1. CAPITAL MANAGEMENT
For the purposes of the Company's capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company's capital management is to maximize shareholder value. The Company manages it's capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. The Company monitors capital using gearing ratio, which is net debt (i.e., total debt less cash) divided by total equity.
2. EMPLOYEE BENEFIT OBLIGATIONS
(a) Defined Contribution plans
Provident Fund: Contribution towards provident fund for employees is made to the regulatory authorities, where the Company has no further obligations. Such benefits are classified as defined contribution schemes as the Company does not carry any further obligations, apart from the contributions made on a monthly basis.
(b) Defined Benefit plans
Gratuity: The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan") covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment. The Company's liability is actuarially determined (using the Projected Unit Credit method) at the end of each year. The fair value of the plan assets of the trust administered by the Company, is deducted from the gross obligation.
3. OPERATING LEASE
The Company has entered into operating leases in respect of office / factory premises, factory god owns and others which are mostly cancellable by giving appropriate notices as per respective agreements. However, there are certain non-cancellable lease/s which have an average life of between three and ten years. During the year, the lease expense recorded in the Statement of Profit and Loss is ' 116.85 lacs (31-Mar-17: ' 112.26 lacs).
4. SEGMENT INFORMATION
The Company is engaged in Pharma Packaging Research Solutions which is considered the only reporting business segment for disclosure in the financial statements by the Management. Further, the geographical information of revenues from external customers and non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets has not been presented as such segmentation is not compiled by the Company.
5. RELATED PARTY DISCLOSURES
Related Party Disclosures as required by Indian Accounting Standard 24 (Ind AS 24 ) are given below:
Subsidiaries
Ultimate holding Company Bilcare Limited
Wholly owned subsidiary Bilcare GCS Limited, UK
Bilcare GCS Inc., USA
Bilcare Packaging Ltd., Mauritius (for part of the F.Y.) Bilcare Technologies Singapore Pte. Ltd., Singapore
Step down subsidiaries Bilcare Technologies Italia Srl. , Italy
Wholly owned subsidiary Bilcare Mauritius Ltd., Mauritius
Step down subsidiaries Bilcare Research Swiss I AG
Bilcare Research Swiss II AG Bilcare Research Holding AG Bilcare Research AG Bilcare Germany Management GmbH Bilcare Research Singapore Pte.Ltd.
Bilcare Research Inc
Bilcare Research SRL
Bilcare Agency GmbH
Bilcare Research (Shanghai) Co., Ltd.
Films Germany Holding GmbH Bilcare Research GmbH Bilcare Research PPI Holding GmbH Bilcare Research PPI GmbH & Co. KG Bilcare Research SFS Holding GmbH Bilcare Research SFS GmbH & Co. KG BIL Leasing Verwaltungs GmbH & Co Caprihans India Limited
Key Management Personnel Mohan H. Bhandari (Chairman & Managing Director)
Anil Tikekar (Company Secretary & CFO)
Relatives of Key Management Personnel Ankita J. Kariya
Nutan M. Bhandari Kiran H. Bhandari Prakash H. Bhandari
# The Director/s have issued personal guarantee for these loans.
* a) The Company is in the negotiation of restructuring these loans and hence these have been disclosed as Non- Current Borrowings.
b) In view of the on- going discussions for restructuring, the Company has not provided interest on these loans which have been classified by the respective banks as Non-Performing Assets (NPA), from the date of such classification.
c) Bank accounts including NPA accounts, restructured loan accounts are based on actual confirmations received and Management Representation in case where no confirmation was received.
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