153 / 300
Annual Report 2016-17
•
153
Non- current liabilities
(In
`
Million)
Particulars
As at
March 31, 2017
As at
March 31, 2016
Financial liabilities
- Borrowings
21.71
26.91
- Deferred payment liabilities
19.74
-
Provisions
146.14
124.41
Deferred ta[ liabilities (net)
110.75
-
Total
298.34
151.32
Non-current onancial liabilities- Borrowings
Under the scheme of Biotechnology Industry Partnership Program of Department of Biotechnology (DBT), Ministry of
Science and Technology, Government of India, onancial aid is given to all the partners involved in the research project
undertaken by the Ministry of Science and Technology in the oeld 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. /oan amount outstanding under this scheme
amounted to
`
10.92 Million as on March 31, 2017 as against
`
13.64 Million as on March 31, 2016. The loan amount is
repayable in ten equal half-yearly installments over a period of ove years starting from March 2016.
Under the scheme of NMIT/I (New Millennium India Technology /eadership Initiative), the Company has undertaken a
project on the ‘System based Computational Model of Skin’. As a part of this scheme, Council for Scientioc and Industrial
Research (CSIR) has granted a onancial 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. /oan amount outstanding under this scheme amounted to
`
14.79 Million as on March 31, 2017 as against
`
16.64 Million as on March 31, 2016. Please refer Note 19 of the consolidated
onancials for details.
The interest of
`
1.53 Million (previous year
`
2.40 Million) is accrued but not due on these loans. Out of the total
outstanding balance of
`
27.24 Million, the balance of
`
5.53 Million is repayable within twelve months from the Balance
Sheet date and hence, reclassioed to Other Current Financial /iabilities. The reduction in overall balance of borrowings
represents the repayment of borrowings as per the repayment schedule in the agreements.
Deferred payment liabilities
Deferred payment of liabilities of
`
19.74 Million are the trade payables which are due for payments after twelve months
from the date of Balance Sheet.
Non-current liabilities- Provisions
The long term provisions are those provisions which are not e[pected to be settled within twelve months from the date
of the Balance Sheet. /ong term provisions include the liability towards long service award and gratuity payable to the
employees. The total long term provisions have increased to
`
146.14 Million as at March 31, 2017 as compared to
`
124.41
Million as at March 31, 2016 mainly due to increase in provision for long service award payable. The Company provides for
long term awards to be given to employees on the completion of specioed number of years of service with the Company,
on actuarial basis. This provision stood at
`
135.91 Million as at March 31, 2017 as against
`
117.82 Million as at March 31,
2016. The increase in the liability is on account of reduction in discount rate and increase in tenure of service compared
to the previous year. The long term gratuity has marginally increased from
`
6.59 Million as at March 31, 2016 to
`
10.23 Million as at March 31, 2017. Please refer Note 20 of the consolidated onancials for details.