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.
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.
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,
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.
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
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