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• Annual Report 2018-19
Shaping the future of software driven business
Other Current assets (other than financial assets)
Other Current assets other than financial assets include following:
(In
`
Million)
Particulars
As at March 31, 2019 As at March 31, 2018
Current tax assets (net)
110.26
113.99
Other current assets
1,387.79
1,563.41
Total
1,498.05
1,677.40
Other current assets include advances recoverable in cash or kind within period of twelve months from the Balance Sheet date
and VAT receivable, Service Tax and GST receivable.
Current ratio was 3.90 as at March 31, 2019 as against 3.56 as at March 31, 2018.
Non-current liabilities:
(In
`
Million)
Particulars
As at March 31, 2019 As at March 31, 2018
Financial liabilities
- Borrowings (non-current portion)
11.97
16.55
Provisions
252.80
159.75
Total
264.77
176.30
Non-current financial liabilities - Borrowings
Under the scheme of Biotechnology Industry Partnership Program of Department of Biotechnology (DBT), Ministry of Science
and Technology, Government of India, financial aid is given to all the partners involved in the research project undertaken by
the Ministry of Science and Technology in the field of biotechnology. The Company being an industrial partner, the aid is in the
form of a long-term loan at a nominal rate of interest of 2% p.a. Based on the project costs, an amount of
`
21.80 Million has
been sanctioned as a long-term loan. Loan amount outstanding under this scheme amounted to
`
5.46 Million as on March 31,
2019 as against
`
8.19 Million as on March 31, 2018. The loan amount is repayable in ten equal semiannual installments over a
period of five years starting from March 2016.
Under the scheme of NMITLI (New Millennium India Technology Leadership Initiative), the Company has undertaken a project
on the ‘System based Computational Model of Skin’. As a part of this scheme, Council for Scientific and Industrial Research
(CSIR) has granted a financial help in the form of a loan at a nominal rate of interest of 3% p.a. Based on the project costs,
an amount of
`
40.71 Million has been sanctioned as a long-term loan. The loan is repayable in ten equal annual installments
commencing from September 2015. Loan amount outstanding under this scheme amounted to
`
11.09 Million as on March 31,
2019 as against
`
12.94 Million as on March 31, 2018. Please refer Note 19 of the consolidated financials for details.
The interest of
`
0.17 Million (previous year
`
0.78 Million) is accrued but not due on these loans. Out of the total outstanding
balance of
`
16.72 Million, the balance of
`
4.75 Million is repayable within twelve months from the Balance Sheet date and hence,
reclassified to Other Current Financial Liabilities. The reduction in overall balance of borrowings represents the repayment of
borrowings as per the repayment schedule in the agreements.
Debt-equity ratio as at March 31, 2019 was 0.0007 as against 0.001 as at March 31, 2018.
Non-current liabilities - Provisions
The long-term provisions are those provisions which are not expected to be settled within twelve months from the date of the
Balance Sheet. Long term provisions include the liability towards long service award and gratuity payable to the employees. The
total long-term provisions have increased to
`
252.80 Million as at March 31, 2019 as compared to
`
159.75 Million as at March
31, 2018 mainly due to increase in provision for gratuity. The Company provides for gratuity on the basis of actuarial valuation
basis using the projected unit credit method at the reporting date. This provision stood at
`
94.34 Million as at March 31, 2019 as
against
`
16.38 Million as at March 31, 2018. Increase in gratuity is due to deficit in funding of plan asset. The Company expects
to contribute the entire deficit to gratuity fund in financial year 2019-20.
The provision for long service awards has increased from
`
143.37 Million as at March 31, 2018 to
`
158.46 Million as at March
31, 2019. Please refer Note 20 of the consolidated financials for details.