Aarti Drugs Ltd.
You can view the entire text of Notes to accounts of the company for the latest year
ISIN No INE767A01016 52Wk High (Rs.) 785 BV (Rs.) 193.12 FV (Rs.) 10.00
Bookclosure 10/08/2018 52Wk Low (Rs.) 485 EPS (Rs.) 34.90 P/E (X) 15.74
Mkt Cap. (Rs. Cr.) 1,295.25 P/BV (X) 2.84 Div Yield (%) 0.18 Mkt Lot 1
2016-03 1. Contingent Liabilities:

a. In respect of bank guarantees issued and L/C opened by the Company's bankers Rs. 3,785.03/-Lakhs (As at 31st March, 2015 Rs. 4584.73 Lakhs)

b. Demand in respect of additional income tax disputed in appeal Rs. 351.44/-Lakhs (As at 31st March, 2015 Rs. 1,133.91/ Lakhs), sales tax demand Rs. 15.18/- Lakhs (As at 31st March, 2015 Rs. Nil) and demand in respect of additional Excise custom duty, fine & penalty in appeal Rs. 38.88/-Lakhs (As at 31st March, 2015 Rs. 78.51/- Lakhs)

c. Liability for duty on raw material imported under advance license benefit scheme against which export obligation remained to be fulfilled Rs. 259.45/-Lakhs (As at 31st March, 2015 Rs. 189.86/- Lakhs)

d. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances Rs. 303.49/- Lakhs. (As at 31st March, 2015 Rs. 1,212.67/- Lakhs)

e. The company has given corporate guarantee for borrowing facilities of Rs. 1,854/- Lakhs from The Saraswat Co-Op. Bank Limited for its only subsidiary Pinnacle Life Science Private Ltd.

Note:

1) Above term loan are secured by pari-passu first charge by way of mortgage of immovable properties and hypothecation of moveable fixed assets, both present and future situated at MIDC Boisar, viz Plot No. N-198, G-60, E21& E22, E-1, K-40, K-41, E120, E9/3 & E9/4, W-60(B), W61(B), W62(A), W71(B), W72(B), W73(B) and MIDC Turbhe Plot No. D-277 & D-278 in Maharashtra and at GIDC, Sarigam, Bhilad- Gujarat Viz. Plot No. 2902, 2904 & Plot No. 211, 213 & Plot No. 2601, 2602, 2603. The working directors of the company have personally guaranteed corporate loan of Rs. 1,516.40 Lakhs from State Bank of India.

2) Loan from Kotak Mahindra Bank, Standard Chartered Bank, The Shamrao Vithal Co-op Bank Ltd. is also secured by second charge on current assets of the company both present and future.

b. Loans from Scheduled Banks Payable on Demand of Rs. 15,004.37 lakhs (Previous Year Rs. 15,919.07) are secured by hypothecation of Company's raw materials stock, stock-in-process, finished goods, packing materials, stores & spares, book debts, and all other current assets including goods in transit governed by documents of title and also pari-passu second charge by way of mortgage of immovable properties and hypothecation of movable fixed assets. Both present and future situated at MIDC Boisar, viz. Plot No. N-198, G-60, E21& E22, E-1, K-40, K-41, E120, E9/3, & E9/4, W-60(B), W61(B), W62(A), W71(B), W72(B), W73(B) and at Turbhe Plot No. D-277 & D-278 in Maharashtra and in GIDC , Bhilad, Sarigam- Gujarat viz. Plot No. 2902, 2904, & 211, 213 & 2601, 2602, 2603.

2. The Company has foreign exchange exposure because of its trade related (export/import) fund related function. The company uses forward contracts, Options and Swaps to hedge against its foreign exchange exposures relating to underlying transactions. The Company does not enter into any derivatives instruments for trading or speculation purposes. During the year ended 31.03.2016, the company had hedge in aggregate an amount of Rs. 28,728.66/- Lakhs (previous year Rs. 12,374.71/- Lakhs) out of its annual trade related operations (export & import) aggregating to Rs. 80,179.21/- Lakhs (previous year Rs. 79,433.77/- Lakhs) after considering natural hedge. The company had hedge its outstanding foreign currency long term borrowing Rs. Nil (Previous year Rs. 732.20/- Lakhs).

3. There are no Micro and Small Enterprises, to whom the company owes dues, which are outstanding for more than 45 days as at 31st March, 2016. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

4. In the opinion of the Board, the Current Assets and Loans and Advances have a value on realization at least equal to the amounts at which they are stated in the Balance Sheet.

5. Segment-wise Disclosure as per Accounting Standard: 17.

I. BUSINESS SEGMENTS AS PRIMARY SEGMENTS

The Company is considered to be a single segment Company engaged in pharmaceuticals business, hence the disclosure requirement as per AS-17 'Business Segments as Primary Segment' is not attracted.

Note:

Segmental capital employed:

Fixed assets used in the Company's business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The Company believes that currently it is not practicable to provide segment disclosures relating to total assets and liabilities.

6. Related party transactions:

Related party transactions disclosure as required by Accounting Standard - 18. 'Related Party Disclosures' issued by The Institute of Chartered Accountants of India are given below:

A. Name and Relationship of the Related Parties:

3(a) Subsidiary - Wholly owned

Pinnacle Life Science Private Ltd.

3(c) Individuals owning directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of such individual.

7.As per Sec 135 of the Companies Act 2013, details of amount to be spent on Corporate Social Responsibility are as below. Gross amount to be spent on the CSR activity during the year is Rs. 167.14 Lakhs. During the year Company has spent Rs. 175.38 Lakhs.

8. Figures of the previous year have been regrouped and rearranged wherever necessary.