Notes to Accounts of Monsanto India Ltd.
Mar 31, 2019
1. Company background:
Monsanto India Limited (the "Company") was incorporated on 8th December, 1949. The Company''s registered office is in Mumbai, Maharashtra and during the year the corporate office has shifted to Thane, Maharashtra. The Company is engaged in the business of production and sale of agricultural inputs, namely chemicals and hybrid seeds. It has a chemical production unit at Silvassa, hybrid seeds processing and drying units at Hyderabad and breeding stations at Bangalore and Udaipur.
The tax rate used for the year 2018 - 19 reconciliations above is the corporate tax rate of 34.94% (30% surcharge @12% and education and health cess @ 4%) payable on taxable profits under the Income Tax Act, 1961 (previous year 34.608% (30% surcharge @12% and education cess @ 3%) payable on taxable profits under the Income Tax Act, 1961)).
The biological assets of the Company represent the standing crops of corn as on the reporting date.
There are neither observable market prices for these biological assets nor are there alternative estimates of fair value that are determined to be clearly reliable that give a fair expression of the fair values. Hence, the standing crops of corn are measured at initial recognition and at each financial reporting date at cost. This comprises any cost attributable in bringing Biological assets to its location and condition intended by the management.
Risk management strategy related to agricultural activities
The Company is exposed to the following risks relating to corn seeds cultivation:
Regulatory and environmental risk
The Company is subject to laws and regulations in India and is required to comply with local environmental and other laws.
Supply and demand risk
The Company is exposed to risks arising from fluctuations in the price and sales volume of corn. Management performs regular industry trend analysis for projected harvest volumes and pricing to manage this risk.
Climate and other risk
The Company''s corn plantations are exposed to the risk of damage from climatic changes, diseases and other natural forces. The Company has extensive processes in place aimed at monitoring and mitigating those risks, including preventive pest and disease sprays, regular inspection of crops in its growth phase, regular weather monitoring and mitigating measures.
Notes:
(a) Above inventory includes provision for obsolescence amounting to Rs. 25.97 crores (previous year Rs. 17.07 crores). These were recognised as expenses and included in "Cost of materials consumed and other inputs" and "Changes in stock of finished goods, work-in-progress and biological assets" in the Statement of profit and loss.
(b) Above inventory includes Rs. 3.43 crores against Company''s right to receive the product from the customer, where the customer exercises his right of return (refer note 40).
Note :
The Company has closed its manufacturing operations at Bellary consisting of land, plant S equipment and building. Management is in the process of disposal of such assets which have been recorded at lower of carrying amount and fair value less cost to sell under "asset classified as held for sale". Management expects the process of sale to be completed within 12 months from 31st March, 2019.
Rights, preferences and restrictions attached to equity shares :
(i) Right to receive dividend as may be approved by the Board of Directors / Annual General Meeting.
(ii) Every member of the Company holding equity shares is eligible for one vote per share held.
(iii) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 2013, as applicable.
(iv) Monsanto Company USA, the intermediate holding company has certain rights enshrined in the Articles of Association pertaining to appointment of Directors.
(i) Reconciliation of the number of shares outstanding at the beginning and at the end of the period.
(iv) Shares reserved for issue under commitment :
300 shares are the subject matter of disputes / court proceedings, the Company has not therefore been able to issue / allot rights and bonus share entitlements to holders.
Description of nature and purpose of each reserve
General reserve - General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.
Securities premium reserve - When the Company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium received on those shares shall be transferred to "Securities Premium Reserve". The Company may issue fully paid up bonus shares to it''s members out of the securities premium reserve and the Company can use this reserve for buy-back of shares.
Share options outstanding account relates to stock options granted by the intermediate holding company to employees under an employee stock options plan. Refer Note 26 for share based payments
Trade Payables are payables in respect of the amount due on account of goods purchased or services received in the normal course of business. The average credit period on purchase of goods and services is in the range of 15 to 45 days and no interest is charged on the outstanding balance.
Based on the information available with the Company, there are no outstanding dues and payments made to any supplier of goods and services beyond the specified period under Micro, Small and Medium Enterprises Development Act, 2006 [MSMED Act]. There is no interest payable or paid to any suppliers under the said Act.
Note:
When a customer has a right to return product within a given period, the Company recognises a refund liability for the amount of consideration received for which the Company does not expect to be entitled of. Accordingly, the Company has recognised refund liability on right to return product of Rs. 15.45 crores. The costs to recover the products are not material because the customers usually return the product in a saleable condition.
Refund liabilities are also recognised for discounts S incentives payable to customers amounting to Rs. 59.58 crores. Refer note no. 40 for details about change in accounting policy consequent to adoption of Ind-AS 115 w.e.f. 1st April, 2018.
Share based payment expenses upto 7th June, 2018
The Company has not provided any equity-based compensation to its employees. However, the intermediate holding Company, Monsanto Company, USA ("the grantor"/"parent company") had a Monsanto Company Long Term Incentive Plan (ESOP scheme) in which eligible employees of the Company participated. Eligible employees were granted stock options (SO''s) and restricted share units (RSU''s), which were to vest over a period of 3 years from the date of the grant, as per original terms and conditions of the scheme.
As per terms and conditions of the scheme, SO and RSU issued by the intermediate holding company were accounted for as equity settled as the Company had no obligation to settle the shared-based payment transaction and the shares granted were of the intermediate holding company. Company recognised the expense over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied, based on the fair value of the SO/RSU, as determined on the grant date. At the end of each period, the Company revised its estimates of the number of options that were expected to vest based on the non-market vesting and service conditions, Company recognised the impact of the revision to original estimates, if any, in the Statement of profit and loss, with a corresponding adjustment to Other equity.
Share based payment expenses post 7th June, 2018
Pursuant to the global merger scheme announced between Monsanto and Bayer on 7th June, 2018 (merger deal closure date), the ESOP scheme has been discontinued. All outstanding stock options and RSU''s granted on or before 16th September, 2016 vested automatically based on stock price on merger deal closure date and differential between vesting price and fair value of the SO''s/ RSU''s on the grant date has been recognised through other equity. Restricted share units granted or after 16th September, 2016 were converted into cash incentive awards based at stock price on merger deal closure date without any change in vesting conditions.
At the end of each reporting period, the entity recognises expense towards cash incentive award based on the vesting schedule with a corresponding adjustment to liability towards employees based on the agreed vesting price as of merger deal closure date.
2 Financial instruments Capital management
The Company funds its operations mainly through initial equity capital contribution from the parent and later through efficient working capital management and retained earnings. The Company''s capital management strategy is to ensure adequate capital base to sustain its business as a going concern and invest in the growth of the business for generating sustained stakeholder value.
The capital structure of the Company comprises only of Equity (Share Capital and other equity reserves) as disclosed in the Statement of Changes in Equity. It does not have any long-term debt obligation.
There is no change in the overall capital risk management strategy of the Company compared to last year.
Financial risk management framework
The Company''s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. In order to manage the aforementioned risks, the Company has adequate risk management policies to ensure timely identification and evaluation of risk, setting acceptable thresholds, identifying and mapping controls against these risks, monitoring the risks and their limits.
Credit Risk
(i) Credit risk management
Credit risk arises when a counterparty defaults on its contractual obligations to pay, resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining collaterals (such as Security Deposit) as a means of mitigating the risk of financial loss from defaults. The Company''s exposure and credit ratings of its counterparties are continuously monitored based on the counterparty''s past performance and business dynamics. Credit exposure is controlled by counterparty limits that are reviewed and approved by the credit risk and monitoring team at regular intervals.
Trade receivables consist of a large number of customers, spread across the country, primarily in rural areas. Ongoing credit evaluation is performed on the financial condition and performance of accounts receivable. The average credit period is about 60 days. The Company''s trade and other receivables consists of a large number of customers, hence the Company is not exposed to concentration risk.
The credit risk on mutual funds is limited because the Company invests in large and consistently performing fund houses with high credit-ratings assigned by international credit-agencies.
The Company applies the simplified approach to providing for expected credit losses prescribed by Ind AS 109, which permits the use of the lifetime expected loss provision for all trade receivables. The Company has computed expected credit losses based on a provision matrix which uses historical credit loss experience of the Company and individual receivable specific provision where applicable.
The Company has not recorded any impairment of receivables relating to amounts owed by related parties for years ended March 2019 and March 2018 because it has evaluated their credit risk as low considering the financial stability of the ultimate parent.
Liquidity Risk
(i) Liquidity risk management
Company manages the day-to-day operations and liquidity position. The Company has been consistently on a net cash position, having restricted its long term liabilities to minimal. Investments are made only in high rated debt-oriented mutual funds to ensure quick access withdrawal in order to meet urgent fund requirements. The Company enjoys favourable ratings and risk profile with its bankers, giving it access to credit from the bank, if needed. The Treasury team also manages liquidity by continuous monitoring of the actual and forecasted cash flows.
(ii) Maturities of financial liabilities
The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.
Market Risk
The Company faces two types of market risks: price risk pertaining to investments in mutual funds and currency risk due to exposure to exchange fluctuations for transactions undertaken in foreign currency. The exposure to price risk is limited since its investments are mainly maintained in high rated, consistently performing, debt-oriented mutual funds. Currency exposure is restricted to a small value of imports and exports in widely traded and less volatile currencies.
There has been no significant changes to the Company''s exposure to market risk or the methods in which they are managed or measured.
Currency Risk
The Company''s exposure in foreign currency is limited, however, it is exposed to foreign exchange risks arising from import and export of goods and services. Foreign exchange risk arises from recognised assets and liabilities, when they are denominated in a currency other than India Rupee. The carrying amounts of the Company''s foreign currency denominated monetary assets and monetary liabilities all of which are unhedged at the end of the reporting period are as follows:
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in USD and BDT exchange rates, with all other variables held constant. The impact of sensitivity of foreign currency fluctuations on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company''s exposure to foreign currency changes for all other currencies is not material.
3 Employee benefits
a. Defined contribution plan
During the year ended 31st March, 2019 an amount of Rs. 3.16 crores have been recognized in the Statement of Profit or Loss under the head Employee Benefits Expense towards Company''s contribution to Provident Fund and Superannuation Fund (previous year Rs. 3.02 crores).
b. Defined benefit plans :
(i) Gratuity
The Company participates in a group gratuity cum life insurance scheme administered by a life insurance company. Being a defined benefit plan, annual contributions made to the scheme are as per the intimations received from the life insurance company. The Company accounts for liability for future gratuity benefits based on an actuarial valuation by an independent actuary. The net present value of the Company''s obligation is determined based on the projected unit credit method as at the Balance Sheet date. Shortfall if any, between the balance in the fund with life insurance company and the actuarial valuation is expensed to the statement of profit and loss.
Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which are detailed below:
- Interest rate risk
The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.
- Salary inflation risk
Higher than expected increases in salaries will increase the defined benefit obligations of the Company
- Demographic risk
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria.
- Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to the market yields on government bonds denominated in Indian Rupees. If the actual return on plan asset is below this rate, it will create a plan deficit.
The most recent actuarial valuation of the plan assets and the present value of defined benefit obligation were carried out as at 31st March, 2019 by independent actuary. The present value of the defined obligation and the related current service cost and past service cost were measured using the projected unit credit method. The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. when calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the Balance sheet.
The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to previous period.
The weighted average duration of the defined benefit obligation as at 31st March, 2019 is 8 years (previous year 10 years)
The expected rate of return on plan assets is based on the average long-term rate of return expected on investments of the fund during the estimated term of obligation.
The estimate of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
(ii) Compensated absences :
The liability towards compensated absences (earned leave and sick leave) for the year ended 31st March, 2019 based on actuarial valuation carried out by using projected cost benefit method resulted in decrease in liability by Rs. 0.41 crores (previous year decrease in liability by Rs. 1.80 crores).
4 Leases
Operating leases where Company is a lessee:
The Company has entered into lease arrangements pertaining to vehicles, office equipments, warehouses and office building. These leases are cancellable or non-cancellable and are executed for a period ranging from 11 to 48 months and may be renewed for further varied periods based on mutual agreement of the parties.
5 Related party transactions :
Names of related parties and description of relationship
A. Ultimate holding company
Bayer AG
B. Intermediate holding company
Monsanto Company, USA
C. Holding company:
Monsanto Investments India Private Limited
D. Fellow subsidiaries:
Monsanto Holdings Private Limited,
Monsanto Pakistan Agritech (Pvt) Ltd,
Monsanto Singapore Co Pte Ltd,
Beijing New Millenium Ltd,
Monsanto Europe SAS,
Monsanto SAS France,
Monsanto International S.A.R.L.,
Monsanto Ag Product LLC,
Seminis Vegetable Seeds Inc.,
Monsanto Nigeria,
Mahyco Monsanto Biotech (I) Pvt. Ltd.,
Sem y Agro Monsanto and City Guadalajara, Jalisco,
Monsanto South Africa Ltd.
Monsanto Australia Limited Seminis Seeds (Beijing) Co. Ltd Bayer CropScience Ltd.
E. Key managerial personnel :
Mr. Sekhar Natarajan, Chairman, Non-executive director
Ms. Shilpa Shridhar Divekar, Managing director (upto 21st September, 2018)
Ms. Shilpa Shridhar Divekar, Non-executive director (w.e.f. 22nd September, 2018) Mr. Ravishankar Cherukuri, Managing Director (w.e.f. 22nd September, 2018)
Mr. Pradeep Poddar, Independent and Non-executive Director Mr. H C Asher, Independent and Non-executive Director Mr. Bangla Bose, Non-executive Director
Ms. Aarti Sathe, Independent and Non-executive Director (w.e.f. 1st April, 2019)
There were no transfers between level 1 and level 2 for recurring fair value measurements during the year. Fair value of financial assets and financial liabilities that are not measured at fair value
a) Financial assets measured at amortised cost
The carrying amounts of trade receivables, cash and cash equivalents and other bank balances, short-term loans and advances and security deposits are considered to approximate their fair values due to their short-term nature. The carrying amounts of long term security deposits given are considered to approximate their fair value.
b) Financial liabilities measured at amortised cost
The carrying amounts of trade payables, payables for capital expenditure and security deposit received from customers are considered to approximate their fair values due to their short-term nature.
6. Contingent liability and commitments
a. Contingent liabilities (to the extent not provided for)
c. The Company has consistently maintained a position that its income from agricultural activities (which involves growing seeds in various Indian states through local growers under its supervision and instructions) is not taxable. This contention has been upheld by the Honorable Bombay High Court for the Assessment Years 1993-94 to 2001-02 and Assessment Years 2003-04 to 2005-06 in August 2011. Further, during FY 2018-19, Hon''ble Bombay High Court upheld Company''s contention for Assessment Years 2006-07 to 2008-09 as well.
The income tax authorities have filed special leave petitions before the Honourable Supreme Court against Honorable Bombay High Court''s order for Assessment Years 1993-94 to 2001-02 and 2003-04 to 2005-06 and the same have been admitted by the Honourable Supreme Court. The matter has been listed for final hearing before Hon''ble Supreme Court.
Further, income-tax department is expected to file special leave petition for recent Hon''ble Bombay High Court orders for Assessment Years 2006-07 to 2008-09 as well. As of date, the Company has not been served with copies of special leave petitions for said years
7. Corporate Social Responsibility
a. Gross amount required to be spent by the Company towards Corporate Social Responsibility is Rs. 2.96 crores (Previous Year Rs. 2.66 crores).
b. Details of amount spent are as under : --
8. Segment reporting
The Company''s operations predominantly relate to production and sale of agricultural inputs, namely chemical and hybrid seeds. The Chief Operating Decision Maker (CODM) reviews the operations of the Company as one operating segment. Hence no separate segment information has been furnished herewith.
9. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)
The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) have been made to the extent such parties have been identified on the basis of information collected by the management regarding their status under the said act;
10. Changes in accounting policies
Effective 1st April, 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulative catchup transition method. In accordance with the cumulative catch-up transition method, the comparatives have not been restated and continues to be reported as per Ind AS 18.
The details of significant changes and quantitative impact of the changes on the financial statements are set out below:
Sales return and discounts/incentives:
The Company recognises revenue when the goods are dispatched from the Company''s premises. Revenue is recognized net of actual sales returns and discounts/incentives. The amount of revenue recognised is further adjusted for estimated sales returns and discounts/incentives. The said estimates are based on the historical experience, market assessment and various discount/ incentive programs launched in the market. The Company previously netted of accrual made towards sales return and discounts against trade receivables whereas accrual for incentive programs was recognised under Provisions. Under Ind AS 115, a liability/ accrual for estimated sales returns and discounts/ incentives towards customer is recognised in Other current liability.
b. Statement of Profit and Loss:
There is no impact on the Statement of Profit and Loss on account of adoption of Ind AS 115, hence no disclosure is made.
11. Note on proposed merger of Company with Bayer CropScience Limited
The Board of Directors at its meeting held on 14th November, 2018 approved the Scheme of Amalgamation of Monsanto India Limited (MIL) with Bayer CropScience Limited (BCSL) and their respective shareholders under Section 230 and 232 of the Companies Act, 2013 and other applicable provision, if any. In consideration of the amalgamation BCSL will issue and allot 2 (two) equity shares of Rs. 10/- each credited as fully paid-up of BCSL, for every 3 (three) equity shares of Rs. 10/- each in MIL to the shareholders of MIL whose names are recorded in the register of members on the record date. The Scheme is subject to various regulatory and other approvals.
12. Approval of financial statements
The Financial Statements of Monsanto India Limited were approved by the Board of Directors and authorised for issue on 30th April, 2019.
Mar 31, 2018
1. Company background:
Monsanto India Limited (the âCompanyâ) was incorporated on December 8, 1949. The Companyâs corporate office is in Mumbai. The Company is engaged in the business of production and sale of agricultural inputs, namely chemicals and hybrid seeds. It has a chemical production unit at Silvassa, hybrid seeds processing and drying units at Hyderabad and breeding stations at Bangalore and Udaipur.
2. Significant accounting policies:
2.1 Statement of compliance:
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (âInd ASsâ) notified under the Companies (Indian Accounting Standards) Rules, 2015. These are the Companyâs first Ind AS financial statements. The date of transition to Ind AS is April 1, 2016. Refer Note 3 for the details of first-time adoption exemptions availed by the Company.
Up to the year ended March 31, 2017, the Company prepared its financial statements in accordance with the requirements of previous GAAP, which included Standards notified under the Companies (Accounting Standards) Rules, 2006.
3. First-time adoption - mandatory exceptions and optional exemptions:
3.1 Overall principle:
The Company has prepared the opening balance sheet as per Ind AS as of April 1, 2016 (the transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised assets and liabilities. However, this principle is subject to the certain exceptions and certain optional exemptions availed by the Company as detailed below:
3.2 Exceptions applied:
3.2.1 Use of estimates:
The estimates at April 1, 2016 and March 31, 2017 are consistent with those made for the same dates in accordance with Previous GAAP (after adjustments to reflect any differences in accounting policies). The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at April 1, 2016, the date of transition to Ind AS and as of March 31, 2017.
3.3 Exemptions applied:
3.3.1 Deemed cost for property, plant and equipment and intangible assets
The Company has elected the exemption of previous GAAP carrying value of all its Property, Plant and Equipment and Intangible Assets recognised as of April 1, 2016 (transition date) as deemed cost.
4. Critical Accounting judgements and key sources of estimation uncertainty:
I n the application of the Companyâs accounting policies, which are described in note 2, the management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
4.1 Useful lives of property, plant and equipment and intangible assets
The Management reviews the estimated useful lives and residual value of Property, plant and equipment at the end of each reporting period. The factors such as changes in the expected level of usage, number of shifts of production, technological developments and product life-cycle, could significantly impact the economic useful lives and the residual values of these assets. Consequently, the future depreciation charge could be revised and thereby could have an impact on the profit of the future years.
4.2 Impairment of property, plant and equipment and intangible assets
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Company makes an estimate of the assetâs recoverable amount. An assetâs recoverable amount is the higher of its fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets and the assetâs value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Impairment losses relating to continuing operations are recognised in those expense categories consistent with the function of the impaired asset.
4.3 Agriculture activity / Biological asset
The biological assets of the Company represent the unharvested / standing crops of Corn as on the reporting date.
Ind AS 41, Agriculture, requires that biological assets shall be recognized at its fair value less point of sale costs, except when there is inability to measure fair value reliably.
There are neither observable market prices for these Biological assets nor are there alternative estimates of fair value that are determined to be clearly reliable that give a fair expression of the fair values. Hence, the standing crops of corn are measured at initial recognition and at each financial reporting date at cost. This comprises any cost attributable in bringing Biological assets to its location and condition intended by the management.
4.4 Inventory obsolescence
Provision for inventory obsolescence is based on the managementâs review considering historical trend and market conditions.
4.5 Deferred income tax assets and liabilities
Significant management judgment is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The amount of total deferred tax assets could change if estimates of projected future taxable income or if tax regulations undergo a change.
4.6 Employee benefits obligation
Employee benefit obligations are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its longterm nature, employee benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
4.7 Contingent liabilities
From time to time, the Company is subject to legal proceedings, the ultimate outcome of each being always subject to many uncertainties inherent in litigation. A provision for litigation is made when it is considered probable that a payment will be made and the amount of the loss can be reasonably estimated. Significant judgement is made when evaluating, among other factors, the probability of unfavorable outcome and the ability to make a reasonable estimate of the amount of potential loss. Litigation provisions are reviewed at each accounting period and revisions made for the changes in facts and circumstances.
5. Standards issued but not yet effective:
The standards and interpretations that are issued, but not yet effective up to the date of issuance of the financial statements are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.
(a) Appendix B to Ind AS 21, Foreign currency transactions and advance consideration
On March 28, 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from April 1, 2018. The Company is currently evaluating the requirements of amendments. The Company believe that the adoption of this amendment will not have a material effect on its financial statements.
(b) Ind AS 115- Revenue from Contract with Customers
On March 28, 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers.
The standard permits two possible methods of transition:
(i) Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period presented in accordance with Ind AS 8- Accounting Policies, Changes in Accounting Estimates and Errors
Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative catch - up approach) The effective date for adoption of Ind AS 115 is financial periods beginning on or after April 1, 2018.
The Company is currently evaluating the requirements of amendments. The Company believe that the adoption of this amendment will not have a material effect on its financial statements.
The biological assets of the Company represent the standing crops of corn as on the reporting date.
There are neither observable market prices for these biological assets nor are there alternative estimates of fair value that are determined to be clearly reliable that give a fair expression of the fair values. Hence, the standing crops of corn are measured at initial recognition and at each financial reporting date at cost. This comprises any cost attributable in bringing Biological assets to its location and condition intended by the management.
Risk management strategy related to agricultural activities
The Company is exposed to the following risks relating to corn seeds cultivation:
Regulatory and environmental risk
The Company is subject to laws and regulations in India and is required to comply with local environmental and other laws.
Supply and demand risk
The Company is exposed to risks arising from fluctuations in the price and sales volume of corn. Management performs regular industry trend analysis for projected harvest volumes and pricing to manage this risk.
Climate and other risk
The Companyâs corn plantations are exposed to the risk of damage from climatic changes, diseases and other natural forces. The Company has extensive processes in place aimed at monitoring and mitigating those risks, including preventive pest and disease sprays, regular inspection of crops in its growth phase, regular weather monitoring and mitigating measures.
Rights, preferences and restrictions attached to equity shares :
(i) Right to receive dividend as may be approved by the Board of Directors / Annual General Meeting.
(ii) Every member of the Company holding equity shares is eligible for one vote per share held.
(iii) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 2013, as applicable.
(iv) Monsanto company USA, the ultimate holding company has certain rights enshrined in the Articles of Association pertaining to appointment of Directors.
Description of nature and purpose of each reserve
General Reserve - General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.
Securities Premium Reserve - When the Company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium received on those shares shall be transferred to âSecurities Premium Reserveâ. The Company may issue fully paid up bonus shares to itâs members out of the securities premium reserve and the Company can use this reserve for buy-back of shares.
Share options outstanding account relates to stock options granted by the ultimate holding company to employees under an employee stock options plan. Refer Note 26 for share based payments
Marketing schemes
Provision has been made for expected Marketing Schemes floated for customers/consumers based on the management estimates of the future outflow based on sales.
Trade Payables are payables in respect of the amount due on account of goods purchased or services received in the normal course of business. The average credit period on purchase of goods and services is in the range of 15 to 45 days and no interest is charged on the outstanding balance.
Based on the information available with the Company, there are no outstanding dues and payments made to any supplier of goods and services beyond the specified period under Micro, Small and Medium Enterprises Development Act, 2006 [MSMED Act]. There is no interest payable or paid to any suppliers under the said Act.
Share based payment expenses
The Company does not provide any equity-based compensation to its employees. However, the parent Company, Monsanto Company, USA (âthe grantorâ/âparent companyâ) has established the Monsanto Company Long Term Incentive Plan in which eligible employees of the Company participate. Eligible employees are granted stock options (SOâs) and restricted share units (RSUâs), which vest over a period of 3 years from the date of the grant.
Employee Stock Options (SOsâ) and restricted share units (RSUs) issued by the parent company are accounted for as equity-settled as the Company has no obligation to settle the share-based payment transaction and the shares granted are of parent Company. Company recognises the expense over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied, based on the fair value of the SOâs/RSUs, as determined on the grant date. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in the Statement of Profit and Loss, with a corresponding adjustment to Other Equity.
In case where there is a recharge from the parent company, the Company will account for the same as an adjustment to Other Equity.
6 Financial instruments Capital management
The Company funds its operations mainly through initial equity capital contribution from the parent and later through efficient working capital management and retained earnings. The Companyâs capital management strategy is to ensure adequate capital base to sustain its business as a going concern and invest in the growth of the business for generating sustained stakeholder value.
The capital structure of the Company comprises only of Equity (Share Capital and other equity reserves) as disclosed in the Statement of Changes in Equity. It does not have any long-term debt obligation.
There is no change in the overall capital risk management strategy of the Company compared to last year.
Financial Risk Management Framework
The Companyâs activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk. In order to manage the aforementioned risks, the Company has adequate risk management policies to ensure timely identification and evaluation of risk, setting acceptable thresholds, identifying and mapping controls against these risks, monitoring the risks and their limits.
Credit Risk (i) Credit risk management
Credit risk arises when a counterparty defaults on its contractual obligations to pay, resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining collaterals (such as Security Deposit) as a means of mitigating the risk of financial loss from defaults. The Companyâs exposure and credit ratings of its counterparties are continuously monitored based on the counterpartyâs past performance and business dynamics. Credit exposure is controlled by counterparty limits that are reviewed and approved by the credit risk and monitoring team at regular intervals.
Trade receivables consist of a large number of customers, spread across the country, primarily in rural areas. Ongoing credit evaluation is performed on the financial condition and performance of accounts receivable. The average credit period is about 60 days. The Companyâs trade and other receivables consists of a large number of customers, hence the Company is not exposed to concentration risk
The credit risk on mutual funds is limited because the Company invests in large and consistently performing fund houses with high credit-ratings assigned by international credit-agencies.
The Company applies the simplified approach to providing for expected credit losses prescribed by Ind AS 109, which permits the use of the lifetime expected loss provision for all trade receivables. The Company has computed expected credit losses based on a provision matrix which uses historical credit loss experience of the Company and individual receivable specific provision where applicable.
The Company has not recorded any impairment of receivables relating to amounts owed by related parties for years ended March 2018, March 2017 and as on 1 April 2016 because it has evaluated their credit risk as low considering the financial stability of the ultimate parent.
There is no change in estimation techniques or significant assumptions during the reporting period.
Liquidity Risk (i) Liquidity risk management
Company manages the day-to-day operations and liquidity position. The Company has been consistently on a net cash position, having restricted its long term liabilities to minimal. Investments are made only in high rated debt-oriented mutual funds to ensure quick access withdrawal in order to meet urgent fund requirements. The Company enjoys favourable ratings and risk profile with its bankers, giving it access to credit from the bank, if needed. The Treasury team also manages liquidity by continuous monitoring of the actual and forecasted cash flows.
(ii) Maturities of financial liabilities
The following tables detail the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.
Market Risk
The Company faces two types of market risks: price risk pertaining to investments in mutual funds and currency risk due to exposure to exchange fluctuations for transactions undertaken in foreign currency. The exposure to price risk is limited since its investments are mainly maintained in high rated, consistently performing, debt-oriented mutual funds. Currency exposure is restricted to a small value of imports and exports in widely traded and less volatile currencies.
There has been no significant changes to the Companyâs exposure to market risk or the methods in which they are managed or measured.
Currency Risk
The Companyâs exposure in foreign currency is limited, however, it is exposed to foreign exchange risks arising from import and export of goods and services. Foreign exchange risk arises from recognised assets and liabilities, when they are denominated in a currency other than India Rupee. The carrying amounts of the Companyâs foreign currency denominated monetary assets and monetary liabilities all of which are unhedged at the end of the reporting period are as follows:
Foreign currency sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in USD and BDT exchange rates, with all other variables held constant. The impact of sensitivity of foreign currency fluctuations on the Companyâs profit before tax is due to changes in the fair value of monetary assets and liabilities. The Companyâs exposure to foreign currency changes for all other currencies is not material.
7 Employee benefits
a. Defined contribution plan
During the year ended 31st March 2018 an amount of Rs.5.32 crores have been recognized in the Statement of Profit or Loss under the head Employee Benefits Expense towards Companyâs contribution to Provident Fund and Superannuation Fund (previous year Rs.3.77 Crores).
b. Defined benefit plans :
(i) Gratuity
The Company participates in a group gratuity cum life insurance scheme administered by a life insurance company. Being a defined benefit plan, annual contributions made to the scheme are as per the intimations received from the life insurance company. The Company accounts for liability for future gratuity benefits based on an actuarial valuation by an independent actuary. The net present value of the Companyâs obligation is determined based on the projected unit credit method as at the Balance Sheet date. Shortfall if any, between the balance in the fund with life insurance company and the actuarial valuation is expensed to the statement of profit and loss.
Through its defined benefit plans the Company is exposed to a number of risks, the most significant of which are detailed below:
- Interest rate risk
The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.
- Salary inflation risk
Higher than expected increases in salaries will increase the defined benefit obligations of the Company
- Demographic risk
This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria.
- Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to the market yields on government bonds denominated in Indian Rupees. If the actual return on plan asset is below this rate, it will create a plan deficit.
The most recent actuarial valuation of the plan assets and the present value of defined benefit obligation were carried out as at 31st March, 2018 by independent actuary. The present value of the defined obligation and the related current service cost and past service cost were measured using the projected unit credit method. The significant actuarial assumptions used for the purposes of the actuarial valuations were as follows:
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the Balance sheet.
The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to previous period.
The weighted average duration of the defined benefit obligation as at 31st March 2018 is 10 years (previous year 14 years)
The expected rate of return on plan assets is based on the average long term rate of return expected on investments of the fund during the estimated term of obligation.
The estimate of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
(ii) Compensated absences :
The liability towards compensated absences (earned leave and sick leave) for the year ended 31st March 2018 based on actuarial valuation carried out by using projected cost benefit method resulted in decrease in liability by Rs.1.80 crores (previous year increase in liability by Rs.0.78 crores).
iii. There are no material adjustments to the Statement of Cash Flows
iv. Notes to the reconciliation to previous GAAP :
A. Under previous GAAP, the share based payments plan, offered by its ultimate parent, Monsanto Company USA, to the Companyâs employees comprising of stock options and equity based awards (RSUâs) were accounted for as cash settled schemes wherein the compensation cost was measured by reference to the fair value as of the reporting date. Under Ind-AS, the Company has accounted for these as equity settled schemes using the fair value at the respective grant dates.
B. Under the previous GAAP, actuarial gains and losses on employee defined benefit obligations were recognised in profit or loss. Under Ind AS, the actuarial gains and losses on re-measurement of net defined benefit obligations are recognised in other comprehensive income. This resulted in a reclassification between profit or loss and other comprehensive income.
C. Deferred tax has been recognised on the adjustments made on transition to Ind AS.
D. Under previous GAAP, the Company had created allowance for trade receivables based on incurred loss model, which under Ind-AS has been determined based on lifetime Expected Credit Loss model.
8 Leases
Operating leases where Company is a lessee:
The Company has entered into lease arrangements pertaining to vehicles, office equipments, warehouses and office building. These leases are cancellable or non-cancellable and are executed for a period ranging from 11 to 48 months and may be renewed for further varied periods based on mutual agreement of the parties.
9 Related party transactions :
Names of related parties and description of relationship
A. Ultimate holding company : Monsanto Company, USA
B. Holding company : Monsanto Investments India Private Limited
C. Fellow subsidiaries :
Monsanto Holdings Private Limited, Monsanto Pakistan Agritech (Pvt) Ltd, Monsanto Singapore Co Pte Ltd, Beijing New Millenium Fen, Monsanto Europe SAS, Monsanto SAS France, Monsanto International S.A.R.L., Monsanto Ag Product LLC, Seminis Vegetable Seeds Inc., Monsanto Nigeria, Mahyco Monsanto Biotech (I) Pvt. Ltd., Semy Agro Monsanto and City Guadalajara, Jalisco, Monsanto South Africa Ltd.
D. Key Managerial Personnel :
Ms. Shilpa Shridhar Divekar, Managing Director
There were no transfers between level 1 and level 2 for recurring fair value measurements during the year. Fair value of financial assets and financial liabilities that are not measured at fair value
a) Financial assets measured at amortised cost
The carrying amounts of trade receivables, cash and cash equivalents and other bank balances, short-term loans and advances and security deposits are considered to approximate their fair values due to their short term nature. The carrying amounts of long term security deposits given are considered to approximate their fair value.
b) Financial liabilities measured at amortised cost
The carrying amounts of trade payables, payables for capital expenditure and security deposit received from customers are considered to approximate their fair values due to their short term nature.
10 Corporate Social Responsibility
a. Gross amount required to be spent by the Company towards Corporate Social Responsibility is Rs.2.66 Crores (Previous Year Rs.2.52 Crores).
b. Details of amount spent are as under : --
c. No expenditure has been paid to a related party, in relation to CSR expenditure as per Ind-AS 24, Related Party Disclosures.
11 The Company has continually maintained a position that its income from agricultural activities (which involves growing seeds in various states through local growers), is not taxable. This contention has been upheld by the Honorable Bombay High Court for the Assessment Years 1993-94 to 2001-02 and Assessment years 2003-04 to 2005-06. The income tax authorities have filed special leave petitions with the Honourable Supreme Court against favorable orders received for the aforesaid assessment years and the same have been admitted by the Honourable Supreme Court. The matter has been listed for final hearing before Honâble Supreme Court and the hearing is likely to commence soon.
12 Unhedged foreign currency
The year end foreign currency exposures that have not been hedged by a derivative instruments or otherwise are given below :
13 Segment reporting
The Companyâs operations predominantly relate to production and sale of agricultural inputs, namely chemical and hybrid seeds. The Chief Operating Decision Maker (CODM) reviews the operations of the Company as one operating segment. Hence no separate segment information has been furnished herewith.
14 Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED)
The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) have been made to the extent such parties have been identified on the basis of information collected by the management regarding their status under the said act;
18 Approval of financial statements
The Financial Statements of Monsanto India Limited were approved by the Board of Directors and authorised for issue on May 15th, 2018
16 Comparative financial information
Previous yearâs figures have been regrouped / reclassified wherever necessary to correspond with the current yearâs classification / disclosure.
Mar 31, 2017
1 . Rights, preferences and restrictions attached to equity shares:
(i) Right to receive dividend as may be approved by the Board of Directors / Annual General Meeting.
(ii) Every member of the company holding equity shares is eligible for one vote per share held.
(iii) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 2013, as applicable.
(iv) Monsanto Company USA, the ultimate holding company has certain rights enshrined in the Articles of Association pertaining to appointment of Directors.
2. Shares reserved for issue under commitment :
300 shares are the subject matter of disputes / court proceedings, the Company has not therefore been able to issue / allot rights and bonus share entitlements to holders.
Balances held as margin money against guarantees includes amount of Rs, 0.01 crores (Previous Year Rs, 0.02 crores) having remaining maturity of more than 12 months from balance sheet date
Note :
i. Employee benefit expenses above, includes expenses after reduction of reimbursements amounting to Rs, 5.56 crores (Previous year Rs, 4.29 crores) by Holding Company, Ultimate Holding Company and fellow Subsidiaries towards the value of costs apportioned in accordance with the agreements on allocation of expenses with the respective companies.
ii. Employee benefit expenses above, includes research 8 development expenses of Rs, 5.64 crores (Previous Year Rs, 7.08 crores).
3 Related Party Transactions :
Names of related parties and description of relationship
A. Holding Company : Monsanto Investments India Private Limited
B. Ultimate Holding Company : Monsanto Company, USA
C. Fellow Subsidiaries :
Monsanto Holdings Private Limited, Monsanto Pakistan Agritech (Pvt) Ltd, Monsanto Singapore Co PTE Ltd, Beijing New Millenium Fen, Monsanto Europe SAS, Monsanto SAS France, Monsanto International S. A. R. L., Monsanto Ag Product LLC, Seminis Vegetable Seeds Inc., Monsanto Nigeria, Mahyco Monsanto Biotech (I) Pvt. Ltd., Monsanto South Africa Ltd.
D. Key Managerial Personnel :
Ms. Shilpa Shridhar Divekar, Managing Director
4. The dominant source and nature of the risks and returns of the agricultural chemistry and seeds activities of the Company not being significantly different, the Company operates a single segment of activity, "Agricultural Inputs", within the same geography.
5. The Company has incurred the following expenses towards operating leases pertaining to vehicles, office equipments and warehouses. Lease agreements are executed for a period ranging from 11 to 48 months.
6. The disclosures under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) have been made to the extent such parties have been identified on the basis of information collected by the management regarding their status under the said act;
7. The Company has continually maintained a position that its income from agricultural activities (which involves growing seeds in various states through local growers), is not taxable. This contention has been upheld by the Honorable Bombay High Court for the Assessment Years 1993-94 to 2001-02 and Assessment years 2003-04 to 2005-06. The income tax authorities have filed special leave petitions with the Honourable Supreme Court against favorable orders received for the aforesaid assessment years and the same have been admitted by the Honourable Supreme Court. The final hearing of the matter is awaited.
The Company''s best estimate of contributions expected to be paid to the plan during the annual period beginning after March 31, 2017 is Rs, 0.23 crore (Previous Year Rs, NIL).
The above information is certified by the actuary and relied upon by the Auditors.
8 Corporate Social Responsibility
a. Gross amount required to be spent by the Company towards Corporate Social Responsibility is Rs, 2.52 crores ( previous year Rs, 2.29 crores).
c. No expenditure has been paid to a related party, in relation to CSR expenditure as per Accounting Standard (AS) 18, Related Party Disclosures.
There was no dilution to basic EPS as there are no outstanding potential dilutive shares.
9. Monsanto Company, USA (MC), the ultimate holding company, has established the Monsanto Company Long Term Incentive Plan in which eligible employees of the Company participate. Eligible employees are granted options and awards, which vest over a period of 3 years from the date of the grant. The compensation cost is measured by reference to the fair value of the options outstanding on the reporting date, using the lattice binomial model.
10. The Company does not have any holdings or dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated the 8th November, 2016 of the Ministry of Finance, during the period from 8th November, 2016 to 30th December, 2016.
11. Comparative financial information:
Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.
Mar 31, 2014
1. COMPANY BACKGROUND:
Monsanto India Limited (the ''Company'') was incorporated on December 8,
1949. The Company is presently engaged in the business of production
and sale of agricultural inputs, namely, chemicals and hybrid seeds.
The Company''s corporate office is located in Mumbai. It has a chemical
production unit at Silvassa, hybrid seeds processing and drying units
at Hyderabad and breeding stations at Bangalore and Hyderabad.
2. RELATED PARTY DISCLOSURE:
Names of related parties and description of relationship
A. Holding Company:
Holding Company- Monsanto Holdings Private Limited Ultimate Holding
Company- Monsanto Company, USA
B. Fellow Subsidiaries:
Monsanto Pakistan Agritech (Pvt) Ltd, Seminis Seeds (Beijing) Co Ltd,
Mahyco Monsanto BioTech Pvt Ltd, PT Monagro Kimia, PT Branita Sandhini,
Monsanto Philipines Inc, Monsanto Singapore Co PTE Ltd, Monsanto
Thailand Ltd, Beijing New Millenium Fen., Monsanto Europe SA, Monsanto
SAS, Monsanto Hungaria KFT, Monsanto International SARL, Monsanto
Argentina SAIC., Monsanto Ag Product LLC, Seminis Vegetable Seeds Inc.
C. Key Managerial Personnel:
Mr. Gyanendra Shukla, Managing Director
3. The Company has continually maintained a position that its income
from agricultural activities (which involves growing seeds in various
states through local growers), is not taxable. This contention has been
upheld by the Honorable Bombay High Court for the Assessment Years
1993-94 to 2001-02 and Assessment years 2003-04 to 2005-06
respectively. In the previous year, the income tax authorities have
filed special leave petitions with the Supreme Court against favorable
orders received for the aforesaid assessment years. Additionally, the
issue has been decided in favor of the company by Commissioner of
Income  tax (Appeals) for Assessment Years 2002-03, 2006-07, 2007-08
and 2008-09 respectively and which are now pending before the
Income-tax Appellate Tribunal.
4. Monsanto Company USA (MC), the ultimate holding company, has
established the Monsanto Company Long
Term Incentive Plan. As part of the plan, employees of Monsanto India
Limited are provided with an opportunity to acquire shares of MC via
stock option / equity-based awards. The eligible employees are granted
the options / rights which vest over a period of 3/4 years from the
date of the grant and can be exercised after the vesting period through
any of the following three methods viz., i) cashless sell; ii) cashless
hold and iii) cash purchase.
Monsanto India Limited measures the compensation expense for the stock
options and equity- based awards (net of forfeitures) at their fair
values determined using a Lattice binomial model on the date of grant
and amortised over the vesting period. Accordingly an amount of Rs. 4.43
Crores (Previous year Rs. 0.33 Crores) has been debited to the statement
of profit and loss for the year, which includes a charge by the parent
company  MC on exercise of the equity based awards by employees
adjusted by the compensation provision available in the books of the
company.
During the year MC has granted to employees of the Company 11,852
(Previous Year 14,860) options / stock awards on various dates of which
none are vested. However 2,238 (Previous Year 5,171) options /
stock-awards were withdrawn on account of employee resignations 27,689
(Previous Year 30,982) options were exercised and 1695 (Previous year
7,518) options (net) were transferred to other Companies during the
year, resulting in an outstanding balance of 42,075 (Previous year
58,455) options/ stock-awards at the end of the year.
5. In the current year, the assets held for disposal at Bellary were
written down to net realizable value, considered on the asset block
basis in accordance with Accounting Standard 10 Â Accounting for Fixed
Assets, resulting in a charge of Rs. 6.90 crores to the statement of
profit and loss shown as ''depletion in value of fixed assets held for
disposal'' under Exceptional Items in the statement of profit and loss.
6. COMPARATIVE FINANCIAL INFORMATION:
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
1 a) Net profit before tax and (Increase) / Decrease in Trade and Other
Receivables includes unrealised foreign exchange loss ( previous year
gain) amounting to Rs. 0.03 Crores ( Previous Year Rs. 0.20 Crores).
b) Also, Net profit before tax and Increase / (Decrease ) in Trade and
Other Payables includes unrealised foreign exchange loss (previous year
(loss) ) amounting to Rs.( 0.50) Crores ( Previous Year Rs.(0.90) Crores).
Mar 31, 2013
1. COMPANY BACKGROUND:
Monsanto India Limited (the ''Company'') was incorporated on 8th
December 1949. The Company is presently engaged in the business of
production and sale of agricultural inputs, namely, chemicals and
hybrid seeds. The Company''s corporate office is located in Mumbai. It
has a chemical production unit at Silvassa, hybrid seeds processing and
drying units at Hyderabad and breeding stations at Bangalore and
Hyderabad.
As at As at
31st March,
2013 31st March,
2012
2. CONTINGENT LIABILITIES IN RESPECT OF
THE FOLLOWING MATTERS:
i) Income-tax
ii) Sales tax 87.28 56.61
iii) Claims against the Company not
acknowledged as debts 2.23 3.12
1.75 1.33
Note: In respect of items mentioned above, till matters are finally
decided, the financial effect cannot be ascertained.
3. RELATED PARTY DISCLOSURE:
Names of related parties and description of relationship
A. Holding Company:
Holding Company- Monsanto Holdings Private Limited Ultimate Holding
Company- Monsanto Company, USA
B. Fellow Subsidiaries:
P.T. Branita Sandhini, Monsanto Philippines INC, Monsanto Thailand Ltd,
Monsanto Singapore Pte Ltd, Monsanto Pakistan Agri-tec (Pvt) Ltd, P.T.
Monagro Kimia, Monsanto AG Product LLC, Monsanto S.A.S, Seminis Beijing
Co. Ltd., Mahyco Monsanto Biotech (I) Ltd. Monsanto International SARL,
Monsanto Hungaria KFT, Beijing New Millenium FEN, Monsanto Europe SA,
Seminis Vegetable Seeds INC, Monsanto Argentina, SAIC.
C. Key Managerial Personnel:
Mr. Amitabh Jaipuria, Managing Director (upto 28-Feb-2013)
Mr Gyanendra Shukla, Managing Director (w.e.f Ql-Mar-2013)
4. The dominant source and nature ofthe risks and returns ofthe
agricultural chemistry and seeds activities ofthe Company not being
significantly different, the Company operates a single segment of
activity, "Agricultural Inputs", within the same geography.
5. The Company has incurred the following expenses towards operating
leases pertaining to vehicles, office equipments, warehouses and
residential premises. Lease agreements are executed for a period
ranging from H to48 months.
6. The Company has continually maintained a position that its income
from agricultural activities (which involves growing seeds in various
states through local growers), is not taxable. This contention has been
upheld by the Honorable Bombay High Court for the Assessment Years
1993-94 to 2001-02 and Assessment years 2003-04 to 2005-06 and by the
Commissioner of Income tax (Appeals) for Assessment Year 2002-03,
2006-07, 2007-08 and 2008-09. In the current year, the income tax
authorities have filed special leave petitions with the Supreme Court
against favorable orders received for the assessment years as mentioned
above.
The estimates of future salary increases, considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors such as supply and demand in the employment market.
The Company''s best estimate of contributions expected to be paid to the
plan during the annual period beginning after March 31, 2013 is Rs.
4.11 Crores (Previous YearRs. 1.88 Crores)
7. The Company has accrued the liability for compensated absences
based on the actuarial valuation as at the balance sheet date conducted
by an independent actuary and provided for the actuarial liability
atRs. 7.69 Crores (Previous Year Rs. 6.29 Crores).
8. Monsanto Company, USA (MC) has established the Monsanto Company
Long Term Incentive Plan. As part of the plan, employees of Monsanto
India Limited are provided with an opportunity to acquire shares of MC
via stock option / equity- based awards. The eligible employees are
granted the options which shall vest with the employees over a period
of 3 years from the date of the grant and they can exercise the stock
options after their vesting period through any of the following three
methods viz., i) cashless sell; ii) cashless hold and iii) cash
purchase. The employee can exercise the option within a stipulated
period mentioned in the plan.
Monsanto India Limited measures compensation expense for stock options
and equity- based awards (net of forfeitures) at their fair value
determined using a Lattice binomial model on the date of grant and
amortised over the vesting period. Accordingly an amount ofRs. 0.33
Crores (Previous yearRs. 2.59 Crores) has been debited to the statement
of profit and loss for the year, after adjusting an amount ofRs. 1.94
Crores reversed on lower actual compensation expense consequent to
exercise of options by employees.
During the year MC has granted to employees of the Company 14,860
(Previous Year 15,354) options / stock awards on various dates of which
none are vested. However 5,171 (Previous Year 3,270) options /
stock-awards were withdrawn on account of employee resignations 30,982
(Previous Year 1,184) options were exercised and (7,518) (Previous year
6,070) options (net) were transferred to other Companies during the
year, resulting in an outstanding balance of 58,455 (Previous year
72,230) options/ stock-awards at the end ofthe year.
9. In an earlier year, as a part of consolidation of manufacturing
operations in Hyderabad to achieve operational savings, the Company
shifted the seed processing and drying operations from Bellary and
Eluru to Hyderabad and related assets were shown under ''Assets held
for sale'' in the Balance Sheet. The said assets were valued at the
lower of net book value and net realizable value in accordance with
Accounting Standard 10 - Accounting for Fixed Assets. Accordingly, in
case ofthe assets at Eluru, the net realizable value was lower byRs.
12.17 Crores and the loss was recognized in the statement of profit and
loss. In the previous year, the said assets at Eluru were sold at a
gain ofRs. 0.26 Crores, which was recognized in the statement of profit
and loss. In respect the assets held for sale at Bellary, the
management expects to realize value higher than the net book value
ofthe assets. Accordingly, the assets at Bellary are carried at net
book value.
10. The Year end Foreign currency exposures that have not been hedged
by a derivative instrument or otherwise are given below:
11. COMPARATIVE FINANCIAL INFORMATION:
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classification /
disclosure.
Mar 31, 2012
1. Company Background:
Monsanto India Limited (the "Company") was incorporated on 8th December
1949. The company is presently engaged in the business of production
and sale of agricultural inputs, namely, chemicals and hybrid seeds.
The company's corporate office is located in Mumbai. It has a chemical
production unit at Silvassa, hybrid seeds processing and drying units
at Hyderabad and breeding stations at Banglore and Hyderabad. During
the previous year hybrid seeds processing and drying operations at
Bellary and Eluru were shifted to Hyderabad.
(Rs in crore)
As at As at
31st March, 2012 31st March, 2011
2. CONTINGENT LIABILITIES
IN RESPECT OF THE FOLLOWING
MATTERS:
i) Income tax 56.61 28.21
ii) Sales tax 3.12 3.91
iii) Claims against the Company not acknowledged as debts 1.33 0.92
Note: In respect of items mentioned above, till matters are finally
decided, the financial effect cannot be ascertained.
3. RELATED PARTY DISCLOSURE:
Names of related parties and description of relationship
A. Holding Company:
Holding Company- Monsanto Holdings Private Limited Ultimate Holding
Company- Monsanto Company, USA
B. Fellow Subsidiaries:
P.T. Branita Sandhini, Monsanto Philippines INC, Monsanto Thailand Ltd,
Bretco Holding (Mauritius) Ltd, Monsanto Singapore Pte Ltd, Monsanto
Pakistan Agri-tec (Pvt) Ltd, PT Monagro Kimia, Monsanto AG Products
LLC, Monsanto Ag Technology LLC, Monsanto Inter-America Co, Monsanto
S.A.S, Monsanto Far East Ltd., Seminis Beijing Co. Ltd., Mahyco
Monsanto Biotech (I) Ltd. Monsanto International SARL, Monsanto
Hungaria KFT.
C. Key Managerial Personnel:
Mr. Amitabh Jaipuria, Managing Director
4. The dominant source and nature of the risks and returns of the
agricultural chemistry and seeds activities of the company not being
significantly different, the Company operates a single segment of
activity, "Agricultural Inputs", within the same geography.
The Company is obligated under non-cancellable leases pertaining to
vehicles and office equipment to pay the following amounts in future as
given below:
5. The Company has continually maintained a position that its income
from agricultural activities (which involves growing seeds in various
states through local growers), is not taxable. This contention has been
upheld by the Honorable Bombay High Court for the Assessment Years
1993-94 to 2001-02 and Assessment years 2003-04 to 2005-06 and by the
Commissioner of Income - tax (Appeals) for Assessment Year 2002-03,
2006-07 and 2007-08.
The estimates of future salary increases, considered in actuarial
valuation, take account of inflation, seniority, promotion and other
relevant factors such as supply and demand in the employment market.
6. The Company has accrued the liability for compensated absences
based on the actuarial valuation as at the balance sheet date conducted
by an independent actuary and provided for the actuarial liability at
Rs. 6.29 crore (Previous Year Rs. 5.77 crore).
Note: Pursuant to the approval of the shareholders at the Annual
General meeting held on 26th September, 2011, the Company allotted
8,631,174 equity shares of Rs. 10 each as fully paid bonus shares in
the ratio of one equity share for each existing equity share held by
equity shareholders as on the record date viz, 8th October, 2011.
Consequently, Earnings Per Share (EPS) has been adjusted for previous
year in the financial statements as required under AS-20 Earnings Per
Share.
7. Monsanto Company USA (MC) has established the Monsanto Company
Long Term Incentive Plan. As part of the plan, employees of Monsanto
India Limited are provided with an opportunity to acquire shares of MC
via stock option / equity-based awards. The eligible employees are
granted the options which shall vest with the employees over a period
of 3 years from the date of the grant and they can exercise the stock
options after their vesting period through any of the following three
methods viz.,
i) cashless sell;
ii) cashless hold and
iii) cash purchase. The employee can exercise the option within a
stipulated period mentioned in the plan.
Monsanto India Limited measures compensation expense for stock options
and equity- based awards (net of forfeitures) at their fair value
determined using a Lattice binomial model on the date of grant and
amortised over the vesting period. Accordingly an amount of Rs. 2.59
crore (Previous year Rs. 2.59 crore) has been debited to the statement
of profit and loss for the year. This amount includes an amount of Rs.
0.04 crore (Previous Year Rs. 0.03 crore) incurred by the company
towards employee stock option plan for the Managing Director.
During the year MC has granted to employees of the Company 15,354
(Previous Year 23,290) options / stock awards on various dates of which
none are vested. However 3,270 (Previous Year 5,573) options /
stock-awards were withdrawn on account of employee resignations, 1,184
(Previous Year Nil) options were exercised and 6,070 (Previous year
4,820) options (net) were transferred to other Companies during the
year, resulting in an outstanding balance of 72,230 (Previous year
67,400) options/ stock-awards at the end of the year.
8. In the previous year, as a part of consolidation of manufacturing
operations in Hyderabad to achieve operational savings, the Company
shifted the seed processing and drying operations from Bellary and
Eluru to Hyderabad and related assets were shown under "Assets held for
sale" in the Balance Sheet. The said assets were valued at the lower of
net book value and net realizable value in accordance with Accounting
Standard 10 - Accounting for Fixed Assets. Accordingly, in the previous
year, in case of the assets at Eluru, the net realizable value was
lower by Rs. 12.17 crore based on a letter of intent issued by the
Company to a prospective buyer and the loss was recognised in the
statement of profit and loss. In the current year, the said assets at
Eluru were sold at a gain of Rs. 0.26 crore, which is recognised in the
statement of profit and loss. In respect the assets held for sale at
Bellary, the management expects to realise value higher than the net
book value of the assets. Accordingly, the assets at Bellary are
carried at net book value.
9. COMPARATIVE FINANCIAL INFORMATION:
The Revised Schedule VI has become effective from 1st April, 2011 for
the preparation of financial statements. This has significantly
impacted the disclosure and presentation made in the financial
statements. Previous year's figures have been regrouped/reclassified
wherever necessary to correspond with the current year's
classification/disclosure.
Mar 31, 2011
I. COMPANY BACKGROUND:
Monsanto India Limited (the `Company') was incorporated on 8th
December, 1949. The Company is presently engaged in the business of pr
oduction and sale of agricultur al inputs, namely, chemicals and hybrid
seeds. The C ompany's corporate office is located in Mumbai. It has a
chemical production unit at Silvassa, hybrid seeds processing and
drying units at Hyderabad and breeding stations at Bangalore and
Hyderabad. During the year hybrid seeds processing and drying
operations at Bellary and Eluru were shifted to Hyderabad.
(Rs. in Lacs)
31st March, 2011 31st March, 2010
2. Contingent Liabilities in respect of the following matters:
i) Income-tax 2,820.79 2,165.27
ii) Sales tax 390.95 1,457.94
iii) Claims against the Company not
acknowledged 91.58 59.77
as debts Note: In respect of items mentioned above, till matters are
finally decided, the financial effect cannot be ascertained.
16. Related Party Disclosure:
Names of related parties and description of relationship
A. Holding Company:
Monsanto Holdings Private Limited (from 23rd November, 2010) (MHPL)
Ultimate Holding Company- Monsanto Company, USA (MUSA)
B. Fellow Subsidiaries:
P . T . B r anita Sandhini, Monsanto Philippines INC , Monsanto
Thailand L td, Bretco Holding (Mauritius) L td, Monsanto Singapore Pte
Ltd, Monsanto Pakistan Agri-tec (Pvt) Ltd, Seminis Vegetable Seeds
Inc., PT Monagro Kimia, Monsanto A G Products LLC, Monsanto A g
Technology LLC, Monsanto Inter -America Co, Monsanto Chile S.A.,
Monsanto Holland B V, Monsanto F ar East L td., Monsanto K orea Inc,
Seminis Beijin g Co. Ltd., Monsanto Holdings Private Limited (till 22nd
November, 2010)
20. The Company has continually maintained a position that its income
from agricultural activities (which inv olves growing seeds in v arious
states thr ough local gr owers), is not tax able. This contention has
also been upheld by the Honorable Income-tax Appellate T ribunal,
Mumbai for Assessment Years 1993-94 through 2001-02 and Assessment
years 2003-04 and 2004-05. This position is also followed by CIT
(Appeals) fo r Assessment Year 2002- 03 and 2006-07.
23. Operation, Administration and Other Expenses in Schedule 13
includes xepenses after reduction of reimbursements amounting to Rs.
955.40 Lacs (Previous year Rs. 2,923.46 Lacs) by Holding Co. and Fellow
Subsidiaries towards the value of costs apportioned of the Company's
employees and facilities in accordance with the agr eements on
allocation of expenses with the companies.
3. The Company has accrued the liabilit y for compensated absences
based on the actuarial v aluation as at the balance sheet date
conducted by an independent actuary and provided for the actuarial
liability at Rs. 577.19 Lacs (Previous Year Rs. 551.24 Lacs)
4. Monsanto Company, USA (MC) has established the Monsanto Company
Long Term Incentive Plan. As a part of the plan, employees of Monsanto
India Limited ar e provided with an oppor tunity to acquire shares of
MC via stock option/equity-based awards. The eligible employees are
granted the options which shall vest with the employees over a period
of 3 y ears from the date of the gr ant and they can e xercise the
stock options af ter their vesting period through any of the following
three methods viz., i) cashless sell; ii) cashless hold and iii) cash
purchase. The employee can exercise the option within a stipulated
period mentioned in the plan.
Monsanto India Limited measur es compensation e xpense for stock
options and equit y- based awards (net of forfeitures) at their fair
value determined using a Lattice binomial model on the date of grant
and amortized over the vesting period. Accordingly, an amount of Rs.
259.33 Lacs (previous year Rs. 152.53 Lacs) has been debited to the
profit and loss account for the year. This amount includes an amount of
Rs. 2.83 Lacs (Previous Year Rs. 2.59 Lacs) incurred by the Company
towards employee stock option plan for the Managing Director.
During the y ear MC has gr anted to emplo yees of the C ompany 23,290
(Previous Year 23,450) options/stock awards on various dates of which
none ar e vested. However 5,573 (Previous Year 11,210)
options/stock-awards were withdrawn on account of employee resignations
and 4,820 options were transferred from (Previous Year 713 options were
transferred to) other group companies on employees being transferred
resulting in an outstanding balance of 67,400 (Previous year 54,503)
options/stock-awards at the end of the year.
5. As a part of consolidation of manufacturing operations in
Hyderabad to achieve operational savings, the Company decided to shift
the seed processing and drying operations from Bellary and Eluru to
Hyder abad and hence the related fixed assets are shown under `Assets
held for sale' in the Balance Sheet. The said assets are valued at the
lower of net book value and net realizable value in accordance with
Accounting Standard 10 - Accounting for Fixed Assets. Accordingly, in
the case of the assets at Eluru, the net r ealizable value is lower by
Rs. 1,217.00 Lacs based on a letter of intent issued by the Company to
the prospective buyer and the loss has been recognized in the Profit
and Loss Account and shown under Schedule 13 - Oper ation,
Administration and Other e xpenses. In respect of fixed assets at
Bellary, the management expects to obtain net realizable value higher
than the net book value of the assets. Accordingly, the fixed assets at
Bellary are carried at net book value.
6. Comparative financial information:
Comparative financial information (i.e. the amounts and other
disclosures for the preceding year presented above), is included as an
integral part of the current year's financial statements and is to be
read in relation to the amounts and other disclosures relating to the
current year. Figures of the previous year have been
regrouped/reclassified wherever necessary to correspond to figures of
the current year.
Mar 31, 2010
I Company Background:
Monsanto India Limited (the ÃCompany) was incorporated on 8th
December, 1949. The Company is presently engaged in the business of
production and sale of agricultural inputs, namely, chemicals and
hybrid seeds. The Companys corporate offce is located in Mumbai. It
has a chemical production unit at Silvassa, hybrid seeds processing and
drying units at Bellary, Hyderabad and Eluru.
1. Related Party Disclosure:
Names of related parties and description of relationship
A) Holding Company:
Monsanto Company, USA.
B) Fellow Subsidiaries:
P.T. Branita Sandhini, Monsanto Philippines INC, Monsanto Thailand Ltd,
Bretco Holding (Mauritius) Ltd, Monsanto Singapore Pte Ltd, Monsanto
Pakistan Agri-tec (Pvt) Ltd, Seminis Vegetable Seeds Inc., Monsanto
Holdings Pvt. Ltd, PT Monagro Kimia, Monsanto AG Products LLC, Monsanto
Ag Technology LLC, Monsanto Inter- America Co, Monsanto Chile S.A.,
Monsanto Holland BV, Monsanto Far East Ltd., Monsanto Korea Inc,
Seminis Beijing Co. Ltd.
C) Key Managerial Personnel:
Mr. Amitabh Jaipuria, Managing Director
2. The dominant source and nature of the risks and returns of the
agricultural chemistry and Seeds activities of the Company not being
signifcantly different, the Company operates a single segment of
activity, "Agricultural Inputs," within the same geography.
3. The Company has incurred the following expenses towards operating
leases pertaining to vehicles, offce equipments, warehouses and
residential premises. Lease agreements are executed for a period
ranging from 11 to 48 months.
4. The disclosures under the Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED) have been made on the basis of
confrmations received from suppliers regarding their status under the
said Act;
5. The Company has continually maintained a position that its income
from agricultural activities (which involves growing Seeds in various
states through local growers), is not taxable. This contention has also
been upheld by the Honorable Income-tax Appellate Tribunal, Mumbai for
Assessment Years 1993-94 through 2001-02 and Assessment years 2003-04
and 2004-05. This position is also followed by CIT (Appeals) for
Assessment Year 2002-03.
6. Operation, Administration and Other Expenses in Schedule 13
includes expenses after reduction of reimbursements amounting to Rs.
2,923.46 Lacs (Previous year Rs. 1,930.62 Lacs) by Holding Co. and
Fellow Subsidiaries towards the value of costs apportioned of the
Companys employees and facilities in accordance with the agreements on
allocation of expenses with the companies
The estimates of future salary increases, considered in actuarial
valuation, take account of infation, seniority, promotion and other
relevant factors such as supply and demand in the employment market.
The Company has adopted the revised Accounting Standard à 15 from the
Financial Year 2006-07. Comparatives have been provided since then.
The Companys best estimate of contributions expected to be paid to the
plan during the annual period beginning after 31st March, 2010 is Rs.
193.63 Lacs (Previous Year Rs. 325.38 Lacs)
7. The Company has accrued the liability for compensated absences
based on the actuarial valuation as at the Balance Sheet date conducted
by an independent actuary and provided for the actuarial liability at
Rs. 551.24 Lacs (Previous Year Rs. 542.02 Lacs)
Actuarial assumptions used
8. Monsanto Company USA (MC) has established the Monsanto Company Long
Term Incentive Plan. As a part of the plan, employees of MIL are
provided with an opportunity to acquire shares of MC via stock
option/equity-based awards. The eligible employees are granted the
options which shall vest with the employees over a period of 3 years
from the date of the grant and they can exercise the stock options
after their vesting period through any of the following three methods
viz., i) cashless sell; ii) cashless hold and iii) cash purchase. The
employee can exercise the option within a stipulated period mentioned
in the plan.
MIL measures compensation expense for stock options and equity- based
awards (net of forfeitures) at their fair value determined using a
Lattice binomial model on the date of grant and amortized over the
vesting period. Accordingly, an amount of Rs. 152.53 Lacs (previous
year Rs. 292.88 Lacs) has been debited to the Proft and Loss Account
for the year.
During the year, MC has granted to employees of the Company 23,450
(Previous Year 32,560) options/stock awards on various dates of which
none are vested. However, 11,210 (Previous Year 4,665)
options/stock-awards were withdrawn on account of employee resignations
and 713 options were transferred from (Previous Year 2240 options were
transferred to) other group companies on employees being transferred
resulting in an outstanding balance of 54,503 (Previous year 41,550)
options/stock-awards at the end of the year.
9. Pursuant to an ongoing agreement to operate, in the transition
period which ended in August, 2008, the Alachlor and Butachlor business
activities for the buyer of the business, the Proft and Loss Account
includes an amount of Rs. Nil Lacs (Previous Year Rs. 5,297 Lacs) in
sales as well as in expenditure.
10. The Year end Foreign currency exposures that have not been hedged
by a derivative instrument or otherwise are given below:
11. Comparative fnancial information:
Comparative fnancial information (i.e. the amounts and other
disclosures for the preceding year presented above), is included as an
integral part of the current years fnancial statements and is to be
read in relation to the amounts and other disclosures relating to the
current year. Figures of the previous year have been regrouped
/reclassifed wherever necessary to correspond to fgures of the current
year.
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