expense recognized in the profit and loss account and amounts recognized in the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
15. The following table set out the status of leave encashment as required under the Accounting Standard 15:
The following table summarizes the components of net benefit expense recognized in the profit and loss account and amounts recognized in the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
16. Govt. of Kerala, proposed to acquire 62.22 Ares (1.50 Acres) of land held by the company, comprised in Survey No. 369/1 of Trikkakara North Village for the Kochi Metro Rail Project (KMRP), through an agreement to sale dated 03.09.2014 for Rs 2936.28 Lacs. The rate for the above piece of land was fixed in a tripartite meeting of Kochi Metro officials, District Revenue Officials and representatives of PTL Enterprises Ltd through negotiation at District Level Purchase Committee (DLPC) on 16.12.2013. The rate was fixed on the same basis at which the land acquired from a private party on the opposite side of the road. KMRP has issued D form cheques for 80% of the compensation on 18.09.2014 amounting to Rs 2325.54 Lacs after deducting TDS of Rs 23.49 Lacs, however the same were not allowed to be presented by the KMRP and they have filed a complaint to Finance Department (Govt. of Kerala) to reexamine the rates fixed by DLPC. The company has filed a WRIT petition against KMRP in Kerala High court. The Kerala high court disposed off the WRIT petition filed by the company by its judgment dated 21st March 2016, directing the Govt. to examine whether any revisionary right has been reserved with the Govt. at the time of assignment of land in favour and take a decision. The Additional Chief Secretary (General Administration,) Kerala Govt. has passed its decision vide order no Ext.P19 dated 31st March 2017 holding that the Govt. is having revisionary right over the land assigned to PTL Enterprises Limited and the Company is entitled to get compensation only the amount paid by it at the time of assignment. The Company has again filed a WRIT petition on 5th April 2017 challenging the order dated 31st March, 2017 of the Govt. and the court has passed an interim order directing the Govt. to deposit the amount of Rs 2325.54 Lacs in Fixed Deposit earning maximum interest in a Nationalized bank/ Treasury Deposit and produce the receipt before the High Court. The Govt. has also sought time for filing counter in the WRIT petition at the end of May, 2017. In view of above since the revenue is not certain, the company has not recognized this income and related TDS.
17. Management have ensured that all specified Domestic transactions have been taken place at Arm''s Length Price only.
18. Details of Specified Bank Note (SBN) held and transacted during the period 08/11/2016 to 30/12/2016:
19. Previous yearâs figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.
Mar 31, 2016
1 a) A deferred tax asset (Net) amounting to Rs.595.25 Lacs (previous year 576.73) Lacs has been recognized in the accounts for the year in accordance with the Accounting standard âAccounting for taxes on Income" (AS 22). The deferred tax asset in respect of gratuity and leave encashment liability has been recognized during the year in view of the sustained profitability and regular tax payouts.
2 The Company had taken 20.78 acres of land on 90 years lease w.e.f. 24.05.2007 at a premium of Rs 519.50 lacs and the premium with other capitalized cost is amortized over a period of 90 years. Monthly lease rental, lighting expenses, water charges etc. are debited as revenue expenditure.
3 The Company has leased out its plant to Apollo Tyres Ltd. The lease is extended for a period of 8 years up to March 31,2022 vide agreement dated May 1,2012.The lease rent , which is renewable annually as per the lease agreement at a rate to be mutually agreed, amounting to Rs 5,000 Lacs (Rs. 4,000 Lacs p.a. upto 31.08.2015) Lacs for the year, has been credited to statement of Profit & Loss.
4 The Company''s operation predominantly comprises of only one segment -Income from lease of plant to Apollo Tyres Ltd as per agreement and there are no other business/ geographical segments to be reported as required under Accounting Standard (AS17) âSegmental Reporting" issued by The Institute of Chartered Accountants of India.
5 Sundry Creditors and Unsecured Loans are subject to confirmation.
6 As per information available with the company
a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year Nil )
b) Amount due to Labour Welfare Fund - Rs Nil (Previous year-Rs Nil )
7 The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service receives gratuity on leaving the Company at 15 days salary (last drawn salary) for each completed year of service.
The following table summarizes the components of net benefit expense recognized in the profit and loss account and amounts recognized in the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
The estimate of future salary increase takes into account inflation, seniority, promotions and other relevant factors.
8 Disclosure of the relationship and transactions in accordance with Accounting standard 18- Related Party Disclosures issued by the Institute of Chartered Accountants of India.
Particulars 2015-16 2014-15
Artemis Health Sciences Ltd.(AHSL) Artemis Health Sciences Ltd.(AHSL)
Artemis Medicare Services Ltd. (AMSL) Artemis Medicare Services Ltd. (AMSL)
Subsidiaries Artemis Global Life Sciences Limited Artemis Global Life Sciences Limited
(Formerly known as PTL Projects limited) (Formerly known as PTL Projects limited)
__Athena Eduspark Ltd.__Athena Eduspark Ltd_
Apollo Tyres Ltd. (ATL)__Apollo Tyres Ltd. (ATL)_
Apollo International Ltd. Apollo International Ltd.
Neeraj Consultants Ltd. Neeraj Consultants Ltd.
Sunrays Properties & Investments Sunrays Properties & Investments Co. Pvt. Ltd. Co. Pvt. Ltd.__
Sacred Heart Investments Co Pvt. Ltd.__Sacred Heart Investments Co Pvt. Ltd._
Motlay Finance Pvt Ltd.__Motlay Finance Pvt Ltd._
Ganga Kaveri Credit & Holding Pvt. Ltd.__Ganga Kaveri Credit & Holding Pvt. Ltd._
Associates Global Capital Ltd.__Global Capital Ltd._
Indus Valley Investment & Finance Pvt Ltd. Indus Valley Investment & Finance Pvt Ltd.
Apollo Finance Ltd.__Apollo Finance Ltd._
Kenstar Investment & Finance Pvt Ltd.__Kenstar Investment & Finance Pvt Ltd._
Bespoke Tours & Travels Ltd.__Bespoke Tours & Travels Ltd_
Constructive Finance (P) Ltd.__Constructive Finance (P) Ltd_
Kewaldeep Consultants Pvt. Ltd.__Kewaldeep Consultants Pvt. Ltd._
Nanak Consultants Pvt. Ltd.__Nanak Consultants Pvt. Ltd._
Osiatic Consultants & Investments Pvt. Ltd. Osiatic Consultants & Investments Pvt. Ltd.
OSK Holdings Pvt. Ltd. OSK Holdings Pvt. Ltd.
9 Revaluation of Assets
During the year, Board of Directors determined that the market value of the property was significantly higher than what was being reflected in the books. Therefore, Board of Directors felt that it would be appropriate that the Company considers revaluation of its land parcels to reflect their current values in its books of accounts. This is also in line with applicable accounting standard (AS10 on Accounting of Fixed Assets). Accordingly, revaluation of the immovable property of the tyre undertaking of PTL Enterprises Limited at Kalamassery was undertaken by a reputed valuer M/s Vincy Thomas.''The valuer has assessed the value of Land & Building of PTL Enterprises Limited as on 31st December, 2015 (as against 31st March, 2015) as follows:-
10 Scheme of arrangement/ Demerger of Subsidiary
With a view to unlock value for the shareholders of the Company in the Medicare and Healthcare Business as well as to enable improved focus on the growth of the Tyre Undertaking and Medicare and Healthcare Undertaking, Board of Directors are contemplating to demerge the whole of Medicare and Healthcare Undertaking of PTL Enterprises Limited into its wholly owned subsidiary Artemis Global Life Sciences Limited- AGLSL (Formerly- PTL Projects Limited, name changed w.e.f 29th December, 2015) on a going concern basis. In this behalf a scheme of arrangement between PTL Enterprises Limited and AGLSL under section 391 to section 394 and other applicable provisions of the Companies Act, 1956 and other applicable provisions of Companies Act, 2013 has been approved by your Board of Directors. This would be subject to approval from the Hon''ble High Courts of Kerala and Delhi. The proposed demerger would be compliant with Section 2(19AA) of the Income-tax Act, 1961.
In consideration of the demerger of the Medicare and Healthcare Undertaking, AGLSL would issue and allot equity shares to the shareholders of PTL Enterprises Ltd. in the proposed share entitlement ratio of 1:1 i.e. one (1) equity share of Rs. 2/- (Indian Rupees Two only) each in AGLSL for every one (1) equity share of Rs. 2/- (Indian Rupees Two only) each in PTL Enterprises Ltd, held by the shareholder.
Consequent to the demerger, the existing share capital of AGLSL (held by PTL Enterprises Ltd) would be cancelled; and hence the post demerger shareholding pattern of AGLSL would be a mirror image of the shareholding pattern of PTL Enterprises Limited. The equity shares of AGLSL would also be consequently listed on BSE and NSE (on which the shares of PTL Enterprises Ltd are listed).
11 Govt. of Kerala, proposed to acquire 62.22 Ares (1.50 Acres) of land held by the company, comprised in Survey No. 369/1 of Trikkakara North Village for the Kochi Metro Rail Project (KMRP), through an agreement to sale dated 03.09.2014 for Rs 2936.28 Lacs. The rate for the above piece of land was fixed in a tripartite meeting of Kochi Metro officials, District Revenue Officials and representatives of PTL Enterprises Ltd through negotiation at District Level Purchase Committee (DLPC) on 16.12.2013. The rate was fixed on the same basis at which the land acquired from a private party on the opposite side of the road. KMRP has issued D form cheques for 80% of the compensation on 18.09.2014 amounting to Rs 2325.54 Lacs after deducting TDS of Rs 23.49 Lacs, however the same were not allowed to be presented by the KMRP and they have filed a complaint to Finance Department (Govt. of Kerala) to reexamine the rates fixed by DLPC. The company has filed a WRIT petition against KMRP in Kerala High court. The Kerala high court disposed off the WRIT petition filed by the company by its judgment dated 21st March 2016, directing the Govt. to examine whether any revisionary right has been reserved with the Govt. at the time of assignment of land in favour and take a decision. Till date no decision has been taken on this issue by the Finance Department (Govt. of Kerala).In view of above since the revenue is not certain, the company has not recognized this income and related TDS.
12 Management have ensured that all specified Domestic transactions have been taken place at Arm''s Length Price only.
13 Previous yearâs figures have been regrouped/reclassified wherever necessary to correspond with the current year''s classification/disclosure.
Mr. B.K.Singh was co-opted in the committee on 12.05.2015
The Chairman of the committee attended the annual general meeting (AGM) held on 10.08.2015 to answer shareholders''
queries.
The roles and responsibilities of the committee include the following:
14. Formulate the criteria for determining qualifications, positive attributes and independence of a director.
15. Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal.
16. Formulate the criteria for evaluation of director''s and Board''s performance and to carry out the evaluation of every director''s performance.
17. Devising a policy on Board diversity.
18. To decide the remuneration of consultants engaged by the Committee.
19. Framing, recommending to the Board and implementing, on behalf of the Board and on behalf of the Shareholders, policy on remuneration of Directors, Key Managerial Persons (KMP) & other Employees, including ESOP, pension rights and any other compensation payment.
Mar 31, 2015
1. Contingent Liabilities
(Rs. Lacs)
Particulars 2014-15 2013-14
Income Tax 1266.00 1527.00
Service Tax 2880.62 2880.62
Employee Liability 1.14 1.14
Corporate Guarantee 18.79 -
2 a) A deferred tax asset (Net) amounting to Rs. 576.73 Lacs (previous
year Rs. 408.87 Lacs has been recognized in the accounts for the year
in accordance with the Accounting standard "Accounting for taxes on
Income" (AS 22). The deferred tax asset in respect of gratuity and
leave encashment liability has been recognized during the year in view
of the sustained profitability and regular tax payouts.
3 The Company had taken 20.78 acres of land on 90 years lease w.e.f.
24.05.2007 at a premium of Rs. 519.50 lacs and the premium with other
capitalized cost is amortized over a period of 90 years. Monthly lease
rental, lighting expenses, water charges etc. are debited as revenue
expenditure.
4 The Company has leased out its plant to Apollo Tyres Ltd. The lease
is extended for a period of 8 years up to March 31,2022 vide agreement
dated May l,2012.The lease rent, which is renewable annually as per the
lease agreement at a rate to be mutually agreed, amounting to Rs. 4,000
Lacs for the year, has been credited to statement of Profit & Loss.
5 The Company''s operation predominantly comprises of only one segment
-Income from lease of plant to Apollo Tyres Ltd as per agreement and
there are no other business/ geographical segments to be reported as
required under Accounting Standard (AS17) "Segmental Reporting" issued
by The Institute of Chartered Accountants of India.
6 Sundry Creditors and Unsecured Loans are subject to confirmation.
7 As per information available with the company
a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year
Nil)
b) Amount due to Labour Welfare Fund - Rs. Nil (Previous year- Rs. 1.22
Lacs )
9 The Company has a defined benefit gratuity plan. Every employee who
has completed five years or more of service receives gratuity on
leaving the Company at 15 days salary (last drawn salary) for each
completed year of service.
The following table summaries the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
10 Consequent to the adoption of the revised estimation of the useful
life of the fixed assets of the Company as stipulated in Schedule II of
the Companies Act 2013 with effect from 1st April 2014, the
depreciation for the current year is higher by Rs. 26.10 Lacs.
11 Govt, of Kerala, proposed to acquire 62.22 Ares (1.50 Acres) of land
held by the company, comprised in Survey No. 369/1 of Trikkakara North
Village for the Kochi Metro Rail Project (KMRP), through an agreement
to sale dated 03.09.2014 for Rs. 2936.28 Lacs. The rate for the above
piece of land was fixed in a tripartite meeting of Kochi Metro
officials, District Revenue Officials and representatives of PTL
Enterprises Ltd through negotiation at District Level Purchase
Committee (DLPC) on 16.12.2013. The rate was fixed on the same basis at
which the land acquired from a private party on the opposite side of
the road. KMRP has issued D form cheques for 80% of the compensation on
18.09.2014 amounting to Rs. 2325.54 Lacs after deducting TDS of Rs.
23.49 Lacs, however the same were not allowed to be presented by the
KMRP and they have filed a complaint to Finance Department (Govt, of
Kerala) to reexamine the rates fixed by DLPC. The company has filed a
WRIT petition against KMRP in Kerala High court. In view of above since
the revenue is not certain, the company has not recognised this income
and related TDS.
12 Management have ensured that all specified Domestic transactions
have been taken place at Arm''s Length Price only.
13 Previous years figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s classification/
disclosure.
Mar 31, 2013
1. Contingent Liabilities Rs. Lacs
Particulars 2012-13 2011-12
Income Tax 1,171.68 918.32
Service Tax 2,880.62 2,321.62
Employee Liability 1.14 1.14
2. Artemis Medicare Services Ltd. a step down wholly owned subsidiary
Company has availed a loan of Rs. 4,600 Lacs from State Bank of India,
Rs. 6,400 Lacs from State Bank of Mysore & Rs. 1,400 lacs from GE Money
Financial Services Pvt. Ltd.. The Loan is secured by a charge over the
entire fixed assets of the Company.
3. a) A deferred tax asset (Net) amounting to Rs. 384.31 Lacs (Rs.
393.26 lacs) has been recognized in the accounts for the year in
accordance with the Accounting standard "Accounting for taxes on
Income" (AS 22). The deferred tax asset in respect of gratuity and
leave encashment liability has been recognized during the year in view
of the sustained profitability and regular tax payouts.
b) The Components of Net Deferred Tax Asset/(Liability) as on March 31,
2013 are as under:
4. The Company had taken 20.78 acres of land on 90 years lease w.e.f.
24.05.2007 at a premium of Rs. 519.50 lacs and the premium with other
capitalized cost is amortized over a period of 90 years. Monthly lease
rental, lighting expenses, water charges etc are debited as revenue
expenditure.
5. The Company has leased out its plant to Apollo Tyres Ltd. for a
period of eight years upto March 31, 2014. The lease is further
extended for a period of eight years upto March 31, 2022 vide agreement
dated May 1, 2012. The lease rent, which is renewable annually as per
the lease agreement at a rate to be mutually agreed, amounting to Rs.
4,000 Lacs for the year, has been credited to Statement of Profit &
Loss,
6. The Company''s operation predominantly comprises of only one segment
-Income from lease of plant to Apollo Tyres Ltd as per agreement and
there are no other business/ geographical segments to be reported as
required under Accounting Standard (AS17) "Segmental Reporting"
issued by The Institute of Chartered Accountants of India.
7. Sundry Creditors and Unsecured Loans are subject to confirmation.
8. As per information available with the company
a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous year
Nil)
b) Amount due to Investor Education & Protection Fund- Nil (Previous
year Nil)
c) Amount due to Labour Welfare Fund - Nil (Previous year Nil)
9. The Company has a defined benefit gratuity plan. Every employee
who has completed five years or more of service receives gratuity on
leaving the Company at 15 days salary (last drawn salary) for each
completed year of service.
The following table summarises the components of net benefit expense
recognized in the Statement of Profit and Loss and amounts recognized
in the Balance Sheet. (Net of reimbursement from Apollo Tyres Ltd.)
Statement of Profit & Loss
10 Management has ensured that all specified domestic transactions have
taken place at Arm''s Length Price only.
11. Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classification/disclousure.
Mar 31, 2012
1. Contingent Liabilities Rs. Lacs
Particulars 2011-12 2010-11
Income Tax 918.32 516.89
Service Tax 2,321.62 -
Employee Liability 1.14 1.14
2. Artemis Medicare Services Ltd. a step down wholly owned subsidiary
Company has availed a loan of Rs 5,000 Lacs from State Bank of India
Ernakulam & a loan of Rs. 5,175 Lacs from State Bank of Mysore New
Delhi. The Loan is secured by a charge over the entire fixed assets of
the Company.
3. a) A deferred tax asset (Net) amounting to Rs. 31.73 Lacs has been
recognized in the accounts for the year in accordance with the
Accounting standard "Accounting for taxes on Income" (AS 22). The
deferred tax asset in respect of gratuity and leave encashment
liability has been recognized during the year in view of the sustained
profitability and regular tax payouts.
4. The Company had taken 20.78 acres of land on 90 years lease w.e.f.
24.05.2007 at a premium of Rs. 519.50 lacs and the premium with other
capitalized cost is amortized over a period of 90 years. Monthly lease
rental, lighting expenses, water charges etc are debited as revenue
expenditure.
5. The Company has leased out its plant to Apollo Tyres Ltd. for a
period of eight years w.e.f. 01.04.2006. The lease rent , which is
renewable annually as per the lease agreement at a rate to be mutually
agreed , amounting to Rs 4,000 Lacs for the year , has been credited to
Statement of Profit & Loss.
6. The Company's operation predominantly comprises of only one segment
-Income from lease of plant to Apollo Tyres Ltd as per agreement and
there are no other business/ geographical segments to be reported as
required under Accounting Standard (AS17) "Segmental Reporting"
issued by The Institute of Chartered Accountants of India.
7. Sundry Creditors and Unsecured Loans are subject to confirmation.
8. As per information available with the company
a) Amount due to Micro, Medium & Small Enterprises -
Nil (Previous year Nil )
b) Amount due to Investor Education & Protection Fund-
Nil (Previous year Nil )
c) Amount due to Labour Welfare Fund - Nil (Previous year Nil )
9. The Company has a defined benefit gratuity plan. Every employee
who has completed five years or more of service receives gratuity on
leaving the Company at 15 days salary (last drawn salary) for each
completed year of service.
The following table summarizes the components of net benefit expense
recognized in the Statement of profit & loss and amounts recognized in
the balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
The estimate of future salary increase takes into account inflation,
seniority, promotions and other relevant factors.
10. The Revised Schedule VI has become effective from April 1, 2011 for
the preparation of financial statements. This has significantly changed
the disclosure and presentation made in the financial statements.
Previous year's figures have been regrouped / reclassified wherever
necessary to correspond with the current year's classification /
disclosure.
Mar 31, 2011
1. Contingent Liabilities
(Rs. Lacs)
Particulars Amount Amount
2010-11 2009-10
Sales Tax - 137.56
Income Tax 516.89 254.17
Employee Liability 1.14 1.44
2. Artemis Medicare Services Ltd. a step down wholly owned subsidiary
company has availed a loan of Rs 5,000 Lacs from State Bank of India
Ernakulam & a loan of Rs 5,175 Lacs from State Bank of Mysore, New
Delhi. The Loan is secured by a charge over the entire fixed assets of
the Company.
3. a). A deferred tax asset (Net) amounting to Rs. 104.83 Lacs has
been recognized in the accounts for the year
in accordance with the Accounting standard "Accounting for taxes on
Income" (AS 22). The deferred tax asset in respect of gratuity and
leave encashment liability has been recognized during the year in view
of the sustained profitability and regular tax payouts.
4. The Company had taken 20.78 acres of land on 90 years lease w.e.f.
24.05.2007 at a premium of Rs 519.50 lacs and the premium with other
capitalized cost is amortized over a period of 90 years. Monthly lease
rental, lighting expenses, water charges etc are debited as revenue
expenditure.
5. The Company has leased out its plant to Apollo Tyres Ltd. for a
period of eight years w.e.f. 01.04.2006. The lease rent, which is
renewable annually as per the lease agreement at a rate to be mutually
agreed, amounting to Rs 4,000 Lacs for the year , has been credited to
Profit & Loss Account.
6. The Companys operation predominantly comprises of only one segment
-Income from lease of plant to Apollo Tyres Ltd as per agreement and
there are no other business/ geographical segments to be reported as
required under Accounting Standard (AS17) "Segment Reporting" issued by
The Institute of Chartered Accountants of India.
7. Sundry Creditors and Unsecured Loans are subject to confirmation.
8. As per information available with the company
(a) Amount due to Micro, Medium & Small Enterprises - Nil (Previous
year Nil )
(b) Amount due to Investor Education & Protection Fund- Nil (Previous
year Nil )
(c) Amount due to Labour Welfare Fund - Nil (Previous year Nil )
9. The Company has a defined benefit gratuity plan. Every employee who
has completed five years or more of service receives gratuity on
leaving the Company at 15 days salary (last drawn salary) for each com-
pleted year of service.
The following table summarises the components of net benefit expense
recognized in the profit and loss account and amounts recognized in the
balance sheet (net of reimbursement from Apollo Tyres Ltd.)
10. Previous years figures are given in brackets.
11. Previous years figures have been regrouped wherever necessary.
Mar 31, 2010
1. Contingent Liabilities
Particulars Amount (Rs. Lacs) Amount (Rs. Lacs)
2009-10 2008-09
Sales Tax 137.56 137.56
Income Tax 254.17 211.94
Employee Liability 1.44 1.44
2. Artemis Medicare Services Ltd., a step down subsidiary of the
Company has availed a loan of Rs 5,000 Lacs from State Bank of India
Ernakulam & a loan of Rs 5,175 Lacs from State Bank of Mysore New
Delhi. The Loan is secured by a charge over the entire fixed assets of
the Company.
3. a). A deferred tax assets (Net) amounting to Rs 10.49 lacs has
been recognised in the accounts for the year in accordance with the
Accounting Standard "Accounting for taxes on Income" (AS 22).
The deferred tax asset in respect of gratuity and leave encashment
liability has been recognised during the year in view of the sustained
profitability and regular tax payouts.
4. The Company had taken 20.78 acres of land on 90 years lease w.e.f.
24.05.2007 at a premium of Rs 519.50 lacs and the premium with other
capitalised cost is amortized over a period of 90 years. Monthly lease
rental, lighting expenses, water charges etc are debited as revenue
expenditure.
5. Extra Ordinary item represents transfer by way of gift of 15,75,500
shares held by the company in its subsidiary "Artemis Health Sciences
Ltd.," to CEO of its healthcare business towards his contribution in
developing health care business as part of growth and expansion plans
of its subsidiary.
6. The investment in Subsidiary company Artemis Health Sciences Ltd to
the extent of 5,100 equity shares of Rs 10/-each are held in the name
of nominees.
7. The Company has leased out its plant to Apollo Tyres Ltd. for a
period of eight years w.e.f. 01.04.2006. The lease rent, which is
renewable anually as per the lease agreement at a rate to be mutually
agreed, amounting to Rs 2,500 Lacs for the year, has been credited to
Profit & Loss Account.
8. The Companys operation predominantly comprises of only one segment
-Income from lease of plant to Apollo Tyres Ltd as per agreement and
there are no other business/ geographical segments to be reported as
required under Accounting Standard (AS17) "Segmental Reporting" issued
by The Institute of Char- tered Accountants of India.
9. Some of the Sundry Creditors and unsecured loans are subject to
confirmation.
10. As per information available with the company
(a) Amount due to Micro, Medium & Small Enterprises - Nil
(b) Amount due to Investor Education & Protection Fund- Nil
(c) Amount due to Labour Welfare Fund - Nil
11. Information pursuant to the provision of para 3 and 4 of part II
of Schedule VI of the Companies Act, 1956 (Quantitative information as
certified by the Management).
12. The Company has a defined benefit gratuity plan. Every employee who
has completed five years or more of service receives gratuity on
leaving the Company at 15 days salary (last drawn salary) for each
completed year of service.
The following table summaries the components of net benefit expense
recognised in the profit and loss account and amounts recognised in the
balance sheet. (Net of reimbursement from Apollo Tyres Ltd.)
13. Previous years figures are given in brackets
14. Previous years figures have been regrouped wherever necessary.
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